/raid1/www/Hosts/bankrupt/TCRLA_Public/210507.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Friday, May 7, 2021, Vol. 22, No. 86

                           Headlines



B R A Z I L

AEGEA: Fitch Places 'BB' LT IDRs on Watch Negative


C A Y M A N   I S L A N D S

GLOBAL AIRCRAFT: Moody's Confirms 'B1' LT Sr. Unsecured Rating


C H I L E

RIPLEY CORP: Fitch Assigns 'BB' LT IDRs, Outlook Stable
RIPLEY CORP: Moody's Assigns Ba3 Corp Family Rating


C O L O M B I A

COLOMBIA: Drivers Protest Over Government's Economic Policies
TERMOCANDELARIA POWER: Fitch Lowers IDRs to 'BB',Outlook Stable


C O S T A   R I C A

DPR-CR LIMITED: Fitch Affirms BB+ Rating on 2 Outstanding Notes


D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Issues US$300M Bond at 5.70%
TRANSCONTINENTAL CAPITAL: Rebuffs Rejection to Operate


M E X I C O

GRUPO AEROMEXICO: Gets U.S. Court OK to Increase Fleet Size


P U E R T O   R I C O

CDT DE SAN SEBASTIAN: Unsecured Creditors to Recover 1% in Plan
PUERTO RICO ELECTRIC: Court Okays Luma Energy's $115 Million Fee
STONEMOR INC: To Hold May 13 Conference Call to Discuss Results

                           - - - - -


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B R A Z I L
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AEGEA: Fitch Places 'BB' LT IDRs on Watch Negative
--------------------------------------------------
Fitch Ratings has placed Aegea Saneamento e Participacoes S.A.'s
(Aegea) Long-Term Local and Foreign Currency (LC/FC) Issuer Default
Ratings (IDRs) and the rating of the senior unsecured bond due 2024
issued by Aegea Finance S.a.r.l. guaranteed by Aegea of 'BB' on
Rating Watch Negative. Fitch has also placed Aegea and
subsidiaries' National Long-Term Ratings (NLTR) of 'AA(bra)' on
Watch Negative.

The Watch Negative reflects the potential leveraging impact from
the acquisition of two blocks (water utilities) from the State of
Rio de Janeiro's Cedae. Aegea is part of a consortium that will
hold the assets in two special purpose vehicles (SPVs). Fitch
estimates, Aegea's equity contributions manageable at approximately
BRL2.0 billion-BRL2.2 billion funded over a couple of years. Aegea
will also sign an Equity Support Agreement (ESA) that effectively
guarantees a portion of the bridge debt at the SPVs level, which
could significantly increase leverage if fully called upon. The
Watch Negative will likely extend beyond six months to increase
visibility on the SPVs financial condition and to evaluate the
likelihood of additional parent support to the SPVs.

KEY RATING DRIVERS

Contingent Liabilities: Aegea's net financial profile could
deteriorate significantly with its participation on the two SPVs
should the company need to fund a portion of the bridge loans.
Considering only the disbursements for equity, the net
debt-to-EBITDA ratio should be around 2.9x at the end of 2021 and
2.7x in 2022. In case the estimated BRL3.7 billion proportionate to
Aegea's consortium ownership is adjusted on the debt (off-balance
obligation) the ratios raise to 5.0x in 2021 and 4.8x in 2022.
Those metrics are high for the current ratings, exceeding the
negative trigger of 3.5x. At the end of 2020, Aegea's net leverage
was 3.2x. The base case scenario incorporates an estimated bridge
loan of BRL7.4 billion at the SPVs maturing in 2.5 years increasing
refinancing risk at these entities and exposing Aegea to additional
equity contributions.

Uncertain Performance on SPVs: The ability of the SPVs to generate
cash in order to operate on a stand-alone basis is currently
unclear and heightens uncertainty if additional equity/support will
be required from Aegea and the other consortium members. Aegea and
the other three shareholders (Equipav, GIC and Itausa) will have to
pay a significant amount of BRL15.4 billion as concession fee for
the two blocks. The two SPVs also have high capex requirements
estimated at BRL24 billion over the next 35 years. In terms of the
concession fee, 65% should be disbursed during the 3Q21, 15% during
the 1Q22 and the remaining 20% up to three years.

DERIVATION SUMMARY

Aegea's LC IDR is positioned one notch below Companhia de
Saneamento Basico do Estado de Sao Paulo (Sabesp; LC IDR BB+/Stable
and FC IDR BB/Negative) which has lower leverage and a more
predictable cash generation coming from its recently established
tariff. Positively, Aegea has a more diversified portfolio of
concessions in terms of geography, which brings lower operational
and regulatory risks. Aegea and Sabesp have strong EBITDA margins.
Sabesp carries higher political risk, given its state-ownership,
yet benefits as the country's largest water/wastewater utility with
economies of scale. Transmissora Alianca de Energia Eletrica S.A.
(LC IDR BBB-/Negative and FC IDR BB/Negative), a power transmission
company, has a better credit profile than Aegea given also a more
predictable cash flow, in addition to strong financial profile and
lower regulatory risk.

Aegea's activity in Brazil is influenced by the country's operating
environment, which is subject to volatile macroeconomic
environments and mostly explains the difference in ratings from
Wessex Water Limited (WWL; BBB-/Stable), a holding company with
water operations in England. WWL subsidiaries' operating position
is strong compared with rated peers in the UK water sector due to a
long-standing record of strong operational and regulatory
performance.

KEY ASSUMPTIONS

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

-- Average total volume growth of 11% for the next three years
    mainly supported by developing operations with moderate EBITDA
    margin gains;

-- Average tariff increase in line with Fitch's inflation
    estimates;

-- Concession fee payment of BRL12.3 billion until February 2022
    funded through a bridge loan on the SPVs and sponsors' equity
    injection;

-- Increase of BRL3.7 billion on Aegea's contingent liabilities
    related with the ESA on the SPVs.

RATING SENSITIVITIES

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

-- Negative Watch may be revised and ratings affirmed in the case
    the transaction is concluded with support from Aegea's
    shareholders above current estimates and/or there is increased
    visibility on SPVs performance leading to Fitch's perception
    of lower ESA execution risks, i.e. lower refinancing risks at
    the SPVs.

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

-- Perception of a performance on the two SPVs that may require
    additional cash contributions from Aegea;

-- Deterioration of the company's liquidity profile on a
    consolidated and standalone basis and/or weaker financial
    flexibility.

