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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

          Monday, April 26, 2021, Vol. 22, No. 77

                           Headlines



B R A Z I L

NATURA&CO HOLDING: Fitch Assigns 'BB' LT IDRs, Outlook Positive
NATURA&CO: S&P Assigns 'BB' Global Scale Issuer Credit Rating
NEXA RESOURCES: Moody's Affirms Ba2 CFR, Alters Outlook to Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Only 22 Alcohol Firms are Reporting Taxes
DOMINICAN REPUBLIC: Tourism Slowly Recovering


M E X I C O

BANCA MIFEL: Fitch Affirms 'BB' LT IDRs, Outlook Negative
BANCO VE POR MAS: Fitch Affirms 'BB-' LT IDRS, Outlook Negative
BRASKEM IDESA: Fitch Maintains 'B+' LT IDRs on Watch Negative


P A N A M A

NG PACKAGING: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Stable


P E R U

MINSUR SA: S&P Alters Outlook to Positive, Affirms 'BB+' GS Rating


P U E R T O   R I C O

FIRSTBANK PUERTO RICO: S&P Raises ICR to 'BB', Outlook Positive
SALLY HOLDINGS: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
STONEMAR INC: Moody's Hikes CFR to 'B3' & Rates Secured Notes 'B3'


V E N E Z U E L A

VENEZUELA: Maduro Proposes Plan to Regularize Diesel Supplies


X X X X X X X X

[*] BOND PRICING: For the Week April 19 to April 23, 2021

                           - - - - -


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B R A Z I L
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NATURA&CO HOLDING: Fitch Assigns 'BB' LT IDRs, Outlook Positive
---------------------------------------------------------------
Fitch Ratings has assigned a Long-Term (LT) Foreign Currency (FC)
and Local Currency (LC) Issuer Default Ratings (IDRs) of 'BB' to
Natura&Co Holding S.A. (Natura) and a National Scale rating of
'AA+(bra)'. Fitch has also affirmed Natura Cosmeticos S.A.'s
(Natura Cosmeticos) FC and LC IDR at 'BB', its unsecured notes at
'BB' and its National Scale rating at 'AA+(bra)'. In a related
move, Fitch has affirmed Avon Products, Inc. and Avon International
Operations's LT IDRs at 'BB', and Avon Product's unsecured notes at
'BB'. A Positive Rating Outlook has been assigned to Natura, while
the Rating Outlooks of Avon and Natura Cosmeticos have been revised
to Positive from Stable.

Fitch has assigned a 'BB' rating to the proposed senior unsecured
sustainability-linked notes to be issued by Natura Cosmeticos, and
guaranteed by Natura. Proceeds will be used to refinance debt,
including the existing notes.

The Positive Outlooks reflect ongoing improvements in Natura's
credit profile as it captures synergies from Avon's acquisition and
intensifies the revitalization of its product portfolio and its
digitalization plan. Natura remains with the challenge to complete
Avon International's turnaround. The company's low leverage due to
equity issuance have also positive impacted the companies' Positive
Rating Outlooks.

KEY RATING DRIVERS

Rating Equalization: Natura Cosmeticos and Avon are separate legal
entities that are both wholly owned by Natura. Fitch assesses the
group on a consolidated basis given the strong operational and
strategic ties, centralized treasury, substantial asset
contribution via the expected recurring synergies and, more
recently, by the tangible financial support in the form of the
payment of Avon's secured notes. The current cross-border debt
issuance by Natura Cosmeticos with a guarantee from Natura further
supports the consolidated approach.

Not Capped by Brazil: Natura's ratings are not constrained by
Brazil's 'BB' Country Ceiling, per Fitch's 'Rating Above the
Country Ceiling Rating Criteria'. Natura has a diversified
portfolio of operations, with a solid hard currency EBITDA
generation from its assets abroad in relative to its interest
expenses in hard currency. Other considerations increasing Natura's
ability to mitigate transfer and convertibility risks include cash
held abroad and generated abroad in several countries. Natura
currently does not have a material available undrawn standby credit
lines. Brazil represents the bulk of Natura's operations and
accounted for 31% of revenues during 2020, followed by EMEA (ex-UK
- 20%), UK (11%), Mexico (9%), Asia (8%), US and Canada (5%),
others South America (15%) and Oceania (2%).

Large and Diversified Business Scale: The acquisition of Avon
significantly increased Natura's business scale, making it the
fourth largest pure beauty company globally. The company brings a
large consultant base and opportunities to amplifying its product
portfolio and market presence in Latin America. The combined entity
benefits from up-selling opportunities in terms of channel and
brands. Synergies are projected to be captured mainly in Brazil and
Latin America as it leverages its manufacturing and distribution
capabilities.

Execution Risks: Natura faces the challenge of integrating Avon's
global operations outside of Latin America. Avon International's
operations continues to decelerate in constant currency, mostly due
to COVID-19 restrictions in Central and Eastern Europe but has been
showing some improving fundamentals. Natura is in the process of
capturing synergies, with estimates of recurring gains of around
USD300 million-USD400 million to be fully captured by 2024.
Estimated costs are around USD190 million. Natura will have to
maintain a strong pipeline of innovation to compete with
fast-changing beauty trends and digitalize to engage more directly
with end consumers. Fitch's base case incorporates an average capex
of around BRL1.7 billion during 2021-2022, up from the BRL675
million in 2020.

Challenging Industry Dynamics: Natura has the challenge to move
forward with its strategy to move from a direct sales single-model
(with declining trends in selected markets) to an omni-channel
strategy. The challenges related to coronavirus pandemic remains as
a negative headwind. The CF&T industry is attractive due to its
resilience throughout economic cycles but the restrictive lockdowns
implemented in some countries had a direct impact on retail
operations. Natura has invested heavily in digitalization and
increasing its online sales that have more than doubled, which has
helped to offset the loss from the temporary closing of retail
stores.

Deleveraging Trend: Natura's capital structure has strengthened
primarily due to equity issuances of USD1.5 billion during 2020.
Fitch expects Natura to remain committed to a sound credit profile
in the medium term while it focuses on the integration of Avon and
the transformation of its business. Natura's better than expected
operating performance over recent quarters, better product mix,
brand repositioning for Avon and increasing digitalization are
expected to accelerate the deleverage trend. Fitch's rating case
forecasts Natura's net adjusted debt/EBITDAR ratio to remain around
2.0x during 2021-2022. This represents a significant improvement
from the pro forma adjusted leverage after the merger with Avon of
4.5x.

Strategic Capex to Pressure FCF: Fitch expects Natura's adjusted
EBITDA to be around BRL5.0 billion for 2021 and BRL5.7 million in
2022. The company's ongoing strategy to improve its product
portfolio, complete Avon's turnaround, increase digitalization, and
postponed capex from 2020 will pressure FCF generation in 2021.
Fitch forecasts total capex to be around BRL1.7 billion during 2021
and to slightly decline during 2022. FCF are expected to be
negative around BRL1 billion during 2021. This incorporates
dividend distributions per company's by law (30% net income). In
weaker EBITDA generation scenario, Fitch expects Natura to reduce
capex and dividends to limit the deterioration in FCF generation
and maintain its credit metrics below 2.5x in the medium term.

DERIVATION SUMMARY

Natura's 'BB'/'AA+(bra)'/Positive Rating Outlook reflects the
combined credit quality of Avon and Natura. Natura's 2.0x
consolidated adjusted net leverage (YE 2021-YE 2022) ratio is
strong for the rating category and incorporates execution risks
related to the integration of Avon and medium term refinancing
exposure. Natura has a solid business position in the CF&T
industry, being the fourth largest player, underpinned by strong
brand recognition, large scale, a competitive cost structure and a
large direct-sales structure. The operations of The Body Shop and
Aesop further complement the company's product portfolio and broad
geographical diversification. Natura has the challenge of adapting
its business model to an omnichannel strategy and to boost its
digital platform while integrating Avon.

In terms of comparable companies, Fitch rates Walnut Bidco Plc
(Oriflame) 'B' that also operates in the direct-selling beauty
market. Natura has strong business and financial profile than
Oriflame, which is reflected in the higher rating. Fitch also rates
the cosmetic Anastasia Intermediate Holdings, LLC's (ABH) 'CCC',
which currently presents an unstainable capital structure. The
company has a narrow product and brand profile and has been facing
declining revenue and EBITDA trend as result of the beauty industry
market shifts. In Brazil, Natura also faces strong competition from
a local player, O Boticario (not rated), which also has a track
record of solid credit and business profile, and strong brand.

KEY ASSUMPTIONS

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

-- Fitch expects Natura's revenue to grow around 6%-8% during
    2021 and more close to 10% in 2022.

-- Consolidated EBITDAR margins around 12.4% in 2021 and
    improving to around 13.5% in 2022.

-- Capex increase to around BRL1.8 billion in 2021 and BRL1.7
    billion in 2022 to support the digitalization and innovation
    process.

-- Dividends around 30% of net income in 2020.

-- Natura to maintain its proactive approach on refinancing its
    short-term debt.

RATING SENSITIVITIES

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

-- Consolidated EBITDAR margins around 14% on consistent basis.

-- Consolidated net adjusted debt/EBITDAR ratio below 2.5x on a
    consistent basis.

-- Successful ongoing refinancing strategy with no major debt
    maturities within two to three years.

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

-- Consolidated EBITDAR margins declining to below 9% on a
    recurrent basis.

-- Consolidated net adjusted leverage consistently above 3.5x
    from 2021 on.

-- Competitive pressures leading to severe loss in market-share
    for either Natura and Avon or a significant deterioration in
    its brands reputation.

