/raid1/www/Hosts/bankrupt/TCRLA_Public/210408.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Thursday, April 8, 2021, Vol. 22, No. 65

                           Headlines



A R G E N T I N A

ARGENTINA: Guzman Says IMF Credit Line Deal Will Take Time


B R A Z I L

GOL LINHAS: Acquires Smiles for BRL3.35BB


G U A T E M A L A

CENTRAL AMERICA BOTTLING: Fitch Alters 'BB+' IDR Outlook to Stable
COMCEL TRUST: Moody's Withdraws Ba1 CFR Following Debt Redemption


P A N A M A

FIRST QUANTUM: Fitch Raises LongTerm IDR to 'B', Outlook Stable
GLOBAL BANK: Moody's Affirms Ba1 LT Deposit Rating, Outlook Stable


P U E R T O   R I C O

STAR PETROLEUM: Court Confirms 100% Plan


T R I N I D A D   A N D   T O B A G O

METHANOL HOLDINGS: Puts 2 Plants on Hold, NGC Gas Prices Too High
TRINIDAD AND TOBAGO NGL: Profit Drops 95%


U R U G U A Y

URUGUAY: Brazil's Covid-19 Crisis Spills Over to Rivera

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Guzman Says IMF Credit Line Deal Will Take Time
----------------------------------------------------------
Justin Villamil at Bloomberg News reports that Argentine Finance
Minister Martin Guzman said finalizing a plan with the
International Monetary Fund to repay $45 billion in debt likely
won't happen by May or June.

Changing the terms of a previous repayment program would require
the support of nations like the U.S., China, Germany, Japan and
France, the finance minister said in an interview with CNN Espanol,
according to Bloomberg News.  The Argentine government is unable to
pay the IMF the $45 billion required between September 2021 and
2024, he said, Bloomberg News notes.

"It isn't a technical negotiation between the IMF staff and the
Argentine government," Guzman said, Bloomberg News relates.  "It's
a discussion of a geopolitical nature. There isn't enough time if
one wanted a deal soon," he added.

The comments come on the heels of meetings between Argentine and
IMF officials last month, Bloomberg News discloses. Negotiators
Luis Cubeddu and Julie Kozack said in a statement that they had
found "common understanding" with Argentina on areas such as
inflation, exports and developing domestic capital markets,
Bloomberg News adds.

"The worst of all would be to make a hasty deal based on
propositions that harm Argentina," he added.

                    About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.



===========
B R A Z I L
===========

GOL LINHAS: Acquires Smiles for BRL3.35BB
-----------------------------------------
Shareholders in airline loyalty programme Smiles Fidelidade
approved a takeover deal by Gol Linhas Aereas Inteligentes S.A.,
according to a March 25 Reuters report, citing a securities filing.


Gol has offered to pay 27 reais per Smile share, in a combination
of share and cash, the report added.

Rio Times Online said that buying and incorporating the loyalty
company Smiles was a vital issue for Gol Linhas. The businesses'
merger was approved after the acquisition price was raised from
R$2.76 billion to R$3.35 billion. After pandemic management, the
question that remains for the airline is how to return to growth,
the report notes.

After 14 years since the purchase of Varig, the origin of Smiles,
the group has only 20 more planes, although its current airline
network can accommodate another 50, the report relays.  The
existing barriers within the group will finally be eliminated by
the end of this year, the report adds.

The airline will also have more capacity to manage profitability
and will be able to settle its debt with Delta, notes Rio Times
Online.

As reported in the Troubled Company Reporter-Latin America on Dec.
29, 2020, Moody's Investors Service upgraded Gol Linhas Aereas
Inteligentes S.A's corporate family rating to B3 from Caa1. At the
same time, Moody's upgraded to Caa1 from Caa2 Gol Finance's
perpetual notes guaranteed by Gol and Gol Linhas Aereas S.A. and
the $350 million senior exchangeable notes due 2024 issued by Gol
Equity Finance and guaranteed by Gol and Gol Linhas Aereas S.A. The
outlook was changed to stable from negative.



=================
G U A T E M A L A
=================

CENTRAL AMERICA BOTTLING: Fitch Alters 'BB+' IDR Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has affirmed The Central America Bottling
Corporation's (CBC) Long-Term Foreign Currency and Local Currency
Issuer Default Ratings (IDR) and senior unsecured notes at 'BB+'.
The Rating Outlook has been revised to Stable from Negative.

The Rating Outlook revision reflects a recovery of CBC operating
performance in 2021-2022 that is expected to lead to gradual
improvement in its leverage metrics. Better economic conditions in
the company's main markets and the expectation of a gradual easing
of social restrictions and lockdowns stemming from the coronavirus
pandemic should support its results. CBC's total debt to EBITDA and
total net to EBITDA are projected to trend downward below 3.5x and
2.5x, respectively, by YE22.