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

Proven Financial Flexibility: Aegea should benefit from
demonstrated financial flexibility and present adequate liquidity
profiles in the next years, as it implements significant capex and
makes necessary capital injections on the two new SPVs. Aegea's
proven access to local and international credit markets is
favorable and has supported its lengthened debt maturity schedule
that also benefits its liquidity ratios.

The BRL500 million cash inflow related to the transaction involving
preferred shares on Prolagos and the BRL340 million equity
injection in 2021 reinforced Aegea's strong consolidated cash
balance of BRL2.6 billion as of Dec. 31, 2020. In the same period,
total debt was BRL6.7 billion on a consolidated basis, with BRL2.5
billion at the holding level. Debt consisted mainly of bond
issuance (BRL885 million, adjusted by hedging derivatives),
debentures (BRL3.4 billion) and Banco Nacional de Desenvolvimento
Economico e Social (BNDES) and Caixa Economica Federal's issuance
(BRL781 million).

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Construction revenues are excluded from net revenues;

-- Long-term financial investments considered as cash.



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C A Y M A N   I S L A N D S
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GLOBAL AIRCRAFT: Moody's Confirms 'B1' LT Sr. Unsecured Rating
--------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of Avolon
Holdings Limited, including its Baa3 backed issuer rating, as well
as the Baa3 backed long-term senior unsecured ratings of
subsidiaries Avolon Holdings Funding limited and Park Aerospace
Holdings Limited.

Moody's has also confirmed the B1 long-term senior unsecured rating
of Global Aircraft Leasing Co., Ltd. (GALC), which holds Bohai
Leasing Co. Ltd's (Bohai) 70% interest in Avolon. The outlook for
the issuers is negative. These actions conclude Moody's review of
these ratings initiated February 1, 2021, which was precipitated by
the petition for bankruptcy of HNA Group (HNA) and its subsidiary
airlines, collectively Avolon's largest customer exposure.

Confirmations:

Issuer: Avolon Holdings Funding Limited

Backed Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Confirmed at Baa3

Issuer: Avolon Holdings Limited

Backed LT Issuer Rating (Foreign Currency), Confirmed at Baa3

Issuer: Avolon TLB Borrower 1 (US) LLC

Backed Senior Secured Bank Credit Facility, Confirmed at Baa2

Issuer: Global Aircraft Leasing Co., Ltd.

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Confirmed at B1

Issuer: Park Aerospace Holdings Limited

Backed Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Confirmed at Baa3

Outlook Actions:

Issuer: Avolon Holdings Funding Limited

Outlook, Changed To Negative From Rating Under Review

Issuer: Avolon Holdings Limited

Outlook, Changed To Negative From Rating Under Review

Issuer: Avolon TLB Borrower 1 (US) LLC

Outlook, Changed To Negative From Rating Under Review

Issuer: Global Aircraft Leasing Co., Ltd.

Outlook, Changed To Negative From Rating Under Review

Issuer: Park Aerospace Holdings Limited

Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

Moody's has confirmed Avolon's ratings based on the company's
disclosure that its aircraft currently leased to HNA's airlines
will remain in place under revised lease terms, averting a
rejection of leases by the airlines that could have resulted in
lost revenues, and required Avolon to find replacement leases in a
weak demand environment. Avolon currently has 38 aircraft leased to
HNA's airlines, representing 11% of the net book value of its fleet
as of March 31, 2021. Avolon has not revealed the details of the
restructured agreements with HNA, but it is likely that rental
revenues will decline, pressuring the company's earnings and cash
flow. However, because the aircraft remain in place, Avolon avoids
unproductive downtime, transition costs and remarketing challenges
associated with a return of the aircraft. This could have delayed
the company's return to stable profitability, a key concern that
led Moody's to initiate a review for downgrade on the company's
ratings, now concluded.

HNA's airlines are currently seeking to reorganize under a court
administered process that will result in a significant reduction of
the airlines' debt and a restructuring of other operating costs,
including leases, to improve their financial condition and
operating strength. Moody's expects that the creditworthiness of
HNA's airlines will improve following their restructuring, aiding
returns on Avolon's revised lease agreements with the airlines.
Moody's understands that there is China state support for HNA's
airlines to maintain a ranking as the country's fourth largest
airline operating group, bolstering its competitive proposition and
operating strength in the expanding China domestic travel market,
which could potentially provide additional leasing opportunities to
Avolon. The plan of reorganization for the airlines, including
restructured lease agreements, remains subject to court approval.

In connection with the restructured leases with HNA, Avolon
recorded a $103 million reduction in first quarter 2021 revenues,
in part reflecting a write-off of $90 million of rentals in arrears
from the airlines. Moody's anticipates that the airlines will pay
the remaining rentals in arrears over time according to the revised
lease agreements. The charges related to the HNA lease
restructuring, together with an unrelated $46 million impairment
charge on a Boeing 777 aircraft as well as a negative $80 million
impact from 13% of the fleet being on a cash accounting basis
resulted in a loss of $83 million in the first quarter ended March
31, 2021.

Moody's confirmation of Avolon's ratings also reflects the
company's continued strong liquidity and capital positions. Moody's
estimates that the company's $7.1 billion of liquidity at March 31,
2021 provides about 200% coverage of the company's liquidity uses
over the next twelve months. In connection with the rental payments
still owed by HNA's airlines, Avolon has withheld $166 million of
dividends payable to GALC, per the terms of its shareholder
agreement, helping to partially neutralize the negative effect of
the unpaid rentals on Avolon's liquidity. During the quarter,
Avolon negotiated options to defer 37 purchase commitments for
aircraft originally due to be delivered between 2022 and 2023 to
2025 and later, providing the company additional flexibility to
manage liquidity. Avolon's net debt to equity measured 2.4x at the
end of the quarter, which compares well with rated peers.

Avolon's ratings also reflect the relatively low 5.4 year average
age of its commercial aircraft fleet and its established
competitive position as one of the largest aircraft leasing
companies globally. Moody's expects this will support improvement
in the company's operating performance as the aviation sector
recovers from the current downturn.

Avolon's credit challenges besides its business concentrations with
HNA's airlines include the heightened operating and financial risks
stemming from the severe disruption in the aviation sector that has
weakened leased aircraft demand, earnings and cash flow, and
capital position.

Moody's has also confirmed GALC's senior unsecured notes rating
based on the confirmation of Avolon's ratings. GALC remains highly
exposed to both the financial performance challenges of parent
Bohai and its controlling shareholder HNA, as well as the higher
risks to the dividend paying performance of Avolon, whose
distributions service the GALC notes. GALC has higher governance
risks than Avolon, which contributes to GALC having a higher
probability of default. GALC's senior unsecured debt ratings also
incorporates the structural subordination of GALC's creditors to
Avolon's creditors.

