---

       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, May 5, 2021, Vol. 22, No. 84

                           Headlines



B E R M U D A

ALTERA INFRASTRUCTURE: Fitch Places 'B' IDR on Watch Negative


B R A Z I L

BANCO DAYCOVAL: Fitch Affirms 'BB-' LT IDRs, Outlook Negative
BANCO PINE: Fitch Affirms 'B-' LT IDRs, Outlook Negative
BRAZIL: Almost 70% of Cos. in Rio de Janeiro Defaulted Last Quarter
BRAZIL: Prices for Main Agricultural & Livestock Products Up in Q1


C A Y M A N   I S L A N D S

BCP VII: Moody's Affirms B3 CFR, Outlook Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Cement Prices Up 29.23%, Cibao Builders Says


P A N A M A

BANCO GENERAL: S&P Assigns 'BB-' Rating to New Tier 1 Hybrid Notes


P U E R T O   R I C O

LIBERTY COMMUNICATIONS: Fitch Ups Ratings of Sr. Sec. Loans to BB+
STONEMOR INC: Prices Offering of $400 Million Senior Secured Notes


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Lockdown a 'Necessary Evil', PM Says

                           - - - - -


=============
B E R M U D A
=============

ALTERA INFRASTRUCTURE: Fitch Places 'B' IDR on Watch Negative
-------------------------------------------------------------
Fitch Ratings has placed Altera Infrastructure L.P.'s (Altera) 'B'
Issuer Default Rating (IDR) and senior unsecured instrument ratings
on Rating Watch Negative (RWN).

The RWN reflects a potential reduction in Altera's business profile
given the assessed outcomes of the company's current strategic
review. Altera's shuttle tanker business has been a source of
stable, contracted cash flows, the benefits from which were
highlighted over the very challenging past year in the energy
industry. Altera's floating production, storage and offloading
(FPSO) and floating storage and offloading (FSO) businesses also
benefit from contracts with strong counterparties, but the tenor of
these contracts is much shorter compared to shuttle tankers. While
Altera's financial profile may be improved through the use of
proceeds to repay existing debt, concerns would remain over the
reduced visibility into future cash flows.

Fitch expects to resolve the RWN in the next few months once the
strategic review is concluded.

KEY RATING DRIVERS

Potential Transaction: Along with 4Q20 earnings, Altera announced a
strategic review. One of the possible outcomes is a full or partial
sale of Altera's shuttle tanker business. This business generated
just over $270 million in (Altera calculated) adjusted EBITDA in
2020 and had approximately $1.2 billion in secured and $450 million
in unsecured debt outstanding at year-end 2020. Altera's shuttle
tanker segment has consistently generated stable cash flows, and
that stability is expected to continue given the current slate of
contracts and fleet of shuttle tankers. While the full or partial
sale of the shuttle tanker business may improve leverage at Altera,
a reduced contract tenor leading to reduced visibility into future
cash flows could weaken Altera's credit profile.

2020 Largely as Expected: Altera performed well amid a stressed
scenario in 2020. EBITDA came in very close to the prior Fitch
forecast and consolidated leverage (defined below) of 6.7x was as
expected. Altera largely avoided any material business
interruptions or financial impacts from the coronavirus in 2020,
highlighting the contracted and essential nature of the services
provided. In 2020, Altera extended the Itajai FPSO contract to
2026, extended the Knarr FPSO contract through March 2022, and
signed a five-year contract of affreightment (COA) with ENI for the
equivalent of one vessel (100% utilized), in addition to taking
delivery of four newbuild shuttle tankers. Furthermore, Altera sold
three vessels in 2020 for net proceeds of $28 million.

Stability Through Contracts: FPSO and FSO, as well as time and
bareboat charter shuttle tanker contracts are akin to take-or-pay
contracts in the pipeline space and provide Altera with very good
revenue visibility. While the COA contracts have volume
uncertainty, Altera's historical utilization has been very
consistent, supporting steady expected future cash flows. With the
majority of Altera's business covered by a combination of these
supportive contracts at present, Fitch views Altera's revenue base
as stable.

Re-Contracting Risk and Optionality: The FPSO, shuttle tanker and
FSO businesses operate under long-term, fixed-fee contracts, for
the most part. There has been and likely will continue to be some
variability in results as these contracts expire and need to be
renewed/extended or vessels need to be redeployed (or sold).
Re-contracting risk is most apparent in the FPSO segment. With only
seven vessels and day rates that are higher than other Altera
vessels, the fate of each FPSO unit can impact overall Altera
results. The company has two FPSO units currently in lay-up, one
FPSO unit being redelivered and one FPSO contract set to expire in
2022. Altera's ability to extend these contracts, redeploy these
vessels, or extract sufficient value through a sale, represent
upside potential versus expectations.

Structural Subordination: Altera's capital structure has a
significant amount of secured debt at the vessel level, making
Altera-level debt structurally subordinate to roughly $2.4 billion
in subsidiary-level debt. The structurally superior debt encumbers
45 of 51 vessels and holds first-lien secured interests in those
vessels. The company receives distributions from two
non-consolidated JVs, which had roughly $580 million in debt at
year-end 2020. Vessel operating performance difficulties or cash
flow disruptions could negatively impact the ability to service
obligations at the Altera level.

Declining Near-Term Capital Needs: As of Dec. 31, 2020, Altera's
future contractual obligations for newbuild shuttle tankers were
approximately $249 million, consisting of $176 million in 2021 and
$73 million in 2022. Altera has financing secured to complete its
current newbuild program and has made a large milestone payment
already in 2021. Based on currently announced growth projects,
Fitch expects Altera to generate positive FCF once the newbuilds
are in operation. Additionally, Altera's refinancing needs are
minimal over the next 12 months.

Strong Counterparties: Fitch estimates that investment-grade
customers make up approximately 70% of Altera's revenue. Given the
high percentage of strong credit quality counterparties, Altera's
risk of lost revenue due to customer default is remote. This risk
is further mitigated by the ability to redeploy shuttle tankers and
towage vessels relatively quickly without incurring significant
additional costs.

Supportive Sponsor: Fitch believes Brookfield to be a supportive
sponsor of Altera. Financial support is evidenced by a $610 million
equity investment and repurchase/cancellation of preferred units in
2017. Additionally, Brookfield extended the maturity on the
committed unsecured credit facilities provided to Altera to 2024
and increased the amount available to $325 million, from $125
million. Fitch views the potential added flexibility afforded by
being a Brookfield controlled/owned entity as being relatively
positive for Altera's credit profile. However, Altera's ratings do
not reflect any explicit notching from Brookfield.