The CBC rating affirmation reflects its business position as an
anchor bottler of the PepsiCo, Inc. system, with operations in
Central America, the Caribbean, Ecuador, Peru and Argentina along
with exports to other countries. The company has a diversified
product portfolio of PepsiCo coupled with proprietary brands and
Ambev brands across its franchised territories, combined with a
good distribution network in key markets.

KEY RATING DRIVERS

Revenues Impacted in 2020: CBC's sales volume and revenues were
impacted negatively in 2020 across its markets by the
pandemic-induced disruptions, i.e. social mobility restrictions,
lockdowns and weak economic activity. For the first nine months of
2020 (as of Sept. 30), sale volumes and revenues declined
approximately 7% and 12%, respectively, versus the same period in
2019. The categories most affected were juices and nectars,
isotonics and tea, as their consumption is highly related to
schools and outdoor events that either remained closed or were
subject to mobility restrictions during this period. In contrast,
the carbonated soft drinks category was more resilient, with volume
increasing around 1% and revenues declining only 5% as the mix
shifted to multiservice packages.

Recovery in Operating Results in 2021-2022: CBC is expected to
recover to its pre-pandemic levels of volumes and revenues in the
next 18 to 24 months. Sales volume was relatively flat in 3Q20,
after a drop of 17% in 2Q20, and is expected to exhibit a
low-single-digit improvement in 4Q20. This positive trend is
projected to continue in 2021 and 2022 as a result of higher rates
of economic growth across its main markets and the expectation of
less severe social restrictions and lockdowns. CBC's sales volume
and revenues in 2021 are projected to increase around 4% and 8%,
respectively, and then normalize at 2% and 3% growth in 2022.
Pressures in profitability due to higher raw material prices are
manageable for the company, with an estimated EBITDA margin
(pre-IFRS 16) at approximately 13% in 2021-2022.

Leverage Gradually Decreasing: CBC's leverage metrics are projected
to improve over the rating horizon due to gradual EBITDA growth and
modest debt reduction after entering the pandemic with low leverage
headroom. The company's total debt to EBITDA and total net debt to
EBITDA, as calculated by Fitch (pre-IFRS 16), are expected to fall
in 2021 to about 3.7x and 2.5x, respectively, and then to roughly
3.4x and 2.2x, respectively, by YE22. CBC's total debt was USD845
million as of Sept. 30, 2020, excluding USD145 million of a loan
structure that the company implemented for its operations in
Central America. For the TTM as of Sept. 30, 2020, the company's
gross and net leverage, as calculated by Fitch, were 4.5x and 3.5x,
respectively.

FCF Turning Slightly Positive in 2021: CBC's FCF is forecast to be
around USD5 million in 2021, driven mainly by cash flow from
operations (CFFO) of around USD123 million, a capex of USD68
million and dividends of USD50 million. This positive trend is
projected to strengthen over the medium term as EBITDA, calculated
by Fitch (pre-IFRS 16), will be at about USD218 million in 2021 and
USD233 million in 2022. For the TTM ended Sept. 30, 2020, CBC's FCF
estimated by Fitch was negative USD68 million after covering capex
of USD70 million and USD18 million of dividends; however, it is
expected to close slightly negative in 2020, as higher than usual
negative FCF in 1Q20 will be compensated by strong FCF in 4Q20.

Solid Position in Core Markets: CBC's ratings reflect its stable
market share positions across its operations. In the carbonated
soft drink (CSD) category, which represents around 55% of its total
sales volume, the company has maintained a leading market share
position in Jamaica and maintained significant positions in other
core markets such as Guatemala, Ecuador and Puerto Rico. In
addition, CBC has a strong presence in non-CSD categories such as
water, juices and nectars, isotonics, energy drinks and teas, where
it holds important positions in most of its markets. Non-CSD
products represent close to 39% of its total sales volume. The
company's brand portfolio, distribution capabilities and management
strategies to design and execute commercial initiatives will
support its business position in the long term.

Foreign Currency IDR Above Country Ceiling: CBC's Long-Term Foreign
Currency IDR is rated one notch higher than its applicable 'BB'
country ceiling for Guatemala, mainly due to its cash position held
abroad and, to a lesser extent, EBITDA generated in markets such as
Puerto Rico, Peru and Jamaica. Both factors contribute to cover the
company's hard currency debt service over the midterm at more than
1.0x. The company's operating performance is more likely to depend
on the stability and economic development of Guatemala, as this
market represents close to 41% of its total revenues and 32% of its
total EBITDA.