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

Strong Liquidity: Natura has a track record of maintaining adequate
liquidity and solid access to the local credit market. As of Dec.
31, 2020, the company had BRL8.3 billion in cash and marketable
securities, which compares with BRL3.8 billion million of
short-term debt, leading to a cash/short-term debt ratio of 2.2x.
This compares with an average ratio of 1.5x from 2015 to 2019. At
Dec. 31 2020, Natura had total debt of around BRL17 billion,
including on balance leasing obligations (BRL4.7 billion). Natura's
debt is mainly composed of BRL0.5 billion at the holding level,
BRL7.5 billion at Natura Cosmeticos (net of derivatives) and BRL4.2
billion at Avon. Cross-border bonds (51%), local debentures (33%)
and promissory notes (4%) are the company's main debt.

Fitch expects Natura to remain proactive on its liability
management strategy to avoid exposure to high refinancing risks in
the medium term. The company will need to continue to access credit
market during 2021 to extend its debt maturities. Natura faces
long-term debt amortization of BRL3.8 billion in 2021, BRL0.5
billion in 2022, BRL4.7 billion in 2023 and BRL3.1 million from
2024 onwards. The company's refinancing risks has reduced as it
used around BRL4.7 billion (USD900 million) of the follow-on
process to prepay Avon's 2022 secured bonds.

The proposed sustainability-linked securities framework establishes
a greenhouse gas emissions intensity target by 13% by 2026 against
the 2019 baseline, and to reach 25% of post-consumer recycled
plastic usage in plastic product packaging by 2026 with an interest
rate step up if Natura fails to meet the targets.

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.

NATURA&CO: S&P Assigns 'BB' Global Scale Issuer Credit Rating
-------------------------------------------------------------
On April 21, 2021, S&P Global Ratings assigned its 'BB' global
scale and 'brAAA' national scale issuer credit ratings to Brazilian
cosmetic company, Natura & Co. Holdings S.A. (Natura&Co).

S&P said, "We also assigned our 'BB' global scale issue-level
rating to the new proposed senior unsecured notes of Natura
Cosmeticos S.A., which will be fully and unconditionally guaranteed
by the parent company, Natura & Co Holding S.A.

"At the same time, we affirmed our 'BB-' issue-level rating on
Avon's unsecured notes and our 'BB' and 'brAAA' issue-level ratings
on Natura Cosmeticos S.A.'s unsecured notes and debentures."

Natura&Co has broad geographic diversification with revenue
distribution of 30%-35% in Brazil, 35%-40% in APAC and EMEA, 25% in
Latin America excluding Brazil, and 0%-5% in other regions. It also
has a diversified sales channel with strong positions in direct
selling, e-commerce, and retail. This diversification helped to
keep its business resilient during the pandemic, along with agile
execution to foster the use of digital tools by its
representatives, to increase the At-Home channel at The Body Shop
(TBS), and to promote e-commerce in all its dvisions. Those factors
have offset most of the revenue contraction in its retail stores.
The subsidiary Aesop had online sales growth of 190% and TBS of 72%
in the fourth quarter of 2020, which combined with currency
depreciation resulted in revenue growth in 2020 of 50% and 20%,
respectively.

S&P said, "Despite the uncertain conditions from the restrictions
caused by COVID-19 globally, we believe that Natura&Co's strategies
will support revenue expansion over the next several years. The
group is working on its entrance into the Chinese market with local
stores Aesop and TBS, and is intensifying the At-Home and digital
channels of TBS and growing in the U.S. and Japan markets. We
expect Aesop's growth momentum to continue in the next couple of
years based on geographic expansion, higher digital sales, and
expanding fragrance product portfolio." The group will also explore
synergy opportunities to boost cross-selling revenues among Natura
and Avon that could add $90 million-$120 million of revenue per
year.

Avon's adjusted EBITDA margins were only 2.5% in 2020 versus 6.0%
in 2019 due to significant restructuring charges and one-off
expenses related to the integration with Natura&Co and the
pandemic's hit to its direct sales. 2021 should still be a
challenging year for Avon's international operations because of
continuing pandemic-related restrictions, but we forecast margins
to return to 5%-7% in 2021 and 10%-12% in 2022. As Avon's margins
improve, the group's consolidated EBITDA margins should rise above
13% in 2022 from the current 10%-11%.

Avon's operations in Brazil and Latin America have posted improving
results since the second half of 2020, with revenue growth at
constant currency of about 4.9% in Brazil and 3.0% in Latin America
(excluding Brazil) in the fourth quarter. This growth has come
mainly from aligning commercial practices, communication
strategies, and expanding digital tools offered to the clients and
representatives.

The group achieved $73 million of synergies in 2020 from the
integration of Avon with Natura, mainly from administrative and
procrument gains, and total synergies could reach $350 million to
$450 million per year. On top of administrative and sourcing, the
recurring synergies would also stem from revenue synergies, and the
integration of logistic distribution and product manufacturing. For
example, Avon's Poland plant will produce some TBS products,
replacing outsourced suppliers.

The full achievement of synergies will likely boost consolidated
EBITDA margins 150-250 basis points (bps) above our base case and
lead to an additional R$500 million-R$1.0 billion of free operating
cash flow per year.

Natura&Co has a strong balance sheet to withstand current volatile
conditions and fund its growth strategy. It ended 2020 with a cash
position of R$8.3 billion and an adjusted net debt to EBITDA of
1.9x. Also, the group illustrated its commitment to a conservative
capital structure through the capitalization of R$2 billion in the
second quarter of 2020 and the R$5.6 billion equity follow-on in
fourth quarter of 2020, along with the prepayment of $900 million
(or about R$5.0 billion) of Avon's secured debt. The company will
further strengthen its capital structure with the new proposed
notes and plans to use the proceeds to prepay the outstanding 2023
notes of Natura Cosmeticos and fund the amortization of its
debentures due September 2021. With that, it will extend its debt
maturity profile and increase financial flexibility because the new
notes don't have financial covenants.


NEXA RESOURCES: Moody's Affirms Ba2 CFR, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed Nexa Resources S.A.'s Ba2
corporate family rating and the rating on its senior unsecured
notes due 2027 and 2028. The outlook changed to stable from
negative.

Rating Actions:

Issuer: Nexa Resources S.A.

LT Corporate Family Rating, affirmed at Ba2

$700 million gtd senior unsecured notes due 2027, affirmed at Ba2

$500 million gtd senior unsecured notes due 2028, affirmed at Ba2

Outlook Actions:

Issuer: Nexa Resources S.A.

Outlook, changed to stable from negative

RATINGS RATIONALE

The change in Nexa's outlook to stable reflects the improvement in
credit metrics Moody's expects to see in 2021 compared to 2020,
supported by normalization of production levels after the
disruptions caused by the lockdowns in Peru last year. The
stabilization of the outlook is also a consequence of efficiencies
and costs savings achieved by the "Nexa Way" strategy while
maintaining adequate liquidity as the company completes the
Aripuanã project, which will start to generate cash flows in
2022.

Nexa Ba2 ratings remain supported by the company's strong presence
in the global zinc market (fifth-largest producer of mined zinc
globally) and its production profile, with the integration of
mining operations with smelters, both in Brazil and Peru. The
execution of planned greenfield projects in Brazil and Peru in the
coming years is a positive development because it leads to lower
cash cost on a consolidated base, reduces mine concentration and
leads to commodity diversification over time.

Constraining the ratings are Nexa's exposure to commodity price
volatility, given its high concentration in zinc (63% of total
production in 2020) and its exposure to a single mine - Cerro Lindo
- that is responsible for 40% of total mine output on a zinc
equivalent basis. Nexa's relatively modest revenue size ($1.95
billion in 2020) compared to its global peers is an additional
constraint.

The stable outlook reflects Moody's expectation that Nexa will
maintain its competitive cost position and will continue to invest
to increase integration and production levels while reducing mine
and commodity concentration. At the same time, Moody's expects the
company to maintain an adequate liquidity position and leverage
within the target set by its financial policies while carrying out
its expansion projects.

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

An upward rating or outlook movement would require the company to
continue to improve its cost position, staying comfortably in the
second quartile of the industry curve while completing its planned
expansions. Positive rating pressure would require further
diversification of its metal revenue base and enhancing its
production profile without an increase in leverage or a
deterioration in interest coverage metrics. Additionally, the
outlook or ratings could be positively affected if the company
maintains a sound liquidity profile, with leverage (total adjusted
debt to EBITDA) trending towards 2.75x or lower, and interest
coverage (EBIT to interest expenses) stays above 4.0x. A cash flow
from operations minus dividends to total debt ratio above 30% would
also support a positive rating action.

Nexa's ratings could be downgraded if its profitability and cash
generation capacity materially deteriorate as a consequence of a
decline in metal prices or significantly lower production volumes,
with EBIT margins staying below 12.5% and negative free cash flow
on a sustained basis. Production costs increasing significantly and
falling to the third or fourth quartile of the industry cost curve;
or leverage, measured by total adjusted debt to EBITDA, staying
above 3.1x and interest coverage leverage ratios, measured by EBIT
to interest expenses staying below 3.5x on a sustained basis could
also create negative rating pressure. Higher dividend payout,
jeopardizing the company's liquidity position and leading to cash
flow from operations minus dividends/debt staying below 25% could
also lead to a negative action.

The principal methodology used in these ratings was Mining
published in September 2018.

Nexa Resources S.A. (Nexa) is a subsidiary of Votorantim S.A.
(64.3%), with integrated operations (mines and smelters) in Brazil
and Peru, mostly concentrated in zinc, but also with exposure to
copper, silver, lead and gold. Nexa is the fifth-largest zinc
producer in the world, with operations spread out in three mines in
Peru (Cerro Lindo, Atacocha and El Porvenir) and two in Brazil
(Vazante and Morro Agudo), and a zinc smelter in Peru
(Cajamarquilla) and two zinc smelters in Brazil (Tres Marias and
Juiz de Fora). In 2020, Nexa reported revenue of $1.95 billion.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Only 22 Alcohol Firms are Reporting Taxes
-------------------------------------------------------------
Dominican Today reports that the director of Internal Taxes, Luis
Valdez, assured that none of the formal companies for the
manufacture of alcoholic beverages in the country had presented
cases concerning the deaths of people due to adulterated alcohol in
the last few weeks.