The Avolon and GALC rating actions reflect governance as a key
ratings consideration, given the ownership interests of Bohai and
its controlling shareholder HNA in both entities and their
influence on the companies' strategy and financial decisions.

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

A rating upgrade is unlikely over the next 12-18 months given the
negative outlook, but Avolon's ratings could be upgraded if: 1) the
company generates consistently stronger and more stable
profitability and cash flow ratios compared to peers, 2) Avolon
continues to demonstrate effective liquidity management during the
aviation sector disruption as well as post-recovery, 3) fleet
residual value risks and composition are well managed including
through the downturn, 4) the company's debt-to-tangible net worth
leverage ratio declines to less than 3.0x, and 5) the financial
profiles of HNA and Bohai Leasing stabilize.

Avolon's ratings could be downgraded if: 1) liquidity in relation
to expenditures and debt maturities (one-year horizon) declines to
less than 150%, 2) revenues weaken and costs increase to the extent
that the company will be unable to generate materially positive
profits and operating cash flow by the end of 2023; 3)
debt-to-equity leverage increases more than Moody's expects due to
high impairment charges; 4) the company's competitive positioning
otherwise weakens.

Moody's could upgrade GALC's ratings if: 1) Avolon's ratings are
upgraded due to an improvement in its intrinsic credit profile; 2)
Bohai's credit profile improves further due to lower leverage and
strengthened liquidity; or 3) GALC's governance risks decline.

Moody's could downgrade GALC's ratings if: 1) Avolon is downgraded,
2) Bohai's leverage increases, its liquidity weakens, or its
earnings materially diminish; or 3) GALC's cushion with respect to
its bond covenants materially deteriorates.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.



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C H I L E
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RIPLEY CORP: Fitch Assigns 'BB' LT IDRs, Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned Ripley Corp. S.A. 'BB' Long-Term Local
and Foreign Currency Issuer Default Ratings (IDRs). The Rating
Outlook is Stable. In addition, Fitch has assigned a 'BB' rating to
Ripley's proposed USD300 million senior unsecured notes.

Ripley's ratings reflect the company's leading business position,
integrated retail-financial services business model, adequate
liquidity, projected deleveraging due to two new malls operating in
Peru during 2022, and solid track record given market volatility
and difficult economic conditions.

The Stable Outlook incorporates an expectation that Ripley would
sell a non-controlling stake in a real estate business in Chile to
lower leverage if its retail and real estate businesses don't
recover organically from pandemic related lockdown measures.

KEY RATING DRIVERS

Strong Business Position: Ripley's ratings reflect its position as
a leading Chilean department store with an approximately 20% market
share, and is one of the country's main commercial credit card
operators. The company has diversified its operations through an
omnichannel strategy that includes 46 stores in Chile, 31 stores in
Peru, and an online channel that accounted for 45% of its retail
sales in 2020.

Integrated Business Model: Ripley's business position is enhanced
by the synergies between its retail sector and its financial
service (FS) segment, which is comprised of the company's fully own
subsidiaries, Banco Ripley Chile, rated 'A+(cl)'/ Negative, and
Banco Ripley Peru. Around 45% and 38% of the total department
store's sales in Chile and Peru, respectively, are channeled
through Banco Ripley's credit card businesses. These co-dependent
businesses translate into a commercial strategy that mutually
supports the competitive position of Ripley's brand in both
business units.

Growing Real Estate Business: Fitch's analysis incorporates
expected organic growth following the company's construction of two
malls in Peru during 2022. These malls will increase the company's
presence to five from three malls that it currently operates in
Peru, and will expand its GLA by 53% to 319,000 square meters.
Ripley's real estate business benefits from a stable source of cash
flow generation in the form of rental revenues contracted out to an
average of 15 years, along with EBITDA margins in the range of
80%.

Major Business Disruption: Ripley's retail stores, shopping malls,
and credit card operations were negatively impacted by pandemic
related restrictions. The company's Fitch adjusted EBITDA fell to
CLP37 billion in 2020 from CLP90 billion in 2019. Fitch's adjusted
EBITDA is comprised of Ripley's retail business EBITDA plus the
dividends from the company's Financial Services (FS) entities, as
well as dividends received from minority interests in other
companies.

The company's 2020 adjusted EBITDA consisted of CLP33 billion of
dividends received from FS entities and minority interests, CLP14
billion of real estate EBITDA and negative CLP 14 billion from its
retail operations, which were closed for part of the year.
Headquarters adjustment of CLP4 billion accounted for the balance.
These 2020 figures compare with CLP53 billion, CLP22 billion, CLP38
billion and negative CLP23 billion, respectively in 2019.

Normalizing Operations: Prior to the pandemic and 2019's social
unrest in Chile, nearly 75% of Ripley's corporate only EBITDAR was
generated by retail, split evenly between Chile and Peru, while the
real estate business contributed the remaining amount. Fitch
expects adjusted corporate only EBITDAR, including dividends
received from FS and minority interests, to reach CLPU 64 billion
in 2021 and CLP102 billion by 2022.

Declining Leverage: Ripley's ratings incorporate an expectation
that the company's net corporate-only adjusted leverage ratio will
decline from 8.4x in 2021 to 4.6x in 2022, as its operations
normalize post-pandemic and as it opens new shopping malls. These
figures are an improvement from the net leverage ratio of 12x
achieved during 2020. FCF should be neutral due to no dividend
payments to shareholder and investments, that include CLP57 billion
for his period, focused on real estate expansions in Peru. Other
investments will be related to technological developments that will
further support the company's omnichannel strategy.

For debt calculation, Fitch considers the corporate only debt,
including debt at holding level, and debt associated with operating
activities in the real estate and retail segments. The
lease-adjusted corporate only debt as of Dec. 31, 2020 was CLP711
billion. The breakdown of this adjusted debt includes CLP431
billion of corporate only debt (61% of total adjusted debt; where
CLP365 billion are held at holding level), and CLP280 billion of
lease adjusted debt (39%).

Divestment of Investment: In September 2020, Ripley announced its
intention to evaluate the sale of its 22.5% minority interest in
Nuevos Desarrollos S.A., an entity that owns eight shopping malls
that are controlled and managed by Plaza S.A., rated
'AA+(cl)'/Stable. The transaction follows a monetization strategy,
which seeks to reduce Ripley's corporate leverage. Ultimately,
Fitch incorporate that Ripley may exercise some options to divest
its minority interest by 2022. Fitch considers this option as a
protective measure to strengthen the company's financial
flexibility in the medium term and address its eroded credit
profile in the current volatile scenario. It is incorporated that
the proceeds coming from the divestiture will be applied to reduce
absolute debt levels, which will allow Ripley Corp. to further
recover its credit profile.