DERIVATION SUMMARY

Altera is unique among Fitch's publicly rated Midstream coverage
given its niche marine focus. From an operating perspective,
Altera's FPSO and shuttle tanker segments compare to midstream
pipeline transportation and gathering assets. Furthermore,
operations within Altera's FSO segment compare to more conventional
oil and liquids storage peers. Roughly 70% of Altera's revenue is
contracted under intermediate to long-term, take-or-pay like
contracts with large counterparties. Additionally, roughly 15% of
the company's revenue comes from shuttle tankers operating in the
North Sea under volume-exposed, intermediate-term contracts of
affreightment.

The average contract life, as of Dec 31, 2020, for Altera's FPSO
business is 2.5 years (inclusive of JVs and exclusive of extension
options), 6.6 years for its shuttle tankers operating under time
charters, 2.2 years for its shuttle tankers operating under
contracts of affreightment and 1.5 years for the FSO business. As
such, Altera's contract tenor compares less favorably to higher
rated midstream energy peers Cheniere Energy Partners, L.P. (CQP;
BB/Positive) and Prairie ECI Acquiror LP (Prairie; B+/Negative).
Additionally, CQP benefits from generating essentially all of its
revenue from take-or-pay style contracts. Fitch views CQP's
undiversified cash flows in LNG export as a stronger business than
Altera's offshore offerings, and, as the most significant player in
the U.S. LNG export market, CQP features size and scale
advantages.

Fitch estimates that roughly 70% of Altera's consolidated revenue
comes from investment-grade counterparties. This is consistent with
several of Fitch's 'B' category rated midstream-focused service
providers, where investment grade counterparty exposure ranges from
40% to 80. Altera's counterparty credit profile compares less
favorably to CQP, where counterparty exposure is entirely
investment-grade, but more favorably versus Prairie.

Debt held at Altera is structurally subordinate to a significant
amount of operating subsidiary level debt both on a secured and
unsecured basis, similar to CQP and Prairie. Leverage at Altera, on
a consolidated basis (defined below), is expected to be elevated
through 2021 (at or above 5.5x) due mainly to spending on growth
projects, then improve towards 5.0x later in the forecast period,
lower than both Prairie and CQP.

KEY ASSUMPTIONS

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

-- Oil production/development in the North Sea, offshore Brazil
    and off the East Coast of Canada consistent with the Fitch
    price deck, such as the 2021 Brent price of USD58 per barrel
    and long-term Brent price of USD53 per barrel, respectively;

-- Currently contracted shuttle tanker, FPSO and FSO vessels
    produce cash flows consistent with contract parameters over
    the respective contract terms;

-- FPSO and UMS vessels currently in lay-up remain unutilized
    over the forecast period or until sold;

-- The Varg, Voyageur Spirit and Piranema Spirit FPSO vessels are
    not redeployed over the forecast period;

-- Utilization rates in the North Sea shuttle tanker COA pool to
    remain near 80%;

-- Utilization and day rates in the towage segment improve in
    2021 and beyond, compared to 2020, as expected increased
    industry activity drives improved supply/demand dynamics for
    towage and offshore installation vessels/services;

-- Overall indebtedness decreases from current levels over the
    forecast period, driven largely by amortization of vessel
    level debt;

-- Altera successfully refinances its major FPSO and shuttle
    tanker vessel-level debt to better match current contract
    expirations and/or after signing new contracts;

-- The recovery analysis assumes that Altera would be considered
    a going-concern in bankruptcy. Fitch has assumed a standard
    administrative claim of 10%. The going-concern EBITDA estimate
    of $510 million reflects Fitch's view of a sustainable, post
    reorganization EBITDA level upon which Fitch bases the
    valuation of the company. As per criteria, the EBITDA reflects
    some residual portion of the distress that caused the default.
    The current going-concern EBITDA estimate is consistent with
    the previous recovery exercise completed in August 2020;

-- An EV multiple of 6x is used to calculate a post
    reorganization valuation and is in line with recent
    reorganization multiples for the energy sector, including
    three cases in the last five years from the midstream sector
    in the U.S.

RATING SENSITIVITIES

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

-- The Outlook could be placed at Stable if, in the event an
    asset sale transaction is consummated, consolidated leverage
    (defined as total consolidated debt inclusive of 50% equity
    treatment of preferred equity divided by consolidated EBITDA
    inclusive of cash distributions from non-consolidated JVs) and
    standalone leverage (defined as Altera-level debt inclusive of
    50% equity treatment of preferred equity divided by cash
    distributions from consolidated subsidiaries and non
    consolidated JVs) improve from current levels;

-- Consolidated leverage (as defined above), for Altera as it
    exists today, below 5.0x on a sustained basis;

-- Successful contract extension/upgrade and redeployment of FPSO
    and/or shuttle tanker vessels following current contract
    conclusions, leading to an expected increase in cash flow
    generation and decrease in leverage.

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

-- An asset sale transaction that meaningfully increases Altera's
    business risk;

-- Consolidated leverage (as defined above), for Altera as it
    exists today, sustained above 6.0x;

-- Failure to secure refinancings on existing secured maturities,
    the $250 million unsecured bonds due in 2022 at Altera Shuttle
    Tankers LLC (ShuttleCo), and/or the unsecured notes held at
    Altera due in 2023, consistent with Fitch expectations;

-- Sustained inability to re-contract expiring FPSO or shuttle
    tanker contracts or extract sufficient value through a vessel
    sale;

-- Impairments to liquidity.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: Altera's liquidity consists of cash reserves of
$236 million as of Dec 31, 2020. The terms of certain financings at
subsidiaries of Altera cause the $236 million of cash to be deemed
by Fitch as not entirely readily available. Fitch calculates
readily available cash at the Altera level to be approximately $50
million. At year-end 2020, Altera was fully drawn on the recently
extended and expanded $225 million unsecured credit facilities
provided by its sponsor, Brookfield.

Altera also has two secured revolving credit facilities at the
subsidiary level; however, these two facilities are fully drawn.
The two secured revolvers function more similarly to term loans or
mortgages, where the entire amount is borrowed upfront, and
amortizations of principal and interest are expected over the loan
life. Only the Brookfield provided revolvers are available for
immediate liquidity beyond available cash.

In February 2021, Brookfield extended an additional $100 million in
unsecured credit facilities to Altera ($70 million to ShuttleCo and
$30 million at the Altera-level). Beyond the current newbuild
program (discussed below), ongoing maintenance capital requirements
are minimal (approximately $20 million to $40 million per year) and
along with working capital needs can be handled by Altera's ongoing
operations, in Fitch's view.

Altera's credit facilities contain certain financial covenants. The
company is in compliance with these covenants, and Fitch expects it
to remain in compliance with them over the forecast period.