Valdez pointed out that out of 135 companies registered in the
country, only 22 were up to date with the payment of their taxes.
Valdez said that since December 2020, Internal Taxes is working on
the issue of adulterated alcohol, according to Dominican Today.

He said that, he will meet with the company responsible for
creating the traceability seal and implementing the "Revisate"
platform, the report notes.

Valdez spoke during a closed-door meeting of the Tourism Cabinet
and hoteliers from various country regions, with adulterated
alcohol as an agenda, the report notes.

At the meeting, Tourism Minister David Collado asked hoteliers to
buy from authorized representatives and take care of the industry's
entire value chain, the report relays.

"If a case happens, we cannot say I hired that company.  That
cannot happen; it is unacceptable.  We have to take care of the
whole value chain," said Collado after the chief of the National
Police, Edward Sanchez Gonzalez, assured that in the tourist areas
there had been no reported deaths of tourists.

In this regard, the president of the Association of Hotels and
Tourism of the Dominican Republic (Asonahores), Rafael Blanco,
pointed out that there is a list of all the suppliers who are
authorized to offer their services, the report says.

                   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: Tourism Slowly Recovering
---------------------------------------------
Dominican Today reports that the number of tourists that arrived in
the Dominican Republic last March was 313,289, the best figure
since December, but still below the regular number of visitors the
country received before the pandemic.

Last month's result represents a 16% growth compared to March 2020,
when only 270,049 tourists were received due to the total closure
of the borders that the Government ordered on March 19 of that year
as a way to stop the contagion in Dominican territory, according to
Dominican Today.

Dominican tourism accumulates a 48.5% drop in the first quarter of
2021, compared to the accumulated result from January to March last
year, the report notes.

Data from the Central Bank indicate that 1,352,459 tourists arrived
in the first three months of 2020, while in the same period of this
year 717,085 visitors came to the Dominican Republic, 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).



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M E X I C O
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BANCA MIFEL: Fitch Affirms 'BB' LT IDRs, Outlook Negative
---------------------------------------------------------
Fitch Ratings has affirmed Banca Mifel, S.A., Institucion de Banca
Multiple, Grupo Financiero Mifel's (Mifel) Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'BB', Short-Term
Foreign and Local Currency IDRs at 'B' and Viability Rating (VR) at
'bb'. Additionally, the bank's National Long Term and Short-Term
scale ratings at 'A+(mex)' and 'F1(mex)', respectively. The Rating
Outlook on the Long-Term IDRs and national rating remains
Negative.

KEY RATING DRIVERS

Mifel's IDRs and National Ratings are driven by its VR of 'bb'.
Mifel's VR considers as a high influence factor its company profile
characterized by a moderate but recognized franchise within the
Mexican banking system and its consolidated business model albeit
concentrated in vulnerable segments of the economy as
infrastructure, mortgages and investment projects that have
resulted in asset quality pressures. The ratings are also highly
influenced by reduced profitability ratios and capital metrics with
a reasonable cushion to face the risk of the OE. The bank's
comfortable funding and liquidity position which is in line with
its current rating category is also considered in the ratings.

The Negative Rating Outlook reflects Fitch's view that downside
risks from the challenging economic environment as a result of the
prolonged coronavirus pandemic will continue in 2021. Despite the
expected economic recovery, the bank's concentration in sensitive
segments to the OE may hinder the bank's business prospects and
continue to pressure Mifel's asset quality and profitability.

Mifel's performance was affected by adverse economic conditions
during 2020. Operating profit to RWAs ratio further decreased to
1.0% (2019:1.7%) due to reduced net interest margin and
non-interest income, while loss impairment charges slightly
increased compared to previous years (40.3% of income before loss
allowances in 2020). Fitch expects Mifel's profitability continues
to be sensitive to subdued credit activities and asset quality
deteriorations.

Mifel's VR also factors its reasonable capitalization ratios. As of
YE20, the bank's common equity Tier 1 (CET1) capital ratio
increased to 14.1% from 13.2% as of YE19, benefited by moderate
loan expansion. Fitch believes the bank has a limited cushion to
resist a deterioration in asset quality and profitability relative
to its current rating level.

As Fitch expected, the bank's asset quality deteriorated during
2020. As of YE20 Mifel's adjusted impairment ratio (considering
chargeoffs) was 4.3%, up from 3.5% at YE19, while the bank's loan
exposure under relief programs represents around 19% of total
portfolio. Individual borrower concentration continues weigh on the
bank's asset quality, the 20 largest borrowers represented 1.3 x
CET1 (2019:1.9x). Loan-loss reserves covered 68% of impaired loans,
which in Fitch's view is limited due to the bank´s concentration.
Fitch believes Mifel's asset quality remains sensitive to
deterioration given its concentrations and the challenging OE.

Fitch considers Mifel's funding structure as adequate, but
sensitive to market sentiment due to its concentrated deposit
structure in institutional customers and treasuries. As of YE20,
the bank's loans-to-customer deposits ratio increased to 143% due
to the experienced deposit contraction (8.3%), while concentrations
remain high, with the 20 largest clients accounting for 30% of
total deposits. Mifel's liquidity position remains comfortable
underpinned by its LCR consistently above 100% and access to
sufficient credit lines from development banks.

Fitch considers the management & strategy factor assessment is
influenced by its concentrated stakeholders' structure.

Support Ratings

Mifel's Support Rating and Support Rating Floor were affirmed at
'5' and 'NF', respectively, in view of the bank's low systemic
importance, which indicates that although possible, external
support cannot be relied upon.

Hybrid Subordinated Notes

The bank's global hybrid subordinated securities are rated 'B+',
two notches below the applicable anchor rating, Mifel's VR of 'bb'.
These securities in Mexico would typically be notched down twice
for loss severity and once for incremental nonperformance risk as
coupon deferral or cancellations will likely be triggered at
relatively high levels of capitalization according to local
regulations. However, per Fitch's criteria, in Mifel's case, only
two notches overall are applied, instead of three due to ratings
compression given the sub-investment-grade anchor rating of the
bank.

RATING SENSITIVITIES

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

IDRs, VR and National Ratings

-- A downgrade of the Mifel's ratings could be triggered by a
    material deterioration in asset quality and profitability that
    weaken its capital position, particularly if this weaken its
    operating profit to RWAs metrics consistently below 2% or its
    CET1 ratio falls below 12%.

Support Ratings

-- There is no downside potential for the SR and SRF.

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

IDRs, VR and National Ratings

-- Negative Rating Outlooks could be revised to Stable if the
    impact of the coronavirus crisis does not have significant
    deterioration on the bank's credit profile, specially its
    asset quality and profitability metrics.

-- The ratings currently have a Negative Rating Outlook, which
    makes an upgrade highly unlikely over the near term.

-- Over the medium term, these ratings could be upgraded by a
    material strengthening of Mifel's franchise and profitability
    combined with the maintenance of CET1 ratio consistently above
    14% and a reduction in the bank's risk and business
    concentrations on both sides of the balance sheet.

Support Ratings

-- A potential upgrade of Mifel's Support Rating and Support
    Rating Floor is limited at present, since external support
    cannot be relied upon due to its modest systemic importance.

Hybrid Subordinated Notes

-- The bank's subordinated debt rating will likely mirror any
    downgrade in the bank's VR. However, if the bank's rating is
    upgraded, the notching of the notes' rating relative to the
    bank's VR will probably widen as rating compression will no
    longer apply per Fitch's current criteria.

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Prepaid expenses and other deferred assets were classified as
intangibles and deducted from equity to reflect its low absorption
capacity.

ESG CONSIDERATIONS

Banca Mifel, S.A., Institucion de Banca Multiple, Grupo Financiero
Mifel has an ESG Relevance Score of '4' for Governance Structure
due to its exposure to an ownership concentration, which has a
negative impact on the credit profile 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.

BANCO VE POR MAS: Fitch Affirms 'BB-' LT IDRS, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Banco Ve por Mas, S.A. Institucion de
Banca Multiple's (BBX+) Long- and Short-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB-' and 'B',
respectively. The Rating Outlook on the Long-Term IDR is Negative.

Fitch also affirmed the National Scale ratings of BBX+, Casa de
Bolsa Ve por Mas, S.A. de C.V. (CBBX+) and Arrendadora Ve por Mas,
S.A. de C.V. Sofom E.R. (AXB+) at 'A(mex)'/'F1(mex)'. The Rating
Outlook on the Long-Term ratings is Negative.

KEY RATING DRIVERS

IDRs and Viability Rating (VR)

BBX+'s IDRs are driven by its intrinsic creditworthiness, reflected
in its 'bb-' VR. The bank's modest franchise and less diversified
business model, as well as its relatively low profitability, highly
influence its VR. The ratings also factor in the bank's still
contained impairments and increased reserve coverage, adequate
capitalization and good funding and liquidity metrics, which are
commensurate to BBX+'s current rating category.

The Negative Outlook reflects the agency's opinion that BBX+'s
asset quality and profitability pressures due to coronavirus
pandemic have not yet been fully revealed, given that forbearance
programs have recently expired, and that there are still operating
environment risks that could materialize during 2021.

BBX+ is a mid-sized Mexican bank mainly focused on providing
products and financial services to commercial clients (SMEs and
Corporates). To a lesser extent, the bank also provides products
and services to individuals, and specially mortgage loans. The
bank's franchise in Mexico and globally is modest. At December 2020
(YE 2020) BBX+'s market share regarding total assets, gross loans
and customer deposits was 0.6%, 0.8% and 0.6%, respectively.