DERIVATION SUMMARY

Ripley Corp.'s ratings reflect the significant business
interruption due to the pandemic that has materially hurt its
retail and real estate businesses performance. Less than ideal
performance is expected into 2021. Ripley's Board of Directors is
expected to take extraordinary measures to address its credit
profile in the event that its operational performance is stalled
during 2022 and its credit metrics remain weak for the rating
level, as evidenced by the announcement of the company's intention
to evaluate the sale of its minority interests in Nuevos
Desarrollos S.A.

The company is comparable to other issuers in Chile in the non-food
retail sector such as Falabella S.A. [BBB/AA(cl)/Negative]. as both
share retail operations integrated with a financial business and
shopping centers. As with other non-food retailers, Ripley Corp. is
exposed to pure online competition.

During the pandemic, Ripley's corporate only revenues fell by 10%
yoy, compared with the 2019 period, which was affected by the
social crisis in Chile. Ripley's leverage is higher than peers. Its
adjusted EBITDAR (including dividends from the FS and from minority
interest) decreased by 60% yoy, which led to a
corporate-lease-adjusted net leverage ratio of 12.3x in 2020.

Falabella's adjusted net leverage at 4.6x as of YE 2020 is expected
to trend down to 3.9x by 2023, considering a gradual and sustained
revenue and profitability improvement, once the economy reactivates
from the pandemic.

KEY ASSUMPTIONS

-- Debt refinancing in 2021 with a USD300 million (CLP200 billion
    aprox);

-- Two new shopping malls to be inaugurated in 2022;

-- The sale of minority interest in Nuevos Desarrollos is not
    included.

RATING SENSITIVITIES

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

-- Net adjusted corporate only leverage consistently below 4,0x
    that results in a strengthening of Ripley Corp.'s financial
    profile, evidenced through an improved operating cash flow
    performance and by debt reductions reached through the sale of
    minority interest;

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

-- Net adjusted corporate only leverage consistently above 5.0x
    that results from a lower than expected EBITDA recovery;

-- A downgrade in Banco Ripley Chile could lead a negative rating
    action in Ripley Corp.

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

Refinancing in 2021 Supports Liquidity: As of Dec. 31, 2020, Ripley
Corp.'s consolidated cash position was CLP753 billion, including
the FS. Corporate only cash and equivalents totaled CLP262 billion
of this figure.

Short-term debt of CLP214 billion consists of CLP151 billion of
debt at the holding company level. Debt amortization scheduled for
2022 and 2023 is CLP34 billion and CLP3 billion, respectively.
Fitch's projections incorporate debt refinancing from the new
international bond of USD300 million in 2021.

RIPLEY CORP: Moody's Assigns Ba3 Corp Family Rating
---------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to Ripley Corp S.A. and a Ba3 rating to its proposed up to
$300 million guaranteed senior unsecured notes. The outlook is
stable.

"The Ba3 ratings reflect Ripley's leading market position in Chile
and Peru and positive business prospects underpinned by the
economic recovery in these markets." said Sandra Beltrán, Moody's
VP Senior Analyst. "We consider Ripley to be well positioned to
capture these opportunities through its integrated omnichannel
financial retail approach" added Beltrán.

The notes will be senior unsecured obligations benefiting from
initial guarantees from Ripley Financiero Ltda., Ripley Inversiones
II S.A. and Inversiones Padebest Peru S.A.C. Currently representing
100% of revenues, 98.5% of total assets and 86.0% of total
liabilities. Moody's currently estimates secured debt at 15% of
total consolidated debt, mainly related to Shopping malls. The
notes are rated at the same Ba3 level of the corporate family
rating, reflecting Moody's consideration that going forward
effective and structural subordination of the notes will remain
below 20%.

The rating of the proposed notes assumes that the issuance will be
successfully completed and that the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date. It also assumes that these agreements
are legally valid, binding and enforceable.

This is the first time Moody's assigns ratings to Ripley.

The rating assignment incorporates governance considerations,
including the company's focus in improving its capital structure
through a liability management plan that includes the currently
proposed issuance. Through this plan, Ripley expects to rapidly
de-lever through pre-COVID crisis levels. The company has been
publicly listed in Chile since 2005 with a long track record
operating under the current business model configuration. As a
publicly listed entity, transparency is supported by timely and
high quality financial reporting. On its banking division the
company faces high regulatory oversight that further supports
adequacy of corporate governance practices. Risk management
practices include maintaining an adequate currency mix in its
capital structure. Currently 71% of non-bank debt is denominated in
Chilean Peso or Unidades de Fomento (Chilean inflation indexed
unit) and the balance in Peruvian Soles. Banco Ripley is mainly
deposit funded also reducing funding risk. The company has recently
paid dividends at a 30% payout ratio, the minimum required by
Chilean law. CEO is member of the Calderon family, Ripley's
controlling group through a 52.5%. However, Chairnan of the board
is a separate function from the CEO and is a non-family member.
Five out of nine members of the board are independent.

RATINGS RATIONALE

Since Ripley developed online capabilities ahead of the crisis, it
will be able to meet the accelerated change of the competitive
environment. The efficiencies Ripley obtains from its
retail-financial services integrated business model will also
support strong profitability and cash generation in the longer
term. The rating also considers Ripley's portfolio of shopping
malls in Peru, a market with positive business prospects even for
brick and mortar retail. Conversely, Ripley's ratings are limited
by weak credit metrics.

Given the non-essential nature of Ripley's offering, it was largely
impacted since the end of 2019 when social protests affected
Chile's consumption and was later emphasized by the irruption of
the COVID-19 pandemic. As a result, leverage raised significantly.
Ripley is focused in reducing leverage, but its plan still entails
execution risk as it involves additional cash from shopping malls
openings and sale of assets. Additionally, operating performance
will remain pressured in the face of COVID-19. Ripley's non-banking
business leverage measured as gross debt to EBITDA including
Moody's standard adjustments was 7.5 times in 2019 affected by the
social unrest in Chile by the end of the year and 21.9 times in
2020. In 2021, when pandemic will continue to drag performance, the
company expects leverage to remain high at close to 16.5 times. It
will only be in 2023 when leverage will likely decline to below 5.0
times, consistent with the Ba3 rating assigned.

