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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, May 3, 2021, Vol. 22, No. 82

                           Headlines



A R G E N T I N A

ARCOR SAIC: Fitch Affirms 'B' ForeignCurrency IDR, Outlook Stable


B R A Z I L

BRAZIL: Unemployment Rate Rose to 14.4% in February
KLABIN SA: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
[*] BRAZIL: Passes 400K COVID-19 Fatalities With High Death Toll


C O L O M B I A

CREDIVALORES-CREDISERVICIOS SA: S&P Affirms 'B/B' ICRs, Outlook Neg


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Suspends Colombia, Peru Imports Due to Fungus


M E X I C O

ATAYDE CIRCUS: To Resume Operations After Difficult Year
MAXCOM: S&P Lowers ICR to 'D' on Missed Interest Payment


X X X X X X X X

[*] BOND PRICING: For the Week April 26 to April 30, 2021

                           - - - - -


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

ARCOR SAIC: Fitch Affirms 'B' ForeignCurrency IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Arcor S.A.I.C.'s Long-Term Foreign
Currency (FC) Issuer Default Rating (IDR) at 'B'. The Rating
Outlook remains Stable. In addition, Fitch has affirmed Arcor's
Long-Term Local Currency (LC) IDR at 'B+' and revised the Rating
Outlook on the LC IDR to Stable from Negative.

Arcor's 'B' FC IDR, one notch higher than Argentina's 'B-' Country
Ceiling rating, continues to reflect Fitch's expectations that the
company will be able to cover its hard currency interest expense
with a combination of cash held abroad, export earnings and cash
flow from subsidiaries outside Argentina.

The Rating Outlook was revised to Stable from Negative on the LC
IDR based on the resilience of the company's business profile
during 2020, as well as its reduction of net debt by about USD150
million during the year. A full ratings summary is detailed at the
end of the release.

KEY RATING DRIVERS

Strong Business Position: Arcor's 'B+' LC IDR reflects the
company's strong business position as a leading Latin American
producer of confectionary and cookie products. The company's
vertical integration ensures the quality of supplies and the
availability of its main raw material inputs. Arcor's brand names
and distribution platform support its leading market shares in
chocolates, candies, cookies and packaging in Argentina, its main
market. Argentina, including exports to third parties, contributed
to 71% of revenue and 93% of EBITDA in 2020. The company's brands
reach consumers in more than 100 countries, but the majority of the
other revenue and EBITDA came from the Andean region (11% and 2%,
respectively) and Brazil (9% and 1%, respectively).

FC IDR Rated Above Country Ceiling: Fitch's criteria for rating FC
IDRs rated higher than an issuer's applicable Country Ceiling takes
into consideration the relationship between 12 months of foreign
currency debt service and cash held abroad, cash generated by
exports, undrawn committed credit lines and cash flow from foreign
operations. If the ratio derived from the sum of these factors
covers debt service by more than 1.0x-1.5x for 12 months, the
issuer's FC IDR may be notched one level above the applicable
Country Ceiling. For Arcor, Fitch projects the ratio will
comfortably exceed this threshold in the next 12 months.

Low Leverage: Fitch expects Arcor's debt/EBITDA to remain below
3.0x in 2021 (2.7x in 2020). Despite a challenging economic
environment in Argentina and the impact of the pandemic, Arcor was
able to generate strong FCF and reduce net debt by about USD150
million in 2020 due to higher gross margin, lower costs (selling,
general and administrative) and reduced capex. Fitch expects the
company's EBITDA margin in 2021 to be pressured by cost inflation,
and capex should remain moderate at about USD30 million (USD38
million in 2020).

Arcor and Bagley Call Option: Arcor and Bagley Argentina, S.A.
together own about 49% of the shares of Mastellone Hermanos
Sociedad Anonima (CC), a leading dairy producer in Argentina, for a
total investment of USD134 million. Arcor has a call option for
Mastellone's outstanding corporate stock, that started in 2020 and
lasts until 2025. Mastellone also has a put option during the same
period. Fitch sees Mastellone as strategic for Arcor in the long
term, but does not expect the company to exercise its purchase
option during 2021.

DERIVATION SUMMARY

Arcor's 'B' FC IDR is well positioned in its rating category, given
the company's vertically integrated model as a leading Latin
American producer of confectionary and cookie products, paired with
the group's export capacity and presence in several Latin American
countries outside Argentina.

