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       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

          Friday, April 9, 2021, Vol. 22, No. 66

                           Headlines



B A H A M A S

RBC ROYAL BANK: Closing Two More Branches in the Bahamas


B R A Z I L

BANCO BMG SA: Fitch Affirms 'B+' LT IDRs, Alters Outlook to Stable
BANCO BS2 SA: Fitch Places LT IDRs & Nat'l. Ratings on Watch Neg.
INVEPAR: S&P Downgrades ICR to 'CC' on Likely Debt Restructuring


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Debt Milestone is US$54.5BB, 69.1% of GDP
DOMINICAN REPUBLIC: RD$6BB Financing for Rice Producers Gets OK


P U E R T O   R I C O

AMERICA-CV STATION: Americateve and Teveo Exit Chapter 11
FIRST BANCORP: Fitch Places 'B+' LongTerm IDR on Watch Positive
POPULAR INC: Fitch Puts 'BB/B' IDRs on Watch Positive

                           - - - - -


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B A H A M A S
=============

RBC ROYAL BANK: Closing Two More Branches in the Bahamas
--------------------------------------------------------
RJR News reports that RBC Royal Bank is closing two more branches
in the Bahamas as the company continues to adjust its business to
remain competitive and profitable.

The bank's Managing Director LaSonya Missick told Guardian Business
that the bank has decided to consolidate its Governor's Harbour
branch with its Harbour Island location by the end of next month
and will close its Mackey Street branch by the end of June,
according to RJR News.

While Missick did not say what the fate of those branches'
employees will be, she explained that RBC will help them determine
their next steps, the report relays.

RBC announced that it has divested itself of its Eastern Caribbean
banking operations, having gotten clearance by the Eastern
Caribbean Central Bank to move ahead with the sale, the report
discloses.

The sale of those operations in Antigua and Barbuda, Dominica,
Grenada, Montserrat, St. Kitts and Nevis, St. Lucia and St. Vincent
and the Grenadines closed April 1, the report adds.



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B R A Z I L
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BANCO BMG SA: Fitch Affirms 'B+' LT IDRs, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised Banco BMG S.A.'s (BMG) National Rating
Outlook to Stable from Negative. In addition, Fitch has affirmed
all International and National ratings of the issuer, including the
Long-Term Issuer Default Ratings at 'B+'. The Long-Term Foreign and
Local Currency IDR Outlooks remains Stable, while the National
Rating Outlook was revised to Stable from Negative.

The revision of the Outlook on BMG's National Rating to Stable
primarily reflects that the negative impact from the coronavirus on
BMG's business model was much less severe than initially expected.
Back in April 2020, Fitch had revised the National Rating Outlook
to Negative as the agency expected that the impact of the
coronavirus on the economy to weigh on the bank's local relative
creditworthiness among Brazilian issuers. However, as per the
bank's YE 2020 results, the bank's low-risk appetite ensured that
its asset quality remained satisfactory and its profitability
improved. In addition, during the past twelve months, the bank took
various strategic actions to diversify its business model and grow
its franchise while ensuring comfortable levels of liquidity and
capitalization. In 2021, it is clear that the potential negative
impacts of the pandemic are far from over, but BMG's business model
has shown, thus far, to be resilient.

KEY RATING DRIVERS

BMG's VR, IDRs and National ratings are driven primarily by the
bank's company profile and its profitability metric. Other
qualitative and quantitative metrics contribute to the rating and
most have shown positive trends over the year and especially during
2020. These are expected to continue during 2021, subject to an
unexpected worsening of the pandemic. However, despite the positive
trends seen in 2020, BMG's ratings continue to be constrained by
Brazil's Sovereign rating and the Operating Environment that are
both on Negative Outlooks.

The bank's company profile has improved as BMG has been successful,
on various fronts, to grow its traditional, lower risk,
pension/payroll-backed (consignado) credit portfolio, which
consists primarily of its payroll credit card product, followed by
its payroll loan product, which together account for 71% of the
total credit portfolio, of which 88% have the risk of the federal
government. To diversify its sources of revenues, the bank has also
enhanced a handful of other retail and wholesale products and
invested heavily to grow its digital bank capabilities, which has
already seen its number of active account holders reach 2.6
million. This number is nearly equal to the number of active client
accounts at the physical BMG bank, for a total of 5.2 million
active clients as of YE2020.