DERIVATION SUMMARY

CBC's ratings, at 'BB+', are below those of other beverage peers in
the region, e.g. Arca Continental, S.A.B. de C.V. (A/Stable),
Coca-Cola FEMSA, S.A.B. de C.V. (A-/Stable) and Embotelladora
Andina S.A. (BBB+/Stable), given its lower size and scale and
weaker brand recognition of PepsiCo and proprietary beverage brands
when compared to the stronger brand equity of Coca-Cola products.
Also, the company's ratings reflect its lower profitability margins
and higher exposure to lower-rated countries. CBC's ratings are
above those of other beverage companies, such as Grupo Atic
(B+/Stable), given its better operating performance, adequate
leverage metrics and ample liquidity.

KEY ASSUMPTIONS

Fitch's key assumptions within Its rating case for the issuer
include:

-- Revenue growth of around 8% in 2021 and 3% in 2022.

-- EBITDA margins of around 13% in 2021-2022.

-- Annual capex around USD70 million in 2021-2022.

-- Slightly positive FCF in 2021 and in 2022.

-- Total debt to EBITDA and total net debt to EBITDA at around
    3.4x and 2.2x, respectively, by YE22.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Fitch does not foresee positive rating actions for CBC in the
    medium term unless the economic environments of Guatemala,
    Honduras, Nicaragua, El Salvador and Ecuador improve.

-- Higher cash flow generation from investment-grade markets such
    as Peru and Puerto Rico.

-- EBITDA margins above 16% on a sustained basis.

-- A positive FCF margin across the rating horizon.

-- Total debt to EBITDA and total net debt to EBITDA ratios below
    3.0x and 2.0x, respectively, on a sustained basis.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- A downgrade in Guatemala's Country Ceiling or sovereign
    ratings.

-- Declines in volume and revenue on sustained basis.

-- An EBITDA margin below 12% on sustained basis.

-- Consistent negative FCF that deteriorates the company's
    liquidity position and financial profile.

-- Total debt to EBITDA and total net debt to EBITDA that are
    higher than 4.0x and 3.0x, respectively, on a sustained basis.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity: CBC's liquidity is ample given its cash position
of USD246 million and USD62 million in short-term debt as of Sept.
30, 2020. Approximately USD65 million of its cash balance is
invested in liquid short-term instruments with banks. The company's
debt amortizations are manageable for 2021-2022, and Fitch believes
CBC has financial flexibility given its CFFO generation capacity
and access to bank loans.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch excludes from the total debt USD159.9 million in back-to-back
loans that the company implemented for its operations in Central
America.

ESG CONSIDERATIONS

The Central America Bottling Corporation's ESG Relevance Score for
Financial Transparency was lowered to '3' from '4', as the company
has improved its disclosure of country-specific or regional
operating results by providing more segmented and granular
information, as well as access to clarifications with management
when required.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

COMCEL TRUST: Moody's Withdraws Ba1 CFR Following Debt Redemption
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings for Comcel
Trust including the company's Ba1 Corporate Family Rating.

The following ratings are affected by the action:

Ratings Withdrawn:

Issuer: Comcel Trust

Corporate Family Rating, Withdrawn , previously rated Ba1

Outlook Actions:

Issuer: Comcel Trust

Outlook, Changed to Rating Withdrawn from Stable

RATINGS RATIONALE

Moody's has withdrawn all of Comcel Trust's ratings following the
company's complete redemption of all its outstanding 6.875% senior
unsecured notes due 2024.

Comcel Trust (Comcel) is Guatemala's leading telecommunications
service provider. In addition to mobile services, the company
offers cable TV, fixed broadband, and triple-play data and voice
services to homes, and corporate solutions. Operating under the
Tigo brand, Comcel has 10.8 million mobile subscribers,
representing a market share of more than 60% in December 2019. For
the 12 months ended September 2019, the company's revenue and
adjusted EBITDA were $1.41 billion and $767.3 million,
respectively.



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P A N A M A
===========

FIRST QUANTUM: Fitch Raises LongTerm IDR to 'B', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Canada-based First Quantum Minerals
Ltd.'s (FQM) Long-Term Issuer Default Rating (IDR) and senior
unsecured rating to 'B' from 'B-'. The Rating Outlook on the
Long-Term IDR is Stable. The Recovery Rating is 'RR4'.

The upgrade of FQM reflects its improving financial profile and
flexibility, due to planned debt repayment, Fitch's revised copper
price deck amid economic recovery from the coronavirus pandemic and
stronger-than-expected demand from China, as well as continued
strong operational performance and volume growth of its asset
portfolio.

Fitch expects that FQM will proceed with gross debt reduction, as
publicly committed by the management. Fitch assumes that FQM will
reduce gross debt (as per Fitch definition) by around USD1.7
billion over 2021-2023. A lower absolute debt quantum will reduce
the impact from copper price volatility on its financial profile
should market sentiment weaken over the medium term.