Altera is proceeding through the final leg of a seven-vessel
shuttle tanker newbuild program that is expected to cost
approximately $970 million in total. Six of the seven vessels have
been delivered to Altera, and four of the delivered vessels are
currently in operation. The newbuild vessels are fully contracted,
and Altera has successfully secured all financing necessary to
complete construction. The last vessel is expected to be delivered
in early 2022, and, once in operation, these newbuilds are expected
to improve Altera's cash generating ability (through contracts
signed at higher day rates).

Altera depends on the strength of the ship-finance and
fleet-finance markets. Fitch believes that Altera will be able to
refinance its subsidiary debt when due. Presently, Altera's
maturity schedule is manageable with less than $30 million in
secured debt maturing through the first quarter of 2022. This is in
addition to $200 million to $300 million in scheduled annual
vessel-level amortization. These obligations are serviced prior to
any upstream distributions being made to intermediate holdcos and
parent entities. Fitch believes required vessel amortization can be
handled with cash generated from operations.

The company successfully extended and expanded its sponsor-provided
revolver (from $125 million to $225 million), which now matures in
October 2024. ShuttleCo has $250 million in unsecured debt due in
2022, and Altera has $687 million in unsecured debt maturing in
2023. Fitch assumes the company can refinance these unsecured debts
when due. While vessel mortgage refinancing is a concern, since
this requires near-constant access to the commercial banking
capital markets, the quality of Altera's assets (with the
underlying contracts/counterparties) and the over-collateralized
nature of those loans, as well as management's track record of
getting deals done when necessary, reduces those worries.

SUMMARY OF FINANCIAL ADJUSTMENTS

As per Fitch's 'Corporate Hybrids Treatment and Notching Criteria'
cross-sector criteria, Fitch treats the relevant securities for
Altera as 50% debt and 50% equity. Referenced leverage metrics are
adjusted as follows: consolidated balances and flows are used;
preferred shares are given 50% debt credit, 50% equity credit;
distributions from investees accounted for under the equity method
of accounting are included in EBITDA and equity earnings from these
entities are excluded.

ESG CONSIDERATIONS

Altera Infrastructure L.P. has an ESG Relevance Score of '4' for
Group Structure and Financial Transparency as the company has an
extremely complex group structure with significant structural
subordination and provides limited transparency on ship level
financings. This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
Altera, either due to their nature or to the way in which they are
being managed by the company.



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

BANCO DAYCOVAL: Fitch Affirms 'BB-' LT IDRs, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Banco Daycoval S.A.'s Long-Term, Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'BB-'. The
Rating Outlook on the IDRs is Negative. In addition, Fitch has
affirmed the bank's National Long-Term Rating (NLTR) at 'AA(bra)'.
The Rating Outlook on the NLTR is revised to Stable from Negative.

The Outlook revision on Daycoval's NLTR reflects Fitch's view that
the bank has sufficient headroom to absorb risks and maintain its
current rating. In particular, Fitch believes Daycoval has enough
buffers in form of capital and excess reserves to absorb the
potential shocks from a more adverse economic scenario. The bank
maintained sound pre-impairment profitability ratios during 2020,
which gives Fitch greater confidence that its financial profile
will remain consistent with its current NLTR over the next two
years.

KEY RATING DRIVERS

VIABILITY RATING (VR), IDRS, SENIOR DEBT AND NATIONAL SCALE
RATINGS

The operating environment and company profile highly influence
Daycoval's ratings. The bank has a well-established niche
franchise, in particular in the SME segment, where it has some
degree of pricing power and adequate risk-based pricing. This model
has supported above-peer earnings through the cycles. Daycoval's
company profile also encompasses some risk diversification out of
the SME segment (benefiting its credit risk profile) from its
payroll-lending, adequate capitalization and a stable funding and
liquidity profile.

The Negative Outlook on the IDRs reflect Fitch's view of
medium-term risks to Daycoval's ratings if Fitch's downside
scenario were to materialize. The operating environment score for
Brazilian banks remains at 'b+'/Negative, as even though Fitch
expects GDP growth of 3.2% in 2021, unemployment remains high and
downside risks could dampen the recovery. Given this challenging
operating environment, bank credit profiles will remain under
pressure.

Daycoval's main focus remains SME lending (77% of total loans at
end-2020) where it has good product expertise and some pricing
power. The bank complements its operation with lower-risk payroll
deductible loans (20%), which contributes positively to Daycoval's
credit risk profile and provides the bank revenue stability,
especially in periods of stress. This, combined with resilient
asset quality to date, has supported steady profitability despite
competition and pressure from low interest rates in recent years.

Daycoval's asset quality remains vulnerable to changes in the
operating environment but its ratios have remained relatively
stable in the context of the local market as the bank has
maintained adequate underwriting standards through various economic
cycles. Daycoval's impaired loan ratio (which includes D-H rated
loans) declined to 4.4% at end-2020 (from 5.8% at end-2019), while
non-performing loans (NPLs) above 90 days remained low at 1.7% at
end-2020 (1.5% at end-2019). The bank's improved - reserve coverage
of impaired loans also provides some protection in the current
environment.

Our base case assessment assumes that asset quality will remain
under pressure until at least 2022, but it should remain manageable
aided by the bank's proactive risk management and improved economic
prospects from 2H21 onwards. The small amount of renegotiated loans
related to the pandemic at this stage (around 4% of total loans)
signals that borrowers' repayment capacity remains adequate so far.
During 2020, the bulk of Daycoval's net new lending was related to
credit operations initiated under the Emergency Access to Credit
Program (FGI PEAC), created by the federal government to support
small and medium-sized companies during the pandemic. Daycoval's
FGI-PEAC operations have a credit risk guarantee of 80%, which
should also limit NPL growths in the near term.

Daycoval's niche franchise, adequate risk-pricing and very strong
operating efficiency (cost/income ratio of 37% in 2020) relative to
domestic commercial banks structurally supports its resilient
pre-impairment profitability, which is a rating strength.
Pre-impairment profit was an average 5.5% of total assets over the
last five years, with limited volatility. While Fitch expects
credit costs to pressure Daycoval's profitability in 2021 and 2022,
any potential deterioration in the bank's operating profit/risk
weighted asset ratio, which improved to 5.6% at YE 2020, would be
contained well within the benchmark for the bank's current rating.

Daycoval maintains moderate capital buffers above regulatory
requirements, supported by its good earnings retention rate. The
bank's common equity Tier 1 (CET1) ratio of 13.1% at YE 2020 is
strong by Brazilian standards and remains with adequate buffers
above the regulatory requirements. Capital remains sensitive to
asset quality shocks in Brazil, but capital at risk from unreserved
impaired assets (Net Impaired Loans to CET1) at YE 2020 was among
the lowest of Fitch-rated Brazilian banks given Daycoval's excess
loan loss reserves, which reflects the bank's conservative capital
management.