About 13% of the bank's credit portfolio is of a wholesale nature,
which is also managed in line with a low risk appetite, which
favors secured transactions. Despite a challenging operating
environment in 2020, BMG saw no shortage of demand for its credit
and non-interest generating products. As a result, the bank saw a
total credit portfolio growth of 22.3%. Despite such growth,
non-performing loans remained at satisfactory levels and the loan
impairment (BACEN D-H) coverage remained satisfactory at nearly
83%.

Consistent, recurring operational profitability over the past few
years has been a challenge for BMG. During 2020 the bank was able
to show an adequate performance as Operating Profit/Risk Weighted
Assets was nearly 2.2%, which was a good improvement over the 2019
result that was slightly above breakeven. This also was done while
capitalization, liquidity and loan impairment provisioning were
maintained at very comfortable levels despite the higher
opportunity costs. The bank's return on average assets was adequate
at 1.4%, as it was affected by relevant loan impairment charges.

BMG's impaired loans (BACEN D-H) to gross loan ratio has been on a
positive trend over the past five years, reaching 6.2% at December
2020; although this ratio was aided by the relevant 22.3% loan
portfolio growth. When looking at the non-performing loans over 90
days (BACEN E-H) the impairment ratio improves further to 5.7% and
the loan loss coverage ratio is at a satisfactory 108%. This level
was expected to improve as the bank continues to focus on secured
lending, which usually has a lower level of impairments; for
instance the impairment level of the payroll credit card product is
3.7%. It is also worth noting that some of the less representative
unsecured credit products have, as expected by management, much
higher average NPL ratios, but this is mitigated by premium
pricing. The fact that approximately 88% of the payroll-backed
credit product relates to federal government risk serves as a
mitigation to asset quality deterioration.

BMG's capitalization ratios have been kept at very strong levels
and compare well with its peers. As of Dec. 31, 2020, the bank's
Common Equity Tier I ratio was slightly over 17% and the total
capital ratio was 17.8%. Management expects this ratio to remain
near these comfortable levels during most of 2021. The high level
of excess capital was mostly the result of the bank's successful
IPO of October 2019 where it raised nearly BRL 1.4 billion in new
capital, which was partially used to reduce its funding costs and
was slated to support further growth in the payroll-backed lending
segment.

Even before the IPO, BMG has been operating with a comfortable
liquidity position, which was partially enhanced by securitizations
of receivables, funding from diversified customer deposits and the
strategic downsizing of its commercial portfolios. The bank's
adjusted Loan to Deposit ratio at Dec. 31, 2020 was at a
conservative level of 82.8%. Also, the bank's liquid asset position
was at a historical high of BRL 4.9 billion enabling a very
comfortable LCR ratio of 875%. These levels are expected to retreat
later this year to support credit growth.

BMG's Support Rating is based on Fitch's belief that the bank is
not considered to be a significant financial institution locally
because of the size of its market share. Thus, it is unlikely to
receive external support from the Brazilian sovereign.

RATING SENSITIVITIES

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

-- Weak financial performance (negative trend in operating
    profit-to-risk-weighted assets from current low levels);

-- A sustained deterioration in its asset quality (non-performing
    loans over 90 days remaining above 8%);

-- A deterioration in capitalization (CET I ratio falling below
    9%).

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

-- Positive trends in its credit metrics (notably asset quality
    and operational profits) could result in IDR and National
    Rating Outlook revisions to Positive within the next 12 to 18
    months;

-- A consolidation of the bank's business model, including a
    relevant and sustained improvement in its operating
    profitability, especially if coupled with further and
    sustained declines in its impaired loan ratio (D-H) to below
    5% of total loans, without deteriorating charge-offs and
    foreclosed assets;

-- Maintenance of CET 1 ratio above 12%.

SUPPORT RATING AND SUPPORT RATING FLOOR

A potential upgrade of BMG's Support Rating and/or Support Rating
Floor is unlikely in the foreseeable future, since this would arise
only from a material gain in systemic importance.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - 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.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

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.

BANCO BS2 SA: Fitch Places LT IDRs & Nat'l. Ratings on Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has placed Banco BS2 S.A.'s (BS2) Long-Term Foreign
Currency and Local Currency Issuer Default Ratings (IDRs), its
Viability Rating and the institution's National Ratings on Rating
Watch Negative (RWN). At the same time, Fitch affirmed BS2's
Short-Term IDRs, Support Rating and Support Rating Floor.

