/raid1/www/Hosts/bankrupt/TCRLA_Public/210526.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

          Wednesday, May 26, 2021, Vol. 22, No. 99

                           Headlines



B A H A M A S

ATLANTIS BAHAMAS: To Cut 700 Jobs


B E L I Z E

BELIZE: S&P Cuts Foreign Currency Sovereign Credit Ratings to SD/SD


B R A Z I L

BRF SA: Stung by Feed Costs in Home Market
MMX MINERACAO: Mining Company Declared Bankrupt


C H I L E

LATAM AIRLINES: Shareholders Channel Hertz in Bankruptcy Rebound


C O L O M B I A

BOGOTA: S&P Cuts LT Issuer Credit Rating to 'BB+', Outlook Stable
ECOPETROL SA: S&P Cuts Corp. Credit Rating to BB+, Outlook Stable
SEGUROS DE VIDA SURAMERICANA: S&P Lowers ICR to 'BB+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Price of Staple Products Up 30%, Fenacodep Says


P U E R T O   R I C O

MC TOURS: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Dismisses Approach to IMF for Assistance

                           - - - - -


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B A H A M A S
=============

ATLANTIS BAHAMAS: To Cut 700 Jobs
---------------------------------
RJR News reports that Atlantis Bahamas, citing the pandemic's
impact on global travel and lingering uncertainty over recovery,
said it will make 700 employees redundant.

In a letter, Atlantis president and managing director Audrey Oswell
underscored that the significant losses incurred had forced the
resort to drastically cut costs in nearly every corner including
its 7,300-strong workforce, according to RJR News.

Ms. Oswell said the resort had to face the hard truth that it was
unknown when travel will return to pre-COVID levels, and that when
it does it will be very different for everyone, the report notes.




===========
B E L I Z E
===========

BELIZE: S&P Cuts Foreign Currency Sovereign Credit Ratings to SD/SD
-------------------------------------------------------------------
S&P Global Ratings lowered its long- and short-term foreign
currency sovereign credit ratings on Belize to 'SD/SD' (selective
default) from 'CC/C'. S&P also lowered its rating on the foreign
currency bond due in 2034 to 'D' from 'CC'.

At the same time, S&P affirmed the 'CC/C' long- and short-term
local currency sovereign credit ratings. The outlook on the
long-term local currency rating remains negative.

S&P's transfer and convertibility (T&C) assessment remains
unchanged at 'CC'.

Outlook

S&P does not assign outlooks to 'SD' ratings because they express a
condition and not a forward-looking opinion of default
probability.

S&P could lower the local currency ratings over the next 12 months
if the government signals its intention to restructure its local
currency-denominated debt -- which it would view as a distressed
exchange -- or that it won't pay its local currency debt service
obligations.

S&P said, "If Belize resumes coupon payments or completes a formal
bond restructuring, which we would characterize as a distressed
exchange under our methodology, we would raise the foreign currency
sovereign credit and issue ratings on the bond from 'SD' and 'D',
respectively. Those new ratings would reflect Belize's
post-exchange creditworthiness. Our post-restructuring ratings tend
to be in the 'CCC' or low 'B' category, depending on the
sovereign's new debt structure and capacity to support that debt."

Rationale

The government of Belize failed to pay the US$6.5 million quarterly
interest coupon due on May 20, 2021, on its US$526.5 million bond
due in 2034 (superbond). S&P does not expect the missed interest
payment to be made during the stated 30-day grace period, since the
Belizean government recently announced a consent solicitation
seeking to extend the grace period applicable to the May 20 coupon
to Sept. 19.

The amended grace period would expire on the same date as the grace
period applicable to the next scheduled coupon, payable on Aug. 20,
2021. This modification would become effective if a majority of
creditors, as specified in the thresholds indicated in the bond's
collective action clause, agree to the request. The expiration time
for the consent solicitation is June 1, 2021, unless extended or
earlier terminated by Belize. If a sufficient share of investors
agrees to the request, S&P would likely treat the solicitation of
consent as a distressed exchange, given the nature of the request
amid stressed financing conditions and limited options for
bondholders.

S&P believes further discussions for structural amendments to the
U.S. dollar bond due 2034 are likely to take place within the next
four months. The government has also announced its intention to
seek a consensual restructuring of the terms of the bonds, which
poses heightened risk of an additional distressed debt exchange on
the bonds.

Belize faces a constrained fiscal position and has low external
liquidity. Social and financial pressures caused by the pandemic,
given Belize's precarious economy and health system, have shifted
the government's policy priorities and weakened its capacity to pay
its debt service. S&P estimates Belize's economy likely contracted
by 14% in 2020 and may grow by 3% in 2021.

S&P said, "We estimate the general government fiscal deficit
widened to 10.9% of GDP in 2020, pushing net general government
debt to 113% of GDP, from 88% in the previous year. We expect the
government to implement corrective measures to control operating
spending, while the room for revenue increases seems limited. As a
result, we project a modest reduction in the government deficit to
9.3% of GDP in 2021."

The country's difficult economic conditions and the government's
weak financial position are incorporated in our local currency
ratings, although the government has not mentioned any plans to
default on local currency-denominated debt.

The ratings on Belize reflect its large fiscal and external
imbalances, as well as the fragility of its economy, which COVID-19
has exacerbated. The country's vulnerability to external shocks and
natural disasters constrains the ratings. S&P also incorporates our
assessment of Belize's weak institutions and the absence of
monetary and exchange-rate flexibility.

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

-- Health and safety

In accordance with S&P"s relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  DOWNGRADED; CREDITWATCH/OUTLOOK ACTION
                                 TO           FROM
  Belize

  Sovereign Credit Rating  
   Foreign Currency            SD/SD       CC/Negative/C

  DOWNGRADED
                                 TO           FROM
  Belize
   Senior Unsecured              D             CC

  RATINGS AFFIRMED

  Belize

  Sovereign Credit Rating
   Local Currency           CC/Negative/C
  Transfer & Convertibility Assessment
   Local Currency                CC
  Short-Term Debt                 C




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

BRF SA: Stung by Feed Costs in Home Market
------------------------------------------
Ana Mano and Nayara Figueiredo at Reuters report that Brazilian
meatpackers JBS SA and BRF SA both acknowledged that they are
struggling to pass on higher feed costs to consumers in their home
market although JBS sounded a more bullish tone given its big U.S.
exposure.

Both companies reported that they had swung to first quarter
profits after losses a year ago, according to Reuters.

JBS, which gets most revenue from sales in North America, booked a
quarterly profit of 2.045 billion reais (US$386 million), while
BRF, which sells a majority of its volumes in Brazil, booked a more
meager 22 million reais (US$4.15 million) profit, the report
relays.

"It was a quarter different from what we dreamed of in 2020," BRF
Chief Executive Lorival Luz said in a call with journalists, the
report notes.

He told Reuters that BRF, the world's largest poultry exporter, was
considering earlier slaughter for chickens and temporary stoppages
at its pork and poultry plants in response to record corn prices.

Credit Suisse analysts Victor Saragiotto and Felipe Viera expressed
concern about what they called "concerning dynamics" at BRF, the
report relays.

"The scenario we expect to materialize in the coming quarters is
the one we are concerned about: an almost never ending pressure on
grain prices," they said in a research note, adding that BRF and
some rivals "could be in a challenging situation throughout 2021,"
the report discloses.

In a call with analysts, JBS executives said they were able to pass
on higher grain costs to consumers because food demand is strong in
markets such as the United States and Canada, the report notes.

In Brazil, however, higher feed prices have dented margins of the
JBS' Seara processed food division, a direct competitor of BRF,
given a sluggish economy and slow COVID-19 vaccinations, the report
relates.

"The rise in grain prices is a global thing," said Wesley Batista
Filho, director-at-large of JBS. "Given this scenario, we will have
to work in a more efficient way," the report discloses.

JBS said it is "well positioned" to deal corn shortages in Brazil,
but declined to elaborate.

In Asia as a whole, both companies should benefit as food sales
recover from the pandemic and more people are vaccinated, the
report notes.

In China, a key market for both companies, demand for all proteins
should remain strong as the country still tries to recover pork
herds after a deadly pig disease, the firms said, the report adds.


MMX MINERACAO: Mining Company Declared Bankrupt
-----------------------------------------------
Rio Times Online reports that a Rio de Janeiro court declared the
bankruptcy of MMX Mineracao e Metalicos, the mining company
controlled by former Brazilian tycoon Eike Batista, who was once
considered the seventh richest man in the world before his
conglomerate collapsed.

The Sixth Civil Chamber of the Court of Justice of Rio de Janeiro
rejected a request by the mining company to revoke the decision
that had declared unfeasible the recovery process filed by the
company after it filed under the Bankruptcy Law, according to Rio
Times Online.

The court, considering that the company has no way to pay its
debts, the report notes.

As reported in the Troubled Company Reporter-Latin America on Nov
30, 2016, that Reuters said that MMX Mineracao e Metalicos SA, the
mining company founded by former billionaire Eike Batista, has
filed for protection from its creditors in a Brazilian court,
citing slumping iron prices and economic adversity.




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C H I L E
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LATAM AIRLINES: Shareholders Channel Hertz in Bankruptcy Rebound
----------------------------------------------------------------
Jeremy Hill and Katherine Doherty at Bloomberg News report that the
tale of Latam Airlines Group SA's Chapter 11 case is looking eerily
similar to that of Hertz Global Holdings Inc. in some respects.
Both went bankrupt as the virus raged, according to Bloomberg News.
Both were in decent financial shape before the pandemic ground
travel to a halt.  Hertz was alone in sparking a fierce Chapter 11
bidding war, but markets are now painting a much rosier picture for
Latam, too, Bloomberg News notes.

Latam's bankruptcy "is Hertz five months ago," and equity holders
stand to recover value, said Andrew Glenn, managing partner at
Glenn Agre Bergman & Fuentes, Bloomberg News cites.   His firm
represented an ad hoc committee of Hertz shareholders and has now
taken up the same role in Latam's case, Bloomberg News relays.

Bloomberg News discloses that like Hertz, certain Latam
shareholders believe the air carrier's equity is worth something
even as it goes through bankruptcy.  Their aim is to preserve the
value of common stock, which is often, but not always, wiped out
when a company restructures in the U.S, Bloomberg News notes.

The group organized and hired Glenn's firm, along with financial
advisers from Cowen Inc., after the airline's bankruptcy judge said
that it was too early to know if Latam is solvent, Bloomberg News
notes.  In addition to his work on Hertz, Glenn steered
stockholders of auto parts maker Garrett Motion Inc. toward a
recovery earlier this year, Bloomberg News says.

When applying a "reasonable multiple" to Latam's 2019 financial
numbers, "there are billions in equity value at play," Glenn said.
"After a long period of uncertainty, everybody sees that
recovery.".

Representatives for Latam declined to comment.

Santiago-based Latam Airlines is the region's largest air carrier.
After Covid-19 travel restrictions crushed revenues, the company
filed for bankruptcy in New York last May, Bloomberg News.  Its
bonds fell as low as 16 cents cents on the dollar, and the stock
tanked as well on the assumption that shares would be worthless
during the Chapter 11 process, Bloomberg News relays.

But Hertz this month proved the exception to the rule: the car
rental giant signed a deal to sell itself to an investor group led
by Knighthead Capital Management and Certares Management that hands
stockholders about $8 a share and fully repays all creditors,
Bloomberg News notes.  Hertz bonds that traded as low as 13 cents
on the dollar are now changing hands above par, Bloomberg News
discloses.

Hertz "had an auction at the perfect time" to capitalize on vaccine
roll-outs and fewer travel restrictions, said Melanie Cyganowski, a
former bankruptcy judge now with law firm Otterbourg PC.  "The
ability of folks to travel for both business and leisure is now
something that's real -- it's no longer speculative."

Knighthead and Certares, Hertz's soon-to-be owners which didn't
immediately respond to requests for comment, recently closed a fund
that'll scoop up pandemic-beaten travel companies, Bloomberg News
notes.  And Knighthead has already shown an interest in Latam: it
drove a fierce fight over the air carrier's bankruptcy financing
that culminated in the hedge fund getting a piece of the deal,
Bloomberg News relays.

Debt securities tied to Latam have rallied in recent months, with
bonds issued by its finance arm trading for more than 90 cents on
the dollar.  Unsecured claims -- low-ranking debts owed to parties
like vendors and aircraft lessors -- are changing hands for more
than 70 cents on the dollar from less than 50 cents last month,
according to claims market participants, Bloomberg News discloses.

Just like Garrett and Hertz, Latam "had a really bad problem that
has now ended and is well positioned for the future," Glenn said.
In those cases, "our firm came in, we protected value and gave it
to shareholders. We're going to do that again."

                  About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.  It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020.  Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc., and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor.  Ferro Castro Neves Daltro & Gomide Advogados,
is the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.




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

BOGOTA: S&P Cuts LT Issuer Credit Rating to 'BB+', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term global scale foreign and
local currency issuer credit ratings on the city of Bogota to 'BB+'
from 'BBB-'. The outlook is now stable. At the same time, S&P
lowered to 'BB+' from 'BBB-' its issue rating on Bogota's senior
unsecured debt of US$ 300 million, issued in 2007 and due in 2028.

On May 19, 2021, S&P lowered its long-term foreign currency rating
on Colombia to 'BB+' from 'BBB-'.

The rating action on the sovereign follows S&P's expectation of a
consistently weakened fiscal profile amid external
vulnerabilities.

Outlook

The stable outlook reflects that on the sovereign. S&P said, "We
expect renewed economic growth over coming years to help stabilize
Colombia's fiscal position. We also expect Colombia to find an
institutional solution to recent social unrest, which would boost
institutional and political stability over the medium to long term.
The stable outlook on Bogota also incorporates our expectations
that in the next 12 to 18 months, the city will be able to recover
its operating surplus position following a significant
deterioration in 2020, as it gradually continues its ambitious
infrastructure program."

Downside scenario

S&P could downgrade the city in the next 12 to 18 months if weak
fiscal performance translates into structural deterioration or a
faster-than-expected erosion of the city's liquidity. An additional
downgrade of the sovereign would most likely result on a similar
action on Bogota.

Upside scenario

Because the sovereign ratings now cap those on the city, S&P would
only upgrade the city if it takes a similar action on the
sovereign. This scenario would be only possible if Bogota maintains
moderate liquidity and debt levels, as well as satisfactory
financial management.

Rationale

S&P said, "The sovereign ratings constrain the ratings on the city,
given our opinion that under significant sovereign stress, the city
would not be able to maintain stronger creditworthiness. This
result follows the sovereign's strategic significance in the city's
spending and investment plans, and their overall alignment on terms
of fiscal and economic performance. As a result, we cap the ratings
on Bogota at the level of the 'BB+' long-term foreign currency
rating on Colombia.

"Our base case continues to assume that the city will continue its
ambitious infrastructure program, which in the next two to three
years would translate into a still adequate but structurally weaker
liquidity position and debt levels than it has currently. Amid
still relatively weak economic and social conditions, we expect
additional spending to improve the city's safety net and finance
repairs to damaged infrastructure. That said, we don't forecast any
structural deterioration in budgetary performance in the next
several years."

Bogota's stand-alone credit profile remains 'bbb-', mainly
reflecting its adequate financial management and our expectations
of weaker but still adequate debt and liquidity levels in the
medium term. The SACP also incorporates S&P's expectation of a
recovery in the city's operating surpluses, but large deficits
after capital expenditures (capex). Countercyclical spending by
city management to smooth the effect of the pandemic and recession
resulted in a substantial increase of operating spending. Coupled
with weak own source revenues collection, the city moved to an
operating deficit position of 5% of operating revenues and a
deficit after capex of 10% of total revenues in 2020. S&P's base
case assumes that with renewed economic growth and a gradual (if
not complete) withdrawal of pandemic-related spending, Bogota would
return to an operating surplus of about 5% of operating revenues.
Based on the city's infrastructure program--including its shared
responsibility with the federal government to finance an elevated
metro system--we expect capex at 20% of total spending over
2021-2023, resulting in deficits just below 10% of total revenues.

Part of the deficits will be met by the city's substantial cash
holdings (30% of operating revenues as of year-end 2020) and debt
resources. As the government executes its capex plans, S&P would
expect both liquidity to worsen, given structurally lower cash
holdings, and debt levels to rise toward 50% of operating revenues
by 2023.

Other key rating characteristics are the city's GDP profile, which,
while weak compared to global peers, will be key to drive economic
growth in the country in following years, for example through
executing major infrastructure works. S&P considers the
institutional framework for Colombian local and regional
governments (LRGs) to be predictable but still unbalanced, with
accounting standards that compare poorly with respect to
international peers.

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

  -- Health and safety.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

Ratings List

  DOWNGRADED; CREDITWATCH/OUTLOOK ACTION
                             TO               FROM
  Bogota Distrito Capital
   Issuer Credit Rating      BB+/Stable/--    BBB-/Negative/--

  DOWNGRADED
                             TO               FROM
  Bogota Distrito Capital
   Senior Unsecured          BB+              BBB-


ECOPETROL SA: S&P Cuts Corp. Credit Rating to BB+, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings downgraded the following Colombian companies to
'BB+' from 'BBB-' and assigned a stable outlook:

-- Ecopetrol S.A.;
-- Grupo de Inversiones Suramericana S.A. (Grupo Sura);
-- ISAGEN, S.A. E.S.P.; and
-- Oleoducto Central, S.A. (OCENSA).

Although the following two entities have ratings above that on
Colombia, S&P downgraded them to 'BBB-' from 'BBB' and assigning a
stable outlook:

-- Enel Americas S.A. ; and
-- Emgesa S.A. E.S.P.

The ratings on both entities are higher than on the sovereign,
mainly because of the potential support they would receive in case
of financial distress from their parent companies -- Enel SpA
(BBB+/Stable/A-2) in the case of Enel Americas, and Enel Americas
for Emgesa.

S&P said, "We also lowered the issue-level ratings on A.I.
Candelaria Spain to 'B+' from 'BB-'. This is because we still see a
notch differential due to its total reliance on subordinated
dividend payments from its sole investment, OCENSA, which
distributes them after funding its operating and financial needs.

"Finally, we affirmed the 'AA' rating on Sociedad Concesionaria
Vial Montes de Maria S.A.S. (Puerta de Hierro). The outlook remains
stable."

The latter rating action follows the withdrawal of a the
government's fiscal reform proposal amid high spending pressures,
resulting in a sharply lower likelihood of Colombia improving its
fiscal position following a recent and marked deterioration. Given
high external vulnerability, comparably weak economic profile --
balanced by adequate institutions and monetary credibility --
Colombia's debt will stabilize at around 60% of GDP during
2021-2024 and will post relatively wide fiscal deficits. These
factors are no longer consistent with an investment-grade foreign
currency rating.

S&P said, "This is because they continue to be exposed to Colombia,
in our view, given that they operate in what we conceive as highly
regulated sectors (dependent on rate adjustments approved by the
regulators) and that demand for their services is in some cases
correlated to the country's GDP growth pace. Consequently, we
believe the entities could suffer from heavier regulation in a
sovereign stress scenario, and wouldn't generate or maintain
sufficient cash to honor their financial obligations under a
sovereign default scenario."

This is the case for Ecopetrol, of which Colombia's government is a
controlling shareholder. Therefore, ratings on the company and its
subsidiaries move in tandem with those on the sovereign. S&P said,
"In our view, the final rating on Ecopetrol is capped at the level
of the 'BB+' foreign currency rating on Colombia, given our
expectation that the government could have a tendency to increase
taxes or dividends if it faces fiscal or external stress, which
could restrict Ecopetrol's financial flexibility. Additionally, our
assessment that the company has a very strong link with the
government also limits the rating. As a result of the downgrade of
Ecopetrol, we took a similar rating action on its subsidiary,
OCENSA, because we don't believe there are meaningful regulatory
mechanisms or other structural barriers that restrict the parent
from accessing the subsidiaries' cash flows in a scenario of
distress. In addition, Ecopetrol is OCENSA's main client,
representing more than 80% of its revenue in 2020."

S&P said, "Moreover, we lowered the issue-level rating on
Candelaria's notes, given 100% of its equity interests in OCENSA
and its total reliance on subordinated dividend payments from the
latter entity, which distributes them after funding its operating
and financial needs. In addition, given that OCENSA is not publicly
traded, it might be difficult for Candelaria to liquidate its
investment if needed, and for us to forecast asset valuations
relative to debt with certainty. The rating on Candelaria's notes
also captures the existing governance principles contained in the
shareholders' agreement whereby Candelaria holds veto powers over
OCENSA's material decisions such as business plans, large
investments, and changes to the dividends policy.

"Isagen sells about 35% of its energy to distributors, which have
their rates set by the regulator. Therefore, we believe payments to
Isagen -- in case of a regulatory interference in distributors'
rates -- could deteriorate. In addition, Isagen sells a portion of
its output on the spot market, which we believe could also be at
its regulatory floor amid recession. Therefore, the sovereign
rating caps the rating on Isagen, in our view.

"We believe that Grupo Sura wouldn't pass a Colombian sovereign
default stress test scenario. The sovereign rating cap and risk to
Grupo Sura in a sovereign default scenario reflect the high
correlation between the company's assets and dividends, and the
country's economy, because around 40% of assets operate mostly in
this country. The company is exposed to Colombia's financial system
because Grupo Sura has a stake in Bancolombia, which represents an
approximately 25% of the dividend stream. In our view, this limits
the rating on Grupo Sura to the sovereign level because we deem
highly likely that a sovereign default would entail a significant
shock to the country's financial system.

"We expect around 35% of Enel Americas' EBITDA to come from
Colombia in 2021, followed by Brazil (about 45%), Peru (15%), and
Argentina (5%). Although we believe that Enel Americas' debt
repayment capacity remains stronger than those of the sovereigns
where it operates, mainly because of the potential support it would
receive from its parent company Enel in case of financial distress,
the company's downgrade reflects its sensitivity to deteriorating
country risks."

The rating action on Emgesa follows the one on Enel Americas, given
that the former plays an important role in the latter's strategy in
Latin America. Therefore, S&P expects the latter to support Emgesa
under any foreseeable circumstance, including a hypothetical
sovereign default of Colombia.

S&P said, "We affirmed the rating on Puerta de Hierro as it
reflects the guarantor's creditworthiness. This is because Puerta
de Hierro's notes benefit from an irrevocable financial guarantee
for interest and make-whole premium payment, in respect to the
maximum guaranteed principal amount and for up to $350 million on
principal, from Development Finance Corp. (DFC)." However, S&P
revised downwards the project's operations phase stand-alone credit
profile to 'bb+' from 'bbb-' because it considers the
creditworthiness of the project's main offtaker (Agencia Nacional
de Infrastructura) to be one notch below our 'BBB-' local currency
rating on Colombia for the following reasons:

-- There are no cross-default clauses linking these obligations
with sovereign debt;

-- S&P views the reporting of 'Vigencias Futuras' and other
contingent liabilities as transparent because the government
explicitly recognizes payment obligations and contingent
liabilities that arise from this transaction. However, the
government doesn't report these 4G-related obligations as sovereign
debt.

Outlook

The stable outlook on these entities mirrors that on Colombia. The
ratings on the latter pose a limitation on credit quality of
corporate and infrastructure entities, given their exposure to
sovereign risk. Therefore, S&P expects the ratings on these
entities to move in tandem with the sovereign ratings in the next
12 to 18 months.

The stable outlook on Enel Americas mirrors that on Brazil and
Colombia, its two main markets. Ratings on Emgesa are the same as
on the parent, and would move in tandem with the latter.

The stable outlook on Puerta de Hierro's notes reflects our
expectation of full coverage for the debt repayment given DFC's
financial guarantee. Therefore, the outlook on project's notes
reflects that on the U.S. Moreover, the stable outlook reflects the
guarantee coverage of over 60% stemming from the appreciation of
the Colombian peso.

Downside scenario

S&P said, "In the next 12-18 months, we would downgrade these
companies in case of a similar rating action on Colombia. We could
lower the sovereign ratings if the potential long-term damage
caused by the pandemic, other domestic developments, or new
external shocks, prevent the Colombian economy from recovering in
2021 and results in lower-than-expected GDP growth in subsequent
years. A perceived deterioration in Colombia's institutional
effectiveness, such as the inability to find political and social
consensus to sustain growth and the country's fiscal profile, could
also translate into a downgrade.

"We might also downgrade Enel Americas in case of a negative rating
action on Brazil or if we believe that the company has become a
less integral subsidiary for Enel. In such a case, we will also
downgrade Emgesa.

"We could lower the rating on Puerta del on Hierro in the next
12-24 months if DFC's credit quality weaken, which could happen if
we lower the rating on the U.S. or the relationship between the
U.S. government and DFC weakens."

Upside scenario

S&P said, "In the next 12-18 months, we could upgrade these
companies if we take a similar action on the sovereign rating on
Colombia, while everything else remains equal. This can occur if
there is faster-than-expected economic growth, coupled with
structural fiscal measures, which reduce Colombia's fiscal
financing gap, lower the debt burden, and strengthen public
finances. A larger and more diverse export sector, helping to
reduce external vulnerability and strengthen economic resilience,
could also result in the upgrade over the middle to long term.

"In the next 18 months, we could raise the rating on Puerta de
Hierro's notes if we either raise the rating on the U.S. or if we
believe the relationship between the U.S. government and DFC
strengthens."

  Ratings List

  RATINGS LOWERED AND OUTLOOK CHANGE
                                   TO              FROM
  AI Candelaria (Spain), S.A.
   Senior Secured                  B+               BB-

  Ecopetrol S.A.
   Corporate Credit Rating      BB+/Stable/--    BBB-/Negative/--
   Senior Unsecured                BB+              BBB-

  Emgesa S.A. E.S.P.
   Corporate Credit Rating      BBB-/Stable/--   BBB/Negative/--
   Senior Unsecured                BBB-             BBB

  Enel Americas S.A.
   Corporate Credit Rating      BBB-/Stable/--   BBB/Negative/--
   Senior Unsecured                BBB-             BBB

  Grupo de Inversiones Suramericana S.A.
   Corporate Credit Rating      BB+/Stable/--    BBB-/Negative/--

  Isagen S.A. E.S.P   
   Corporate Credit Rating      BB+/Stable/--    BBB-/Negative/--

  Oleoducto Central, S.A.
   Corporate Credit Rating      BB+/Stable/--    BBB-/Negative/--

  Ratings Affirmed

  Sociedad Concesionaria Vial Montes de Maria S.A.S.
   Senior Secured               AA/Stable


SEGUROS DE VIDA SURAMERICANA: S&P Lowers ICR to 'BB+'
-----------------------------------------------------
S&P Global Ratings lowered its issuer credit and financial strength
ratings on Seguros de Vida Suramericana S.A. and Seguros Generales
Suramericana S.A. to 'BB+' from 'BBB-'. The outlook on the insurers
is now stable. S&P also kept the SACPs on the Suramericana group,
Seguros de Vida Suramericana, and Seguros Generales Suramericana at
'bbb', 'bbb' and 'bbb-', respectively, given no changes in their
intrinsic creditworthiness.

On May 19, 2021, S&P Global Ratings lowered its long-term foreign
currency rating on Colombia to 'BB+' from 'BBB-' because it
believes fiscal adjustment will prove to be more protracted and
gradual than previously expected, diminishing the likelihood of
reversing the recent deterioration in public finances.

As a result, S&P's taking the same action on Suramericana's
Colombian operating insurers because the sovereign foreign currency
rating acts as a constraint on the subsidiaries' credit quality.

S&P said, "We base our ratings on the Suramericana's core operating
insurance subsidiaries--Seguros de Vida Suramericana and Seguros
Generales Suramericana--on our assessment of Suramericana's 'bb+'
group credit profile (GCP). The foreign currency rating on Colombia
constrains Suramericana's GCP and ratings on its subsidiaries,
because we don't believe the group could withstand a sovereign
default scenario, given its large asset concentration in the
country. As result, ratings on Suramericana's core subsidiaries
move in tandem with the foreign currency rating on Colombia;
therefore, our revision of the GCP and ratings on insurers mirrors
the one on Colombia."




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

DOMINICAN REPUBLIC: Price of Staple Products Up 30%, Fenacodep Says
-------------------------------------------------------------------
Dominican Today reports that The National Federation of Retailers
of Provisions (Fenacodep) reported that staple products have
increased by more than 30% in recent months and alerted the
government about the impact of this situation among consumers.

The organization president said that the price increase in most of
the products of significant consumption among the population had
affected consumers and the retail trade, according to Dominican
Today.

Troncoso said that the increase in prices set by the suppliers
forces the retailers to look for more money to maintain the
inventory, which causes significant losses to their businesses, the
report relays.

Fenacodep asked manufacturers to explain the constant increases in
the prices of food products in the last weeks, the report notes.

Fenacodep's president, Manolo Troncoso, noted that prices had
increased six times in a few months in the case of edible fats, the
report relays.

The report notes that Troncoso clarified that the retailers have no
responsibility for the staggering increases and, on the contrary,
these increases affect the businesses because they decapitalize
them.

The entity, which is the head of the retail trade in the Dominican
Republic, asked the industrialists and the authorities to explain
to the population about the increases, the report relays.

The president of Fenacodep, Manolo Troncoso, said no logical
explanation for the price increases because the dollar has
maintained a stable price in the last months, 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, 2021, 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 U E R T O   R I C O
=====================

MC TOURS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: MC Tours Inc.
        PO Box 51955
        Toa Baja, PR 00950

Chapter 11 Petition Date: May 24, 2021

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 21-01609

Debtor's Counsel: Myrna L. Ruiz Olmo, Esq.
                  MRO ATTORNEYS AT LAW, LLC
                  P.O. Box 367819
                  San Juan, PR 00936-7819
                  Tel: 787-404-2204
                  E-mail: mro@prbankruptcy.com

Total Assets: $591,707

Total Liabilities: $1,482,592

The petition was signed by Merylee Suazo, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at https://bit.ly/3hU9JaW




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

TRINIDAD & TOBAGO: Dismisses Approach to IMF for Assistance
-----------------------------------------------------------
The Trinidad and Tobago Government has dismissed suggestions that
it was seeking financial assistance from the International Monetary
Fund (IMF) to help shore up the country's economy as a result of
the novel coronavirus pandemic.

Finance Minister Colm Imbert, responding to a question from the
Opposition in the Senate, said that the country's credit-
worthiness on the international market is such that it would be in
its interest, if it needs, to seek funding on the open market.

Imbert said that there had been several rumours regarding plans by
the Keith Rowley Government to seek funding from the IMF, and
blamed the main Opposition United National Congress (UNC) for
spreading those lies.

"At this time the Government is not seeking budgetary support. Our
loan financing from any financial institution, that requires
structural adjustment," Imbert told legislators.

"Rumours to the contrary, such as those propagated by Opposition
MPs in March of this year about a World Bank loan for COVID-19
support, are completely false."

The finance minister said that this time the Government has the
"capability and the credit- worthiness to access financing, both
locally and internationally, at competitive rates without
conditionalities".

He told legislators that the credit worthiness is a positive for
Trinidad and Tobago and that there's no need to make any changes.

"This fact was demonstrated last year when, during the height of
the COVID-19 pandemic, the Ministry of Finance was able to raise
US$500 million or TT$3.4 billion in a few hours on the
international market at a very competitive rate of 4.5 per cent
over 10 years with no conditionalities," he said, adding that "this
situation has not changed".



                           *********


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

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

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

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

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

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


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