Fitch forecasts funds from operations (FFO) gross leverage to
decline below 4.0x in 2021, from 5.3x at end-2020, following a
projected increase in EBITDA to USD3 billion during the same
period.

KEY RATING DRIVERS

Strong Operational Performance: FQM outperformed Fitch's
expectations for 2020. FQM increased copper production 11% to 779kt
in 2020, its EBITDA grew 37% to USD2.2 billion and free cash flow
(FCF) turned positive in 2H20, although operations at Cobre Panama
were suspended for parts of the second quarter, while enhanced
infection-control measures were put in place. Sentinel delivered
record production of over 250kt, while Kansanshi and smaller assets
delivered in line with guidance. Incremental growth towards 900kt
will feed through over the next three years following capacity
expansion in Panama and an additional in-pit crusher at Sentinel.

Economic Recovery Drives Prices Higher: After China supported
copper demand and prices last year, the rally has continued as the
rest of the world recovers from the pandemic, with copper demand
growth forecast at 7.1% or 750kt in 2021 (both ex-China). The
global market is expected to see a small deficit this year (around
200kt) according to CRU. At end-February prices peaked at USD9,600
per tonne, supported by exchange stocks being at a multi-year low,
seasonally strong demand and positive market sentiment. While
Fitch's price assumptions see copper prices moderating in 2022 and
beyond to USD6,700 per tonne, the longer-term outlook remains
favourable, supported by limited supply growth and energy
transition trends.

Mid-Ranking Cost Position: CRU estimates that over the medium term
FQM's mines are positioned close to the mid-point of the cost curve
for all-in sustaining costs.

FCF Growing Visibly: Volume growth, buoyant copper prices and sound
cost position are delivering strong FCF. Under Fitch's conservative
price-deck assumptions the company will generate FCF of USD750
million-USD1,000 million per annum over the next four years, but
spot prices in 2021 to date indicate potential for material upside
to the rating case.

Clear Deleveraging Capacity: FQM has publicly committed to a net
debt/EBITDA target of 2x (company's definition) and gross debt
reduction before making decisions on upcoming growth options, such
as the large greenfield project Taca Taca in Argentina (final
investment decision not before 2023). Also, FQM has revised its
dividend policy that will lead to more meaningful
dividends/increased payments, after paying only nominal dividends
for the last five years.

Our forecast assumes gross debt reduction close to USD2 billion
over the next three years, which will allow FFO gross leverage to
decrease materially below 4x. While there is no detailed plan yet
about the timing of absolute debt reduction, Fitch expects the
company will look to optimise the cost of carry.

Challenging Environment in Zambia: The company used to face
uncertainties related to country's operating environment such as
disputes with local partners and government bodies over contract
terms or tax calculations, also taxation in the country compares
unfavourably with other jurisdictions. However, the engagement with
the government has improved over 2020 as it abandoned its plans for
a non-refundable sales tax, power supply is expected to improve
with new capacity coming onstream.

With elections in August, the need to restructure the country's
external debt and negotiations with the IMF on a financing package,
progress on major tax issues is unlikely in the near term. FQM
would seek for a more stable fiscal regime in the country before
going ahead with S3 extension at Kansanshi, which will almost
double its throughput capacity at the mine.

Zambia's Country Ceiling Not a Constraint: Downgrade of Zambian
sovereign IDR to 'RD' in November 2020 is not expected to have an
impact on FQM's rating, given that the government has not taken
measures that would adversely impact cash flow generation or the
operating environment, such as capital controls.

Given diversification of earnings from several jurisdictions, Fitch
applies a multiple-countries approach to determine the applicable
Country Ceiling, in this case Panama's at 'A-'. As long as earnings
from more creditworthy jurisdictions such as Panama or Australia
comfortably safeguard hard-currency interest service and the
company has access to adequate liquidity from reputable
international banks, the lower Country Ceiling of Zambia (B-) will
not limit FQM's rating. Medium-term EBITDA contributions from
Zambia are projected at or below 50%.

DERIVATION SUMMARY

FQM and Freeport-McMoRan Inc. (BB+/Positive) are both focused on
copper and rank among the top 10 global producers.

FQM is smaller in scale with mid-point production guidance of 833kt
on average over the next three years versus 1,900kt for Freeport.
Both companies have mid-ranking cost positions. According to CRU,
on a forward-looking basis FQM is slightly above the 50th
percentile and Freeport slightly below the 50th percentile.
Freeport benefits from wider diversification across geographies and
individual assets and a longer reserve life.