Daycoval largely funds its SME-oriented loan book through a
combination of wholesale deposits and financial bills (Letras
Financeiras), which accounted for 80.9% of total funding
(loans-to-deposits ratio of 132% at end-2020). Daycoval also
benefits from reasonably diversified funding sources when compared
to other domestic midsize banks, with frequent access to debt
capital markets. Daycoval's liquidity buffers adequately cover the
bank's limited forthcoming maturities (liquid assets to total
assets of 15% at end-2020).

SUPPORT RATING AND SUPPORT RATING FLOOR

Daycoval's Support Rating and Support Rating Floor were affirmed at
'5' and 'NF', respectively, reflecting the bank's low systemic
importance and Fitch's view that external support, should the need
arise, cannot be relied upon.

RATING SENSITIVITIES

IDRs, VR AND SENIOR DEBT

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

-- The most immediate downside sensitivity for Daycoval's ratings
    relates to the economic and financial market fallout arising
    from the coronavirus crisis. The bank's ratings could be
    downgraded if there is a more substantial and prolonged
    deterioration in profitability and asset quality than we
    currently envisage, or if its CET1 ratio is sustained below
    12% without credible prospects to be restored;

-- Daycoval's ratings remain sensitive to a downgrade of Fitch's
    'b+' operating environment score for Brazilian domestic banks.
    A sovereign rating downgrade would result in a similar action
    on Daycoval's VR and Long-Term IDRs due to the constraint of
    the sovereign's ratings.

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

-- Daycoval's IDRs currently have a Negative Outlook, which makes
    an upgrade highly unlikely in the near future;

-- A sustained recovery in the macroeconomic environment,
    including a reduction of vulnerabilities in the Brazilian
    economy could underpin an Outlook revision to Stable;

-- A positive rating action on the sovereign would lead to a
    similar action on the bank.

NATIONAL RATINGS

Changes in Daycoval's IDRs or in the bank's credit profile relative
to its Brazilian peers could result in changes in its national
ratings.

SUPPORT RATING, SUPPORT RATING FLOOR

A potential upgrade of Daycoval's Support Rating and Support Rating
Floor is unlikely in the foreseeable future, reflecting the low
probability that the bank's systemic importance would increase
materially.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

BANCO PINE: Fitch Affirms 'B-' LT IDRs, Outlook Negative
--------------------------------------------------------
Fitch Ratings has affirmed Banco Pine S.A.'s (Pine) Viability
Rating (VR) at 'b-' and its Long-Term, Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'B-'. At the same time, Fitch
affirmed Pine's Long-Term National Rating at 'BB+(bra)'. The
Long-Term (LT) Rating Outlooks are Negative.

KEY RATING DRIVERS

IDRS, VR AND NATIONAL RATINGS

The Negative Outlook on Pine's Long-Term Ratings reflects Fitch's
assessment that the bank's profitability is likely to be low in
2021 and that capitalization metrics will remain under pressure.
However, Pine's management has presented a plan to reconstitute its
capitalization metrics by the end of 2021 that could sustain its
ratings and short- and medium-term growth prospects.

Pine´s company profile, as well as its comparatively weaker
profitability and capitalization highly influence its ratings. The
ratings also consider the bank's operating environment, risk
profile and adequate funding structure and liquidity position.

Despite the challenging operating environment since the 1Q20,
Pine's current business model, which focuses on small and medium
enterprises (SMEs), in addition to its legacy portfolio, remained
relatively stable. After a period of reorienting its core business
model, over the last three years Pine has been expanding its SME
loans, that at end-2020 accounted for 31.9% of loans, up from 18%
two years before. Pine´s business model changes in addition to its
relatively limited track record and difficulties to execute its
current strategy have a high importance and also affects its
ratings.

In Fitch's view, Pine's ability to successfully implement its
current strategy has been curbed by the impact of its legacy
portfolio over its profitability, that led to weak capitalization
metrics. At the same time, Pine's difficulties selling its relevant
consolidated foreclosed assets, that totaled BRL 956.6 million at
4Q20, have also prevented the bank from fully implementing its
strategy.

Pine's capitalization metrics continued to be weak and below other
Brazilian wholesale midsize banks' average. The bank's common
equity Tier 1 (CET1) ratio stood at 10.7%, relatively unchanged
from 10.8% in 2019 despite losses in 2020. Fitch highlights that
the Central Bank resolution 4.838, which led to a significant
increase in the CET 1 during the 3Q20, positively affected Pine's
capitalization. This positive impact will be sustained through the
end of 2025. At the same time, total regulatory capital ratio fell
to 11.7% from 12.3% at YE 2019. Pine's weak capitalization
constrains the bank's ability to absorb potential losses and fully
implement its business model.

Given growth prospects, Pine's CET 1 ratio is likely to fall below
Fitch´s trigger for a negative rating action of 9.5% in the near
term. However, management has presented a capital plan that will be
sufficient to revert this negative trend before year-end as it will
also allow the bank to continue expanding its business strategy.
Management expects to conclude this plan by the end of 3Q21, which
Fitch believes is feasible.

Pine reported lower operational losses in 2020, which improved its
operating profit /RWA ratio to -1.8% from -5.5% at YE 2019 and a
four-year average of -3.9%. Achieving management's goal of a
sustainable breakeven in 2021will remain challenging. Fitch
believes that Pine´s profitability will remain strongly correlated
to the bank's success in selling its foreclosed assets, which would
open capital space for core asset growth, and the stability of the
bank´s legacy portfolio.

Although Pine's asset quality metrics continue to compare
unfavorably with its peers, these have been gradually improving and
remained resilient even during 2020. Pine's impaired loans ratio
(classified as D-H) declined to 8.6% at YE2020 (NPLs over 90 days
at 0.6%), from around 15.6% at YE 2019 (2.5%). High levels of
write-offs in 2020 (3.4% of gross loans) in addition to loan growth
of around 12.1% (yoy) supported this trend. Fitch considers that
despite Pine´s good impaired loan coverage of 88.4% at December
2020, its relatively high concentration could pose a risk to the
bank´s asset quality and earnings metrics. The top 20 largest
clients correspond to around 30% of its expanded loan portfolio.

Pine's liquidity and funding structure, which is broadly based on
agreements with brokerages that distribute Pine´s investment
options, mainly term deposits to individuals with no liquidity,
remains good and stable. As of December 2020, the bank reported a
BRL2.4 billion cash position, which is expected to gradually
decrease to YE 2019 levels. The bank's loan-to-deposits ratio
adjusted for the local deposit-like products stood at good 54% in
December 2020, from 56% in December 2019, which compares favorably
with peers.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating and Support Rating Floor reflect Fitch's
belief that the bank is not considered a significant financial
institution locally because of the size of its market share in
deposits and credits. Thus, it is unlikely to receive external
support from the Brazilian sovereign.