Arcor's moderate size relative to other large consumer goods
companies -- such as Mondelez International, Inc. (BBB/Stable);
Nestle SA (A+/Stable); or Grupo Bimbo, S.A.B. De C.V. (BBB/Stable),
which have global presences -- is a business profile constraint. To
increase its regional presence, Arcor has grown organically and
non-organically, and entered into partnerships.

KEY ASSUMPTIONS

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

-- Revenue growth driven by inflation;

-- EBITDA of approximately USD250 million in 2021;

-- Capex of about USD30 million;

-- Debt/EBITDA below 3.0x in 2021.

Key Recovery Rating Assumptions

The recovery analysis assumes Arcor would be reorganized as a
going-concern in bankruptcy rather than liquidated.

Arcor would have a going-concern EBITDA of ARS14billion. This
conservative figure is 40% below the company LTM EBITDA of ARS23
billion. It takes into consideration factors such as intense price
competition, depressed consumer environment, cost inflation and
currency risks.

An enterprise value (EV) multiple of 6.5x EBITDA is applied to the
going concern approach, which reflects the company's
well-established brands in the confectionary, cookies and packaging
segments. Fitch estimates a distressed EV of ARS81 billion (post
10% of administrative claims), compared with total debt of ARS62
billion.

The above assumption result in a recovery rate assumption within
the 'RR1' range. Due to the 'RR4' cap for Argentine corporates,
Fitch limits the recovery for the senior unsecured bond at 'RR4'
despite a higher projected recovery.

RATING SENSITIVITIES

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

-- An upgrade of Argentina's Country Ceiling would lead to an
    upgrade of Arcor's FC IDR.

-- Gross debt/EBITDA below 2.5x on a sustained basis could lead
    to a change of the Rating Outlook or an upgrade of the LC IDR.

-- Strong liquidity position and access to international markets
    to refinance the 2023 bond.

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

-- Debt/EBITDA above 4.0x on a sustained basis could lead to a
    downgrade of Arcor's LC IDR;

-- Exports, cash abroad and committed bank lines not covering
    hard currency interest expense and debt amortization by 1.0x
    1.5x over 12 months could lead to a downgrade of the FC IDR;

-- An extension of the capital control toward the end of 2022
    would lead to negative Rating Outlook or downgrade of the FC
    IDR;

-- A downgrade of Argentina's Country Ceiling would likely lead
    to a negative action on the FC IDR or Outlook.

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: As of YE 2020, Arcor had ARS14.5 billion of
cash and cash equivalents and short-term debt of ARS15.2 billion,
which is about 24% of total debt; 77% of debt was in U.S. dollars.
Most of the short-term debt is bank debt and local bonds. The
company has strong access to bank lines to finance exports. The
USD500 million senior unsecured note is due in July 2023.

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.



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

BRAZIL: Unemployment Rate Rose to 14.4% in February
---------------------------------------------------
Richard Mann at Rio Times Online reports that the unemployment rate
in Brazil was 14.4% for the period ended February 2021, according
to the Continuous National Household Sample Survey (Pnad
Contínua), released by IBGE.

According to the Refinitiv consensus, the projected median
unemployment rate stands at 14.5% for the period. In January, the
unemployment rate was 14.2%, the report notes.

The number of unemployed people in Brazil was estimated at 14.4
million in the quarter ended in February, the largest contingent
since 2012, the beginning of the historical series, according to
Rio Times Online.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B'
long-and short-term foreign and local currency sovereign credit
ratings on Brazil. The outlook on the long-term ratings remains
stable.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020). Moody's credit rating for Brazil
was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.



KLABIN SA: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Klabin S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings (IDR) at 'BB+' and national
scale long-term rating at 'AAA(bra)'. Fitch has also affirmed the
'BB+' rating of Klabin Finance S.A. and Klabin Austria Gmbh's
senior notes, guaranteed by Klabin. The Rating Outlook for Klabin
remains Stable.

Klabin's ratings reflect the company's leading position in the
Brazilian paper and packaging sector and its large forestry assets,
providing a low production cost structure and a high degree of
vertical integration. The company's solid liquidity position and
low refinancing risk remain key credit considerations. Fitch
expects Klabin's cash flow generation will improve due to higher
pulp and packaging prices, strong demand in the paper and packaging
segment and additional volume from the Puma II project, which is
expected to go live in July 2021. This should enable the company to
complete its expansion cycle in 2023 with around USD4 billion of
net debt, which remains consistent with the 'BB+' rating and Stable
Outlook.

KEY RATING DRIVERS

Leading Packaging Market Position: Klabin has a leading position in
the Brazilian packaging sector and a high degree of vertical
integration, which enhances product flexibility in the competitive
but fragmented packaging industry. The company has market shares of
24% and 50%, respectively, in the Brazilian corrugated boxes and
coated board sectors. Klabin is the sole producer of liquid
packaging board in Brazil and is the largest producer of kraftliner
and industrial bags, with market shares of 42% and 50%,
respectively. The Puma II expansion project will add 920,000 tons
of annual production capacity of kraftliner and/or coated board by
2023, which will further strengthen the company's leading market
position.

Klabin's strong market shares allow it to be a price leader in
Brazil and to preserve more stable sales volume and operating
margins during instable economic scenarios than its competitors.
Fitch views the company's competitive advantage as sustainable due
to its scale, high level of integration and diversified client base
in the more resilient food sector.

Pulp Mill and Forestry Assets: Klabin's strength in packaging is
augmented by its forestry assets and modern 1.6 million-ton pulp
mill. The company sources much of its fiber requirements from trees
grown on 270,000 hectares of plantations that it has developed on
578,000 hectares of lands under management; this ensures a
competitive production cost structure in the future. In 2020,
Klabin's cash cost of producing pulp was USD140 per ton, which
placed it firmly in the lowest quartile of the cost curve. The
value of the biological assets of its forest plantations was BRL4.7
billion as of Dec. 31, 2020. If needed, some of the forestry assets
could be monetized to lower debt and improve liquidity.

Elevated Pulp Prices: The market pulp industry is cyclical; prices
move sharply in response to changes in demand or supply. Pulp
prices have increased sharply during 2021 after two years of low
prices, supported by supply and logistical constraints caused by
mill closures, maintenance downtime and the shortage of containers.
Fitch projects average BEKP prices of USD650/ton in 2021, an
increase from USD460/ton in 2020. The movement of prices away from
the marginal cost levels of recent years will provide producers
with a window of opportunity to generate strong cash flow from
operations (CFFO) before 2022 and 2023 when the next round of
capacity expansions become operational.

Stronger Cash Flow: Klabin's EBITDA is expected to be around BRL7.5
billion for 2021 and BRL7.0 billion in 2022, compared with BRL4.5
billion in 2020. This growth is supported by about 30% grow in
revenues from the packaging business this year due to price
increases and sales volume from the start-up of the Puma II
project, in addition to higher pulp prices. Klabin is expected to
generate an average of BRL5.3 billion of CFFO during this period.
FCF is projected to remain negative in 2021, at BRL235 million, and
reach breakeven in 2022. FCF is expected to be strong, and above
BRL1 billion, in 2024, following the completion of the second phase
of Puma II project. Fitch's projections incorporate elevated
investments of BRL9.2 billion in 2021 and 2022, while dividends
should increase next year to 20% of EBITDA.

Leverage Reduction: Klabin's leverage will be lower than previously
projected during the investment cycle, due to an important recovery
of pulp prices combined with the good moment of the packaging
business. Klabin's net leverage ratio is expected to fall to about
3.0x in 2021, from 4.4x in 2020, and should remain close to 3.0x
during the period of high investments in Puma II project. Klabin's
net debt, excluding factoring transactions, was BRL19.8 billion as
of Dec. 31, 2020, and should remain relatively stable until 2023,
despite investments of BRL12.4 billion, as the company will be able
to finance greater portion of the project with operating cash flow,
as per Fitch's projections.

Rating Above Country Ceiling: Klabin's FC IDR of 'BB+' is one notch
higher than Brazil's Country Ceiling due to a combination of
exports of USD1 billion, approximately BRL200 million of cash held
outside of Brazil and an undrawn USD500 million offshore credit
facility. EBITDA from exports, plus cash held abroad and a
revolving credit facility covers HC debt service in the next 24
months by more than 1.5x. This suggests an uplift of up to three
notches above Brazil's Country Ceiling. However, Klabin's FC IDR is
constrained by a LC IDR of 'BB+', a reflection of its underlying
credit quality.

DERIVATION SUMMARY

Klabin has a leading position in the Brazilian paper and packaging
segment. Klabin's size, access to inexpensive fiber and high level
of integration relative to many of its competitors give it
competitive advantages that Fitch view as sustainable. Its business
profile is consistent with a rating in the 'BBB' category.

Like Suzano (BBB-/Stable) and Celulosa Arauco (BBB/Negative),
Klabin's leverage increased due the period of high investments, and
is higher than Empresas CMPC (BBB/Stable). Klabin's leverage
increased as a result of the construction of the Puma pulp mill and
low pulp prices following the completion of the mill have prevented
a quick deleveraging process before entering into a new investment
cycle. Liquidity is historically strong for pulp and packaging
producers, and Klabin has strong access to debt and capital
markets.

Klabin is more exposed to demand from the local market than Suzano,
CMPC and Arauco, as these companies are leading producers of market
pulp sold globally. This makes Klabin more vulnerable to
macroeconomic conditions than its peers, which is also a negative
consideration. Positively, its concentration of sales to the food
industry, which is relatively resilient to downturns in Brazil's
economy, and its position as the sole producer of liquid packaging
board, adds stability to operating results.

KEY ASSUMPTIONS

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

-- Paper and packaging sales volume of 2.3 million tons for 2021
    and 2.4 million tons for 2022;

-- Pulp sales volume of 1.6 million tons in 2021 and 2022;

-- Average hardwood net pulp price of USD650 per ton in 2021 and
    USD600 per ton in 2022;

-- Average FX rate of 5.4 BRL/USD in 2021 and 5.1 BRL/USD 2022;

-- Investments around BRL9.2 billion during 2021 and 2022;

-- Dividends around BRL355 million in 2021 and 20% of EBITDA from
    2022 on.

RATING SENSITIVITIES

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

-- Average net debt/EBITDA ratios of 2.5x or below throughout the
    pulp price cycle following completion of the expansion
    project;

-- Sustained net debt at Klabin of less than USD3.3 billion after
    completion of the expansion project.

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

-- Average net debt/EBITDA ratios of 3.5x or higher throughout
    the pulp price cycle following completion of the expansion;

-- Sustained net debt at Klabin of more than USD4.5 billion after
    completion of the expansion project;

-- More unstable macroeconomic environment that weakens demand
    for the company's packaging products as well as prices.

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: Klabin's solid liquidity position and low
refinancing risk remain key credit considerations. As of Dec. 30,
2020, the company had BRL6.5 billion of cash and marketable
securities and BRL29.1 billion of total debt, including about
BRL2.8 billion of factoring transactions as per Fitch's criteria.

The company has an extended debt amortization profile, with BRL721
million of debt maturing in 2021, BRL1.3 billion in 2022 and BRL1.1
billion in 2023, excluding factoring transactions. Financial
flexibility is enhanced by a USD500 million unused revolving credit
facility. Klabin plans to continue to finance the expansion project
with a combination of debt and operating cash flow. Fitch expects
Klabin to continue to preserve strong liquidity, conservatively
positioning it for the price and demand volatility, which is an
inherent risk of the packaging industry.

As of Dec. 31, 2020, about 65% of total debt was denominated in
U.S. dollars. Total debt consisted of bonds (40%), export credit
notes and export prepayments (15%), Agribusiness Receivables
Certificate (CRA, 14%), factoring (10%), debentures (6%) and others
(15%).

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.

[*] BRAZIL: Passes 400K COVID-19 Fatalities With High Death Toll
----------------------------------------------------------------
Pedro Fonseca at Reuters reports that Brazil became the second
country to pass 400,000 COVID-19 deaths after the United States,
and experts warned the daily toll could remain high for several
months due to slow vaccinations and loosening social restrictions.

Brazil registered 3,001 new COVID-19 deaths, taking its total since
the pandemic began to 401,186 fatalities, the Health Ministry said,
according to Reuters.

A brutal surge of coronavirus infections this year has pushed
hospitals around the country to the brink of their capacities and
led to 100,000 deaths in just over a month, the report notes.

Brazil's COVID-19 deaths have fallen slightly from a peak of more
than 4,000 in a single day in early April, prompting many local
governments to ease lockdowns, the report relates.

But infectious disease experts warned that this easing will keep
deaths elevated for months as vaccines alone cannot be counted on
to contain the virus, the report discloses.  Two experts said they
expect deaths to continue to average above 2,000 per day, the
report notes.

"Brazil will repeat the same mistake as last year," said
epidemiologist Pedro Hallal, who led a national study on COVID-19.

"What will Brazil do now? Go back to easing restrictions and that
will stabilize us at 2,000 deaths per day, as if 2,000 deaths from
a single disease in one day is normal," he added.

India has recently surpassed Brazil in average daily deaths,
although Brazil has a higher cumulative toll despite having a
population one-sixth the size of India's, the report relays.

The surge in infections is being driven by the P.1 coronavirus
variant discovered in Brazil that is believed to be 2.5 times more
contagious that the original version, the report notes.

The vaccine rollout, with only about 13% of people having received
one shot to date, has not been enough to contain the spread without
social restrictions, said Diego Xavier, a researcher at government
health institute Fiocruz, the report discloses.

He also predicted more than 2,000 deaths per day would become the
norm without a major acceleration in vaccinations, as has been seen
in countries like the United States, the report relays.

The experts blamed the death toll on the failure of government -
from President Jair Bolsonaro to many state governors and mayors -
to launch a strong enough response to the pandemic, the report
notes.

"We have reached this number of 400,000 deaths mainly because of
the managerial incompetence of this government, led by the
president," said Jamal Suleiman, a doctor at the Emilio Ribas
Infectology Institute, the report adds.

The report relays that Bolsonaro has downplayed the severity of the
virus since the beginning, opposed strict lockdown measures, failed
to strongly endorse masks and only recently embraced vaccines.

The vaccination campaign has faltered with the Health Ministry over
the weekend saying that 30% fewer vaccines were received than
expected in January to April, the report notes.

Many municipalities have run out of vaccines and cannot administer
second shots as planned, while others have seen long lines as many
people fear supplies will not last, the report discloses.

Brazil's first batch of Pfizer vaccines arrived in the country. The
initial delivery was just over 1 million doses, with the U.S.
company set to deliver 100 million shots by the end of the third
quarter, the report relays.

Bolsonaro insists the country must get back to business as usual,
arguing that the economic hardship for Brazilians is equally as bad
as the pandemic itself, the report notes.

The Senate launched a special committee investigating possible
wrongdoing in the government's pandemic response, promising to call
current and former top officials in Bolsonaro's administration to
testify, the report adds.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B'
long-and short-term foreign and local currency sovereign credit
ratings on Brazil. The outlook on the long-term ratings remains
stable.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020). Moody's credit rating for Brazil
was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.



===============
C O L O M B I A
===============

CREDIVALORES-CREDISERVICIOS SA: S&P Affirms 'B/B' ICRs, Outlook Neg
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term and 'B' short-term
issuer credit ratings on Credivalores - Crediservicios SAS. At the
same time, S&P affirmed its 'B' issue-level rating on the firm's
senior unsecured notes. The outlook remains negative.

Rationale

S&P said, "We expect above-average loan growth to outpace the
firm's capital growth in 2021, resulting in a forecasted RAC ratio
at about 5.1% for the next couple of years. If the ratio falls
below 5% due to higher-than-expected growth in RWAs or lower
profitability amid a slower recovery of fee and net interest income
or higher provision charges, we could lower the ratings. On the
other hand, we expect the improved credit profile of Credivalores'
client base, the borrower relief programs, and economic recovery to
limit further loan deterioration." In this sense, asset quality
metrics should be better than we initially expected. Similarly, a
rebound in loan collections and new funding sources should allow
the NBFI to meet its operating objectives and financial obligations
for the next 12 months.

The rollout of digital channels allowed the firm to post a 22.3%
loan growth in 2020 despite the pandemic-induced economic shock.
Such growth and gains from the repurchase of outstanding market
bonds at a discount compensated for the lower fee income and
contributed to operating revenue growth of 11.4%. S&P said, "For
the next couple of years, we expect the expanded digital platform
as well as current and new commercial alliances for loan
originations will increase customer engagement, resulting in loan
and operating revenue growth of double digits. We'll also monitor
the impact of loan securitizations and loan sales to the firm's
owned portfolio base and RWA growth, but we expect Credivalores to
keep a leading position in Colombia's NBFI segment. This will
result in the 1.6% and 2.3% market shares in Colombia's payroll and
credit cards lending segments, respectively. Digitalization will
also improve efficiency and restrain operating expense growth given
that currently more than 62% of total origination occurs through
digital channels; however, we expect profitability to remain modest
in 2021. This is mainly because, the above-average cost of
risk--although decreasing--will still reflect challenging economic
conditions. Therefore, our forecasted RAC ratio will remain at
about 5.1% for the next couple of years, compared with 5.5% as of
December 2020."




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

DOMINICAN REPUBLIC: Suspends Colombia, Peru Imports Due to Fungus
-----------------------------------------------------------------
Dominican Today reports that the Ministry of Agriculture reported
that it adopted a series of preventive and educational measures to
protect local banana production from a dangerous fungus that
affects countries in the region.

In this sense, it suspended the importation of roots, tubers,
rhizomes, or corns and planting material of Musaceae from countries
affected by the agricultural pest Fusarium oxysporum f. sp. cubense
race four tropical (Foc R4T) to prevent entry and spread in
Dominican territory, according to Dominican Today.

Given the presence in Colombia and recently in Peru of the Fusarium
Foc TR4 fungus, which causes the Banana Wilt disease, through the
Department of Plant Health, in conjunction with associations of
banana producers and state agencies, the entity intensified
phytosanitary surveillance in ports, airports, border posts, and
farms, as well as all vegetative material from South America, the
report notes.

Measures

Agriculture suspended imports of rhizomes of ginger (Zingiber
officinale) and turmeric (Curcuma longa), potato tubers (Solanum
tuberosun), handicrafts, and musacea plants from these using an
official circular and resolution, the report relays.

Other measures that will come into force in the coming days are the
visual promotion of warnings and indications in rural areas, farms,
border posts, ports, and airports, the report relates.

In addition, the placement of sanitary mats in passenger lounges of
the country's international airports and tourist ports were
ordered, and the placement of a treatment arch in the Port of
Manzanillo for disinfection of containers, the report discloses.

The information was released during a meeting headed by the Chief
of Staff, Fredy Fernandez; Jose Miguel Cordero Mora, Vice Minister
of Extension and Training; Rosa Lazala, Director of Plant Health;
and the agricultural advisers Jesus de los Santos and Luis Ernesto
Perez Cuevas, the report discloses.

In addition, Hilario Pellegrini, president of the Dominican
Association of Banana Producers (ADOBANANO), and representatives of
military institutes such as the Ministry of Defense and specialized
security bodies CESFRONT, CESEP, SEMPA, and the General Directorate
of Customs participated, 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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ATAYDE CIRCUS: To Resume Operations After Difficult Year
--------------------------------------------------------
The Latin American Herald reports that after a year of folded tents
due to the COVID-19 pandemic, Mexico's Atayde Brothers Circus will
begin operating once again in an iconic venue, the Ciudad Esperanza
Iris Theater in Mexico City, where it will put on a "contemporary
circus" performance complete with a "magical shows."

"After a very difficult year where the circus was hit hard because
we couldn't work with any seating capacity, they've invited us to
this reopening of Mexico City theaters . . . and it's in this very
emblematic theater we're going to be very happy," the general
manager of the circus, Celeste Atayde, told EFE in an interview.

From April 29 to May 2, the circus will put on six "magical shows"
at the theater in the capital's Historic Center, according to The
Latin American Herald.

The Atayde dynasty's circus, with its 133 years of tradition, has
survived many crises and has never died out as beloved
entertainment, the report notes.

The crises have included the Mexican Revolution, the recent laws
prohibiting the use of animals and the coronavirus pandemic, but
the circus has surmounted every obstacle, showing not only its
resilience but also its strength and future, the report relays.


MAXCOM: S&P Lowers ICR to 'D' on Missed Interest Payment
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit and issue-level rating
on Mexico-based telecom services provider, Maxcom
Telecomunicaciones S.A.B. de C.V. (Maxcom) to 'D' from 'CCC-'. The
company has announced that it won't make the $2.3 million interest
payment due April 25, 2021 (effective April 26, 2021) on its 8.00%
senior secured notes due 2024. The downgrade reflects our view that
Maxcom won't make the interest payment within the 30-day grace
period, equivalent to about $2.3 million. The company continues
discussions with its shareholders regarding strategic alternatives,
and S&P believes these would result in a comprehensive debt
restructuring or a bankruptcy filing.

Maxcom still has limited access to financial markets and capital
sources, given the considerable tax claim from Mexico's Servicio de
Administración Tributaria (SAT). As of this report's date, the
company remains in dispute with the Mexican tax authorities.




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X X X X X X X X
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[*] BOND PRICING: For the Week April 26 to April 30, 2021
---------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
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
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
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


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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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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