The RWN primarily reflects a significant reduction in the bank's
capitalization in 2020, which is now below those of its peers
despite recurring capital injections observed in recent years.
Fitch expects that BS2´s capitalization will likely remain under
pressure through 2021 given the bank's growth perspectives and
still limited results, which could pressure the agency's assessment
of the bank's risk appetite. BS2's ratings could be downgraded if
the bank's is unable to implement its plan to revert its negative
trend involving capitalization metrics over the next six months.
Fitch expects to review and resolve the RW status within the next
six months, and a rating decision will be made as soon as Fitch has
further information on the likely level of capital adequacy metrics
in the foreseeable future, since these have been tightening further
in the recent past.

KEY RATING DRIVERS

VR, IDRs and National Ratings

BS2´s ratings are highly influenced by its tight capitalization,
as well as its company profile, earnings and profitability. They
mainly reflect the bank's challenges imposed by the development of
new business lines, especially on its digital banking unit, which
has pressured the bank´s profitability and capital generation
during the last two years. BS2's strategy is to continue targeting
the growth of its acquiring operations, which have been requiring
significant capital amounts. In addition, the bank's relatively low
capitalization metrics represent a risk for the implementation of
its long-term strategy. The ratings also factor into its good asset
quality metrics, adequate funding structure and liquidity
position.

BS2's strategy is based on a service-oriented digital business hub,
providing both its own and third-party products to its customer
base, individuals and SME clients. Over the last two years, the
bank has been developing its platform - releasing new products and
features - which has required large investments thus far. At the
same time, the bank continues to expand in other business verticals
- notably its acquiring operations, which presents sound growth on
volumes and revenues. BS2 also operates with judicial securities
issued by Brazil's federal and states governments (Precatorios),
SME lending and foreign exchange operations.

BS2's capitalization metrics in 2020 decreased significantly given
reported losses combined with strong growth reported on acquiring
operations. Over the last two years, shareholders injected directly
in the bank (through its holding company) BRL247 million, in
addition to approximately BRL 100 million in bonds that qualifies
as TIER II capital. The last injection occurred at YE20 and totaled
BRL50 million. However, BS2´s CET1 ratio declined to a weak 8.5%
at YE20, from 10.6% in 2019, while its total regulatory ratio
remained relatively stable at 11.4%, versus 11.6% at 2019. Although
Fitch recognizes the commitment of its shareholders to support
growth, its reported capitalization metrics - especially CET1 -
stood below the average of other midsize banks, providing the bank
less cushion to deal with unexpected losses and lower capacity to
escalate its business model over the medium and long terms. The
agency also considers the short-term characteristics of its
receivables' operations, which could be easily reduced given the
bank's certain short-term maneuver capacity to increase its
capitalization metrics.

BS2 reported losses in 2020, impacted by its low performance during
the first semester and explained by high levels of investment in
administrative and personnel costs combined with a substantial
increase on funding costs related to the bank´s USD-denominated
bond. BS2's operating profit-to-risk-weighted assets ratio
deteriorated to negative 1.6%, from negative 0.7% in 2019 and a
four-year average of a low 0.5%. Fitch's negative outlook on the
profitability factor reflects current market conditions and
uncertainties surrounding the economic fallout from the coronavirus
pandemic. Fitch expects BS2's results to remain under pressure in
2021.

BS2 continues to report better asset quality ratios than peers.
Loans classified as 'D-H' ratings reached 5% at YE20, from 5.9% in
2019. The bank reported a 19.6% loan contraction in 2020,
reflecting the strong decline on Precatorios' positions that
declined by 31.3% on a yoy comparison. However, the SME portfolio
continues to present relatively high concentrations on top clients;
the 20 largest groups account for 47.1% of the loan portfolio as of
YE20. Fitch considers that the SME portfolio, despite being
relatively stable during 2020, continues to be vulnerable to
operating environment conditions, which is likely to remain
pressured in 2021.

The bank's funding profile has been stable since the last review.
Over the past years, the bank has been focusing on diversifying its
investors base, mainly through agreements with brokerages, which
distributes BS2's funding products to its retail customers through
its own platforms. Despite a good diversification of investors,
with granularity on the final end of the brokerage companies, BS2
still shows concentrations in its top brokerages. Its liquidity
remained adequate when compared with its short-term needs. Liquid
assets totaled BRL1.41 billion in December 2020, covering 83% of
its funding with maturities of less than one year.

Support Rating and Support Rating Floor

BS2's Support Rating of '5' and its Support Rating Floor of NF'
reflect the bank's low systemic importance. In Fitch's view, the
bank is not likely to benefit from external support.

RATING SENSITIVITIES

IDRs, VR and National Ratings

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

-- A sustained reduction in the bank´s capitalization, CET 1
    ratio below 10% over the next six months.

-- A substantial deterioration of the bank's asset quality
    stemming from a higher risk appetite.