RATING SENSITIVITIES

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

IDRS AND VR

-- Downward ratings pressure could arise if Pine is not able to
    restore its regulatory CET 1 capital ratio to a level above
    9.5%, which would arise from the execution failure of its
    capitalization strengthening plan and/or if large operating
    losses continue in 2021.

NATIONAL RATINGS

-- Further deterioration in operating environment that impacts
    Pine's asset quality;

-- If the bank is not able to achieve a sustainable breakeven
    point by the end of 2021.

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

IDRS, VR AND NATIONAL RATINGS

-- Given the risks associated with the coronavirus crisis, an
    upgrade is highly unlikely in the near future;

-- The Outlook could be revised to Stable if the bank is able to
    show significant improvements in its operating profitability
    and capitalization metrics, specifically a CET 1 ratio above
    12%, which largely depends on a more stable operating
    environment.

SUPPORT RATING AND SUPPORT RATING FLOOR

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

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

BRAZIL: Almost 70% of Cos. in Rio de Janeiro Defaulted Last Quarter
-------------------------------------------------------------------
Rio Times Online, cit a survey by the Fecomercio Institute of
Research and Analysis (IFEC), reports that the level of default by
companies in Rio reached an impressive 67.3% over the past 3
months. Among this percentage, 42.8% defaulted with suppliers and
42.4% failed to pay their rent.

Wilton Alves, Director of Asset Management for Sergio Castro
Imoveis, says commercial rent defaults hit a record high in April:
"By April 5th, almost 75% of commercial tenants in the central
region had not paid their rents. Among them are many who have never
been in default, note the report.

For 83.3% of entrepreneurs, the economic situation has deteriorated
further in the last 3 months, adds 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.


BRAZIL: Prices for Main Agricultural & Livestock Products Up in Q1
------------------------------------------------------------------
Rio Times Online reports that the 15 main Brazilian agricultural
products rose in price in Q1 2021, compared with the same period
last year.

The analysis is part of a memo on Agricultural Markets and Prices,
released April 29, by the Institute for Applied Economic Research
(Ipea), in partnership with the Center for Advanced Studies in
Applied Economics (CEPEA/Esalq/USP) and the National Supply Company
(CONAB), according to Rio Times Online.

The highest increases were found in soybeans, cotton, corn, cattle,
and wheat, the report notes.

                       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 A Y M A N   I S L A N D S
===========================

BCP VII: Moody's Affirms B3 CFR, Outlook Negative
-------------------------------------------------
Moody's Investors Service has affirmed BCP VII Jade Holdco (Cayman)
Ltd's ("Cerdia") corporate family rating at B3 and its probability
of default rating at B3-PD. Concurrently, Moody's has affirmed at
B3 the outstanding equivalent $595 million of senior secured term
loans B due in May 2023 (split in a $ and EUR tranche) and also has
affirmed at B3 the EUR65 million senior secured revolving credit
facility due end of May 2022 raised by Jade Germany GmbH, a direct
subsidiary of Cerdia. The outlook of both entities has been changed
to negative from stable.

"The negative outlook on all of Cerdia's ratings reflects a
combination of a highly leveraged balance sheet, restructuring
needs to lower its cost position and a short-dated debt maturity
profile that together lead to a weak positioning in the B3 rating
category. The company is reliant on its RCF, which matures in May
2022,to finance working capital swings and to offset potentially
higher than anticipated cash outs related to the closing of its
Roussillon plant in France, which in turn will lead to a
meaningfully lower cost base, and, hence, to deleverage its capital
structure over the next years, " said Janko Lukac, Moody's Vice
President and Senior Analyst. "At the same time Cerdia's very high
Moody's adj. leverage of about 7.2x gross debt/EBITDA expected by
Moody's for year end 2021 and the structurally declining end market
for tobacco position the rating very weakly in the B3 rating
category."

RATINGS RATIONALE

RATIONALE FOR THE OUTLOOK

The outlook change to negative reflects Moody's concerns that
Cerdia could face challenges to refinance its RCF and its term loan
B (maturing in May 2023) when considering its high adjusted gross
leverage for the B3 rating category at around 8.2x Moody's adj.
debt / EBITDA at year end 2020. Despite the material cost savings
from the closure of its Roussillon facility, Moody's does not
expect Cerdia's adjusted gross leverage to decline to below 7.0x
throughout the next 12 -18 months due to continuous efficiency
measures needed in order to offset cost inflation and pressure on
its global tobacco end market where cigarettes volumes decline by
more than 2% annually.

At the same time, Moody's notes that Cerdia is the smallest
competitor in an oligopolistic and structurally declining industry.
Hence, it might be difficult for Cerdia to remain cost competitive
in the future given its lower economies of scale compared to its
competitors as it only operates four plants and has already
achieved material cost reductions over the past three years.

LIQUIDITY

Cerdia's liquidity is weak, with $38 million cash on balance sheet
at year end 2020 and taking into account that its EUR65 million
(equivalent of $77 million) RCF, of which about $14.7 million are
drawn by end of December 2020, comes due on May 31, 2022. The RCF
has a springing net leverage financial maintenance covenant of
5.8x, only tested if the facility is utilized for more than 35%
(excluding letter of credits). Moody's expect Cerdia to remain in
compliance with its covenant, if it were be tested until the RCF
matures in May 2022.

For 2021, Moody's expects about EUR5 million - EUR10 million of
negative free cash flow. Moody's have assumed $32 million cash out
due to the Roussillon closure, capex of $27 million and broadly
stable working capital. Moody's does not anticipate any dividend or
other distributions to shareholders throughout the rating horizon
and notes that the company's term loan B's the outstanding
equivalent of about $595 million come due May 2023.

RATINGS RATIONALE

The B3 CFR reflects the company's (i) established position in the
global but small filter tow industry, which is consolidated and
protected by high entry barriers; (ii) vertically integrated
business model, with in-house production of flakes required to
manufacture filter tows; (iii) highly predictable end user tobacco
market, with good revenue visibility based on multi-year customer
contracts; and (iv) high company adjusted EBITDA margins of around
25% in 2020 and low capex requirements, translating into solid free
cash flows.

These positives are balanced by the company's (i) small size, with
2020 revenues of $473 million, and very narrow product portfolio
focused on filter tow and acetate flakes, which supply an end
market that is in a structural decline (tobacco); (ii) high
customer concentration, with top six key accounts representing
c.61% of Cerdia's volumes; (iii) high operational concentration,
given most of filter tow is produced at the Freiburg site in
Germany; and (iv) the industry's inherent exposure to price
pressure in future, as a result of the consolidated structure of
the customer base and the ongoing secular decline in volumes.