Both companies have as financial priorities debt reduction,
increasing shareholder returns and value- enhancing growth. FQM's
gross leverage peaked at 7.5x in 2019 before completing the
greenfield expansion in Panama, whereas Freeport's gross leverage
peaked at 5.8x in 2019 due to investment in the underground block
cave at Grasberg in Indonesia. Considering the current Fitch price
deck Fitch projects gross leverage to reduce below 4x for FQM in
2021 and to move towards 2x for Freeport in the same year.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Copper price (USD/tonne) at 7,200 in 2021 and 6,700
    thereafter; gold price (USD/oz) at 1,600 in 2021, 1,400 in
    2022 and 1,200 thereafter;

-- Production in line with market guidance for 2021-2023 provided
    by the company;

-- Capex at USD950 million for 2021-2022 and USD1,050 million in
    2023, in line with market guidance provided by the company;

-- Increase from a nominal to a more meaningful dividend;

-- Gross debt to reduce to around USD8.1 billion as per Fitch
    definition or USD7.1 billion as per company definition by end
    2022;

-- No large debt-funded acquisitions over the next four years;
    and

-- No changes in the tax regime in Zambia.

KEY RECOVERY ANALYSIS ASSUMPTIONS

The recovery analysis assumes that FQM would be considered a
going-concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated.

The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA upon which Fitch bases the valuation of
the company. Fitch's GC EBITDA estimate of USD2 billion assumes a
sharp drop in copper prices followed by a moderate recovery.

A 5.0x enterprise value (EV)/EBITDA multiple was used to calculate
the post-reorganisation EV, which factors in peer comparison and
FQM's exposure, albeit decreasing, to Zambia.

FQM's senior secured revolving credit facility (RCF) is assumed to
be fully drawn.

Secured debt reflected in the waterfall was USD2.25 billion of a
combined RCF and term-loan bank facility, and a USD1.262 billion
streaming agreement with Franco-Nevada related to the Cobre Panama
project.

Senior unsecured debt reflected in the waterfall was USD6.3 billion
consisting of bonds, a USD111 million Kalumbila facility and USD100
million of deferred consideration related to a 10% stake
acquisition in Cobre Panama from LS-Nikko Copper Inc.

After deducting 10% for administrative claims and taking into
account Fitch's Country-Specific Treatment of Recovery Ratings
Rating Criteria, Fitch's waterfall analysis generated a ranked
recovery in the 'RR4' band, indicating a 'B' instrument rating. The
waterfall analysis output percentage on current metrics and
assumptions was 50%.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action/upgrade:

-- FFO gross leverage comfortably below 4.0x along with the
    delivery of management guidance on gross debt reduction,
    leading to reduced volatility of financial metrics on a
    through-the-cycle basis;

-- Neutral or positive impact on investment climate in Zambia due
    to government policies post-election and IMF process;

-- Consistently positive FCF generation;

-- Shareholder distributions in line with the guidance provided
    by management and investments in upcoming expansion projects
    that broadly maintain the current business risk profile.

Developments that may, individually or collectively, lead to
negative rating action/downgrade:

-- FFO gross leverage sustainably above 5.0x on weaker operating
    performance and/or challenges in the operating environment in
    Zambia or Panama;

-- Debt-funded acquisitions and/or higher-than-expected capex
    leading to a material impact on the financial profile;

-- Weakening of liquidity.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Healthy Liquidity: At end-December 2020, FQM's unrestricted cash
balances amounted to USD914 million and the company had available
USD600 million of committed undrawn revolving credit facilities
(with maturity in December 2022). Based on strong FCF of USD0.75
billion-USD1 billion per annum in Fitch's rating forecast, the
business is funded at least for the next 24 months.

If copper prices remain high for longer (so far this year at
USD8,000-USD9,600 versus Fitch's price deck of USD7,200 for 2021
and USD6,700 thereafter), FQM may need to do little more than to
renew its bank facilities to procure back-up liquidity over the
medium-term.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- A USD1.26 billion pre-payment from Franco-Nevada was
    classified as debt and added to the total debt amount in 2020;

-- A USD1.33 billion interest-bearing shareholder loan from KPMC
    was excluded from debt;

-- A USD36 million bank overdraft was offset against USD950
    million cash and cash equivalents, resulting in a net cash
    balance of USD914 million;

-- USD40 million of cash restricted at December 2020 to secure
    the letters of credit issued on behalf of the company was
    reclassified from long-term assets to 'restricted cash'
    balance-sheet line;

-- A USD100 million deferred purchase price consideration
    relating to the acquisition of a 50% interest in KPMC from LS
    Nikko Copper was treated as debt by Fitch; total consideration
    was USD664 million, of which USD564 million was paid in 2017-
    2020.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

GLOBAL BANK: Moody's Affirms Ba1 LT Deposit Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed all the ratings and
assessments of Panama's Global Bank Corporation and Subsidiaries,
following the affirmation of its ba1 baseline credit assessment.
Global Bank is rated Ba1/Not-Prime for long- and short-term foreign
currency deposit ratings. The outlook on the ratings remains
stable.