BBX+'s earnings & profitability profile is the weakest link for its
ratings. At YE 2020, the operating profit to RWAs ratio was 0.8%,
which is slightly lower than the 2016-2019 average of 1.2%, but
remains considerably below its closest local and global peers. The
profitability decrease is mainly due to the negative effects on the
operating and economic environment, which materialized in
increasing loan impairment charges (which included MXN70 millions
of voluntary reserves) that drained 62.5% of pre-impairment profit.
In addition, profitability decrease is also related to decreasing
net interest income and the bank's low operating efficiency. In
Fitch's opinion, profitability will continue to be challenged in
2021.

Asset quality remained relatively adequate and stable despite the
more challenging operating environment, but still benefited from
regulatory forbearance, as about 16% of the total portfolio was
still under relief programs as of YE 2020. At YE 2020, the NPL
ratio was 2.7%, similar to YE 2019 at 2.6%. The adjusted NPL ratio
was at 3.3%. Both ratios still compare favorably to the bank's
closest local peers. During 2020, the bank generated additional
loan loss allowances to improved its coverage ratio to 96.5%
(2016-2019 average: 89.1%). Despite the coverage ratio being
partially strengthened, Fitch believes that is still low, given the
limited cushion the bank has to absorb losses through its income
statement as well as that the environment and business generation
is still uncertain. Fitch believes there could be additional
deteriorations of the bank's loan portfolio.

The bank's asset quality and risk appetite assessment also
incorporate increased deterioration of agribusiness segment, due to
relevant changes in government subsidies previously provided to its
clients. This kind of portfolio represented a relevant 11% of total
loans as of YE 2020.

BBX+'s capitalization remained stable and at adequate levels. At YE
2020, the CET1 Capital ratio stood at 12.7%, the same as its
2016-2019 average. Unlike past years, BBX+ did not receive any
capital injection in 2020, and was able to maintain stable capital
metrics. Management maintains its internal limit of 12.5% for the
regulatory capital ratio and does not expects dividend payments in
the foreseeable future.

Funding & liquidity is considered a rating strength. At YE 2020,
the loans to customer deposits ratio was 129.5%, similar to the
2016-2019 average of 130.9%. The bank's funding structure remained
mostly composed of customer deposits (75.8%), which in Fitch's
opinion, compares favorably to its closest local peers since the
structure is quite similar to bigger banks. The liquidity also
stood at adequate levels since liquid assets covered 45.7% of
short-term funding, as well as its liquidity coverage ratio and net
stable funding ratio consistently remaining above the minimum
regulatory levels during 2020.

Fitch considers the management & strategy factor assessment is
influenced by the bank's concentrated stakeholder's structure, and
the relatively unsuccessful execution of the target to relevantly
increase earnings over the past few years.

Support Rating and Support Rating Floor

BBX+'s Support Rating (SR) and Support Rating Floor (SRF) of '5'
and 'NF', respectively, reflect the bank's low systemic importance.
Although possible, external support cannot be relied upon.

National Ratings

BBX+´s national scale ratings are relative rankings of
creditworthiness within a certain jurisdiction. The national
ratings of ABX+ and CCBX+ are aligned with BBX+'s national ratings,
and consider the Grupo Financiero Ve por Mas, S.A. de C.V.'s
(GFBX+), which creditworthiness is assumed to be aligned to that if
its main subsidiary (BBX+), legal obligation to support its
subsidiaries, as well as Fitch's perception that these remain core
to the group's overall vision and strategy.

RATING SENSITIVITIES

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

BBX+'s IDRs, VR and National Ratings

-- BBX+ ratings could be downgraded specifically if there were a
    sustained weakening in the bank's asset quality or a
    deterioration in the bank's operating profit to RWAs
    consistently below 1% or CET1 ratio consistently below 12%.

Support Rating and Support Rating Floor

-- There is no downside potential for the SR and SRF.

ABX+ and CCBX+ National Ratings

-- Any negative movement in ABX+ and CBBX+ national ratings would
    be driven by any negative action on BBX+'s ratings.

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

BBX+'s IDRs, VR and National Ratings

-- The Negative Rating Outlook could be revised back to Stable if
    the fully revealed impact of the pandemic on the bank's credit
    profile is well-contained, with no material financial
    implications, which will also depend on BBX+'s ability to
    confront the risks;

-- It is highly unlikely that the ratings could be upgraded over
    the near term since the Rating Outlook is currently Negative;

-- Over the medium term, the ratings could be upgraded by an
    improvement of the bank's financial profile, specifically if
    the operating profit-to-RWAs ratio is consistently above 1.25%
    while maintaining reasonable and stable metrics for other
    financial factors.

Support Rating and Support Rating Floor

-- Upside potential for the SR and SRF is limited and can only
    occur over time with a material growth of the bank's systemic
    importance.

ABX+ and CCBX+ National Ratings

-- Any positive movement in ABX+ and CBBX+ national ratings would

    be driven by any positive action on BBX+'s ratings.

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

BBX+ and CBBX+: Pre-paid expenses and other deferred assets were
classified as intangibles and deducted from total equity due to its
low absorption capacity under stress.

ABX+: Pre-paid expenses, other deferred assets and goodwill were
classified as intangibles and deducted from total equity due to its
low absorption capacity under stress

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of ABX+ and CBBX+ are driven by the institutional
support from BBX+ rated at 'BB-', Rating Outlook Negative.

ESG CONSIDERATIONS

BBX+ has an ESG Relevance Score of '4' for Governance Structure,
due to its exposure to an ownership concentration; this has a
negative impact on its credit profile, 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.

BRASKEM IDESA: Fitch Maintains 'B+' LT IDRs on Watch Negative
-------------------------------------------------------------
Fitch Ratings has maintained Braskem Idesa, S. A. P. I.'s 'B+'
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
and 'B+'/'RR4' senior secured note on Rating Watch Negative.

The Rating Watch Negative still reflects uncertainties surrounding
Braskem Idesa's negotiations with the government over the terms and
conditions of its existing ethane supply agreement with Petroleos
Mexicanos (PEMEX; IDR BB-/Stable). The signature of a memorandum of
understanding (MoU) agreement may indicate that the discussions
between PEMEX and Braskem Idesa are moving in the right direction.
Nevertheless, the ongoing tension and disputes between the parties,
as well as the complex structure of the project finance loan that
requires approval from lenders for changes in the ethane supply
agreement, remain as negative headwinds. The Rating Watch Negative
is not expected to be resolved until a final agreement with PEMEX
is reached.

KEY RATING DRIVERS

High Political Risk: Braskem Idesa depends heavily on Mexican
government entities that provide not only transportation of natural
gas, but ethane from PEMEX and alternative sources of electric
power. The government has publicly stated its desire to cancel or
renegotiate the Ethane Supply Contract with Braskem Idesa. On Dec.
2, 2020, the National Center for Control of Natural Gas (CENAGAS)
made a unilateral decision to terminate its natural gas
transportation service to Braskem Idesa. This event highlighted the
ongoing disputes between the company and the Mexican government.
Braskem Idesa had to shut down its single operating facility for
around 29 days.

MOU Agreement: Braskem Idesa announced that it has signed a MoU
with PEMEX on March 1, 2021 for the discussion of potential
amendments to the Ethane Supply Contract and also for the
development of an ethane import terminal. It also signed an
agreement for natural gas transportation service with CENAGAS. The
resumption of the natural gas transportation service came on the
heels of the signing of the MoU, after around 59 days of operations
using imported ethane as fuel.

Project Finance Only Partially Mitigates Risks: Given the strong
legal framework of the project finance terms, Braskem Idesa has a
put option against PEMEX, in case of default on its contractual
obligations that would make PEMEX assume Braskem Idesa's debt and
remunerate its shareholders for their invested capital. Braskem
Idesa has been looking for alternatives to solve this situation
before it would need to enter a final legal arbitration process.

PEMEX Exposure: PEMEX's lack of investments has resulted in a
decline of its total production, including ethane and natural gas.
Braskem Idesa and PEMEX's ethane contract calls for PEMEX to supply
66k bpd of ethane to the company. PEMEX was only able to provide
about 43k bpd of the ethane on average during 2020. In addition,
Braskem Idesa is not receiving the credit notes that should have
been issued by PEMEX as liquidated damages for the supply of ethane
at a volume below that established in the contract. The accrued
balance as of Dec. 31, 2020 in credit notes that should have being
issued by PEMEX is estimated at USD125 million.

Profitability to Remain Sound: A competitive feedstock in
combination with Braskem Idesa's large scale and modern facilities
has resulted in high EBITDA margins (40%-50%), which compares
favorably to margins of its peers of between 20% and 25% during
high periods in the cycle. In Fitch's base case scenario that
assumes PEMEX delivering about 30k bpd and that the pricing
structure is revised, the company's EBITDA margins could range
between 35%-45% depending on the cycle, which remains quite
strong.

Raw Material Supply Diversification: Despite some improvements from
recent investments, Braskem Idesa remains dependent on PEMEX's
ethane supply. During February 2020, Braskem Idesa initiated the
operation of a fast track project to import ethane from the U.S.,
with capacity to reach up to 28k bpd by 2021. The construction of a
new import terminal for ethane by Braskem Idesa is not incorporated
into the analysis. The company seeks logistic partners for this
project and potential impact on the rating from this development
will depend on terms and financing conditions.

FCF to Remain Positive: Fitch expects Braskem Idesa's adjusted
EBITDA to be around USD490 million for 2021 and to fall to USD430
million in 2022. Cash flow from operations (CFFO) is projected to
be USD315 million and USD295 million, respectively, during 2021 and
2022. This compares with USD296 million of EBITDA and USD153
million of CFFO in 2020, per Fitch's calculations. Braskem Idesa's
FCF is projected to be around USD280 million on average during 2021
and 2022.

Deleveraging Trend: The scenario of strong petrochemical spreads
during 2021 and higher production volume in 2022 are benefiting
Braskem Idesa's deleveraging. Fitch expects the net leverage ratio
to be around 3.9x in 2021 and 3.7x in 2022. For 2023, net leverage
is around 4.2x, considering mid-cycle prices. This deleverage
represents an important improvement from 7.4x of 2020 and 6.0x in
2019.

Moderate Rating Linkage: Braskem Idesa and its controlling
shareholder Braskem S.A. (75% equity interests, IDR BB+/Stable)
have some operational and functional ties within the production and
sale of PE. Braskem Idesa is strategically important for Braskem as
Braskem Idesa diversifies Braskem's feedstock sources and increases
its access to other markets. Legal ties are weak, as the parent
does not guarantee the debt obligations of the subsidiary. Braskem
Idesa's project finance debt has a strong set of covenants that
limits financial flexibility and dividends distributions.

DERIVATION SUMMARY

Braskem Idesa's current ratings reflects risks associated with the
political risk exposure with Mexican entities, recent track record
of shutdown of facilities and its ongoing disputes with PEMEX on
the new ethane contract.

Historically, Braskem Idesa benefited from access to a competitive
cost feedstock, with its EBITDA margin well positioned relative to
other PE producers such as Braskem S.A. (BB+/Stable) and more
diversified players such as Dow Chemical Company (BBB/Stable) in
terms of operating margins. Braskem Idesa compares positively with
its Latin American chemical peers such as Alpek S.A (BBB-/Stable)
or Orbia Advance Corporation, S.A.B de C.V. (BBB/Negative).
Nevertheless, Braskem Idesa has a higher exposure to
supply/contract risks compared to its peers. The company also has a
weaker position in terms of exposure to a single asset and product,
as well as limited geographic diversification. Braskem Idesa's net
leverage ratio is expected to be well above most of its peers, with
net leverage ratio around 3.5x-4.5x through the cycle. The average
net leverage for the Latin American investment grade chemicals
peers are around 2.5x and 3.5x for solid 'BB' peers.

KEY ASSUMPTIONS

-- PEMEX providing 30kbpd and imported ethane around 20kbpd in
    2021, 26kbpd in 2022 and 32 in kbpd in 2023.

-- Braskem Idesa's spreads of around USD1,140, USD847 and USD672
    for 2021, 2022 and 2023.

-- No equity support from shareholders, besides the contingent
    equity of USD208 million guaranteed by Braskem S.A.

-- Average capex of MXN 0.4 billion in the next three years.

-- No shareholder loans distributions in 2021-2023.

RATING SENSITIVITIES

The Rating Watch Negative is not expected to be resolved until a
final agreement with PEMEX is reached.

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

-- Braskem Idesa's Negative Rating Watch status is likely to be
    removed with the elimination of uncertainties surrounding the
    supply contract with PEMEX.

-- A lower dependence on PEMEX's ethane supply and/or elimination
    of uncertainties surrounding the contract with PEMEX should
    improve Braskem Idesa's business risk and lead Fitch to
    reevaluate the company's ratings.

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

-- Lack of resolution of the raw material supply agreements or
    Fitch's perception of a weaker terms in the new contract
    leading to a deterioration in Braskem Idesa's business
    profitability.

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

Adequate Liquidity Including Additional Reserves: As of Dec. 31,
2020, Braskem Idesa reported USD174 million of cash, USD209 million
of short-term debt and USD2.2 billion of long-term debt obligations
(USD1.5 billion of project finance debt and USD900 million of
secured bonds due to 2029). The company also has a debt service
reserve account of USD194 million and access to a contingent equity
line of USD208 million. As of Dec. 31, 2020, Braskem Idesa reported
MXN47 billion of subordinated shareholder loans, MXN35 billion with
Braskem and MXN12 billion with Grupo IDESA.

As of Dec. 31, 2020, Braskem Idesa' s project finance debt was
classified at short term due to the default on the physical and
financial completion covenants. As occurred in the past, the
company is negotiating a waiver with the project lenders and this
should be reallocated to long term. In a normalized scenario, the
project finance has a long-term amortization schedule with an
average of USD219 million of annual payments and final maturity at
2029. As planned, Braskem Idesa's cash flow generation is expected
to be sufficient to cover its project finance debt amortization
schedule.

ESG CONSIDERATIONS

Braskem Idesa has an ESG Relevance Score of '4' for governance
structure due to shareholder concentration and track record of
corruption scandal of one of its parent company. This has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.

Braskem Idesa has an ESG Relevance Score of '4' for financial
transparency with below average financial disclosure. This 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.



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

NG PACKAGING: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has affirmed NG Packaging & Recycling Holdings S.A.'s
(NG Packaging) Long-Term Issuer Default Rating (IDR) at 'BB+'.
Fitch has also affirmed the senior unsecured notes of San Miguel
Industrias PET S.A. at 'BB+'. The notes are guaranteed by NG
Packaging. In addition, Fitch has revised NG Packaging's Rating
Outlook to Stable from Negative.

The Outlook revision to Stable reflects the resilience of NG
Packaging's business model, positive FCF and improved credit
metrics.

KEY RATING DRIVERS

Organic Deleveraging: NG Packaging's net leverage is projected to
decline to below 3.0x in 2021 from 3.9x in 2020, reflecting
improved EBITDA due to a strong improvement in volumes as economic
activity resumes and disruptions related to the coronavirus
pandemic lessen. The company's adjusted EBITDA is expected to grow
to USD111 million in 2021 from USD88 million in 2020. Fitch's
ratings factors the potential for NG Packaging to pursue organic
and inorganic opportunities in the future in order to gain more
scale, improve its product diversification and consolidate its
presence in the countries where the company operates, while
maintaining a capital structure in line with the rating.

Positive FCF: NG Packaging's FCF is expected to reach about USD31
million in 2021, thanks to increased EBITDA and capex of about
USD34 million during the same period (USD21 million in 2020). The
company was able to generate strong FCF of USD85 million in 2020
thanks to cash preservation measures such as limited capex, cost
efficiency measures (transportation, packaging, IT, labor,
services), and improved working capital reflecting lower inventory
and the extension of payable days with suppliers.

Geographic and Product Diversification: NG Packaging has
diversified by expanding operations in Colombia, Ecuador and
Central America in recent years. Fitch estimates that 60% of the
group's EBITDA was generated outside of Peru at YE 2020,
specifically in Central America, Colombia, Ecuador, Mexico and
Argentina. The geographic and product diversification allows the
company to bid for international contracts and gives it more
flexibility in negotiations with international suppliers.

Contracted Sales: NG Packaging's weighted average life of contracts
is above seven years, with no large contracts due before 2022.
These long-term contracts, which make up about 86% of sales, are
positive for the rating, as they provide predictability in cash
flow generation and reduce business risk. In 2020, preform
container volumes were stable at 68% of total volumes. The company
has a pass-through model that provides margin protection against
price volatility in resin and natural hedges against currency
fluctuation, as equipment and client contracts are in U.S.
dollars.

Leading Position in the Region: NG Packaging is the leading rigid
plastic company in the Andean, Central American and Caribbean
regions, with injection, blowing, cap molding and thermoforming
operations in Peru, Colombia, Ecuador, El Salvador, Panama,
Guatemala, Mexico and Argentina. The company's geographically
diversified operations enable the company to be the one-stop-shop
for regional suppliers, with a comprehensive packaging solution
that creates barriers to entry for competitors. The company
additionally has recycling operations in Peru and Colombia, in line
with the company's strategy to develop value-added and sustainable
products.

DERIVATION SUMMARY

The 'BB+' rating reflects NG Packaging's solid business profile and
strong market shares in its regions, notably in Peru and Ecuador.

The rating reflects the company's geographic and product
diversification, following the regional industry concentration, its
highly contracted revenues and its pass-through model that gives
margin protection against price volatility. The company has more
than doubled its size over the last seven years, but remains
smaller than international peers such as Amcor plc (BBB/Stable),
whose larger size enables dilution of fixed costs and reduced
client and country concentration risk. NG Packaging's client
concentration remains high, with the top seven clients representing
a large portion of total revenues. Fitch expects NG Packaging's net
debt/EBITDA to trend below 3.0x by 2021, but doesn't rule out the
potential for company to pursue organic and inorganic
acquisitions.

KEY ASSUMPTIONS

-- EBITDA of about USD111 million in 2021;

-- Capex of about USD34 million;

-- No dividend payments in 2021;

-- Net debt/ EBITDA to reach 2.8x by 2021.

RATING SENSITIVITIES

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

-- Net leverage below 3.0x on a sustained basis;

-- Strong FCF;

-- Renegotiation of contracts due within the next 18 months and
    2022 bond refinancing.

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

-- Net leverage above 4.0x on a sustained basis;

-- Non-renewal of a large supply contract or sharp contraction of
    EBITDA.

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

Manageable Liquidity: The company had cash and cash equivalents of
about USD21 million and short-term debt of USD46 million, as of
Dec. 31, 2020. Short-term debt is mainly related to working
capital, while the USD300 million senior unsecured notes mature in
2022. NG Packaging and Recycling S.A. is a private company that is
majority-owned by Nexus Group, the leading private equity fund in
Peru, and is associated to Intercorp, one of Peru's largest
conglomerates.

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.



=======
P E R U
=======

MINSUR SA: S&P Alters Outlook to Positive, Affirms 'BB+' GS Rating
------------------------------------------------------------------
On April 21, 2021, S&P Global Ratings revised its outlook on the
global scale rating on Minsur S.A. to positive from stable. In
addition, S&P affirmed its 'BB+' global scale ratings on Minsur.
S&P revised the company's stand-alone credit profile (SACP) to
'bb+' from 'bb'. It also affirmed its 'BB+' issue-level rating on
the company's existing bond.

S&P said, "The positive outlook reflects our view that the
completion of the new mining unit and higher metals prices will
boost the company's operating performance and EBITDA in 2021. It
also signals our expectations of a more profitable operation, with
EBITDA margins around 47% and a debt to EBITDA ratio below 2.0x for
the next few years.

"The Marcobre project's overall progress is currently at 99.99% and
we expect it to start commercial operations in May 2021. The new
mining unit will lower Minsur's heavy past reliance on one metal
(tin) and integrate copper production into its portfolio, raising
scale and diversification. We expect that Minsur will produce 108.1
kilotons (kt) of copper this year (considering a ramp-up period
with 64% of its potential annual capacity) and then increasing to
146.1 kt in 2022.

"We view the start of operations of the Marcobre project as a
transformational event because it almost triples the company's
current size, given the significant expected increases in
production and very favorable prices for both tin and copper. We
also expect that the new project will be more profitable with a
cash cost of about $0.9/lb, increasing EBITDA margins to about 47%
from 40% in 2020 and resulting in a debt-to-EBITDA ratio below
2.0x. As a result, we now assess Minsur's financial risk profile as
intermediate from significant, leading us to upwardly revise its
SACP to 'bb+' from 'bb'.

"We expect most commodity metal prices to rise as the global
economic recovery gathers pace around the world. We forecast tin
and copper prices to remain high (tin above $23,000/ton (T) and
copper above $3.5/lb during 2021). The positive trend in metal
prices should contribute to the company deleveraging below 2.0x in
the next several years, coupled with the reestablished production
at the San Rafael Mine and the expected new production from Mina
Justa mine."




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

FIRSTBANK PUERTO RICO: S&P Raises ICR to 'BB', Outlook Positive
---------------------------------------------------------------
S&P Global Ratings took rating actions on three Puerto Rican banks.
S&P raised its issuer credit rating on FirstBank Puerto Rico to
'BB' from 'BB-'. The outlook is positive. S&P also raised its
rating on OFG Bancorp to 'B+' from 'B'. The outlook is stable.
Finally, S&P revised the outlook on Popular Inc. to positive from
stable and affirmed the 'BB-' rating.

S&P said, "The rating actions primarily reflect our view that the
financial performance of all three Puerto Rican banks has been
better than expected amid difficult economic conditions over the
past several years, and has significantly exceeded potential
worst-case scenarios. The three banks have remained solidly
profitable and improved funding and liquidity, aided by robust
deposit growth on the heels of massive fiscal stimulus and the
disbursement of funds from private insurance and federal disaster
relief programs. We think the improved funding profiles have also
resulted from in-market acquisitions, as well as reductions in
wholesale funding, consistent with trends over the last several
years. Consolidation over the past several years has reduced
competitive pressures and allowed both OFG and FirstBank Puerto
Rico to achieve greater scale and market presence while marginally
improving their credit metrics. While loan performance has improved
only modestly and could deteriorate later this year or next year,
we believe the banks have built material credit reserves to offset
further credit deterioration from outstanding problem loans, while
at the same time maintaining relatively high capital ratios.

"We believe the pandemic-related fiscal stimulus, coupled with the
disbursement of private insurance payments and federal aid
following Hurricane Maria, will continue to boost the Puerto Rican
economy at least over the next few years. Recently, the economic
outlook for Puerto Rico has improved, as indicated by generally
rising real estate prices, resumed operations by certain small
businesses, and a rebound in the tourism sector. Still, we expect a
full recovery to be lengthy, given delays in receiving some
insurance payments, the timing of federal aid and grants, and
fiscal constraints on the commonwealth.

In addition, the liquidation of the Government Development Bank led
to more government-related deposits at private-sector banks
(notably at Popular) and reduced the need for wholesale funding.
Local industry consolidation and the liquidation of the Government
Development Bank for Puerto Rico have substantially improved
funding and liquidity for the banks we rate in Puerto Rico and
resulted in material declines in wholesale funding. Depositors in
Puerto Rico have fewer choices following OFG's 2019 acquisition of
Scotiabank de Puerto Rico (Scotia PR) and FirstBank's 2020
acquisition of Banco Santander Puerto Rico (BSPR). Dependence on
brokered deposits has declined significantly at OFG and FirstBank,
and many funding metrics have improved meaningfully. Brokered
deposits to total deposits at OFG were less than 1% at year-end
2020, down from 12% at year-end 2016. Over the same period at
FirstBank, brokered deposits declined to 3% of total deposits from
20%. S&P previously recognized the funding improvement at Popular
in April 2017, and it now views all three banks' funding profiles
as roughly comparable from a rating perspective. For all three
banks, the average loan-to-deposit ratio declined to 68% at
year-end 2020 from 89% at year-end 2016, while many other metrics,
including core deposit ratios, stable funding ratios, and
short-term funding ratios, also improved meaningfully.

During an extended period of difficult operating conditions on the
island, these banks have maintained capital ratios that are
meaningfully higher than the average for all rated U.S. banks. That
said, capital ratios have declined in recent years primarily due to
acquisitions, share repurchases, and the implementation of the
Current Expected Credit Losses accounting standard on Jan. 1, 2020.
For example, the average Tier 1 capital ratio for all three banks
eased to 16.24% at year-end 2020 from nearly 18.94% at year-end
2018 and 17.52% at year-end 2016, by our calculation. S&P Global
Ratings' risk-adjusted capital (RAC) ratios--which for these banks
ranged from 12.4% to 16.8% as of Dec. 31, 2020--remain rating
strengths. S&P expects generally conservative capital strategies to
result in elevated capital ratios for the next one to two years.

However, S&P continues to view the banks' risk positions as
constraints for the ratings. Nonperforming loans remain much higher
in Puerto Rico than for rated mainland U.S. banks, though we think
higher loan yields, to some degree, and elevated allowances,
compensate for somewhat higher loan losses at the Puerto Rican
banks. Barring any unforeseen developments, S&P expects problem
loan balances to continue to decline modestly over the next two
years, while remaining elevated relative to mainland peers'
balances. For example, the average adjusted nonperforming asset
(NPA) ratio (excluding restructured loans) declined to 3.26% at
year-end 2020 from 6.29% at year-end 2016, while the average net
charge-off (NCO) ratio declined to 0.83% in 2020 from 1.44% in
2016.

FirstBank Puerto Rico
Primary Analyst: Nicholas Wetzel

S&P said, "Our upgrade of FirstBank Puerto Rico reflects the bank's
improved funding mix and reduced reliance on wholesale funding and
brokered deposits.FirstBank has incrementally decreased its noncore
funding over the past several years such that its funding metrics
are now generally in line with those of U.S. regional bank peers.
At 77% as of Dec. 31, 2020, the bank's ratio of loans to
nonbrokered deposits was comparable to the U.S. rated bank median
of 79% and significantly lower than 131% as of Dec. 31, 2015.
FirstBank's reliance on brokered deposits has decreased
substantially, with brokered deposits representing only 3% of total
deposits at year-end 2020, down from 22% at year-end 2015.
Similarly, the stable funding ratio, calculated as available stable
funding as a proportion of stable funding needs, has improved to
131% from 111% over the same period and compares favorably with the
median of 123%.

"We expect the Puerto Rican economy to benefit from fiscal
stimulus, which will likely limit deterioration in FirstBank's loan
performance, particularly among its commercial and consumer
borrowers.FirstBank's asset quality metrics improved in 2020 as
NPAs and NCOs both fell from the previous year. In addition, as
part of the acquisition agreement for BSPR, FirstBank did not
acquire any nonperforming loans in the transaction, which helped
reduce adjusted NPAs to total loans to 6.30% as of Dec. 31, 2020;
excluding restructured loans, NPAs were 2.76%. Furthermore, NCOs to
average loans declined to 42 basis points (bps) in 2020--a
noticeable improvement from the average NCO rate of 1.01% over the
past five years. While NCOs will likely rise in 2021, we think the
bank is appropriately reserved for credit losses, with an allowance
for credit losses at 3.22% of loans as of Dec. 31, 2020.

"We expect FirstBank's capital ratios to decline from their robust
levels at year-end 2020, .We currently expect the RAC to decline to
the upper end of the 10%-15% range we consider strong primarily due
to increased share repurchases. As of year-end 2020, the company's
Tier 1 capital ratio was 17.3% of its RAC ratio was 16.8%. While we
expect net income to increase in 2021 with the full integration of
the BSPR acquisition, profitability metrics will remain pressured
by low market interest rates and high provision expenses."

Outlook

S&P said, "The positive outlook on FirstBank reflects the
possibility that we could raise our ratings on the bank in the next
12 months if we are confident it will sustain its RAC ratio in
excess of 15% after factoring in potential credit losses and
capital deployment. While we expect charge-offs to increase from
2020, the outlook also reflects the possibility that loan
performance may not weaken as much as we currently expect, which
could result in lower loan losses and higher profitability than
anticipated." A higher rating would also depend on continued
momentum in the Puerto Rican economy and on vaccine distribution
easing the impact of the pandemic, as well as on the inflow of
funds from private insurance and government stimulus bolstering
consumer health and aiding business prospects.

Upside scenario. S&P said, "We could raise the ratings within the
next year if we believe the bank will maintain stronger capital
ratios than in our base case. If higher capital ratios are not
sustained, we could also consider raising the rating if a
successful integration of the BSPR acquisition were to lead to a
sustained improvement in market position and outperformance
compared with similarly rated peers."

Downside scenario. S&P said, "We could revise the outlook to stable
if we believe the bank's RAC ratio will decline on a consistent
basis below 15% - particularly if driven by high share repurchases
or reduced profitability, if deposit outflows were to materially
hurt funding metrics, or if the bank experiences integration
problems from the BSPR acquisition that weaken performance versus
peers."

OFG Bancorp
Primary Analyst: Nicholas Wetzel

S&P said, "Our upgrade of OFG Bancorp reflects the bank's improved
funding throughout periods of stress. Over the past several years,
the bank has prioritized paying down high-cost deposits and
wholesale funding with excess liquidity from deposit inflows or
selling available-for-sale securities. OFG bolstered its core
deposit base with the 2019 acquisition of Scotia PR, which added $3
billion in low-cost retail deposits. The bank's ratio of core
deposits to the funding base improved to 97% as of Dec. 31, 2020,
from 75% as of Dec. 31, 2015. Additionally, OFG's stable funding
ratio improved to 123% from 107% over the same period. We continue
to view liquidity as adequate and comparable to peers'.

"We expect loan performance, particularly among the bank's
commercial and consumer borrowers, to benefit from improved
economic conditions in Puerto Rico following fiscal stimulus. OFG's
asset quality metrics have improved over the past several years but
remain high compared with those of most other U.S. banks. OFG's
adjusted NPA ratio was 5.3% as of year-end 2020, down from 8.4% at
year-end 2016. However, due to the bank's larger proportion of
consumer loans (such as credit card, vehicle, and other consumer
loans), which typically carry higher loss rates, the NCO rate was
relatively high at 1.41% of total loans in 2020. We expect similar
credit losses to continue, though we expect them to be manageable,
given the allowance for credit losses is 3.05% of total loans.

"We continue to view capital as a ratings strength.As of Dec. 31,
2020, we calculated a RAC ratio of 13.0%, though following the
announced redemption of preferred stock in 2021, we expect the RAC
ratio to decline about 100 bps. Capital levels rebounded in 2020
after declining substantially in 2019 due to the acquisition of
Scotia PR. Regulatory capital ratios are also healthy, with the
common equity Tier 1 ratio at 13.08% as of Dec. 31, 2020--up from
10.91% a year earlier--as loans decreased and the payout ratio
remained low. Notwithstanding a compressed net interest margin due
to ultralow interest rates, we expect the bank to be solidly
profitable, supported in part by the realization of cost-savings
from the Scotia PR acquisition."

Outlook

S&P said, "The stable outlook on OFG reflects our view that the
bank will maintain strong capital levels and solid funding and
liquidity. Following the completion of the cost-savings program in
the fourth quarter of 2020, we expect that OFG will operate with
better efficiency and that earnings will likely improve. While
credit losses may increase this year as problem loans are resolved,
we believe losses will remain manageable due to the increased
allowance for credit losses and OFG's strong capital levels."

Upside scenario. S&P could raise the rating or revise the outlook
to positive if the bank diversifies its revenue or improves its
asset quality metrics to be more in line with those of higher-rated
regional bank peers.

Downside scenario. S&P could lower the rating on OFG if economic
conditions deteriorate, leading to significantly higher provision
expenses that hurt profitability and therefore reduce capital
levels, or if the bank increases its level of wholesale funding and
brokered deposits.

Popular Inc.
Primary Analyst: E. Robert Hansen

S&P said, "The outlook revision on Popular Inc. reflects the
possibility that capital ratios may not decline as much as we
currently expect. While we expect charge-offs to increase from
2020, loan performance may not deteriorate as much as expected,
which could result in lower loan losses and higher profitability.

"Our ratings affirmation considers Popular's record of weathering
substantial challenges, including the pandemic-related economic
shock.In addition, the company has strengthened its market position
in Puerto Rico, in part due to industry consolidation. For example,
the bank increased its market share with the Doral Bank transaction
and the acquisition of certain assets and liabilities related to
Wells Fargo & Co.'s auto finance business in Puerto Rico.

"We expect improved economic conditions in Puerto Rico and the U.S.
will likely limit deterioration in the company's loan performance,
particularly among its commercial and consumer borrowers.In
addition, the bank has loan portfolios in the mainland U.S. and the
Virgin Islands, which helps diversify its revenue geographically.
As a result, we think Popular is better positioned than other banks
in Puerto Rico to weather challenges.

"Popular's credit quality metrics were stable or somewhat improved
by year-end 2020, bolstered in part by the massive fiscal stimulus.
Adjusted NPAs were 7.76% of total loans as of Dec. 31, 2020, by our
calculation, and about 3.46% excluding restructured loans--little
changed from year-end 2019. Meanwhile, NCOs declined to 66 bps in
2020 from 96 bps in 2019. Popular's allowance for credit losses
rose to roughly 3.2% of the loan portfolio at year-end 2020, by our
calculation, which is higher than for many rated U.S. regional
banks and up from 1.8% at year-end 2019.

"We expect Popular to remain solidly profitable, despite depressed
net interest margins and elevated loan loss provisions, but expect
capital ratios to decline. We expect capital ratios to decline from
elevated levels over the next few years, toward levels more
comparable to the ratios among other large regional U.S. banks. For
example, the company recently announced an increase in its common
dividend to $0.45 per share and a share repurchase authorization of
up to $350 million in 2021. As of year-end 2020, the company had a
Tier 1 ratio of 16.33%, higher than that of many regional banks,
and a RAC ratio of 12.35%, by our calculation. We continue to view
funding and liquidity as solid, aided by strong deposit growth in
recent quarters, with many metrics better than the medians of U.S.
rated banks."

Outlook

S&P said, "The positive outlook on Popular Inc. reflects our view
that we could raise the ratings within the next 12 months if we
expect the bank's RAC ratio to remain within the 10%-15% range on a
sustained basis. We expect the company's net interest margin to
rise modestly over the next few years, given higher market interest
rates, and we think loan performance could improve gradually due to
a rebound in economic activity. A higher rating would also depend
on continued momentum in the Puerto Rican economy and on vaccine
distribution easing the impact of the pandemic, as well as on the
inflow of funds from private insurance and government stimulus
bolstering consumer health and aiding business prospects."

Upside scenario. S&P said, "We could raise the ratings within the
next year if we believe the bank will maintain stronger capital
ratios than we currently incorporate in our baseline. We could also
raise the ratings if loan performance improves more than we expect,
resulting in lower loan losses and higher profitability than
anticipated."

Downside scenario. S&P said, "Conversely, we could revise the
outlook to stable in the next year if capital ratios decline
substantially, potentially because of increased capital returns to
common shareholders or additional purchases of loan portfolios,
thereby reducing the potential for a higher capital and earnings
assessment. We could also revise the outlook to stable if loan
performance or loan losses deteriorate meaningfully, which we do
not currently expect."

  Ratings List

  First BanCorp

  UPGRADED; CREDITWATCH/OUTLOOK ACTION
                                    TO            FROM
  FirstBank Puerto Rico
   Issuer Credit Rating     BB/Positive/--    BB-/Stable/--

  OFG Bancorp

  UPGRADED                         
                                    TO            FROM
  OFG Bancorp
   Issuer Credit Rating       B+/Stable/--    B/Stable/--

  Oriental Bank
   Issuer Credit Rating       BB/Stable/--    BB-/Stable/--

  Popular Inc.

  RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION
                                    TO            FROM
  Popular Inc.
  
  Popular North America Inc.
   Issuer Credit Rating      BB-/Positive/B    BB-/Stable/B

  Banco Popular de Puerto Rico
   Issuer Credit Rating     BB+/Positive/NR    BB+/Stable/NR

  Popular International Bank Inc.
   Issuer Credit Rating     BB-/Positive/--    BB-/Stable/--


SALLY HOLDINGS: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service changed the outlook for Sally Holdings
LLC to stable from negative. Concurrently, Moody's affirmed the
company's Ba2 corporate family rating and its Ba2-PD probability of
default rating. The Ba1 rating of the senior secured term loan, the
Ba2 rating of the senior secured notes and the Ba3 rating of the
senior unsecured notes was also affirmed. Moody's also upgraded the
company's speculative grade liquidity rating to SGL-1 from SGL-2.

"Sally's operating performance was better than expected during the
pandemic as it quickly pivoted to online sales when its stores were
temporarily closed and its concentration in a somewhat less
discretionary hair products helped with overall consumer demand",
Moody's Vice President Mickey Chadha stated. "Governance is a also
key ratings driver of the change in outlook to stable as the
company's financial strategies have been prudent reflected by its
meaningful debt repayment and very good liquidity," Chadha further
stated. The upgrade to SGL-1 reflects Sally's improved liquidity
from improved free cash flow, higher cash balances and an undrawn
$500 million asset based revolving credit facility.

Upgrades:

Issuer: Sally Holdings LLC

Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2

Affirmations:

Issuer: Sally Holdings LLC

Corporate Family Rating, Affirmed Ba2

Senior Secured Bank Credit Facility, Affirmed Ba1 (LGD2 from
LGD3)

Senior Secured 2nd Lien Regular Bond/Debenture, Affirmed Ba2 (LGD3
from LGD4)

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD5)

Outlook Actions:

Issuer: Sally Holdings LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Sally Holdings LLC's Ba2 corporate family rating reflects its solid
market position, in terms of units, in the professional beauty
supply market, typically steady performance through economic
cycles, geographic diversity, and strong merchandising focus which
has historically benefitted the company's margins. Prior to the
COVID-19 crisis, credit metrics were solid, with lease adjusted
debt/EBITDAR of about 2.8 times at the end of December 2019. Credit
metrics deteriorated in 2020 with leverage peaking at 4.8 times at
the end of June 2020 due to the pandemic related temporary store
closures. However, the company performed better than expected due
to increasing e-commerce penetration and the strength of customer
loyalty to its proprietary brands. Governance is a key rating
factor as the company's financial policies support a prudently
managed balance sheet as reflected by its voluntary debt
repayments. Sally Holdings repaid the $395 million it had drawn
down under its revolver as an abundance of caution during the peak
of the pandemic and it has also repaid its fixed rate term loan and
its 2023 notes in full using its significant cash balances. The
company also suspended share repurchases indefinitely and cut costs
where possible. Leverage has therefore improved to 4.0 times at the
end of December 2020 and Moody's expects leverage to decline
further to around 3.5x in 2021. Sally has no near term maturities
with the earliest being the ABL revolving credit facility in July
2022. The rating is constrained by continued challenging business
environment, high debt load and continued need to execute its
business transformation plans.

The stable outlook reflects Moody's expectation that credit metrics
will not deteriorate from current levels and company will continue
to implement strategies to improve top line results. The outlook
takes into account that the company will maintain a disciplined
approach to shareholder returns and acquisitions.

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

Ratings could be upgraded with consistent revenue growth and margin
expansion, increased global scale including improving the
positioning of its e-commerce business, and willingness to maintain
adjusted debt to EBITDA below 3.5 times and retained cash
flow-to-net debt above 20%.

Ratings could be downgraded if operating performance were to
sustainably weaken, financial policies were to become more
aggressive, or the company is unable to maintain at least good
liquidity. Specific metrics that could lead to a downgrade include
adjusted debt to EBITDA sustained above 4.5, or adjusted interest
coverage below 3.0 times or retained cash flow-to-net debt below
15%.

The principal methodology used in these ratings was Retail Industry
published in May 2018.

Sally Beauty Holdings, Inc. is an international specialty retailer
and distributor of professional beauty supplies with revenues of
approximately $3.5 billion for the LTM period ended 12/30/20.
Through the Sally Beauty Supply and Beauty Systems Group
businesses, the Company sells and distributes through 5,072 stores,
including 157 franchised units, and has operations throughout the
United States, Puerto Rico, Canada, Mexico, Chile, Peru, the United
Kingdom, Ireland, Belgium, France, the Netherlands, Spain and
Germany.


STONEMAR INC: Moody's Hikes CFR to 'B3' & Rates Secured Notes 'B3'
------------------------------------------------------------------
Moody's Investors Service upgraded StoneMor Inc.'s Corporate Family
Rating to B3 from Caa1 and upgraded the Probability of Default
Rating to B3-PD from Caa2-PD. Moody's assigned a B3 rating to
StoneMor's proposed senior secured notes due 2029. The Speculative
Grade Liquidity rating was upgraded to SGL-2, indicating good
liquidity. The outlook remains stable.

Net proceeds from the new $400 million senior secured notes will be
used to fully repay StoneMor's existing senior secured notes due
2024, pay associated transaction fees and expenses, and to add cash
to the balance sheet. The company is also expected to enter into a
new $40 million super senior secured revolving credit facility (not
rated) after the closing of the bond offering, which is expected to
be undrawn at close. The existing rating for the existing senior
secured notes due 2024 will be withdrawn once repaid.

The upgrade of StoneMor's CFR to B3 reflects the company's
continued improvements in operating performance driven by increased
sales productivity and successful cost-cutting measures resulting
in at least $50 million of run-rate savings. The increase in
at-need sales production is also driven in part by a high volume of
coronavirus-related deaths, which Moody's views as a social risk
under its ESG framework. The upgrade also reflects the extension of
the company's debt maturity profile in connection with the proposed
refinancing, which pushes the next debt maturity to 2029. The
refinancing is also expected to reduce the interest rate on debt
and increase StoneMor's financial flexibility with less restrictive
covenants. However, the increased debt from the refinancing
increases StoneMor's leverage, resulting in pro-forma debt to
accrual EBITDA estimated to be around 5.8x as of FYE20. Moody's
expects that StoneMor's increased liquidity position will be used
to make strategic acquisitions to increase scale and grow
profitability. The upgrade also reflects Moody's expectation that
debt to accrual EBITDA will decrease below 5.5x by no later than
mid-2022.

Upgrades:

Issuer: StoneMor Inc.

Corporate Family Rating, Upgraded to B3 from Caa1

Probability of Default Rating, Upgraded to B3-PD from Caa2-PD

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

Assignments:

Issuer: StoneMor Inc.

Senior Secured Regular Bond/Debenture, Assigned B3 (LGD3)

Outlook Actions:

Issuer: StoneMor Inc.

Outlook, Remains Stable

The assigned rating is subject to review of final documentation
and
no material change to the size, terms and conditions of the
transaction as advised to Moody's.

RATINGS RATIONALE

The B3 CFR reflects Moody's expectation for improved operational
and financial performance in 2021, leading to improved credit
metrics on an accrual basis for the full year. Moody's anticipates
debt to accrual EBITDA (reflecting Moody's standard adjustments, as
well as adding deferred revenues and deducting deferred expenses)
of about 5.6x and accrual EBITDA less capital expenditures to
interest expense of about 1.9x. However, financial leverage and
interest coverage without adjusting for deferrals are expected to
remain weak for the next 12 to 18 months. Moody's expects free cash
flow will be positive in 2021, driven by profit margin expansion
from cost containment measures adopted in 2020 and stabilized
pre-need and at-need contract sales. The rating is supported by a
national portfolio of cemetery properties and an over $900 million
backlog of pre-need cemetery and funeral sales. StoneMor is
controlled by a private financial sponsor affiliate, so Moody's
anticipates aggressive financial strategies, including the use of
free cash flow and debt proceeds to fund acquisitions and
shareholder returns.

The rapid and wide spread of the coronavirus pandemic and weak
global economic outlook created severe and extensive credit shocks
across many sectors, regions and markets. Moody's regards the
coronavirus pandemic as a social risk under its ESG framework. High
volumes of coronavirus-related deaths across the country have
contributed to a meaningful increase in StoneMor's at-need sales
production, resulting in improved operating earnings and cash
flow.

The upgrade of the PDR by two notches to B3-PD from Caa2-PD
reflects an expected family recovery rate of 50%, StoneMor's more
diversified post-financing capital structure, and Moody's belief
that default risk has declined substantially. The B3 rating on the
new senior secured notes due 2029 reflects the B3-PD PDR and an LGD
assessment of LGD3, indicating its junior position in Moody's
priority of claims at default relative to the expected new $40
million super senior secured revolving credit facility (not
rated).

The SGL-2 Speculative Grade Liquidity rating reflects StoneMor's
good liquidity profile, featuring $39 million of unrestricted cash
as of December 31, 2020 and a fully available $40 million revolver
from the proposed transaction. There are no material debt
maturities over the next 12 to 18 months. Moody's expects StoneMor
to generate positive free cash flow in 2021.

The stable outlook reflects Moody's expectations for margin
improvements and a stabilized revenue base, resulting in debt to
accrual EBITDA decreasing below 5.5x by no later than mid-2022.
Moody's also expects StoneMor to maintain good liquidity.

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

The ratings could be upgraded if Moody's anticipates: 1) continued
improvement in profitability resulting in a sustained reduction in
GAAP financial leverage, and 2) free cash flow to debt sustained
above 5%.

The ratings could be downgraded if Moody's expects: 1) debt to
accrual EBITDA sustained below 5.5x,) a decline in the value of
StoneMor's assets, including its preneed cemetery sales backlog, 3)
liquidity to deteriorate or 4) more aggressive financial
strategies.

StoneMor Inc. (NYSE: STON), based in Trevose, PA and controlled by
affiliates of Axar Capital Management L.P., is a provider of
funeral and cemetery products and services in the United States and
Puerto Rico. StoneMor operates 304 cemeteries and 70 funeral
homes.

The company owns 283 of these cemeteries and operates the remaining
30 under long-term management agreements with non-profit cemetery
corporations that own the cemeteries. StoneMor booked GAAP revenues
of nearly $280 million in 2020.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.



=================
V E N E Z U E L A
=================

VENEZUELA: Maduro Proposes Plan to Regularize Diesel Supplies
-------------------------------------------------------------
The Latin American Herald reports that Venezuela's leftist leader
Nicolas Maduro said he has laid out a plan to regularize diesel
supplies in as little as 60 days in an attempt to put an end to the
existing crisis affecting the entire food and agricultural sector
in the country.

"I'm proposing a 60-day diesel supply plan for the agro-alimentary
sector.  We have to address the issue in a special way and keep
moving towards a powerful agro-economy," Maduro said on a broadcast
aired by state-run TV channel Venezolana de Television (VTV),
according to The Latin American Herald.

Maduro underscored that Venezuela has been banned from importing
any kind of product linked to the oil industry "with threats
through sanctions on any company in the world," adding that "there
are terrorist groups dedicated exclusively to sabotaging the
refining centers across the country" and claimed that "they are
producing again," the report relays.

In this regard, Maduro pointed out that "there is no excuse
whatsoever for not regularizing diesel supplies" as he ordered the
production of a diesel supplies map in 72 hours for the
agricultural producers in the country, the report notes.

Since the beginning of 2021, the various associations making up
Venezuela's agro-alimentary sector have been warning about the
aggravation of diesel shortages, necessary for most of the nation's
public and cargo transport services as well as the production and
distribution of food, the report says.  They have called upon the
Venezuelan regime on many occasions to import the fuel, by land or
sea, particularly from neighboring Colombia and other Caribbean
countries, the report notes.

According to calculations by the National Cattle Breeders
Federation (Fedenaga), 70% of the trucks used for food transport
nationwide are not operational as a result of the fuel shortages,
the report adds.

                         Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and
islets in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after
the death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

S&P Global Ratings, in May 2019, removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018.  Meanwhile, Fitch's long term issuer default rating
for Venezuela was last in 2017 at RD and country ceiling was CC.
Fitch, on June 27, 2019, affirmed then withdrew the ratings due to
the imposition of U.S. sanctions on Venezuela.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week April 19 to April 23, 2021
---------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD


                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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