ESG CONSIDERATIONS

Moody's consider Cerdia's end market exposure to the tobacco
industry as a social risk, including potential regulatory changes
that could reduce demand for cigarettes and, therefore, filter
tows, as well as the risk related to the ability and willingness of
that and financial investors to refinance its debt maturities when
due. Furthermore, Moody's notice that a large part of Cerdia's
workforce is unionized, which could affect the company's ability to
further restructure its cost base.

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

Although an upgrade is unlikely given the exposure of the company
to a market in structural decline, positive rating pressure could
materialize if Cerdia: (i) meaningfully diversifies its product
offering; (ii) reduces leverage to well below 6.0x adj. debt/EBITDA
on a sustained basis; and (iii) improves its liquidity by
refinancing its RCF and long term debt well ahead of maturity.

Downgrade pressure on the rating could arise if the cost saving
program fails to offset the decline in volumes and prices as
evidenced by (i) EBITDA margins declining below twenties (ii),
leverage not declining below 7.0x adj. debt / EBITDA over the next
12- 18 months, (iii) a weakening of the group's liquidity as
evidenced by negative free cash flows, a weakening under the
covenant headroom or an unsuccessful refinancing of the term loan
one year ahead of its maturity and its RCF over the next months.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

COMPANY PROFILE

Cerdia is a leading supplier of cellulose acetate filter tow, a
critical component used by tobacco companies for cigarette filters,
with net sales of $473 million in 2020. Acetate filter tow
represented more than 93% of 2020 revenues, with the rest split
between acetate flakes mainly used for cigarette filters (2%) and
sale from other products and services (6%). Cerdia's four plants
are located in Germany, Russia, Brazil and the US. The company was
spun-off rom Solvay SA (Baa2 stable), which sold it to private
equity fund Blackstone via an LBO deal 2017.



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

DOMINICAN REPUBLIC: Cement Prices Up 29.23%, Cibao Builders Says
----------------------------------------------------------------
Dominican Today reports that the Association of Housing Developers
and Builders of Cibao (Aprocovici) denied that cement maintains the
lowest price among construction materials and reiterated that since
last February, the product had increased 29.23%.

The entity explained in a press release that the information
disseminated attributed to a comparative study by the Costa Rican
Chamber of Construction does not correspond to reality, "because
what is real and verifiable in any hardware store is that, as of
today, a bag of cement costs RD$363," according to Dominican
Today.

"The data disclosed by a newspaper of national circulation where it
is stated that cement is kept in the country's hardware stores 18%
lower than the average of other countries, does not correspond to
reality," he said, the report notes.

The Cibao builders revealed that what has to matter is the price
behavior of the cement sleeve in the domestic market, which as of
11 January 2020 was being sold at RD$289.99; a year later, the
price was RD$354.99 and currently stands at RD$363 per sleeve,
which is evidence that from 2018 to date they have increased by
45%, the report relays.

"No matter how much they want to manipulate, that reality cannot be
denied because it is very sensibly felt in the cost of housing in
our country," he points out, the report discloses.

He dismissed that cement is one of the construction inputs with
lower price increases in local currency in the country, "which
completely distorts the upward price movement that this has
developed continuously," the report adds.

                     About Dominican Republic

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

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

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

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

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

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





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

BANCO GENERAL: S&P Assigns 'BB-' Rating to New Tier 1 Hybrid Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue-level rating
to Banco General S.A.'s (BBB/Stable/A-2) perpetual non-cumulative
fixed-to-fixed Tier 1 subordinated notes for up to $500 million.
The rating on these hybrid notes is subject to our review of the
final documentation. The bank will use the proceeds to prepay its
existing $218 million perpetual notes, and the remainder for
general business purposes and loan growth. In S&P's view, the
proposed issuance will strengthen the bank's capital base and
maintain the funding profile's diversification.

In accordance with S&P's criteria for hybrid capital instruments,
the rating on these notes is four notches below the issuer credit
rating (ICR), reflecting:

-- One notch that the notes are contractually subordinated to
other senior debt.

-- Two additional notches downward for the notes' discretionary
non-payment clause, which allows the instrument to defer coupon
payments while classified as regulatory Tier 1 in a jurisdiction
that's aiming to adopt Basel III standards, such as Panama.

-- An additional notch because, in S&P's view, the Panamanian
regulator has the capacity to impose losses on the instrument under
non-viability.

Once Banco General's hybrid capital notes have been issued and
confirmed as part of the bank's Tier 1 capital base, S&P expects to
assign intermediate equity content to them, because the notes meet
all of the following characteristics:

-- The instrument is capable of differing non-cumulative interest
payments without triggering a default.

-- No material restrictions on the ability to defer or otherwise
absorb losses while the issuer is a going concern.

-- The notes are perpetual.

-- No step-up clauses or alternative incentives to redeem.

Given that the notes would hold intermediate equity content
according to our hybrids criteria, the net increase of $282 million
($500 million minus the existing $218 million that the bank will
replace) will result in a projected risk-adjusted capital (RAC)
ratio of 14.7% for the next 24 months. In this sense, despite the
improvementin the RAC ratio, S&P's assessment of Banco General
capital and earnings remains strong, which is between 10% and 15%.

The notes would only make up 3.4% of the bank's total funding base,
so there wouldn't be substantial changes in the funding structure.
S&P said, "In our opinion, Banco General's funding structure will
continue to represent an additional credit strength. Core customer
deposits account for 92% of the bank's total funding base as of
December 2020, which we view as more stable during adverse market
and economic conditions."

As of December 2020, Banco General holds 28.1% of the domestic
market in terms of core customer deposits and is the leading lender
in Panama. S&P said, "In our view, Banco General's large and stable
deposit base allows for an adequate and improving stable funding
ratio (SFR). The latter was 126.2% as of December 2020 and 118% on
average during the past three years. We expect the SFR to remain
above 100% after including the proposed notes, since there is no
major impact in the funding mix. Finally, we would continue to
expect that the bank will finance its long-term funding needs with
long-term liabilities to avoid significant mismatches on the
balance sheet."

The proposed issuance will bolster an already solid liquidity
profile. The bank's liquidity management became a priority during
2020 in order to mitigate market uncertainties. In this sense,
Banco General always maintained above 1x its regulatory LCM during
the year, reaching 2.3x during the the second quarter of 2020, the
peak of the pandemic-induced crisis.