The following ratings and assessments have been affirmed:

Baseline credit assessment, ba1

Adjusted baseline credit assessment, ba1

Long term foreign currency deposit rating, Ba1 stable outlook

Short term foreign currency deposit rating, Not Prime

Long and short-term counterparty risk ratings, Baa3 and Prime-3

Long and short-term counterparty risk assessments, Baa3(cr) and
Prime-3(cr)

Outlook, Remains Stable

RATINGS RATIONALE

The affirmation of Global Bank's ratings and assessments reflects
the bankĀ“s adequate asset quality and its relatively good
capitalization level, which protects bondholders against unexpected
losses. These credit strengths are balanced by Global Bank's modest
profitability amid challenging operating conditions in Panama, its
relatively high reliance on confidence-sensitive market funds, and
its moderate levels of liquid assets.

As a result of the coronavirus pandemic, the Panamanian economy
registered a significant GDP contraction of 17.9% in 2020, causing
banks' asset quality to weaken. Global Bank's non-performing loan
ratio (NPL) deteriorated to 3.2% of total loans by year-end 2020,
from 2.0% in June 2020, still better than many regional and local
peers'. In part, the bank's asset quality benefited from a more
diversified loan book and the higher share of residential
mortgages, owing to Global Bank's acquisition of Banvivienda.
Historically, Global Bank has had low charge-offs reflecting high
recovery levels in its loan portfolio. The most likely scenario is
that Global Bank's asset quality will continue to deteriorate as
loan payment deferrals, which have been extended several times,
expire in June 2021 amid still-weak operating conditions and
challenging borrowers' repayment capacity. In the medium-term, the
gradual economic recovery expected in Panama will tend to stabilize
non-performing loans.

Global Bank's capital position is adequate at 12.4% as of December
2020, measured as Moody's adjusted tangible common equity (TCE)
relative to risk-weighted assets (RWA). Following Banvivienda's
acquisition, Global Bank's capital was replenished by a capital
injection and recent profitable years. Also, the contraction of its
loan book has benefited the bank's capitalization. We expect the
modest loan growth and prudent dividend policy to support Global
Bank's capitalization going forward. The bank's reported total
regulatory capital ratio was 15.6% as of December 2020.

The bank's profitability has been affected by lower business
volumes, lower interest rates, higher provisioning cost as well as
larger share of liquid assets. As of December 2020, the bank's
Return on Assets (ROA) declined to 0.2%, from 0.5% as of June 2020,
when the bank's fiscal year concludes. These metrics are below
regional and local peers' and lower than Global Bank's
pre-Banvivienda's acquisition, when its ROA was 1.2% for the period
2016-2018 . Global Bank's profitability will continue to be
affected by higher provisioning costs to the extent asset quality
remains weak, and by limited business prospects in the short term.

Despite Global Bank's good access to deposits, the bank maintains a
relatively high reliance of market funds, which tend to be more
expensive and less stable than retail deposits. However, as a
result of Banvivienda's incorporation into Global Bank, the bank's
market funds/tangible banking assets declined materially to 26.0%
as of December 2020, from 36.0% as of June 2017 before the
acquisition. Another positive credit consideration is the fact that
approximately 60% of Global Bank's market funds expire in more than
a year, adding stability to the funding base. Furthermore, Global
Bank maintains moderate levels of liquid assets, and a large share
of its investment portfolio is composed of corporate bonds, which
tend to be less liquid under situations of market stress.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Global Bank's BCA could be upgraded if its asset quality,
profitability and capitalization ratios are strengthened.
Conversely, downward pressure on the ratings and assessments could
come from a deterioration in the bank's asset quality as loan
deferrals expire, or if its profitability is weakened by additional
provisioning costs. Also, a worsening in the banks capitalization
metrics could lead to additional pressure on Global Bank's
ratings.

The principal methodology used in these ratings was Banks
Methodology published in March 2021.



=====================
P U E R T O   R I C O
=====================

STAR PETROLEUM: Court Confirms 100% Plan
----------------------------------------
Judge Enrique S. Lamoutte has entered an order confirming the plan
filed by Star Petroleum Corp dated March 16, 2021.

The Court determined after hearing on notice that the requirements
for confirmation set forth in 11 U.S.C. Sec. 1129(a) [or, if
appropriate, 11 U.S.C. Sec. 1129(b), 1191(a), or 1191(b)] have been
satisfied.