-- Operational losses in 2021.

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

-- The RWN could be removed and the Rating Outlook could be
    revised to Stable in the event the bank is able to improve its
    capitalization metrics (e.g. a CET 1 ratio above 10%) coupled
    with the maintenance of improvement in operating profitability
    without deterioration in asset quality metrics.

-- An upgrade is unlikely in the near future.

Support Rating and Support Rating Floor

A potential upgrade of BS2's Support Rating and Support Rating
Floor is unlikely for the foreseeable future, as this would only
arise from a material gain in the bank's systemic importance.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

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.

    DEBT                    RATING                     PRIOR
    ----                    ------                     -----
Banco BS2 S.A.   LT IDR B+        Rating Watch On       B+
                 ST IDR B         Affirmed              B
              LC LT IDR B+        Rating Watch On       B+
              LC ST IDR B         Affirmed              B
            Natl LT     BBB+(bra) Rating Watch On       BBB+(bra)
            Natl ST     F2(bra)   Rating Watch On       F2(bra)
            Viability   b+        Rating Watch On       b+
            Support 5             Affirmed              5
            Support Floor NF      Affirmed              NF

INVEPAR: S&P Downgrades ICR to 'CC' on Likely Debt Restructuring
----------------------------------------------------------------
On April 7, 2021, S&P Global Ratings lowered its global scale
issuer credit rating on Brazil-based transportation infrastructure
group Investimentos e Participacoes em Infraestrutura S.A. -
Invepar to 'CC' from 'CCC-' and the national scale rating to 'brCC'
from 'brCCC-'. S&P affirmed the 'brC' issue-level ratings on
Invepar's third and fifth debentures. Given that Invepar guarantees
Metrobarra S.A.'s debentures, S&P lowered the issue-level rating to
'brCC' from 'brCCC-'.

As of Dec. 31, 2020, Invepar had R$1.9 billion in debt outstanding
related to the principal and interest payments of its fifth
debentures issuance, now maturing on June 30, 2021. Invepar's cash
position of R$420.4 million at the holding company level is
insufficient to amortize the debt in full. In addition, its
subsidiaries have limited capacity to upstream dividends, given the
limitations from their own debt. Subsidiaries' operating
performance also took a severe hit from the social distancing
measures adopted to prevent the spread of COVID-19.

In addition, Invepar has been under judicial disputes related to
its subsidiary Linha Amarela S.A.'s (LAMSA; not rated) inability to
make toll collections since Sept. 17, 2020. On that date, Brazil's
Superior Court of Justice authorized the city of Rio de Janeiro to
start the process of revoking LAMSA's concession. So far this year,
the company and the city of Rio de Janeiro have been in
conciliation hearings with the Federal Supreme Court, but haven't
reached an agreement yet.

Given the recent maturity extension--and that Invepar has a
restructuring plan in place for the R$2.2 billion debt at the
holding company level involving repaying the debt through either
cash and equity stakes in the subsidiaries—S&P thinks that the
company won't repay the debt with a cash payment, which differs
from the debentures' original terms.

Given that Invepar is the sponsor of Metrobarra and the guarantor
of its debentures, the issue-level rating on Metrobarra's
debentures mirrors the national scale rating on Invepar. This
reflects the tight link between the creditworthiness of the
subsidiary and the holding company. In addition, S&P indicates its
expectation that Metrobarra's current cash flows are insufficient
to service the debt, instead relying on the guarantee that Invepar
provides.




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D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Debt Milestone is US$54.5BB, 69.1% of GDP
-------------------------------------------------------------
Dominican Today reports that in a year marked by the pandemic, the
total Dominican debt reached, in 2020, a milestone by soaring to
US$54.5 billion, or 69.1% of GDP.

The data published by the Central Bank of the Dominican Republic
show aUS$9.5 billion jump in the debt in the last year, according
to Dominican Today.

80% of the new commitments were concentrated in the second half of
2020, the report relays.  The rest were concentrated in the first
half of the year, the report notes.

"The strong pressure that COVID-19 exerted on fiscal accounts, with
emergency expenses that the government had to face, and a fall in
tax collection, forced a search for financing through debt," the
Central Bank said, the report adds.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe

impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).

DOMINICAN REPUBLIC: RD$6BB Financing for Rice Producers Gets OK
---------------------------------------------------------------
Dominican Today reports that the Reserve Bank launched the Rice
Pledge Program for the 2021-2022 harvest, which will support
hundreds of producers throughout the country with RD$6 billion in
financing at a preferential rate of 7%.