  Ratings List

  NEW RATING

  Banco General S.A.
   Senior Subordinated  BB-




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

LIBERTY COMMUNICATIONS: Fitch Ups Ratings of Sr. Sec. Loans to BB+
------------------------------------------------------------------
Fitch Ratings has upgraded Liberty Communications of Puerto Rico
LLC's (LCPR) revolving credit facility (RCF), LCPR Loan Financing
LLC's 2028 Term Loan, and LCPR Senior Secured Financing Designated
Activity Company's 2027 and 2029 notes to 'BB+'/'RR1' from
'BB'/'RR3'. Fitch has also affirmed LCPR's Long-Term Issuer Default
Rating (IDR) at 'BB-'/Outlook Stable. Fitch has removed the Under
Criteria Observation (UCO) designation from the instrument ratings
and IDR.

The rating actions reflect Fitch's revised approach under its
Recovery Ratings Criteria published April 9, 2021. LCPR's secured
debt ratings qualify as "Category 1 first lien", which results in a
'RR1' (+2 notches) Recovery Rating. LCPR's ratings continue to
reflect the company's strong business position in pay-TV and
broadband services as well as a strong post-merger mobile offering
in Puerto Rico. The Stable Outlook reflects Fitch's expectation
that the company will be managed with moderately high amounts of
leverage, with excess cash upstreamed to parent Liberty Latin
America (LLA, not rated).

KEY RATING DRIVERS

Secured Instrument Recovery Prospects: The rating actions reflect
Fitch's revised approach to Recovery Ratings under the new Recovery
Ratings Criteria published on April 9, 2021. LCPR's 'BB+' secured
debt ratings positively incorporates the collateral support
included in the transaction structure. The instruments are secured
by first priority liens over LCPR assets and by pledges over LCPR
equity shares, qualifying as a Category 1 designation, an 'RR1'
recovery rating, and a two-notch uplift from LCPR's 'BB-' LT IDR.

DERIVATION SUMMARY

LCPR's credit profile is in line with sister companies Cable &
Wireless Communications Limited (C&W, BB-/Stable) and VTR Finance
N.V. (BB-/Stable). Fitch forecasts each to maintain Net Debt /
EBITDA at or above 4.0x, and each has a strong competitive position
in their respective markets, which is offset by their lack of
geographic diversification on an individual basis.

LLA's financial management strategy targets net leverage around
4.0x and is expected to be acquisitive. The high degree of cash
movements also supports the equalization of ratings across the
three credit pools.

Compared with Caribbean peer Digicel International Finance Limited
(CCC+), LCPR has a more diversified product portfolio, which is
more subscription based, and a less leveraged capital structure.
Furthermore, consolidated leverage at the parent is much lower at
LLA (NR) than at Digicel Group Holdings Limited (CCC). Digicel's
aggressive corporate governance also justifies a multi-notch
differential.

LLA has a business profile similar to Millicom International
Cellular SA's (MIC; BB+/Stable), a holding company whose
subsidiaries have leading positions in several markets. LLA's
revenue base has a higher proportion of dollars and subscription
revenues, while Millicom's revenues are primarily local currency
denominated. Both have seen leverage increase as a result of
acquisitions. However, LLA's leverage remains higher than MIC's,
which Fitch expects to decline to around 3.0x over the medium
term.

KEY ASSUMPTIONS

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

Fixed Operations:

-- Fixed RGUs to grow by about 1% overall, as growing broadband
    penetration offsets flat to declining pay.

-- TV and telephone over the medium term.

-- Blended Fixed ARPU to grow remain in the USD38-USD40 range as
    increases in broadband offset decreasing.

-- Pay TV and telephone over the medium term.

Mobile Operations:

-- Overall RGUs declining slightly and by 1%-2% per year, with
    ARPUs growing by approximately 1%-2% as the company focuses on
    the higher-end market;

-- Blended EBITDA margins of 39%-41% over the medium term,
    equivalent to USD530 million-USD560 million;

-- Capex of around USD220 million, or approximately 14%-16% of
    revenues;

-- Excess cash upstreamed to LLA.

RATING SENSITIVITIES

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

-- Fitch does not anticipate an upgrade as likely in the near
    term, given the company's and the larger group's elevated
    leverage profiles.

-- Longer-term positive rating actions are possible to the extent
    that Total Debt / EBITDA and Net Debt / EBITDA sustained below
    4.5x and 4.25x, respectively, at both LCPR and LLA.

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

-- Total Debt / EBITDA and Net Debt / EBITDA at LCPR sustained
    above 5.25x and 5.0x, respectively, due to a combination of
    organic cash flow deterioration or M&A.

-- While the three credit pools are legally separate, LLA Net
    Debt / EBITDA sustained above 5.0x could result in negative
    rating actions for one or more rated entities in the group.

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: LCPR had USD79 million in readily available
cash and equivalents as of Dec. 31, 2020 and no short-term
maturities, along with USD22 million in accrued interest. The
company benefits from its long-dated maturity profile, and the
financial flexibility that LLA enables by moving cash between the
three credit pools. The company also has access to a USD167.5
million revolving credit facility, which further bolsters
liquidity.

The recent USD1.32 billion transaction further improves LCPR's debt
profile and amortization schedule.

Fitch expects that the combined entity will be managed similar to
LLA's other operating subsidiaries, with moderately high levels of
leverage, and excess cash being used for dividends and M&A.

ESG CONSIDERATIONS

LCPR has an ESG Relevance Score of '4' for Exposure to
Environmental Impacts due to its presence in a hurricane-prone
region. LCPR has an ESG Relevance score of '4' for Financial
Transparency because LLA's financial disclosures are somewhat
opaque relative to peers in the region. These factors have a
negative impact on the credit profile and are relevant to the
rating in conjunction with other factors.

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

STONEMOR INC: Prices Offering of $400 Million Senior Secured Notes
------------------------------------------------------------------
StoneMor Inc. announced the pricing of $400 million aggregate
principal amount of its 8.500% Senior Secured Notes due 2029.  The
Notes will be issued at a price equal to 100% of the principal
amount thereof, plus accrued interest from May 11, 2021.  The Notes
will be senior secured obligations of the Company and will be
guaranteed by certain of the Company's domestic subsidiaries and by
any foreign subsidiary that guarantees any future credit facility.

The offering is expected to close on May 11, 2021, subject to
customary closing conditions.

The Company intends to use the net proceeds of the offering to fund
the redemption in full of approximately $338.1 million aggregate
principal amount of the outstanding 9.875%/11.500% Senior Secured
PIK Toggle Notes due 2024 together with an approximately $18.5
million prepayment premium and pay fees and expenses incurred in
connection with the offering.  Any remaining proceeds will be used
for general corporate purposes, which may include acquisitions.