As reported in the TCR, the Debtor filed a Plan that provides that
Class 6 Holders of Allowed General Unsecured Claims totaling
$102,859 will recover 100%.  Holders of Allowed General Unsecured
Claims in excess of $3,000, including Banco Popular de Puerto Rico,
will be paid in full satisfaction of such claims 5% thereof,
through 60 equal consecutive monthly payments, without interest.
Holders of Allowed General Unsecured Claims for $3,000 or less will
be paid in full satisfaction of such claims 5% thereof on the
Effective Date.

A full-text copy of the Disclosure Statement dated March 18, 2020,
is available at https://tinyurl.com/ubmzjo2 from PacerMonitor.com
at no charge.

A full-text copy of the Supplement to the Disclosure Statement
dated July 1, 2020, is available at https://tinyurl.com/yaqmqbzf
from PacerMonitor.com at no charge.

                      About Star Petroleum

Star Petroleum, Corp., based in Toa Alta, PR, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 20-00558) on Feb. 5, 2020.  In the
petition signed by Sami Abraham, president, the Debtor disclosed
$6,782,500 in liabilities. CHARLES A. CUPRILL, PSC LAW OFFICES,
serves as bankruptcy counsel to the Debtor.

As reported in the Troubled Company Reporter-Latin America on Jan.
9, 2020 S&P Global Ratings said it withdrew its 'B' short-term
issuer credit rating on Banco Popular de Puerto Rico at the
company's request. The 'BB+' long-term issuer credit rating on
Banco Popular de Puerto Rico is unchanged.

The outlook on the long-term rating remains positive.



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

METHANOL HOLDINGS: Puts 2 Plants on Hold, NGC Gas Prices Too High
-----------------------------------------------------------------
Ria Chaitram at Trinidad Express reports that The National Gas
Company (NGC) and Methanol Holdings (Trinidad) Limited (MHTL) have
failed to renew a contract for the continued supply of gas, which
has forced the energy giant to idle two of its plants because the
proposed prices are too high.

MHTL falls under the purview of the Proman Group.  In an internal
message to employees, managing director Claus Cronberger said the
company was working on a long-term gas supply contract since March
but due to high pricing by the NGC it was unable to secure a
favourable contract, according to Trinidad Express.

He said while it was able to run its operations in March, the high
gas pricing by NGC for April has forced MHTL's plants to be
economically unstable, the report notes.  As such two of its plants
will be idled but noted that jobs will not be affected, the report
relays.

The report discloses that Cronberger said, "I regret to inform you
that we have been unable to source and economically viable
short-term gas supply contract for the month of April and therefore
we gave had to take the extreme difficult decision to idle M4 and
M5000 plants, effective immediately.  M2 and M3 will continue
running on DeNovo gas only.

"While we have reached the absolute limit of our flexibility on
contract price and the terms and conditions, we are continuing to
take a solutions-oriented approach and engaging with NGC and the
government. My number one priority is to sustain operations and
secure the livelihoods of all of our people," Trinidad Express
notes.

Cronberger, however, noted that if the situation persists and they
are forced to shut down for a longer period of time, then they will
have to revisit its overall operations, the report relates.

Also, in a media release, NGC said the end of this particular
contract became effective April 1, despite its efforts to reach an
agreement, but it will continue to engage with MTHL for other gas
sales, the report says.

"NGC will continue to exert all reasonable efforts to try to secure
a mutually acceptable agreement with MTHL. NGC will continue to
honour its contractual obligations for the supply of gas to MHTL
under its other gas sales contract," the report relates.

NGC added that it would not be discussing the matter further
because of its confidentiality clauses and assures that it was
working with stakeholders across the gas value chain to protect
business interests in the current environment, the report adds.

TRINIDAD AND TOBAGO NGL: Profit Drops 95%
-----------------------------------------
Trinidad Express reports that investment holding company Trinidad
and Tobago NGL Limited (TTNGL) declared an after-tax profit of $6.4
million for the financial year ending December 31, 2020, which
represents a fall of 95 per cent compared with 2019, when the
company made $219.5 million.

TTNGL holds 29.25 per cent stake in Phoenix Park Gas Processors Ltd
(PPGPL), the Point Lisas-based company that produces propane,
butane and natural gasoline, mostly for export, according to
Trinidad Expres.  PPGPL is majority-owned by the State-owned
National Gas Company.

In a statement, TTNGL said its "lower financial performance
relative to 2019 is reflective of the impact of the Covid-19
pandemic, which hit the global energy sector particularly hard,"
the report notes.

The company said natural gas liquid (NGL) prices, which correlate
strongly with crude oil and refined product prices, were materially
lower for 2020, the report discloses.