Recovery prospects are positive underpinned by expected economic
growth in both, Chile and Peru. Yet economic and political risk
remain high. Main risks for the retail sector are related to
profitability rather than revenue growth or physical expansion.
Price sensitivity remains high threatening profitability and cash
generation. Even before the pandemic, social unrest had aggravated
low economic growth and weak consumption in Chile, whose GDP
contracted 6.0% in 2020 but will recover by roughly 5.8% growth in
2021. Recent political turmoil and a general election of a new
government will drag on Peru's economic recovery, with growth
rebounding by just 9.0% in 2021 after a 12.3% contraction in 2020.
Additionally, the COVID-19 situation in the region continues to be
fluid. Lockdown measures were just re-installed in Peru this year
and the contagions recently peaked up in Chile despite a strong
vaccination campaign.

Although Ripley has adequate liquidity, the company will need to
refinance some CLP289 billion at the non-bank business level
through 2023 if not able to cover with proceeds from the proposed
issuance or the sale its stake in Nuevos Desarrollos, a Chilean
shopping malls portfolio. As of April 2021, Ripley has already paid
some PEN147 million and has renewed CLP45 billion. The rating
entails governance considerations such as the company's refraining
from cash distributions and raising debt amid the COVID-19 crisis
as prudential financial measures. Moody's considers Ripley to have
superior alternative sources of liquidity when compared to rated
corporate peers in Latin America, given its portfolio of fully
owned, high quality shopping malls in Peru (three operating and two
under construction).

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

The rating could experience upward pressure if the company is able
to sustain its market position, and operating performance proves to
be recovered allowing the company to strengthen cash generation.
Quantitatively, upward momentum could result if Ripley's adjusted
leverage, measured by Total Debt to EBITDA, were to decrease to
below 4.0 times and EBIT/Interest expense ratio were to be above 2
times on a sustained basis.

Conversely, a rating downgrade could be triggered if the company
fails to reduce leverage as projected or if its credit metrics
deteriorate materially whether due to operating difficulties or
further potential deterioration in its market-leading position.
Specifically, a downgrade could result if adjusted leverage remains
above 5 times and EBIT/Interest expense ratio below 1 time beyond
2022.

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

Headquartered in Santiago de Chile, Ripley Corp is one of the
largest retail companies in Chile and Peru. The company operates
through three segments: retail business comprised of a department
stores chain and an e-Commerce platform including a marketplace;
the banking business managed by Ripley Bank and mainly focused on
the consumer sector and the real estate business as Ripley
participates in the ownership of shopping malls in Chile and in
Peru. Ripley Corp currently operates 77 stores in Chile and Peru,
with a total selling space of over 470 thousand m2, 14 mall with
over 325 thousand m2 of owned GLA and more than 1.5 million credit
cards with debt. As of December 30, 2020 consolidated revenues were
US $1.9 billion.



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

COLOMBIA: Drivers Protest Over Government's Economic Policies
-------------------------------------------------------------
EFE News reports that taxi and truck drivers blocked traffic with
their vehicles in a sixth consecutive day of sometimes violent
protests against the Colombian government's economic policies.

The protests had left between 16 and 21 dead, depending on the
source, and continued even though conservative President Ivan Duque
announced that he would be scrapping plans to introduce a tax
overhaul bill to Congress, according to EFE News.

TERMOCANDELARIA POWER: Fitch Lowers IDRs to 'BB',Outlook Stable
---------------------------------------------------------------
Fitch Ratings has downgraded TermoCandelaria Power Ltd.'s (TPL)
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BB'
from 'BB+'. The Rating Outlook is Stable. Fitch has also downgraded
the USD596 million senior unsecured note due 2029 to 'BB' from
'BB+'.

The downgrade reflects the medium-term supply and demand dynamics
that, in Fitch's view, may prove challenging for TPL's thermal
plants, particularly as the 2,400MW Ituango hydroelectric project
and 2,500MW of awarded wind and solar projects begin to enter
production. TPL's ratings continue to reflect the combined
operations of its operating subsidiaries TEBSA and TECAN, its
current competitive position in the electricity generation market
in Colombia, and its limited geographical diversification and asset
operations. Gross leverage is expected to fall to 6.0x in 2021
after peaking at 9.1x in 2020 due to lower electricity demand in
the country following lockdowns that lasted from March to
September.

KEY RATING DRIVERS

Heightened Leverage: TPL's leverage rose to 9.1x in 2020 from 4.2x
in 2019 after accounting for dividends paid to TEBSA's minority
shareholders. The rise in leverage in 2020 can largely be
attributed to lower electricity demand and less frequent dispatch
due to the countrywide lockdown measures from March to September as
well as the USD186 million reopening of TPL's 2029 notes. Leverage
will fall to 6.0x in 2021, 4.9x in 2022 and 3.5x over the medium
term as the USD596 million notes begin to amortize in 2021, lower
re-contracted gas prices improve profitability and TECAN's
efficiency improves due to the closing of its cycle in mid-2022.

Tight Debt Service Coverage: TPL's debt service coverage ratio will
be tight, particularly during the next two years, and is
commensurate with the 'BB' category for a generator with high
merchant exposure. Fitch expects TPL's debt service coverage ratio
to be tight at 1.2x in 2021, 1.6x in 2022 and 1.9x in 2023
following the closing of the cycle at TECAN. FFO interest coverage
will also be tight, averaging slightly above 2.0x. Both measures
indicate that TPL will have tight liquidity in the near term and
will remain vulnerable to demand shocks and other exogenous
events.

Weak Market Position: TPL remains a marginal cost producer, which
may be vulnerable to the entry of lower-cost plants, such as EPM's
2,400MW Ituango hydro plant, 2,500MW of recently awarded renewable
projects and transmission network improvements. TPL's gas-fired
plants generated 3,651GWh in 2020, or approximately 5% of the
country's total supply. 70% of this amount, or 2,552GWh, was out of
merit (dispatch due to system inefficiencies at generation cost)
and 1,099GWh was in merit (spot sales), indicating that the company
continues to rely on being dispatched due to transmission network
inefficiencies rather than cost competitiveness in order to cover
its fixed costs, such as gas contract obligations and LNG terminal
storage fees.

Limited Operational Diversification: TPL's credit profile is
constrained by the limited diversification of its operations. The
company is exposed to a higher degree of event risk than local and
regional peers from unexpected outages or disaster disruptions.
Although out of contract sales eliminate exposure to spot market
volatility as a buyer, TPL's take-or-pay regasification contracts
would put additional pressure on its subsidiaries' cost structure
in the event of an interruption in generation. TPL combines the
operations of 1,283MW of thermal electric assets, which represent
around 8% of the Colombian electricity generation matrix and around
27% of the thermal electric installed capacity in Colombia.

Gas Contracts Renegotiated: Fitch views TPL's recently renegotiated
gas contracts as key for the company to adapt to the current low
demand and low spot price environment. TPL has reduced its exposure
to dispatch risk and lower demand conditions by renegotiating by
gas contract commitments with key local suppliers beginning in
2021. The new contracts reduce the total committed cost by nearly
24% in 2021 and the per-unit cost by 13%. Additionally, the company
may defer delivery of purchased gas for up to two years, allowing
it to optimize production according to price and demand conditions.
In exchange, the company agreed to extend the larger of the two
contracts for an additional two years through 2024. TPL may
purchase additional gas under the contracts, if needed, or import
LNG, for which it has leased terminal storage until 2026 with the
right to extend until 2031.

Reliance on System Inefficiencies: TPL benefits from the country's
transmission bottleneck in the northern coast, which results in
persistent dispatch by TEBSA in order to meet demand despite the
company's comparative higher costs relative to noncoastal
generation assets. TPL's ratings incorporate Fitch's expectation
that TEBSA will maintain a load factor around 50% in the medium
term, which would be in line with historical levels. Demand
characteristics of the Caribbean coast also suggest relatively high
growth through the medium term, supporting TEBSA's continued
dispatch as long as present transmission and capacity dynamics
continue.

Structure Mitigates Market Risks: In the long term, new investments
in the transmission network or the development of nonconventional
renewable energy projects in Colombia's coastal region could
displace TEBSA within the dispatch curve, resulting in lower
EBITDA. 2,000MW of wind projects have been awarded in the La
Guajira Region, although transmission line construction delays will
likely push their commercial operation dates into at least 2023.
These risks are partially mitigated by TPL's amortizing structure
and by the cash preservation mechanisms established under the
issuance.

Credit Profile Linked to Subsidiaries: TPL is a holding company
that combines operations of two electricity generation companies,
TEBSA and TECAN, located on Colombia's Caribbean coast. TPL fully
owns and controls TECAN and has a 57.38% stake in TEBSA. TPL's
ratings are mostly related to TEBSA's credit profile as TEBSA
accounts for approximately 80% of TPL's consolidated EBITDA. Fitch
expects a more even split between the two plants once TECAN
completes its combined cycle expansion in mid-2022.

DERIVATION SUMMARY

TPL's ratings are in line with Nautilus Inkia Holdings LLC's
(BB/Negative), its closest peer. Although lacking Inkia's
geographical diversification and asset base mix provided by its key
subsidiary Kallpa Generacion S.A. (BBB-/Negative), TPL's financial
policy and amortization profile are more conservative, with
expected 2023 gross leverage levels post-expansion of 3.9x, while
Fitch expects Inkia's leverage to be 4.8x in 2023. Also, Inkia's
debt is structurally subordinated to debt at the operating
companies, while TPL's recent transaction fully replaced debt at
the subsidiary level. TPL's capital structure also compares
positively with Orazul Energy Peru S.A. (BB/Rating Watch Positive).
Orazul's high medium-term leverage of 5.0x under Fitch's forecast
places it at the high end of its rating level.

TPL's business risk is considered higher than multi-asset energy
regional investment-grade peers such as AES Panama Generation
Holdings, S.R.L. (BBB-/Stable). Kallpa and AES Gener S.A.
(BBB-/Stable). All of these companies benefit from a strong
contractual position in their respective markets. These companies'
PPAs support their cash flow stability through USD-linked payments
and, in Kallpa's case, pass-through clauses related to potential
increases in fuel costs. This contributes to a higher EBITDA
visibility in the long term compared to TPL, which remains exposed
and exogenous supply/demand dynamics. Although TPL's key subsidiary
TEBSA maintains relative cost efficiency that currently places it
within the coastal base load, future additions to the local
renewable energy matrix or expansion of the national transmission
network could potentially displace the company from its strong
competitive position in the coastal region in the long term.

TPL ratings are two notches below Fenix Power Peru S.A.
(BBB-/Stable). As a single-asset generator with a high proportion
of take-or-pay costs and including its deleveraging trajectory of
reaching below 4.4x by 2024, Fitch views Fenix's standalone credit
quality in line with a 'BB' rating. Nevertheless, Fenix's ratings
are buoyed by its strong support from its parent Colbun S.A.
(BBB+/Stable).

KEY ASSUMPTIONS

-- The company closes the cycle at its TECAN plant increasing its
    installed capacity to 566MW from 324MW in July 2022;

-- The company's reliability charge increases at the expected
    U.S. CPI rate of inflation or 1.76% in 2021 and 2.01%
    thereafter;

-- Additional debt is added at the TPL's holding level or
    subsidiaries, as needed, over the rating horizon;

-- TPL's combined annual generation over the medium term of
    roughly 3,600GWh per year, similar to the level reported in
    2020;

-- TEBSA's and TECAN's availability factors at 90%;

-- No dividends are paid over the rating horizon.

RATING SENSITIVITIES

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

-- Sustained total debt/EBITDA of 3.3x or lower in combination
    with a debt service coverage ratio above 1.8x.

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

-- Consolidated leverage levels above 4.8x on a sustained basis;

-- FFO interest coverage of 2.0x or below on a sustained basis or
    a debt service coverage ratio below 1.2x;

-- Material delays or cost overruns at the TECAN combined cycle
    project.

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

Tight Liquidity: Fitch expects TPL's debt service coverage to be
tight at 1.2x in 2021 to reflect the beginning of amortizations on
a full year of interest on its newly reopened 2029 notes as well as
a still recovering economic environment following a challenging
year in 2020. Despite ending 2020 with USD183 million of
consolidated cash and short-term investments, Fitch estimates
capital expenditures of USD150 million in 2022, the majority of
which is earmarked for the combined cycle closure at the company's
TECAN's plant. FFO interest coverage is expected to be tight as
well at just above 2.0x during the rating horizon. TPL has lending
relationships with both local and international banks for its
working capital needs.

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.



===================
C O S T A   R I C A
===================

DPR-CR LIMITED: Fitch Affirms BB+ Rating on 2 Outstanding Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings assigned to the outstanding
series issued by DPR-CR Limited at 'BB+'. The Rating Outlook on the
notes is Stable.

      DEBT                RATING       PRIOR
      ----                ------       -----
DPR-CR Limited

2017-1 G2616*AA3    LT  BB+  Affirmed   BB+
2017-2 G2616*AB1    LT  BB+  Affirmed   BB+

TRANSACTION SUMMARY

The future flow program is backed by U.S. dollar-denominated
existing and future diversified payment rights (DPRs) originated by
Banco Davivienda (Costa Rica), S.A. (Davivienda CR). The majority
of DPRs are processed by designated depository banks (DDBs) that
have executed acknowledgement agreements (AAs), irrevocably
obligating them to make payments to an account controlled by the
transaction trustee.

Fitch's ratings address timely payment of interest and principal on
a quarterly basis.

KEY RATING DRIVERS

FF Rating Driven by Originator's Credit Quality: On July 31, 2020,
Fitch affirmed Davivienda CR's Long-Term (LT) Local-Currency (LC)
Issuer Default Rating (IDR) at 'BB-' with a Negative Rating
Outlook, reflecting the Negative Rating Outlook on the sovereign
rating. The LC IDR is consistent with the maximum uplift of two
notches above the sovereign rating allowed by Fitch's criteria.
Fitch also affirmed Davivienda CR's Viability Rating (VR) at 'b',
which remains at the same level of the sovereign rating, reflecting
the high influence of the challenging operating environment on the
financial profile of the bank. The ratings assigned to Davivienda
CR are driven by the support the bank would receive from its
Colombian parent, Banco Davivienda, S.A. (Davivienda;
BBB-/Negative), if required.

Strong Going Concern Assessment (GCA): Fitch uses a GCA score to
gauge the likelihood that the originator of a future flow
transaction will stay in operation throughout the transaction's
life. Fitch assigns a GCA score of 'GC2' to Davivienda CR, based on
the bank's strategic importance to its parent, as well as its
moderate importance within the Costa Rican financial system with
market shares of nearly 7% in terms of assets, deposits and loans
as of June 2020. The score allows for a maximum of four notches
above the LC IDR of the originator; however, additional factors
limit the maximum uplift.

Several Factors Limit Notching Differential: The 'GC2' score allows
for a maximum uplift of four notches from the originator's IDR
pursuant to Fitch's future flow methodology. However, the uplift is
tempered to two to three notches as the originating bank is one
category from investment grade and further tempered, in this
instance, to two notches as Davivienda CR's IDR is support driven.

Moderate Program Size: The future flow transaction represents
approximately 2.78% of Davivienda CR's total funding and 6.25% of
non-deposit funding when considering the current outstanding
balance on the program ($78.8 million) as of March 2021 and
utilizing September 2020 financials. While Fitch considers these
ratios small enough to differentiate the credit quality of the
financial future flow transaction from the originator's LC IDR, an
increase in future flow debt size would constrain the transaction
ratings.

Coronavirus Impact and Containment Measures Pressure DPR
Transaction Flows: Davivienda CR processed approximately $1.33
billion over the last 12 months (ending March 2021), which reflects
an approximate decrease of 30% compared to the same period in the
prior year. Global events such as the sharp economic contraction
caused by the pandemic and different containment measures have
reduced transaction cash flows, which can add pressure to the
assigned ratings. Therefore, the potential volatility of the DPR
flows also limits the notching differential.

Coverage Levels Commensurate with Assigned Rating: Global events
including the coronavirus crisis have negatively affected DPR
flows. Although this has translated into a decrease in flows over
the last 12 months, when compared to the same period in the prior
year, transaction cash flows have remained sufficient to support
maximum quarterly coverage levels over 27x. When considering
average rolling quarterly DDB flows over the last four years (March
2017 - March 2021) and the maximum periodic debt service over the
life of the program including Fitch's interest rate stress, Fitch's
projected quarterly DSCR is 42.5x. Moreover, the transaction can
withstand a drop in flows of approximately 97.6% and still cover
the maximum quarterly debt service obligation. Nevertheless, Fitch
will continue to monitor the performance of the flows as potential
pressures could negatively affect the assigned rating.

Sovereign/Diversion Risks Reduced: The structure mitigates certain
sovereign risks by keeping cash flows offshore until scheduled debt
service is paid to investors, allowing the transaction to be rated
above Costa Rica's Country Ceiling. Fitch believes payment
diversion risk is partially mitigated by the AAs signed by the five
correspondent banks processing the vast majority of DPR flows.

RATING SENSITIVITIES

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

-- Fitch does not anticipate developments with a high likelihood
    of triggering an upgrade. However, the main constraint to the
    program rating is the originator's rating and bank's operating
    environment. If upgraded, Fitch will consider whether the same
    uplift could be maintained or if it should be further tempered
    in accordance with criteria.

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

-- The transaction ratings are sensitive to changes in the credit
    quality of the originating bank. A deterioration of the credit
    quality of the sovereign and/or originating bank by more than
    one notch is likely to pose a constraint to the rating of the
    transaction from its current level.

-- The transaction ratings are sensitive to the ability of the
    DPR business line to continue operating, as reflected by the
    GCA score. Additionally, the transaction rating is sensitive
    to the performance of the securitized business line. The
    quarterly DSCRs are expected to be sufficient to cover debt
    service obligations and should therefore be able to withstand
    a significant decline in cash flows in the absence of other
    issues. However, significant further declines in flows or an
    increase in the level of future flow debt as a percentage of
    the bank's liabilities could lead to a negative rating action.
    Any changes in these variables will be analyzed in a rating
    committee to assess the possible impact on the transaction
    ratings.

-- No company is immune to the economic and political conditions
    of its home country. Political risks and the potential for
    sovereign interference may increase as a sovereign's rating is
    downgraded. However, the underlying structure and transaction
    enhancements mitigate these risks to a level consistent with
    the assigned rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The future flow ratings are driven by the credit risk of Davivienda
CR as measured by its LT LC IDR.

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.



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

AES DOMINICANA: Issues US$300M Bond at 5.70%
--------------------------------------------
Dominican Today reports that AES Dominicana successfully placed in
the international market a debt issue for 300 million dollars at an
interest rate of 5.70% per year, the most competitive rate reached
by Dominican companies in the foreign capital markets.

The placement maturing in 2028 placed in New York piqued interest
among the more than 130 different accounts of institutional
investors throughout the United States, Europe and Latin America,
capturing a demand of more than US$3.0 billion, according to
Dominican Today.

"This has been our most competitive placement in the 16 years in
which AES Dominicana has been in the local and international
capital markets, as a clear sign of confidence in the company and
in the rational future expansion of the country's electricity
market", said Edwin De los Santos, President of AES in the country,
the report notes.

The executive added: "Since the incursion of natural gas in the
Dominican Republic in 2003 to date, savings of over US$1.3 billion
have been achieved for the Dominican economy by substituting
petroleum derivatives in electricity generation and annually reduce
more than 2 million metric tons of CO2 emissions, between our own
operations and third parties," notes the report.

As reported in the Troubled Company Reporter - Latin America on
September 22, 2016, Fitch Ratings affirmed AES Andres's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'B+' with a
Positive Outlook. Prior to this, S&P Global Ratings withdrew its
'B+' long-term corporate credit and issue-level ratings on AES
Andres Dominicana on July 5, 2016.   





TRANSCONTINENTAL CAPITAL: Rebuffs Rejection to Operate
------------------------------------------------------
Dominican Today reports that Transcontinental Capital Corporacion
LTD (Seaboard) labeled Environment Ministry resolution as
unfortunate, because it rejects the operation of power barges on
the Ozama River and grants a two-year term to make the suitable
compensations.

Armando Rodriguez, general manager of the company, said the
resolution has no basis because it doesn't cite any non-compliance,
contamination, or incidents in the 30 years they have been
operating in the country, according to Dominican Today.

He noted that the Law provides for this type of facility to
generate electricity and stated that the resolution confirms that
they have an environmental permit to operate both plants and are
authorized by an environmental permit to operate until 2025, the
report adds.



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

GRUPO AEROMEXICO: Gets U.S. Court OK to Increase Fleet Size
-----------------------------------------------------------
Miguel Angel Gutierrez at Reuters reports that a U.S. bankruptcy
court will allow Grupo Aeromexico, which operates Mexico's largest
airline, to increase the size of its fleet of planes, the company
said in a statement.

Aeromexico agreed to purchase two dozen Boeing planes as part of a
deal that should yield an estimated $2 billion in savings due to
better conditions in some long-term maintenance for its existing
fleet and leasing contracts, according to Reuters.

The first new planes will be incorporated into its fleet this year,
including nine that should be in operation by this summer, while
the rest are expected to arrive later in the year as well as in
2022, the airline has said, the report notes.

Aeromexico which already has 107 planes, filed for Chapter 11
bankruptcy protection in a U.S. court in June after the coronavirus
pandemic slammed the global travel industry, the report adds.


                           About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty
programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport. Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as
counsel to the Debtors.





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

CDT DE SAN SEBASTIAN: Unsecured Creditors to Recover 1% in Plan
---------------------------------------------------------------
CDT de San Sebastian Inc's Chapter 11 Plan proposes to pay
creditors pursuant to a schedule of deferred cash payments, under a
5-year term, beginning on its effective date, with cash to be
received from the continuing operation of its business and/or
additional cash contributions from its shareholders and/or legal
collection actions to recover past due receivables from medical
insurance provider Triple S.

The Plan classifies all Debtor claims in 6 classes, providing for 1
class of priority claims; 2 classes of secured claims; 2 classes of
general unsecured claims; and 1 class of equity security holders.

General unsecured creditors holding allowed claims will receive
cash distributions which the proponent of this Plan has valued at
10% and 1% of the allowed amount of the claim or scheduled amount,
depending on whether or not a claim was timely filed.

Class 4 includes all general unsecured claims not covered in other
classes, for which a proof of claim was timely filed, as allowed,
approved and ordered paid by the Court.  Class 4 claims are
reported in the Court's Official Claim register in the sum of
$225,329.  Also included in Class 4 is Claim No 15, VIP Energy
Consultants Corp, in the sum of $314,252, originally filed as
secured but disallowed as to secured status by order of the Court
entered on July 17, 2020.  As such, Class 4 Claims thus total
$539,581.  Class 4 claims will be paid a dividend equal to 10% of
the amount claimed ($53,958), in cash, in 48 equal monthly
payments, beginning on the 13th month after the effective date of
the Plan.  Monthly payments  to Class 4 claimants will total $1,124
in aggregate, and will be paid pro-rata.  Class 4 claims may be
paid under other terms if the holder of such Claim agrees with the
Debtor to a  different treatment after confirmation of the Plan.

Upon confirmation, each Class 4 creditor will receive a
non-negotiable, non-interest bearing note providing for payment of
10% of the allowed amount of such claim.

Counsel for the Debtor:

     Jose R Cintron Esq
     605 Condado, Suite 602
     Santurce, Puerto Rico 00907
     Tel 787-725-4027
     Cel 787-605-3342
     Fax 787-725-1709
     E-mail: jrcintron@prtc.net
             lawoffice602@gmail.com

A copy of the Ch 11 Plan is available at https://bit.ly/2QIjptM
from PacerMonitor.com.

                   About CDT De San Sebastian

CDT De San Sebastian Inc., a tax-exempt entity that operates an
outpatient care center in San Sebastian, P.R., sought Chapter 11
protection (Bankr. D.P.R. Case No. 19-06636) on Nov. 13, 2019.  At
the time of the filing, Debtor disclosed assets of between $1
million and $10 million and liabilities of the same range.  Judge
Brian K. Tester oversees the case.  The Debtor has tapped Jose
Ramon Cintron, Esq., as its legal counsel, and JE&MA CPA Consulting
Solutions LLC, as its accountant.


PUERTO RICO ELECTRIC: Court Okays Luma Energy's $115 Million Fee
----------------------------------------------------------------
Michelle Kaske of Bloomberg News reports that U.S. District Court
Judge Laura Taylor Swain ruled that Puerto Rico's bankrupt power
utility, Puerto Rico Electric Power Authority, can pay Luma Energy
LLC, the company set to take over management of the island's
electrical grid, before other creditors.

Judge Swain ruled May 3, 2021, that a $115 million annual
fee, to be paid in monthly installments, is an administrative
expense. That gives it a higher priority for repayment.

The $115 million is a charge that Puerto Rico's Electric Power
Authority will pay during an interim period, which is set to begin
on June 1. 20521 when Luma takes over management.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and chair of a committee to review professionals' fees.

STONEMOR INC: To Hold May 13 Conference Call to Discuss Results
---------------------------------------------------------------
StoneMor Inc. expects to release 2021 first quarter financial
results on May 13, 2021 after the market closes.  In
connection with this announcement, StoneMor plans to hold a
conference call to discuss its results later that day at 4:30 p.m.
Eastern Time.

This conference call can be accessed by calling (800) 786-5706.  No
reservation number is necessary; however, due to the on-going
pandemic, it is advised that interested parties access the call-in
number 5 to 10 minutes prior to the scheduled start time to avoid
delays.  StoneMor will also host a live webcast of this conference
call.  Investors may access the live webcast via the Investors page
of the StoneMor website www.stonemor.com under Events &
Presentations.

                        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).


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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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