The Notes have not been registered under the Securities Act of
1933, as amended, or any state securities laws and are being
offered only to persons who are reasonably believed to be qualified
institutional buyers in reliance on Rule 144A under the Securities
Act and to non-U.S. persons in offshore transactions in reliance on
Regulation S. Unless so registered, the Notes may not be offered or
sold in the United States or to U.S. persons except pursuant to an
exemption from the registration requirements of the Securities Act
and applicable state securities laws.

                        About StoneMor Inc.

StoneMor Inc. (http://www.stonemor.com),headquartered in Bensalem,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 304 cemeteries and 70 funeral
homes in 24 states and Puerto Rico.  StoneMor's cemetery products
and services, which are sold on both a pre-need (before death) and
at-need (at death) basis, include: burial lots, lawn and mausoleum
crypts, burial vaults, caskets, memorials, and all services which
provide for the installation of this merchandise.

StoneMor reported a net loss of $8.36 million for the year ended
Dec. 31, 2020, compared to a net loss of $151.94 million for the
year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$1.63 billion in total assets, $1.72 billion in total liabilities,
and a total owners' equity of($92.41 million).




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

TRINIDAD & TOBAGO: Lockdown a 'Necessary Evil', PM Says
-------------------------------------------------------
Trinidad Express reports that Prime Minister Dr Keith Rowley
ordered a wide-scale lockdown affecting many businesses including
restaurants, bars, casinos, malls, gyms, spas, cinemas and others.
The lockdown will remain in effect until May 23.  The announcement
came as the Ministry of Health reported a record 328 new cases of
the virus and two new deaths--the 19th and 20th deaths for this
month, according to Trinidad Express.

Arima Business Association (ABA) president Reval Chattergoon told
the Express he was satisfied with the PM's announcement, the report
notes.

"We asked for increased restrictions to combat Covid-19 and the
Prime Minister did exactly that," he said, notes the report. "We
are very thankful that he has not touched retail businesses just
yet but we must acknowledge that we got a stern warning for
behaviour patterns to change."

Chattergoon said along with a lockdown, there should be an increase
in the vaccination drive as well as assistance for small and medium
businesses to stay afloat, according to Trinidad Express.

He said while some may not agree with another lockdown, it is
better to "rip off the band aid" and implement tough measures now
to prevent prolonged hardship, the report discloses.

He described the lockdown as a "necessary evil", adds the report.

                     Venezuelans Causing Spike

In a response, the Confederation of Regional Business Chambers said
it was alarmed and concerned by the increasing Covid-19 numbers,
the report relays.

Co-ordinator of the Confederation, Jai Leladharsingh, said citizens
must strictly adhere to the health protocols in order to prevent
any further spread, the report notes.

However, he said the new lockdown measures will be detrimental to
businesses, the report discloses.

"The additional restrictions as articulated by the Prime Minister
will negatively impact the survivability and sustainability of the
restaurants, bars and other entertainment businesses.  This will
not augur well for the continued existence of the business
landscape."

Leladharsingh said he believed the spike in cases is being caused
by the unchecked flow of undocumented Venezuelans as evidenced by
confirmation of the origins of the Brazilian variant, the report
relates.

The report says that Health Minister Terrence Deyalsingh revealed
that the first case of the variant was detected in a Venezuelan
migrant.  He, however, warned against blaming the migrant
population for the increase in cases, the report relays.

Leladharsingh called for stricter monitoring of the country's
borders as a matter of emergency.

Leladharsingh's comments were echoed by the T&T Chamber of Industry
and Commerce which said the porous borders appear to be
contributing to the increase in cases, the report discloses.

The Chamber called for stricter monitoring of the country's borders
as well as better enforcement of existing Covid-19 regulations, the
report relays.

"What is needed is robust enforcement of the current measures," the
Chamber said in a release.

"Many private sector organisations have implemented the required
safety measures to keep their staff and customers safe.

"The additional restrictions will hurt the compliant businesses
while lack of enforcement with the non-compliant businesses and
individuals continue to put our citizens at risk.  We would like
the government to re-consider the position on food and beverage
take way and delivery services."

It added that Government must reconsider providing financial
support for affected businesses through tax deferrals or expediting
VAT refund payments, the report relays.

The Chamber said while it understood the need for stricter
enforcement on private group gatherings, it is concerned about the
extent to which such protocols may be implemented as it may
encroach on the privacy and constitutional rights of citizens, the
report notes.

                       Ramp up Vaccination

Responding to Rowley's announcement, Downtown Owners and Merchants
Association (DOMA) president Gregory Aboud questioned the science
behind choosing which business can stay open and those that are
ordered to close, the report discloses.

"There needs to be a logical, rational discussion in which we are
made to understand more of the science at work with respect to the
choices being made as to what businesses can remain open and what
businesses are closing," he added.

Aboud however said he is concerned about the health and welfare of
citizens and recognises the need for increased restrictions, the
report relays.

He added that vaccination needs to be ramped up as it is a measure
of protection for the population, the report notes.

"We would like to reiterate the support that has been expressed by
a great number of business associations to support the government
in its vaccination drive and also in its vaccination acceptance
efforts as a critical aspect of protecting the country from the
high rate of infections which we are experiencing now."

The Tobago Business Chamber also called for a more robust
vaccination campaign, the report discloses.

Chamber President Martin George said there needs to be immediate
and widespread administration of vaccines so that the population
achieves some level of herd immunity, the report relays.

"You can't just be on a restrictive lockdown mode alone. We have to
be more proactive than that and we have to look at finding ways to
also be able to preserve livelihoods while preserving lives. We
have to find a way to manage the economy while managing the health
crisis . . . and mass vaccination is definitely the way."

George said ultimately people must find a way to co-exist with the
virus, the report notes.

                     Full Support From TTMA

The report discloses that the Trinidad and Tobago Manufacturers'
Association said that it fully supports the new lockdown measures.

"The Association understands the challenges the government faces
with regard to putting measures in place to secure the lives of the
citizenry," the TTMA said in a release, notes Trinidad Express.

"The TTMA fully supports the measures outlined by the government to
reel in the escalating rise of active Covid-19 cases. It is
alarming that 328 persons were recorded as infected. The behaviour
of ourselves in a pandemic needs to be in check and so the spiral
rise of infected person is not acceptable. Therefore, the TTMA is
in agreement that drastic measures are needed to retract the curve
as mentioned by the honourable Prime Minister," the report relays.

The Association said it also supported the manufacturing sector not
being closed at this time, the report notes.

"Such businesses keeping their doors open is imperative to
stimulating the economy, even in a time of limited lockdown," it
stated.

"The manufacturing sector, for the most part, is self-regulating
and I am confident we would continue to do all that we can to put
all measures in place to safeguard our workers and ourselves from
the exposure to the virus," the report relays.

The Association said it is hopeful that the lockdown measures have
the desired effect and businesses can resume as normal after May
23.



                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *