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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

          Wednesday, April 28, 2021, Vol. 22, No. 79

                           Headlines



B R A Z I L

IOCHPE-MAXION SA: Moody's Assigns First Time (P)Ba3 CFR
IOCHPE-MAXION SA: S&P Rates New Senior Unsecured Notes 'BB-'


C A Y M A N   I S L A N D S

CHINA FISHERY: Burlingon and Monarch Soliciting Votes on Plan


C H I L E

LATAM PASS THROUGH 2015-1A: Moody's Cuts Class A Certs to Caa3


J A M A I C A

UC RUSAL: Buys Germany's Aluminium Rheinfelden


M E X I C O

ALPEK SAB: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
ALPHA HOLDING: Fitch Lowers LongTerm IDRs to 'CC'
ALPHA HOLDING: S&P Cuts Issue-Level Ratings to CCC, On Watch Neg.


P E R U

INRETAIL PHARMA: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
PERU: IDB OKs US$114.3MM-IDB Loan for Departmental Road Network


P U E R T O   R I C O

POPULAR INC: Moody's Upgrades Long Term Sr. Unsec. Rating to Ba3


T R I N I D A D   A N D   T O B A G O

ST VINCENT AND THE GRENADINES: Volcano Eruption Caused $100M Damage

                           - - - - -


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B R A Z I L
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IOCHPE-MAXION SA: Moody's Assigns First Time (P)Ba3 CFR
-------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3
corporate family rating to Iochpe-Maxion S.A. At the same time,
Moody's assigned a (P)Ba3 rating to the proposed up to $400 million
senior unsecured sustainability-linked notes due in 7 years to be
co-issued by Iochpe-Maxion Austria GmbH and Maxion Wheels de
Mexico, S. de R.L. de C.V., and fully and unconditionally
guaranteed by Iochpe-Maxion. The outlook for the ratings is
stable.

The proposed issuance is part of Iochpe-Maxion's liability
management strategy, and proceeds will be used to pay down debt
instruments maturing in the next few years. The proposed
sustainability-linked notes include coupon step up clauses in case
the company does not achieve certain sustainability performance
targets. The rating of the proposed notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

The provisional designation for ratings will be removed once the
notes have been issued and assuming no material changes have
occurred to the draft documentation reviewed by Moody's.

This is the first time Moody's assigns ratings to Iochpe-Maxion.
Ratings assigned:

Issuer: Iochpe-Maxion S.A.

Corporate Family Rating: (P)Ba3

Outlook stable

Co-issuers: Iochpe-Maxion Austria GmbH and Maxion Wheels de Mexico,
S. de R.L. de C.V.

Proposed Gtd senior unsecured notes due in 7 years: (P)Ba3

Outlook stable

The outlook for the ratings is stable.

RATINGS RATIONALE

Iochpe-Maxion S.A.'s ("Iochpe-Maxion") (P)Ba3 rating reflects the
company's size, scale and position as a leading global supplier of
steel and aluminum wheels for light and commercial vehicles and a
major provider of structural components in the Americas, as well as
its good geographic diversity and long-standing relationship with
OEMs. The rating also incorporates Iochpe-Maxion's adequate
corporate governance standards, its experienced management team and
its strengthened financial policies.

Iochpe-Maxion's adequate liquidity profile pro forma to the
proposed issuance and to the other initiatives carried-out by the
company since the beginning of 2021 also support its ratings, with
pro forma cash position covering all debt maturities until the end
of 2022, compared to a cash coverage of short term debt of 0.8x at
the end of 2020. Additionally, the ratings reflect Iochpe-Maxion's
ability to expand market share and post robust revenue growth
historically, even under times of a tough environment for the
global automotive industry, and Moody's expectations that credit
metrics will return to pre-pandemic levels in the next 12 to 18
months.

Conversely, Iochpe-Maxion's ratings are constrained by its
prospects of limited free cash flow generation arising from the
industry's thin margins and capital intensity. Additional rating
constraints include the company's growth history through leveraged
acquisitions, although it will likely be focused on organic growth
in the medium term, its exposure to the cyclicality of the
automotive industry and the volatile nature of its raw materials,
namely steel and alumina. Finally, the company's exposure to a
commoditized product offering and to the bargaining power of large
OEMs is an additional credit negative, as it increases price
pressure and limits margin expansion.

In 2020, Iochpe-Maxion's total sales declined 13% compared to 2019,
hurt by the stoppage of OEMs production during the first half of
the year because of the coronavirus pandemic. The company's
profitability also declined based on less fixed cost dilution and a
less favorable sales mix, with a lower share of sales related to
commercial vehicles. To respond to the steep decline in sales,
Iochpe-Maxion reduced production output in 70% of its facilities,
announced cost saving initiatives and raised new credit lines to
strengthen its liquidity position during the pandemic. Although
these measures eased the cash burn during the weakest months of
auto production, the company generated negative free cash flow of
BRL369 million and leverage peaked at 10.3x in 2020 (up from 3.2x
in 2019). Moody's expect adjusted gross leverage to decline to
around 3.5-4.5x in the next 12-18 months, supported by the payment
of BRL1 billion in short-term debt and gradual recovery in the
global automotive sector.

Historically, Iochpe-Maxion operated with a tight liquidity
profile, based on a weak cash coverage of short term debt,
prospects for limited free cash flow generation and a significant
amount of debt maturing in the short-term. However, since the
beginning of 2021, the company has announced several liability
management initiatives to improve liquidity, including: (1)
replacement of BRL940 million in short-term and medium-term debt by
a new BNDES line with 2 years of grace period and final maturity in
2027, (2) the proposed issuance of up to $400 million notes with
maturity in 2028 with proceeds directed at prepayment of debt
maturing in the next few years and (3) use excess cash of up to
BRL1 billion to pay short term debt. On a pro forma basis, cash
position will be sufficient to cover all debt maturities until 2022
year-end.

After all transactions are concluded, Iochpe-Maxion will still have
BRL1 billion in debt maturing in 2022-23, mostly related to
debentures issued in the Brazilian market. Although Moody's expect
that the company will continue to have access to the debt market to
refinance these maturities, Moody's still see some residual
refinancing risk in case the company does not proactively roll-over
its debt on a timely manner.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that
Iochpe-Maxion's profitability and leverage will return to levels
before the coronavirus outbreak in the next 12 to 18 months, and
that the company will prudently manage debt refinancing, capital
spending and dividend distributions to preserve its liquidity
profile, especially during periods marked by volatility and
uncertainties in the industry.

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

The rating could be upgraded if Iochpe-Maxion's profitability
further improves, along with adjusted leverage below 3.0x, and its
interest coverage ratio of EBITA to interest expense approaching a
sustainable 3.5x. For an upgrade, Moody's would also require that
Iochpe-Maxion maintain an adequate liquidity profile, keeping cash
coverage of short-term debt sustainably above 1.0x, as well as
positive free cash flow generation, which provides Iochpe-Maxion
with more buffer to withstand the volatility in its end markets.

The rating could be downgraded if Iochpe-Maxion's profitability
deteriorates, with EBITA margins below 8%, while its adjusted
leverage is maintained above 4x and its free cash flow generation
remains negative without prospects of improvement. A deterioration
in the company's liquidity profile could also trigger a rating
downgrade. Finally, weaker financial policies, as evidenced by
funding concentrated on short term facilities, a sizeable,
debt-funded acquisition or large shareholders distribution would
also put negative pressure on the rating. Finally, an increase in
the proportion of secured debt compared to unsecured debt could
lead us to downgrade the unsecured ratings of its notes.

COMPANY PROFILE

Headquartered in Cruzeiro, Brazil, Iochpe-Maxion S.A. is the
largest global producer of steel wheels for light and commercial
vehicles, the 9th largest global producer of aluminum wheels for
light vehicles and a leading producer of side rails and chassis in
the Americas. The company has 32 plants located in 14 countries in
Europe, South America, North America, Asia and Africa with a total
production capacity of 62 million of steel wheels and 17 million of
aluminum wheels per year. Iochpe-Maxion also has a 19.50% interest
in an associated company that produces freight cars, railway wheels
and castings, as well as industrial castings in Brazil. In 2020 the
company generated BRL8.8 billion ($1.7 billion) in net revenues and
BRL566 million ($110 million) in EBITDA.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

IOCHPE-MAXION SA: S&P Rates New Senior Unsecured Notes 'BB-'
------------------------------------------------------------
On April 22, 2021, S&P Global Ratings assigned its 'BB-' global
scale issuer credit rating on Brazil-based auto supplier
Iochpe-Maxion S.A.'s (Iochpe or Iochpe-Maxion). S&P also assigned
its 'BB-' issue-level rating to the company's seven-year senior
unsecured notes to be jointly issued by Iochpe-Maxion Austria GmbH
and Maxion Wheels de Mexico, S. de R.L. de C.V. Iochpe guarantees
the proposed issuance. S&P also assigned its '3' recovery rating to
the proposed notes, which indicates a substantial recovery (65%) in
the event of default.

In addition, S&P affirmed its 'brAA+' national scale issuer and
issue-level ratings on Iocphe. The '4' recovery rating on the
senior unsecured debentures remains unchanged.

The ratings also reflect the company's significant position the
global aluminum wheels and structuring components markets that
supports its commercial relationships with the main original
equipment manufacturers (OEMs) and its high bargaining power with
suppliers. The company operates in a highly competitive industry
marked by cyclical demand, capital intensity, and pricing
pressures. In this sense, S&P believes that Iochpe is well
positioned geographically, with plants in 14 countries, providing a
strategic advantage to better serve customers and to maintain close
relationships with suppliers. However, the company still faces the
risks inherent in the auto parts industry that in addition to the
abovementioned factors, also features commodity-like products and
constant negotiations with OEMs and suppliers. In addition,
Iochpe's product concentration--wheels represented about 80% of
product sales in 2020--limits the rating.

Given the sharp decrease in auto sales and production during the
first and second quarters of 2020 because of lockdowns to contain
the spread of COVID-19, automakers slashed orders of
semiconductors. In response, semiconductor chip makers shifted
production to meet other surging orders of technology products such
as smartphones, laptops, and tablets. The auto industry now faces a
supply imbalance caused by a shortage of semiconductors while
industry players have resumed production to deal with pent-up
demand. Many automakers have recently stopped production in all
regions, and S&P believes the shortage will affect the entire
supply chain while Iochpe will possibly have to stop production as
well. Therefore, Iochpe's cash generation would be delayed and
profitability would weaken in the next few quarters.

The company raised R$865 million in new credit lines from Banco
Nacional de Desenvolvimento Economico e Social (BNDES;
BB-/Stable/--) and R$75 million from Banco de Desenvolvimento de
Minas Gerais (BDMG; B/Stable/--) in the first quarter of 2021. It's
now seeking an international bond issuance of at least $300 million
to refinance upcoming maturities. S&P said, "We believe this amount
will provide some liquidity cushion for Iochpe so that it can
continue focusing in resuming operations and cash generation in
2021-2022. We believe that industry headwinds could delay recovery,
but the situation may normalize during the second or third quarters
of 2021. We consider that pent-up demand could be high in the
second half of this year as vaccination programs advance
worldwide."

Iochpe has geographically diversified operations. As of December
2020, revenue breakdown by region was as follows: Europe (39.3%),
North America (29.7%), South America (22.1%), and Asia and others
(8.9%). Given its global footprint, the company has experienced
diverging effects from the pandemic on its operations, and the same
will occur in its recovery. Since June 2020, the auto industry has
been gradually recovering, given strong demand in Europe, South
America, and North America for commercial vehicles. Despite a
significant demand for new vehicles in South America, S&P believes
that the region may take relatively longer to recover, given its
forecast of its weak economy, limited support to the industry from
regional governments, and lower pace of vaccination.

S&P said, "We view the auto industry as capital intensive, and
Iochpe has been investing to keep its operations efficient and to
expand production. In 2020, the company delayed some projects and
focused on health and safety measures for its employees. Therefore,
we believe the company will shift its investments to increase
operating efficiency in 2021. It recently announced the closure of
its U.S. plant in Akron, Ohio to adjust to idle capacity. We
forecast capital expenditures (capex) and high working capital
needs to pressure FOCF in 2021. We also expect Iochpe's cash flows
to improve gradually in the next few years and to return to
historical levels by 2022. We forecast FOCF to debt of about 0.5%
in 2021 and 5%-10% in 2022."




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CHINA FISHERY: Burlingon and Monarch Soliciting Votes on Plan
-------------------------------------------------------------
Creditor plan proponents Burlington Loan Management DAC and Monarch
Alternative Capital LP filed a solicitation version of their
proposed Plan of Reorganization and Disclosure Statement for CFG
Peru Investments PTE. LTD. (Singapore), and Smart Group Limited
(Cayman) and China Fishery Group Limited (Cayman).

The deadline to vote on the Plan is May 28, 2021, at 4:00 p.m.
(prevailing Eastern time).  The deadline to object to the Plan is
May 28, 2021, at 4:00 p.m. (prevailing Eastern time).

Class 3 Senior Notes Claims, Class 4 General Unsecured Claims,
Class 5 BANA-CFG Peru Claims (against BANA-CFG Peru), and Class 6
Club Facility Subordination Claims (against Smart Group) are
entitled to vote on the Plan.

The Confirmation Hearing shall commence at 11:00  a.m., prevailing
Eastern Time, on June 9,  2021; provided, however, if, prior to
12:00 p.m., prevailing Eastern Time, on June 2, 2021, the Chapter
11 Trustee provides Houlihan  Lokey, Inc., with copies of
non-binding indications of interest (if any) on the sale of the
CFGI equity interests and any related materials submitted by
potentially interested parties (including, to the extent submitted
by such interested parties, anticipated timing to closing,
transaction structure, key terms and conditions, and outstanding
authorization/approvals), the Confirmation Hearing shall commence
at 11:00 a.m., prevailing Eastern Time, on June 29, 2021.  The
Confirmation Hearing may be adjourned from time to time without
further notice.

In December 2020, the Ad Hoc Group presented a proposed
restructuring support agreement to the Chapter 11 Trustee that
contemplated the provision of a new money financing facility to the
CF Group and an exchange of the Club Facility and Senior Notes for
new notes and equity in CFGI.  This proposal also was not accepted
by the Chapter 11 Trustee.

Over the past several months, the Creditor Plan Proponents and
their advisors have engaged in extensive diligence and negotiation
regarding a potential restructuring transaction.  The Creditor Plan
Proponents' efforts have borne fruit.  On March 1, 2021, following
several months of discussions regarding potential restructuring
transactions, the Ad Hoc Group -- comprised of holders of 56% of
the principal amount of the Senior Notes and 71% of the principal
amount of the Club Facility -- executed the Restructuring Support
Agreement. The deadline to become an Earlybird Creditor (as defined
in the Restructuring Support Agreement) was March 16, 2021.  As of
the approval of the Disclosure Statement, Consenting Creditors
holding approximately 87.8% of the principal amount of the Senior
Notes and approximately 71.2% of the principal amount of the Club
Facility have executed the Restructuring Support Agreement.  The
Restructuring Support Agreement contemplates a comprehensive
restructuring and recapitalization transaction for the Plan Debtors
and certain of their non-debtor affiliates that will safeguard and
provide funding for the fishmeal business of the Peruvian OpCos.

The material terms of the Plan are as follows:

   * Each Allowed Administrative Claim, Secured Claim, and Other
Priority Claim will be paid in full in Cash or receive such other
treatment that renders such Claim Unimpaired;

   * Each Allowed Priority Tax Claim shall be treated in
accordance
with the terms set forth in Section 1129(a)(9)(C) of the
Bankruptcy
Code;

   * Chapter 11 Trustee Fee Claims shall be paid in the amount
Allowed by the Bankruptcy Court;

   * Each Allowed Superpriority Loan Claim shall be set off,
capitalized, forgiven, or such other similar or equivalent
mechanisms as required in a specific jurisdiction pursuant to the
Superpriority Loan Settlement Order; provided that the Plan
Administrator is authorized to cause SFR to transfer proceeds from
the sale of non-core assets listed in the First and Second Non-Core
Asset Sales Procedures Motions either directly or indirectly to CFG
Peru to effectuate the SFR Distributions contemplated under the
Plan promptly following the Confirmation Date;

   * Each Holder of an Allowed Senior Notes Claim shall receive the
distributions to such Holder pursuant to the UK Proceeding and/or
Singapore Scheme.  Except as provided in Article IV.S of the Plan,
on the Effective Date, all of the Senior Notes will be canceled as
set forth in the UK Proceeding Documentation and/or Singapore
Scheme Documentation, as applicable; provided, however, that any
such distribution shall be in addition to any distributions made by
the Plan Administrator or any other Entity with respect to the
Interim Distribution;

   * Unless otherwise provided for under the Plan, each Holder of
an Allowed General Unsecured Claim shall receive its pro-rata share
of the Wind-Down Trust Interests;

   * Each Holder of the BANA-CFG Peru Claim shall receive its
pro-rata share of $30,998,084 in cash, which cash shall be remitted
by NewCo or the Peruvian OpCos;

   * Each Holder of an Allowed Club Facility Subordination Claim
shall receive the distributions to such Holder pursuant to the UK
Proceeding and/or Singapore Scheme;

   * Each Section 510(b) Claim will be deemed canceled and released
without any distribution;

   * Interests in CFG Peru will be reinstated as of the Effective
Date or, at the Creditor Plan Proponents' option, shall be
canceled.  No distribution will be made on account of any Interests
in CFG Peru;

   * Interests in Smart Group will be reinstated as of the
Effective Date or, at the Creditor Plan Proponents' option, shall
be canceled.  No distribution will be made on account of any
Interests in Smart Group; and

   * The Consenting Creditors and certain other parties will grant
full, mutual releases as set forth in the Plan.

The Plan contemplates the following additional transactions (the
"Transaction") will occur pursuant to the UK Proceeding and/or
Singapore Scheme in accordance with the terms of the Restructuring
Support Agreement:

   * a change in ownership of the Peruvian OpCos through a transfer
of the equity in CFGI to NewCo;

   * the recapitalization of the Peruvian OpCos through the
provision of the committed $150 million New Money Facility (as
defined in the Restructuring Support Agreement) to fund working
capital and transaction costs. The New Money Facility will accrue
cash interest at the rate of LIBOR plus 9% per annum and mature 10
years from the date of the drawdown of the New Money Facility
(which is anticipated to occur on or around the Effective Date);

   * the New Money Facility will be backstopped by certain
Consenting Creditors that commit to backstop the New Money Facility
on the terms and deadlines set forth in the Restructuring Support
Agreement (collectively, the "Backstop Parties"). The Backstop
Parties are entitled to a backstop commitment fee equal to 5% of
their respective backstop commitments on the New Money Facility,
payable in cash at the closing of the Transaction;

   * the Club Facility and Senior Notes will be exchanged for $300
million of New Notes (as defined in the Restructuring Support
Agreement) to be issued in a jurisdiction selected in accordance
with the Restructuring Support Agreement. The New Notes will accrue
cash interest at the rate of LIBOR plus 9% per annum and mature 10
years from the date of the closing of the Transaction;

   * the debt structure of NewCo shall only include the New Money
Facility and the New Notes;

   * interests in the equity of NewCo and the New Notes shall be
apportioned between Holders of Senior Notes Claims and Club
Facility Lenders in accordance with the Agreed Participation; and

   * the New Money Facility will rank senior as to right of payment
and proceeds of enforcement of security to the New Notes, provided
that payments in accordance with the terms of the New Notes will be
permitted for so long as there are no defaults outstanding under
the New Money Facility and otherwise in accordance with a customary
intercreditor agreement between lenders of the New Money Facility
and holders of the New Notes.

While the Plan and the Restructuring Support Agreement are key
steps in the Plan Debtors' restructuring, it is important to note
that the Consenting Creditors have agreed to accept less than
payment in full (in Cash or otherwise) to facilitate the Plan and
Transaction.  The Plan contemplates a comprehensive restructuring
of Claims against and Interests in the Plan Debtors that the
Creditor Plan Proponents believe will preserve the going-concern
value of the Peruvian OpCos, maximize recoveries available to all
constituents, provide for an equitable distribution to the Plan
Debtors' stakeholders, and facilitate a conclusion to the  Chapter
11 cases.  The Plan also facilitates the steps necessary to
effectuate the UK Proceeding and/or Singapore Scheme, including
through cooperation with the Peruvian OpCos.  The Creditor Plan
Proponents believe the Plan and Restructuring Support Agreement are
significant achievements for the Plan Debtors and will maximize
value for stakeholders.   The  Creditor Plan Proponents strongly
believe that the Plan is in the best interests of the Plan Debtors'
Estates and represents the best available alternative at this
time.

The Creditor Plan Proponents are confident they can implement the
restructuring embodied by the Plan and ensure the Plan Debtors'
long-term viability.  For these reasons, the Creditor Plan
Proponents strongly recommend that the Holders of Claims entitled
to vote accept the Plan. The Chapter 11 Trustee intends to run a
final formal bidding process for the sale of the CFGI equity
interests.  If a qualified bidder comes forward at a price
sufficient to satisfy, inter alia, the Senior Notes Claims and Club
Facility Lenders, the Creditor Plan Proponents will no longer seek
confirmation of this Plan by the Bankruptcy Court.  In such
circumstances, Senior Notes Claims and Club Facility Lenders, as
well as certain other Claims, would be paid in full in cash at
closing.

Counsel to the Creditor Plan Proponents:

     Patrick J. Nash, Jr., P.C.
     Gregory F. Pesce
     Heidi M. Hockberger
     KIRKLAND & ELLIS LLP
     300 North LaSalle
     Chicago, Illinois 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200

A copy of the Disclosure Statement is available at
https://bit.ly/3gy8bCB from PacerMonitor.com.

                     About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves as
special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.




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LATAM PASS THROUGH 2015-1A: Moody's Cuts Class A Certs to Caa3
--------------------------------------------------------------
Moody's Investors Service downgraded its ratings of LATAM Pass
Through Trust 2015-1A to Caa3 from B3 and LATAM Pass Through Trust
2015-1B to C from Ca. These ratings and the negative outlook will
also be withdrawn. These ratings were most recently downgraded on
May 28, 2020, following the Chapter 11 bankruptcy filing of LATAM
Airlines Group S.A. on May 26, 2020.

LATAM rejected the aircraft leases associated with the 2015-1
Series of Enhanced Equipment Trust Certificates ("EETCs") in its
bankruptcy filing. Series 2015-1 was its only EETC. It rejected the
leases and returned the 17 aircraft to the Owners. The Owners,
special purpose entities created for the transaction who were the
issuers of the equipment notes in the transaction, defaulted by
failing to make scheduled payments of interest and principal. The
aircraft were repossessed and have been parked since mid-2020, in
advance of their monetization.

The holder(s) of a majority of the Class A certificates in an EETC
transaction become the Directing Certificateholders ("DCs")
following a default. The Class A Trustee becomes the Controlling
Party and acts at the direction of the DCs. One entity gained
control by acquiring more than 50% of the Class A certificates
following LATAM's bankruptcy filing. On March 15, the DC instructed
the Controlling Party to auction the aircraft. The DC defined the
procedures and rules for the auction. These included 1) a Stalking
Horse Bidder, which is the DC, 2) the Stalking Horse bid, which
Moody's estimates is at least 30% below certain third-party
appraisers' current market values of the aircraft, 3)
pre-qualifications of potential bidders, 4) an all or none bid for
the 17 aircraft, 5) qualifying bids other than the Stalking Horse
Bid needed to be at least $60 million higher than the Stalking
Horse Bid, inclusive of a break-up fee and 6) a $50 million
break-up fee payable to the DC if it is not the winning bidder.

RATINGS RATIONALE

The downgrades follow the passing of the bid deadline of 14 April,
with no qualified bids being made. The DC has won the auction
pursuant to the rules it created. Moody's estimates that about $481
million of the auction proceeds will be available to holders of the
Class A certificates. This equates to a loss of about 26% on the
$646.7 million outstanding on the Class A. With the shortfall on
the Class A, the Class B will experience a full loss on the $102.9
million outstanding. The downgrade of the Class B to C reflects the
expected total loss. In these estimates, Moody's does not consider
the potential for the Trusts to recover some of the respective
deficiencies on the Class A and Class B via the unsecured claims
they will have in the LATAM bankruptcy.

The inability of the Controlling Party to sell the aircraft
piecemeal; the Stalking Horse Structure, including the low minimum
bid and the break-up fee; and holding the auction before a more
substantial recovery of global air traffic demand led to the weak
aircraft sale proceeds. Moody's estimated the aggregate value of
the 17 aircraft at about $875 million as of April 2021.

The principal methodology used in these ratings was Enhanced
Equipment Trust and Equipment Trust Certificates published in July
2018.

Downgrades:

Issuer: LATAM Pass Through Trust 2015-1A

Senior Secured Enhanced Equipment Trust, Downgraded to Caa3 from
B3

Issuer: LATAM Pass Through Trust 2015-1B

Senior Secured Enhanced Equipment Trust, Downgraded to C from Ca

LATAM Airlines Group S.A (LATAM) is a Chile-based airline holding
company formed by the business combination of LAN Airlines S.A. of
Chile and TAM S.A. (TAM) of Brazil in June 2012. LATAM is the
largest airline group in South America, with a local presence for
domestic passenger services in six countries (Brazil, Chile, Peru,
Ecuador, Argentina and Colombia). The company also provides
intraregional and international passenger services and has a cargo
operation that is carried out using belly space on passenger
flights and dedicated freighter service. In 2019, LATAM generated
$10 billion in net revenue and carried more than 74 million
passengers and 904,000 tons of cargo. The company filed for
bankruptcy in New York, New York on May 26, 2020.



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UC RUSAL: Buys Germany's Aluminium Rheinfelden
----------------------------------------------
RJR News reports that Windalco's parent company UC Rusal has
completed the purchase of Germany-based aluminium products producer
Aluminium Rheinfelden.

The German government has approved the transaction.

This paved the way for Aluminium Rheinfelden's high-end, specialty
manufacturing to supplement Rusal's overall portfolio, according to
RJR News.

Rusal says Aluminium Rheinfelden will continue to service the
automotive market, the report notes.

It has already announced plans to rebuild the business.

As reported in the Troubled Company Reporter-Latin America on Jan.
24, 2020, Fitch Ratings revised United Company RUSAL Plc's Outlook
to Negative from Stable and affirmed the metal group's Long-Term
Issuer Default Rating at 'BB-'. Fitch has also affirmed Rusal
Capital D.A.C.'s senior unsecured rating at 'BB-'/'RR4'.





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M E X I C O
===========

ALPEK SAB: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
------------------------------------------------------------
On April 22, 2021, S&P Global Ratings revised its outlook on
Mexico-based petrochemicals producer Alpek S.A.B. de C.V. to
positive from stable. S&P also affirmed its 'BB+' global scale
issuer credit and issue-level ratings on Alpek. At the same time,
S&P maintained a recovery rating of '3' on the company's senior
unsecured notes, indicating its expectation of a meaningful
recovery (50-90%) for lenders in the event of a default.

Solid demand for Alpek's products during 2020, despite considerable
downside risks due to the recession in key markets, boosted the
company's financial results. S&P said, "We expect healthy
consumption trends in polyethylene terephthalate (PET), expandable
polystyrene (EPS) and polypropylene (PP) in Alpek's markets to hold
in 2021. This is because their final applications for the consumer
goods, food and beverage, packaging, pharmaceutical markets, and
medical equipment, which are resilient, will drive demand.
Moreover, we expect other industries that Alpek serves to continue
recovering from the 2020 downturn, such as automotive and
construction, which should increase demand for Alpek's plastics and
chemicals products." Such favorable business conditions would
continue to improve Alpek's financial performance, with revenues
and EBITDA growing in the mid-single digit area for the next 12
months.

Alpek's capital structure consists mainly of its senior unsecured
notes (about 96% of the consolidated debt) and the remainder
consists of bank loans with no significant debt maturities in the
near term. Its recent bond issuance due 2031 further extended the
debt maturity profile to about 7.2 years from 4.4 years. For the
last 12 months ended March 31, 2021, Alpek posted debt to EBITDA of
about 1.9x, which compares favorably with our previous expectation
of about 2.7x. S&P said, "While we believe that Alpek's leverage
tolerance is below the 3x area, we expect the company to maintain
its financial discipline and reduce this metric to 1.5x-2.0x over
the next couple of years. Additionally, we don't foresee any
sizable investments or potential mergers and acquisitions in the
near term that could significantly increase the company's debt."

Alpek's acquisition of NOVA Chemicals Corporation's styrenics
business (EPS and ARCEL®) in 2020 continues to widen the company's
business diversification, while expanding its market presence in
the U.S. through value-added products amid rising demand. S&P said,
"We expect demand from the packaging industry, particularly because
of the rising e-commerce consumption, medical equipment, and the
food and beverage industries will entrench Alpek's EBITDA growth in
the next two years. Moreover, Alpek recently announced the creation
of a joint venture with Contour Global to develop a CO2 recovery
facility to meet the rising need of food-grade CO2 for Mexico's
food and beverage industry for the carbonation of soft drinks,
beer, and mineral water among others, which is currently
undersupplied. We expect the company to continue diversifying its
product divisions through strategic projects, aligned with its core
business, in order to maximize profitability. Although the
polyester division generates about 75% and 55% of consolidated
revenue and EBITDA, respectively, we expect the plastics and
chemical division's share of revenue and EBITDA to rise in the near
term, offsetting potential concentration risks."


ALPHA HOLDING: Fitch Lowers LongTerm IDRs to 'CC'
-------------------------------------------------
Fitch Ratings has downgraded the Long-Term Local- and
Foreign-Currency Issuer Default Ratings (IDRs) of Alpha Holding,
S.A. de C.V. (Alpha Holding) to 'CC' from 'B' and the Short-Term
Foreign- and Local-Currency IDRs to 'C' from 'B'. Alpha Holding's
senior unsecured notes were also downgraded to 'CC'/'RR4' from
'B'/'RR4'. The actions follow the company's recent announcement on
relevant accounting errors.

On April 20, 2021, Alpha Holding issued a press release announcing
the finding of relevant accounting errors and stating that its
previously released Financial Statements for the years 2019 and
2018, the quarterly financial statements for 2020 and any earnings
releases or other communications related to those periods should no
longer be relied upon. Since the announcement, Alpha Holding's
financial statements and other relevant information previously
available for investors have been removed from their website.

KEY RATING DRIVERS

As per Fitch's rating definitions, the 'CC' rating primarily
reflects that default appears probable due to a heightened
likelihood of an early call on bond payment if financial statements
are not published on time in accordance to its current covenant,
and it also incorporates Fitch's concerns on the entity's ability
to rebuild its capital metrics after the announced restatements as
it currently appears to be insolvent due to the size of the error
disclosed and the materiality of the potential impairment on the
entity's capital position, while also considering the increased
funding and liquidity risks. The rating downgrade also considers
the downward revision of Fitch's evaluations of the rating factors
'company profile' to 'b' from 'b+', 'risk appetite' to 'ccc' from
'b-', as well as 'management and strategy' to 'cc' from 'b'.

Alpha Holding has stated that although the full impact cannot be
predicted, the entity anticipated changes on its derivative
positions accounting and a possible impairment of "a majority of
the MXN4.1 billion reported as other assets and other accounts
receivable in the company's Sept. 30, 2020 balance sheet," which
represents around 1.5x the company's equity. Although a timeframe
for the resolution was not disclosed in the company's press
release, Alpha Holding has covenants related with the disclosure of
the annual audited financial statements 120 days after the fiscal
year end with a 30-day cure period (around May 31, 2021).

In the agency's view, Alpha Holding's funding and liquidity profile
is weakened by the announcement as it could materially affect
creditor sentiment, which may hinder future funding access and
increase refinancing risk. The company relies heavily on market
debt issuances, with a relevant bullet payment of market debt due
by year-end 2022. In turn, the magnitude of the preliminary maximum
impairment on capital position severely weakens the company's
prospects and loss absorption capacity, if not followed by a
capital injection big enough to offset losses. The company has not
published any intention to capitalize beyond the disclosure of a
strategy of the creation of an internal special committee supported
by external advisors to determine its next steps.

The restatement announcement signals material internal control
failures and raises concerns about the company's corporate
governance that are no longer consistent with the previous
ratings.

Fitch believes that the current rating level reflects the
uncertainty around additional impacts on the financial profile due
to the lack of clarity on the timeframe for the resolution of the
issue and the relatively limited information available about the
event at this point. A restatement of the financials will likely
modify the ratios with which the agency initially assigned the
rating. Fitch had previously expressed concerns on financial
information transparency and incorporated them as part of its
opinion of corporate governance and ESG assessment. The agency will
review the full impact on the company and financial profile after
the entity completes its internal review of the issue and the
restated financial statements are published. Fitch will also
closely monitor if any other debt covenant is breached and if
liquidity or default risks increase due to the entity has not
provided information on its covenant compliance status.

Alpha Holding's senior unsecured debt ratings are aligned with the
company's IDRs, reflecting that the likelihood of default of the
notes is the same as the issuer. The Recovery Rating of 'RR4'
assigned to the notes indicates Fitch's expectations of 'Average'
recovery prospects of current principal and related interest upon
potential default, given the predominance of unsecured funding
sources.

Fitch has revised its ESG Relevance Score for Financial
Transparency to '5' from '4' due to the recent announcement of
accounting error findings. The restatement and lack of clarity on
the final financial impact and a timeframe for the resolution of
the issue signals weakness on the company's third-party disclosure
and internal controls. Fitch has also revised its ESG Relevance
Score for the Governance Structure factor to '5' from '3' given the
agency's concerns over intrinsic governance practices as well as
the effectiveness of the supervisory board with regards to
protection of creditor's rights.

RATING SENSITIVITIES

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

-- The ratings could be further downgraded pending further
    clarity on the extent of the changes in the financial
    statements and the broader investigations of Alpha Holding's
    accounting restatement. A downgrade likely would occur if
    there are additional negative impacts on its and financial
    position and company profile that materially increases the
    likelihood of default on its financial obligations.

-- Any breach on the company's debt covenants that increases
    liquidity and refinancing risk could also trigger a downgrade.

-- Any failure to make a timely payment of principal and/or
    interest or a bankruptcy filing would result in a downgrade to
    'RD'.

-- Fitch will monitor the sufficiency of information for the
    ongoing evaluation of the entity´s creditworthiness which
    could result in a rating withdrawal if the entity does not
    sufficiently disclose its information to the market.

The notes' rating will be downgraded if the issuer IDR is
downgraded.

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

-- Although upside potential is limited due to current
    uncertainties, the ratings could be upgraded if the final
    restated financial statements do not result in significant
    deteriorations of the company or financial profile, or if
    capital metrics and the funding and liquidity profile are
    rebuilt or restored soon.

-- The notes' rating would be upgraded if the issuer IDR is
    upgraded.

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

Pre-paid expenses and other deferred assets were reclassified as
intangibles and deducted from equity to reflect their low loss
absorption capacity. Fixed assets under operating leasing contracts
were classified as the operating lease portfolio.

ESG CONSIDERATIONS

Alpha Holding's Environmental, Social and Corporate Governance
(ESG) Relevance Score for Financial Transparency Issues has been
revised to '5' from '4' driven by the recent announcement of
accounting error findings. The restatement and lack of clarity on
the final financial impact and a timeframe for the resolution of
the issue signals weakness on the company's third-party disclosure
and internal controls that, in conjunction with other factors,
resulted in a downgrade of the company's IDRs.

Alpha Holding Environmental, Social and Corporate Governance (ESG)
Relevance Score for Governance Structure has been revised to '5'
from '3' also driven by the recent announcement of the accounting
error findings. Fitch believes that the event reflects significant
concerns over intrinsic governance practices, effectiveness of the
supervisory board with regards to perceived weakness towards the
protection of creditors rights, which are relevant and negative at
this moment to the company's IDRs.

Alpha Holding has an ESG Relevance Score of '4' for Customer
Welfare -- Fair Messaging, Privacy & Data Security due to its
exposure to reputational and operational risks as its main business
targets government employees and dependencies at relatively high
rates, which has a negative impact on the credit profile and is
relevant to the company's IDRs 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.

ALPHA HOLDING: S&P Cuts Issue-Level Ratings to CCC, On Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings lowered its issue-level ratings on Alpha Holding
S.A. de C.V.'s (Alpha) existing senior notes to 'CCC' from 'B'. All
of its operating subsidiaries guarantee their international market
debt; therefore, S&P rates the outstanding issuances at the same
level as Alpha's group credit profile (GCP), which we also revised
to 'ccc' from 'b'. In addition, S&P lowered the long-term global
scale issuer credit rating on Alpha to 'CCC' from 'B-'. Finally, it
placed the ratings on Alpha on CreditWatch with negative
implications.

S&P said, "In our opinion, the recent announcement related to
accounting errors reflects governance deficiencies that would be
harmful to Alpha. On April 20, 2021, Alpha announced a restatement
to its financial statements for 2018, 2019, and 2020 quarterly
results, based on accounting errors. The latter could potentially
affect its derivative positions, reserve coverage, account
receivables, and capital expenses amortization. In our opinion, we
consider the company's internal control environment as deficient
based on available evidence, such as past restatements on their
financial statements, and the current ones. In addition, we believe
this situation will bring reputational damage to the company and
will pressure its business stability due the high sensitivity in
terms of business confidence to customers and investors."

The announced accounting errors and financial restatements could
seriously affect the company's capitalization metrics. According to
Alpha, the restatement and accounting modifications would lead to
an asset impairment of up to Mexican peso (MXN) 4.1 billion of
other assets and accounting receivables, which represents about 18%
of total assets and about 1.5x of its total capital base, as of
September 2020. In this regard, further downgrades are possible and
will depend on the damage to the company's solvency levels. If our
risk-adjusted capital (RAC) ratio moves to negative ground, then we
could further lower the ratings on Alpha.

The issuer credit rating at 'CCC' is now at the same level of
Alpha's GCP ('ccc'). This reflects that the group is a nonregulated
nonbank financial institution and because the notes issued by the
holding company are unconditionally and irrevocably guaranteed by
all the operating subsidiaries. S&P's believe that, at this point,
the time frame for a potential anticipated default on the
nonoperating holding company and debt is the same, considering
their relative position within the 'CCC' rating category.

S&P said, "Besides the negative impact on business stability after
financial restatements, we were expecting profitability levels to
remain limited for year end 2020 and 2021. First, Alpha incurred
extraordinary expenses of MXN230 million during 2020 attributable
to debt repayment. Although the liability management benefited its
maturity profile--pushing amortizations beyond 2024 and optimizing
the cost of funding by 200 basis points--this additional factor
harmed 2020 expected bottom line results. In addition, business
volumes have fallen amid the economic lockdown in the second
quarter stemming from the COVID-19 pandemic, affecting origination
targets and interest income generation. Furthermore, the worsening
small and midsize enterprise portfolio will increase provisioning
requirements, hurting bottom-line results."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Risk management and internal controls

Transparency

S&P said, "The CreditWatch with negative implications reflects
there is still low visibility in terms of the potential impact of
impairments on our RAC ratio. In addition, due to the reputational
damage that governance weaknesses will bring to the company, we
will also assess how these factors could impact our risk position
and funding and liquidity assessments. Therefore, additional
downgrades could result from Alpha's accounting errors and
financial restatements announcement. We see a one-in-two
possibility of a downgrade and we expect to resolve this
CreditWatch within the next 90 days, once we have higher visibility
with respect to the impact of the company's financial restatements
on its business and financial risk profiles."




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INRETAIL PHARMA: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed InRetail Pharma S.A.'s Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs), and senior
unsecured bonds at 'BB+'. Fitch has also affirmed InRetail Real
Estate Corp.'s Long-Term Foreign and Local Currency IDRs at 'BB+',
and the senior unsecured bond issued by InRetail Shopping Malls at
'BB+'. The Rating Outlook is Stable.

The ratings reflect InRetail Pharma S.A's and InRetail Real Estate
Corp.'s strong credit linkage with their parent, InRetail Peru
Corp. The ratings also factor in InRetail Peru's consolidated
credit profile and the solid business positions of its supermarket,
pharmacy and shopping mall subsidiaries. The ratings affirmation
and Stable Outlook reflect the expectation that InRetail Peru's
adequate financial flexibility and resilient 2020 consolidated
operational performance will continue during 2021.

KEY RATING DRIVERS

Strong Parent-Subsidiary Linkage: InRetail Peru's consolidated
financial profile is a key credit driver for InRetail Pharma's and
InRetail Real Estate's ratings, due to the strong parent-subsidiary
linkage. InRetail Peru manages and owns 100% of InRetail Real
Estate (BB+/Stable), 99.98% of Supermercados Peruanos S.A. and
87.02% of InRetail Pharma (BB+/Stable). It also manages 100% of
Makro Peru, which was recently acquired. Fitch views these
businesses as core and strategically important for InRetail Peru's
business model. Fitch believes the parent-subsidiary strategic and
operational linkages among InRetail Peru and its subsidiaries is
strong, due to their common management team and decision-making
processes.

Supermarkets, Pharmacy Performing Well: InRetail Peru's revenue,
EBITDAR and cash position for YE 2020 were PEN14.4 billion, PEN1.9
billion and PEN1.2 billion, respectively. The supermarket, pharma
and real estate businesses represented 48%, 50% and 3%,
respectively, of the company's YE 2020 consolidated revenues.
Despite the pandemic, the supermarket and pharmacy businesses
achieved same-store sales growth of 17.7% and 4.5%, respectively,
during 2020 versus 2019. Fitch's base case considers the
supermarket and pharmacy retail formats will reach revenue growth
of approximately 30% (including acquired Makro business) and 7%,
respectively, in fiscal 2021. These two businesses, which represent
approximately 89% of InRetail Peru's revenues, are defensive and
have lower exposure to the broader macro-economic business
environment.

Slow Recovery in Shopping Mall Business: InRetail Peru's shopping
malls business has been more vulnerable to the pandemic. In order
to preserve liquidity, the company slashed operating costs to
minimal levels and put capex on hold. The pandemic led to mall
closings in Peru, with only grocery and drug stores allowed to
remain open. For the remaining stores closed due to the lockdown,
the company decided to not charge tenants rent. The company
maintains approximately 80% of its GLA open, and occupancy levels
remain healthy at 93% as of Dec. 31, 2020.

The company's shopping mall operations generated revenues of PEN
276 million in YE 2020, which represented a decline of 33.5% over
YE 2019 revenues. Fitch's base case assumes the company's shopping
malls revenues will return to pre-pandemic levels during the first
half of 2022.

InRetail Peru Corp. Leverage Trends: InRetail Peru's consolidated
net adjusted debt/EBITDAR was 4.3x in 2019 and and 4.9x in 2020.
The company's retail-only (Pharma and Food) net adjusted leverage
was 4.1x, while its real-estate net adjusted leverage was 9.6x in
YE 2020. InRetail Peru's YE 2020 leverage metrics include
incremental debt of approximately USD375 million related to the
Makro Peru acquisition, which took place in Dec. 2020.

Fitch expects InRetail Peru's consolidated net adjusted leverage to
be around 4.3x in fiscal 2021, with the company's retail-only net
adjusted leverage expected to be stable at around 4x, while the net
adjusted leverage ratio for its real estate business should fall to
6x. Fitch's base case also assumes the acquired Makro Peru's cash
flow generation, measured as EBITDA, will be around PEN 130 million
in fiscal 2021.

Capex Levels Increasing: InRetail Consumer expects to execute an
aggressive capex plan, with increased capex in 2021, which when
paired with high levels of dividends (around USD70 million in
2021), could limit the potential to deleverage during 2021-2022.
The company is expecting capex of around PEN 834 million during
this period, compared with PEN251 million in 2020, with about 75%
related to the Food Retail segment and 25% to the Pharma segment.
The company's capex could be cut if the economy struggles to
rebound, given the nature of these expenses, which are primarily
related to small store openings. Maintenance capex is slated to be
PEN239 million in 2021 (30% of total capex) and PEN210 million
during 2022-2024.

DERIVATION SUMMARY

InRetail Peru's consolidated financial profile is a key credit
driver for InRetail Pharma's and InRetail Real Estate's ratings,
due to the strong parent-subsidiary linkage. InRetail Peru is
well-positioned relative to its regional retail peers in the
Peruvian market due to its diversified business profile, with
activities in food and pharmacy retail and shopping malls, as well
as its solid competitive position in each business segment.
InRetail Peru's scale and geographic diversification are considered
weaker than regional peers Falabella S.A. (BBB/Negative), Cencosud
S.A. (BBB-/Stable) and El Puerto de Liverpool, S.A.B. de C.V.
(BBB+/Stable).

InRetail Peru and Cencosud operate retail formats that are more
oriented to the food segment, which are more defensive in the
current macro-business environment. Falabella and Liverpool operate
retail formats more oriented to the non-food segments, which are
more vulnerable to the macro economic environment. Fitch expects
InRetail Peru to manage its consolidated net adjusted financial
leverage, measured as net adjusted debt/EBITDAR to around 4x during
2021-2022.

KEY ASSUMPTIONS

-- Consolidated net adjusted debt/LTM EBITDAR around 4.0x during
    2021-2022 at InRetail Peru;

-- Neutral to positive InRetail Peru FCF during 2021-2022;

-- Interest coverage (EBITDAR/interest + rent expenses)
    consistently around 2.5x during 2021-2022 at InRetail Peru.

RATING SENSITIVITIES

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

-- Net adjusted leverage, measured as total adjusted net
    debt/EBITDAR, consistently below 3.5x at InRetail Peru;

-- Increased revenue and geographic diversification at InRetail
    Real Estate.

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

-- Net adjusted leverage, measured as total adjusted net
    debt/EBITDAR, consistently above 4.5x at InRetail Peru;

-- Weak same-store sales and business trends at InRetail Pharma
    or Supermercados Peruanos;

-- Increasing vacancy rates at InRetail Real Estate.

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 & Recent Liability Management Improves Financial
Flexibility: The company's liquidity and financial flexibility are
adequate, resulting from InRetail Peru's cash position, proven
access to capital markets and manageable debt maturities. InRetail
Peru has a consolidated cash position and short-term debt of PEN1.2
billion and PEN1.8 billion, respectively, as of Dec. 31, 2020.
Fitch forecasts the company's interest coverage ratio, measured as
total EBITDAR/(interest paid plus rents), to be around 2.5x during
2021-2022.

InRetail Peru improved its liquidity and financial flexibility
though the refinancing of its debt early this year. During 1H2021
the company issued two senior unsecured notes (USD and local
currency denominated issuance) for a total of around USD735
million. The proceeds from these transactions were used to repay
the Makro acquisition bridge loan of USD375 million and to
refinance Pharma's subsidiary USD 400 million international bond
that matures in 2023. With these transactions, the company has
extended its debt tenor and eliminated any material debt principal
payment during the next few years.

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.

PERU: IDB OKs US$114.3MM-IDB Loan for Departmental Road Network
---------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$114.3
million loan to improve and maintain the departmental road network,
helping reduce transport operation costs and travel time.

During last decade Peru's government released several plans for the
transport and logistics areas to promote infrastructure investments
in the country's productive sector. These included the Plan for the
Development of Transport Infrastructure, Services and Logistics at
Subnational Level (PROREGION). This plan was a key component of
moves launched to improve feeding road corridors (FRCs) to enhance
connectivity between production hubs and national logistics
corridors or collection centers in order to support efforts to
boost infrastructure as well as the creation and consolidation of
nontraditional-goods' value chains.

One of the challenges the country faces in its efforts to promote
economic diversification is the low quality of its departmental
road network (DRN), which raises freight costs and hampers
productivity and exports. In the face of this situation, investment
in sustainable infrastructure provides an alternative that helps
foster economic growth, boosting regional economies competitiveness
and generating jobs and income for the beneficiary population.

The 2020 Development in the Americas Report Launch: From Structures
to Services - The Path to Better Infrastructure in Latin America
and the Caribbean , stresses the region's need to implement
policies aimed at improving the efficiency of infrastructure
investment and service regulation processes. In this context, both
Peru and the region at large have a chance to consolidate regional
value chains that are crucial for the generation of employment that
is sustainable over time.

The new Proregion 1 program contemplates interventions in 12
prioritized FRCs of the RDN over a 2,387 km stretch of roads. These
interventions will help improve access to logistics corridors,
firming up resilience to natural disasters and climate change
effects, increasing the amount of roads with adequate quality for
the transport of persons and goods, cutting logistics costs,
helping articulate value chains, and contributing to reduce
inequalities through the generation of jobs.

The program will also include actions to promote institutional
strengthening of regional governments, which have jurisdiction over
the RDN, as well as actions to strengthen Provias Descentralizado,
which is the executor of the Program. Of the program's 4.1 million
direct beneficiaries, 51% are expected to be women, 11% people with
disabilities, and 52% people of native origin. Also benefiting will
be producers, exporters and transport companies using the RDN, as
well as Peru's population at large.

The IDB loan will have an initial disbursement period of 5 years.
It is for a 15-year term, with 6.5 years of grace, and an interest
rate based on LIBOR.





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

POPULAR INC: Moody's Upgrades Long Term Sr. Unsec. Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Popular, Inc.
(Popular) including the long-term senior unsecured rating to Ba3
from B1 and the ratings and assessments of its bank subsidiary,
Banco Popular De Puerto Rico, including the long-term deposit
rating to Baa3 from Ba1 and the standalone baseline credit
assessment to ba2 from ba3. While the bank's short-term deposit
rating was upgraded to Prime-3 from Not Prime, its short-term
counterparty risk rating and short-term counterparty risk
assessment were confirmed at Not Prime and Not Prime(cr),
respectively. The rating outlook is stable following the conclusion
of the review for upgrade, which Moody's announced on March 15,
2021.

The ratings upgrade reflects Moody's overall assessment that the
bank's increased resiliency to still uncertain operating conditions
in Puerto Rico, despite significant government stimulus.

Upgrades:

Issuer: Popular, Inc.

Senior Unsecured Medium-Term Note Program, Upgraded to (P)Ba3 from
(P)B1

Subordinate Medium-Term Note Program, Upgraded to (P)Ba3 from
(P)B1

Pref. Stock Non-cumulative Preferred Stock, Upgraded to B2 (hyb)
from B3 (hyb)

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from B1,
Stable From Rating Under Review

Junior Subordinated Shelf, Upgraded to (P)B1 from (P)B2

Issuer: Banco Popular de Puerto Rico

Adjusted Baseline Credit Assessment, Upgraded to ba2 from ba3

Baseline Credit Assessment, Upgraded to ba2 from ba3

LT Counterparty Risk Assessment, Upgraded to Ba1(cr) from Ba2(cr)

LT Counterparty Risk Rating (Foreign Currency), Upgraded to Ba2
from Ba3

LT Counterparty Risk Rating (Local Currency), Upgraded to Ba2 from
Ba3

Issuer Rating, Upgraded to Ba3 from B1, Stable From Rating Under
Review

LT Deposit Rating, Upgraded to Baa3 from Ba1, Stable From Rating
Under Review

ST Deposit Rating, Upgraded to P-3 from NP

Issuer: Popular Capital Trust I

Backed Pref. Stock Preferred Stock, Upgraded to B1 (hyb) from B2
(hyb)

Issuer: Popular Capital Trust II

Backed Pref. Stock Preferred Stock, Upgraded to B1 (hyb) from B2
(hyb)

Backed Pref. Stock Shelf, Upgraded to (P)B1 from (P)B2

Issuer: Popular North America, Inc.

Backed Senior Unsecured Medium-Term Note Program, Upgraded to
(P)Ba3 from (P)B1

Backed Subordinate Medium-Term Note ProgramUpgraded to (P)Ba3 from
(P)B1

Issuer: Popular North America Capital Trust I

Backed Pref. Stock Preferred Stock, Upgraded to B1 (hyb) from B2
(hyb)

Confirmed:

Issuer: Banco Popular de Puerto Rico

ST Counterparty Risk Assessment,; Confirmed at NP(cr)

ST Counterparty Risk Rating (Foreign Currency), Confirmed at NP

ST Counterparty Risk Rating (Local Currency), Confirmed at NP

Outlook Actions:

Issuer: Banco Popular de Puerto Rico

Outlook, Changed To Stable From Rating Under Review

Issuer: Popular, Inc.

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

The upgrades of the ratings and the BCA reflect Moody's view that
the bank's current strong capitalization and liquidity provide it
with heightened resiliency to weather Puerto Rico's economic
challenges, which include continued public sector austerity
measures, a sectorial and geographically-concentrated island
economy, and more recently, the economic disruption caused by the
coronavirus pandemic. The ratings upgrade also reflects a long-term
consolidation trend of the island's banking sector, which has led
to higher operating margins for remaining banks.

The bank's capitalization continues to remain strong, with Moody's
adjusted tangible common equity (TCE) as a percentage of
risk-weighted assets (Moody's TCE ratio) of 15.95% at 31 December
2020. Popular's capital position remains a key credit strength
because it helps to buffer against unexpected credit and/or
operational losses. While Popular has made capital distribution
with dividends and share repurchases, Moody's believes the bank
will continue to maintain capital levels higher than US mainland
regional bank peers.

Moody's said that Popular's deposit franchise value is primarily
driven by its dominant market position in Puerto Rico, where it
enjoys an approximate 50% deposit market share as of June 30, 2020.
This affords Popular with market-leading pricing power supporting
profitability. Additionally, the Puerto Rican banking system has
undergone a period of rapid consolidation as foreign banks leave
the island, creating an incrementally more favorable operating
environment for incumbent banks as competition eases.

Asset quality remains a ratings constraint, Moody's noted, as
Puerto Rico's weak economy is reflected in Popular's relatively
high problem loan ratio of 7.5% as at December 31, 2020, which is
significantly higher than US mainland peer average of 1.6% for the
period.

The stable outlook is driven by Moody's view that the banks' credit
fundamentals will remain broadly unchanged over the next 12 to 18
months, despite still weak though improving, operating conditions
in Puerto Rico, despite generous federal government support.

In line with global banks, governance risk is high for Popular
though Moody's does not have any particular concerns around its
governance arrangements.

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

Banco Popular de Puerto Rico's BCA could be upgraded following
further material improvement in the operating conditions for banks
in Puerto Rico, which Moody's believes would lead to a reduction in
asset risk. Improved asset quality while maintaining good capital
levels and profitability could lead to a higher BCA. A higher BCA
for Banco Popular de Puerto Rico would likely lead to rating
upgrades.

Banco Popular de Puerto Rico's BCA could be downgraded if there
were an unexpected deterioration of bank operating conditions in
Puerto Rico. It could also be downgraded if Popular's risk appetite
increased, for example because of above-peer average loan growth or
a notable increase in lending concentrations. Additionally, a
sustained decrease in capital, liquidity or a deterioration in the
bank's funding profile could lead to a downgrade in the BCA. A
lower BCA would likely lead to ratings downgrade.

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



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

ST VINCENT AND THE GRENADINES: Volcano Eruption Caused $100M Damage
-------------------------------------------------------------------
Trinidad Express reports that the World Bank estimates that the La
Soufriere volcano eruption in St Vincent and the Grenadines caused
US$100 million in building, infrastructure, agriculture and
forestry damage, St Vincent and the Grenadines Prime Minister Dr
Ralph Gonsalves said.

He said while it could take up to four months for things on the
island to return to normalcy, there is a long road ahead for
recovery, according to Trinidad Express.

He said for instance, crops will have to be replanted and some can
take months before they are ready for harvesting, the report
notes.

"Banana is nine months before you get a bunch of bananas, sweet
potatoes is four months. Some breadfruit trees may spring back but
some of them are mashed up.  Breadfruit trees take a long time to
grow," Gonzalves emphasized, the report notes.

"So we are in for a pretty long haul.  There are persons who are
accustomed to instant coffee, Milo, instant chocolate; people who
are accustomed to fast food whether it's KFC or pizza.  This is not
going to be Milo.  It's not going to be Nescafe, it's not going to
be fast food.  This one is going to be a long haul, but we have to
put ourselves together to get it done," he urged Vincentians during
his usual update on NBC Radio St Vincent and the Grenadines, the
report relays.

Gonzalves said on April 13, four days after La Soufriere erupted
explosively, the World Bank's Disaster-Resilience Analytics and
Solutions (D-RAS) team prepared a Global Rapid Post-Disaster Damage
Estimation (GRAPE) note, which assessed St Vincent's assets which
were at risk due to the eruption and gave a preliminary analysis of
the direct damage, the report notes.

He pointed out that the analysis did not include the overall
economic impact such as loss of income and the cost of maintaining
the social safety nets, the report discloses.

"They estimated that in the red and orange zones where persons were
evacuated the total built assets at risk amount to US$387.5
million. It doesn't mean that those assets at risk are going to be
damaged to the extent of almost US$400 million," he added.

Gonzalves said according to the World Bank note, in the red zone
alone the replacement value of at-risk residential buildings is
US$64 million, the report relays.

The replacement value for non-residential buildings is US$83
million while the replacement value for infrastructure is US$84
million, he noted, the report relays.

"In the high pyroclastic flow areas and areas of surges and
mudflow, the capital stock at risk to building and infrastructure
is US$188 million," Gonzalves went on, the report discloses.

"What they went on to do in a series of assumptions is say that
given similar magnitude events and exposure, their preliminary
analysis suggests that direct damages from the eruption for the
buildings, infrastructure, agriculture and forestry would be over
US$100 million.  That is EC$300 million, but that doesn't take into
account the amount of money you have to feed people, all the costs
associated with the shelters, all the associated costs which will
come now with the replacement of agriculture and forestry," the
report relays.



                           *********


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

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