The general administrator of the financial institution, Samuel
Pereyra, stated that "this program guarantees that the producers
receive payment on time from the millers, a determining factor so
that the price to the consumer remains favorable and stable,"
according to Dominican Today.

He added that this economic support makes Banreservas the leader of
the National Rice Pledge Program, with a participation of 55% of
the total resources contributed for the cereal harvest most
consumed by Dominicans, in addition to being the most important
agricultural activity creating jobs in rural areas of the 21
provinces where it is produced, the report relays.

Pereyra indicated that the first Banreservas contribution to the
rice sector was made in 2001 when it granted RD$300 million
financings. From then on, the amounts awarded had an exponential
increase, reaching RD3.7 billion pesos at the end of December 31
last year, the report discloses.

                         Credit Return

This credit initiative is also an effective mechanism to promote
the nation's agribusiness sector's support and growth, said
Pereyra, who highlighted that the return on loans granted is almost
100%, which demonstrates the reliable program success, the report
notes.

Peryera specified that each link in the chain complies with the
commitments and goals established for the global success of the
Rice Pledge program, the report relays.

He stated that it is beautiful to see this dynamic, productive
circuit in action, the large number of people immersed in this
process of sowing, harvesting, and industrialization, the
satisfaction that each one of them receives from obtaining the
sustenance of their families; and knowing essential factors to
boost the economy, strengthen trade and increase working capital,
the report adds.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).



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

AMERICA-CV STATION: Americateve and Teveo Exit Chapter 11
---------------------------------------------------------
Brian Bandell of the South Florida Business Journal reports that
the companies that own the AmeEricaTeVe and Teveo television
stations have exited U.S. Bankruptcy Court and are preparing to
make an acquisition.

America-CV Station Group, Caribevision Holdings, America-CV Network
and Caribevision TV Network all filed Chapter 11 reorganization in
2019. The Hialeah-based companies own local stations WJAN (Channel
33 AmericaTeVe) and WFUN (Channel 48 Teveo), along with WJPX
(AmEricaTeVE Puerto Rico) in San Juan, Puerto Rico, and WPXO in New
York.

The companies operate in a 155,000-square-foot facility in
Hialeah.

U.S. Bankruptcy Judge A. Jay Cristol closed all four cases March 5,
2021 after the debtors resolved their issues with creditors.

According to the motion to close the case by bankruptcy attorney
Paul J. Battista, the companies successfully refinanced their debt,
including a personal guarantee from majority owner Carlos Vasallo,
and have prepaid all of their debt plan payments for two years in
advance. The companies refinanced their debt into a $6 million loan
from Spain-based Abanca, which repaid a loan from Banco Sabadell.

The debtors also paid $1.55 million to settle litigation.

Prior to the Chapter 11 filing, Vasallo owned a minority stake in
the company.

"America Teve has exited its Chapter 11 reorganization ahead of
schedule and has paid off all of its debtors," said attorney
Marcell Felipe, who represents the company. "The company was
recapitalized with new equity funded by Carlos Vasallo and the
refinancing with Abanca of its valuable real estate holdings."

Felipe confirmed that the company signed an agreement to purchase
Radio Caracol 1260 AM in Miami to create a synergy between the
radio station and its TV stations. The Spanish news/talk radio
station was being sold by Grupo Latino de Radio, a subsidiary of
Spanish media conglomerate PRISA.

"Caracol's signal is one of the few radio signals that reaches
Havana nightly without interference, making it a good vehicle, as
the company plans to be the first free media outlet to reach Cuba
before the country's transition to democracy," Felipe said.

                About America-CV Station Group

America-CV Station Group, Inc. is a privately held company
primarily in the television station ownership and program
production business. It provides broadcasting services.

America-CV and affiliate Caribevision Holdings, Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Case Nos. 19-16355 and 19-16359) on May 14, 2019. On May 28,
2019, America-CV Network, LLC and Caribevision TV Network, LLC also
filed Chapter 11 petitions (Bankr. S.D. Fla. Case Nos. 19-16976 and
19-16977). The cases are jointly administered under Case No.
19-16355).  At the time of the filing, each of the Debtors
disclosed assets of $10 million to $50 million and liabilities of
$1 million to $10 million.

Judge Jay A. Cristol oversees the cases.

The Debtors tapped Genovese Joblove & Battista, P.A., as their
bankruptcy counsel, and Fletcher, Heald & Hildreth, P.L.C., as
Genovese's co-counsel.

On Feb. 26, 2020, the Debtors filed a Chapter 11 plan of
reorganization and disclosure statement.