"TTNGL's underlying asset PPGPL recorded average product prices and
gas processing volumes which were respectively 31.1 per cent and
16.5 per cent lower than in 2019. NGL production for 2020 was 15.8
per cent lower than in 2019," the company said, the report relays.

As a result, the statement indicated that PPGPL recorded profit
after tax of $116.8 million in 2020, which was a 49.5 per cent
reduction when compared to $231.4 million for the corresponding
2019 period, the report notes.

The company said the fall in price notwithstanding, the demand for
propane, butane and natural gasoline "remained relatively steady
since the onset of the pandemic," the report relates.

And it said the outlook for PPGPL and TTNGL has since improved,
with several positive developments, the report relays.

"In the latter half of 2020, there was an appreciable rebound in
natural gas demand and prices, which is expected to continue into
2021.

"The negative impacts of lower NGL prices and NGL volumes were also
mitigated by improved NGL content in the gas stream and higher
price differentials recognised for the year (11.1 per cent and 3.8
per cent improvement respectively).

"Furthermore, PPGPL's North American NGL business recorded a strong
performance in 2020, and earnings from this segment are expected to
continue contributing positively to PPGPL's results in the short to
medium term," the report discloses.

To that end, and in keeping with its strategic plan to grow its
business, "PPGPL continues to seek out new territories of
operation, while strengthening its local performance through
initiatives centered on sustainability," the report says.

The improved operating performance at PPGPL in Q4 2020, which
continued into Q1 2021, is being driven by improved market prices,
increased volumes and increased liquid content in the natural gas
supplied by NGC, and the continued management of operating costs,
the report notes.

Based on these positive trends, as well as the company's results
for the year ended December 31, 2020 as well as its current cash
flow position, the board of directors of TTNGL announced a final
dividend of $0.05 per share, which will be paid on May 12, 2021,
the report relates.  The $0.05 dividend represents the total payout
to shareholders of the company for 2020, the report adds.



=============
U R U G U A Y
=============

URUGUAY: Brazil's Covid-19 Crisis Spills Over to Rivera
-------------------------------------------------------
Federico Anfitti at EFE News reports that here where the border
between Uruguay and Brazil -- second in the world in coronavirus
deaths -- is a mere technicality, residents remain surprisingly
complacent about Covid-19, with the result that Rivera's health
care system is on the verge of being overwhelmed.

From the start of the pandemic, Uruguayan health officials saw
Rivera and the surrounding province of the same name as a potential
Achilles heel, according to EFE News.

Inhabitants of Rivera and the neighboring Brazilian city of Santana
do Livramento are accustomed to crossing the invisible border
without a thought, the report notes.

EFE News discloses that there are no customs or immigration checks
and plenty of people live on one side of the boundary and work on
the other.  And the region has its own dialect, Portunol
(Portugues-Espanol).

But as Covid-19 continues to rage in Brazil, with 325,000
fatalities and 12.8 million cases, Uruguay's central government
suspended in-person classes in Rivera's schools and ordered the
tax-free shops that are the backbone of the city's economy to close
until April 12, the report discloses.

Montevideo's intervention may have come too late, as the intensive
care unit at the provincial public hospital is already at 100
percent capacity, the report relays.

The 1,009 lives claimed by coronavirus in Uruguay include those of
61 residents of Rivera province, with a population of around
100,000, the report discloses.

Uruguay has a total of 108,188 confirmed Covid-19 infections,
including 21,979 active cases, the report notes.  While the country
as a whole is seeing an average of 66.3 new cases a day for every
100,000 people, the test-positivity rate in Rivera department is
145.27 per 100,000, the report relays.

The provincial governor, Richard Sander, never responded to EFE's
request for an interview, while the top health official in Rivera,
Carlos Sarries, said he was not authorized by the Public Health
Ministry to talk to reporters.

Fortunately, the director of the Rivera Provincial Hospital was
willing to talk.

The hospital is "in a very worrisome situation," Florencia Eula
told EFE.  Responsible for providing health care to 65,000 people,
the institution has just 127 beds in all and only seven in the ICU,
the report discloses.

While a mechanism exists to transfer patients to other hospitals in
the public network, Eula expressed concern about the potential for
delays that could prove lethal "We work every day trying to prevent
it, but that is on the table and could happen at any moment.  Today
we have beds available in other places to provide the appropriate
attention to critical patients," she added.

"But if these numbers don't drop at some point (the beds) will fill
up completely and we will find ourselves unable to transfer
patients," Eula said.

Should things reach that point, doctors would be faced with having
to make decisions about who lives and who dies, the hospital
director said, EFE notes.

On the bright side, the Uruguayan government is prioritizing the
area in vaccine deliveries. Rivera leads the 19 provinces in the
percentage of people vaccinated, as a third of the population have
had at least one dose, the report adds.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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