FIRST BANCORP: Fitch Places 'B+' LongTerm IDR on Watch Positive
---------------------------------------------------------------
Fitch Ratings has placed First BanCorp's (FBP) 'B+' Long-Term
Issuer Default Rating (IDR) and 'b+' Viability Rating (VR) and the
ratings of its subsidiary on Rating Watch Positive as Fitch reviews
its assessment of Puerto Rico's operating environment (OE). The
Rating Watch Positive indicates that FBP's ratings could be
upgraded, or affirmed at their current level. Resolution of the
Rating Watch will likely occur within the next three months.

KEY RATING DRIVERS

IDRs and VRs

The Rating Watch Positive reflects Fitch's review of FBP's blended
operating environment, currently at 'bb', which is primarily a
function of the Puerto Rico OE of 'bb-'. The review will focus on
the medium- and longer-term economic prospects and demographic
expectations for Puerto Rico, including the impact of the unique
benefits that Puerto Rico receives from its status as a U.S.
territory.

Additionally, the Positive Watch on FBP's ratings reflects Fitch's
view that the bank's financial profile has proven to be resilient,
despite the significant headwinds faced by Puerto Rico over the
last several years. These headwinds include the default of the
Commonwealth of Puerto Rico in 2016 and the destruction caused by
hurricanes Irma and Maria in 2017. Economic pressures stemming from
the ongoing coronavirus pandemic have been partially mitigated by
fiscal support from the U.S. government along with earlier and more
stringent COVID-19 containment measures compared to most U.S.
states.

FBP's credit losses outperformed Fitch's expectations in 2020. The
bank's allowance for credit losses doubled in 2020, reflecting the
likelihood of higher losses and elevated uncertainty stemming from
the pandemic. Although the ultimate implications for realized
credit losses remains uncertain, Fitch's economic outlook has
improved over the last few months, driven by additional rounds of
federal stimulus and vaccine developments. Although FBP's asset
quality has improved in recent years, the bank's asset quality
remains weaker relative to U.S. mainland banks, evidenced by
consistently higher levels of net charge-offs and elevated
nonperforming loans.

FBP's capital ratios remain a rating strength. The bank's CET1
ratio, including the benefit of CECL transition provisions, stood
at 17.3% at YE20, down from 21.6% at YE19 as a result of the Banco
Santander Puerto Rico acquisition. While the bank's capital ratios
may decrease modestly over the next few years through increased
shareholder returns, Fitch expects that FBP will continue to
maintain higher capital ratios than similarly sized mainland U.S.
banks.

FBP's core earnings, measured by pre-tax pre-provision net revenue
to average assets, have been negatively affected by the impact of
lower interest rates, although performance has remained relatively
solid compared to its current rating level. FBP's earnings
performance has improved meaningfully over the last few years
despite challenges caused by the fiscal situation and recent
hurricanes in Puerto Rico, which reinforces Fitch's positive view.

The bank's reported earnings for 2020 were negatively impacted from
increased provisions expenses, although realized credit losses
declined year over year due to fiscal stimulus and forbearance
programs. Fitch still expects that earnings will continue to be
pressured by lower interest rates although provisions expense
should remain significantly lower or potentially turn negative to
the extent that credit losses continue to remain low, which could
benefit earnings in 2021 and beyond.

LONG- AND SHORT-TERM DEPOSIT RATINGS

FBP's long-term deposits at its subsidiary bank are rated one notch
higher than FBP's Long-Term IDR because U.S. uninsured deposits
benefit from depositor preference. U.S. depositor preference gives
deposit liabilities superior recovery prospects in the event of
default.

HOLDING COMPANY

FBP has a bank holding company (BHC) structure with the bank as the
main subsidiary. The company's IDRs and VRs are equalized with
those of the operating company and bank, reflecting its role as the
bank holding company, which is mandated in the U.S. to act as a
source of strength for its bank subsidiary.

SUPPORT AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Ratings Floor of 'NF' reflect
Fitch's view that FBP is not considered systemically important; and
therefore, the probability of support is unlikely. The IDRs and VRs
do not incorporate any support.

RATING SENSITIVITIES

IDRs and VRs

Fitch expects the resolution of the Rating Watch will occur within
three months, which is inside of the normal Rating Watch time
horizon of six months, once the agency concludes its review of the
Puerto Rico operating environment.

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

-- FBP's ratings could be upgraded if Fitch upgrades its
    assessment of the operating environment in Puerto Rico, which
    is considered a higher influence factor in its rating. Fitch's
    assessment of a bank's operating environment often has a
    significant influence on its assessment of other factors, both
    qualitative and quantitative.

-- It is possible that FBP's ratings could be upgraded by more
    than one notch if Fitch's assessment of the bank's operating
    environment improves by more than one notch. An upgrade of the
    OE of more than one notch would be predicated on a view that
    Puerto Rico's economic environment would be comparable to
    higher jurisdictions, when considering the benefits it
    receives as a U.S. territory. Fitch views the likelihood of
    FBP's short-term IDR being upgraded as remote, as it would
    require an upgrade in the bank's long-term IDR of four or more
    notches.

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

-- Given the Positive Watch on the ratings of FBP, Fitch does not
    currently view negative ratings action to be likely. FBP's
    ratings would be sensitive to any unexpected event risk that
    could arise over the rating horizon.

LONG- AND SHORT-TERM DEPOSIT RATINGS

FBP's long-term deposit rating is sensitive to changes in the
company's Long-Term IDR. Fitch believes the likelihood of FBP's
subsidiary bank's short-term deposit rating being upgraded is
remote at this stage, which would require a three-notch upgrade to
FBP's long-term deposit rating.

HOLDING COMPANY

While not currently expected, if FBP became undercapitalized or
increased double leverage significantly, Fitch could notch the
holding company IDR and VR down from the ratings of the bank
subsidiary. Additionally, upward momentum at the holding company
could be limited should FBP manage its holding company liquidity
more aggressively over time evidenced by cash coverage of less
than
four quarters of required cash outlays.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to
Fitch's assumption around capacity to procure extraordinary support
in case of need.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

First BanCorp and FirstBank Puerto Rico have ESG Relevance Scores
of '4' for Environmental Impacts as the impact of Hurricanes Irma
and Maria have complicated the Commonwealth of Puerto Rico's
efforts to reverse outward migration, generate sustainable economic
growth, and address its fiscal and debt imbalances. This has a
negative impact on the companies' credit profiles and is relevant
to the ratings in conjunction with other factors.

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.

POPULAR INC: Fitch Puts 'BB/B' IDRs on Watch Positive
-----------------------------------------------------
Fitch Ratings has placed Popular Inc.'s (BPOP) 'BB' Long-Term
Issuer Default Rating (IDR), 'B' Short-Term IDR and 'bb' Viability
Rating (VR) and the ratings of its subsidiaries on Rating Watch
Positive as Fitch reviews its assessment of the operating
environment in Puerto Rico. The Rating Watch Positive indicates
that BPOP's ratings could be upgraded, or affirmed at their current
level. Resolution of the Rating Watch will likely occur within the
next few months.

KEY RATING DRIVERS

IDRs, VRs, SENIOR DEBT

The Rating Watch Positive reflects Fitch's review of BPOP's blended
operating environment, currently at 'bb', which is primarily a
function of the Puerto Rico OE of 'bb-'. The review will focus on
the medium- and longer-term economic prospects and demographic
expectations for Puerto Rico, including the impact of the unique
benefits that Puerto Rico receives from its status as a U.S.
territory. Additionally, the Positive Watch on BPOP's ratings
reflects Fitch's view that the bank's financial profile has proven
to be resilient, despite the significant headwinds faced by Puerto
Rico over the last several years. These headwinds include the
default of the Commonwealth of Puerto Rico in 2016 and the
destruction caused by hurricanes Irma and Maria in 2017. That said,
economic pressures stemming from the ongoing coronavirus pandemic,
have been mitigated in-part by fiscal support from the U.S.
government along with earlier and more stringent coronavirus
containment measures compared with most U.S. states.

Like many banks globally, BPOP's credit losses outperformed Fitch's
expectations in 2020. BPOP's allowance for credit losses nearly
doubled in 2020 reflecting the expectation of higher losses and
elevated uncertainty stemming from the pandemic. Although the
ultimate implications for credit losses remain uncertain, Fitch's
economic outlook has improved over the last few months driven by
additional rounds of federal stimulus and vaccine developments.
Although BPOP's asset quality has improved somewhat in recent
years, the bank's asset quality remains weaker relative to U.S.
mainland banks, evidenced by consistently higher levels of net
charge-offs and elevated nonperforming loans.

BPOP's capital ratios remain a rating strength. The bank's reported
CET1 ratio, including the benefit of CECL transition provisions,
stood at 16.3% at YE20, down from 17.8% at YE19 but remains among
the highest in Fitch's rated universe in the U.S. Fitch expects
that capital ratios may come down modestly from current levels over
the next few years through increased shareholder returns, but
expects the BPOP will continue to maintain higher capital ratios
than similarly sized banks in the U.S.  BPOP's core earnings have
been negatively affected by the impact of lower interest rates,
although performance has remained relatively solid compared with
its current rating level. Fitch still expects that earnings will
continue to be pressured by lower interest rates, although
provisions expense should remain significantly lower or potentially
turn negative to the extent that credit losses continue to remain
low, which could benefit earnings in 2021 and beyond.

LONG- AND SHORT-TERM DEPOSIT RATINGS

Long-term deposits at BPOP's subsidiary banks are rated one notch
higher than BPOP's Long-Term IDR because U.S. uninsured deposits
benefit from depositor preference. U.S. depositor preference gives
deposit liabilities superior recovery prospects in the event of
default.

SUBORDINATED AND OTHER HYBRID SECURITIES

BPOP's hybrid capital instruments issued are notched down from the
company's Viability Rating (VR) in accordance with Fitch's
assessment of each instrument's respective non-performance and
relative loss severity risk profiles, which may vary considerably.

BPOP's preferred stock and trust preferred stock ratings are rated
three notches below its VR in accordance with Fitch's assessment of
the instruments' non-performance and loss severity risk profiles
for issuers with VRs in the 'bb' category. A multi-notch upgrade
may not result in BPOP's preferred stock or trust preferred stock
ratings being upgraded by the same amount as notching for preferred
stock increases to four from three for issuers with VRs of 'bbb-'
and higher.

HOLDING COMPANY

BPOP has a bank holding company (BHC) structure with the bank as
the main subsidiary. The company's IDRs and VRs are equalized with
those of the operating company and bank, reflecting its role as the
bank holding company, which is mandated in the U.S. to act as a
source of strength for its bank subsidiary.

SUPPORT AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Ratings Floor of 'NF' reflect
Fitch's view that BPOP is not considered systemically important;
and therefore, the probability of support is unlikely. The IDRs and
VRs do not incorporate any support.

RATING SENSITIVITIES

IDRs, VRs, SENIOR DEBT

Fitch expects the resolution of the Rating Watch will occur within
three months, which is inside of Fitch's normal Rating Watch time
horizon of six months, once Fitch concludes its review of the
Puerto Rico operating environment.

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

-- BPOP's ratings could be upgraded if Fitch upgrades its
    assessment of the operating environment in Puerto Rico, which
    is a ratings constraint and is considered a higher influence
    factor in its rating. Fitch's assessment of a bank's operating
    environment often has a significant influence on its
    assessment of other factors, both qualitative and
    quantitative.

-- It is possible that BPOP's ratings could be upgraded by more
    than one notch if Fitch's assessment of BPOP's operating
    environment were to improve by more than one notch. An upgrade
    of the OE of more than one notch would be predicated on a view
    that Puerto Rico's economic environment would be comparable
    with higher jurisdictions, when factoring the benefits it
    receives as a U.S. territory. It is possible that BPOP's
    short-term IDR could be upgraded if the bank's long-term IDR
    was to be upgraded by two or more notches.

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

-- Given the Positive Watch on the ratings of BPOP, Fitch does
    not currently view negative ratings action to be likely.
    BPOP's ratings would be sensitive to any unexpected event risk
    that could arise over the rating horizon.

LONG- AND SHORT-TERM DEPOSIT RATINGS

The long-term deposit ratings of BPOP's subsidiary banks are
sensitive to changes in the company's Long-Term IDR. The short-term
deposit ratings could also be upgraded if BPOP's subsidiary banks'
Long-Term IDRs were to be upgraded by more than one notch.

SUBORDINATED AND OTHER HYBRID SECURITIES

The ratings of hybrid securities are sensitive to any change in
BPOP's Long-Term IDR or to changes in BPOP's propensity to make
coupon payments that are permitted but not compulsory under the
instruments' documentation.

HOLDING COMPANY

While not currently expected, if BPOP became undercapitalized or
increased double leverage significantly, Fitch could notch the
holding company IDR and VR down from the ratings of the bank
subsidiary. Additionally, upward momentum at the holding company
could be limited should BPOP manage its holding company liquidity
more aggressively over time evidenced by cash coverage of less
than
four quarters of required cash outlays.

SUPPORT AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to
Fitch's assumption around capacity to procure extraordinary support
in case of need.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

BPOP has an ESG Relevance Score of 4 for Environmental Impacts as
the impact of Hurricanes Irma and Maria have complicated the
Commonwealth of Puerto Rico's efforts to reverse outward migration,
generate sustainable economic growth, and address its fiscal and
debt imbalances, which has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.

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.


                           *********


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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