/raid1/www/Hosts/bankrupt/TCRLA_Public/210608.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

          Tuesday, June 8, 2021, Vol. 22, No. 108

                           Headlines



B A R B A D O S

[*] BARBADOS: PM Renews Call for Multinational Vulnerability Index


B E R M U D A

TEEKAY CORP: Egan-Jones Retains 'B' Sr. Unsecured Debt Ratings
TEEKAY TANKERS: Egan-Jones Keeps 'BB' Sr. Unsecured Debt Ratings


B R A Z I L

CSN RESOURCES: Commenced a Cash Tender Offer for 2023 Notes
CSN RESOURCES: Fitch Affirms BB- Rating on USD1-Bil. Unsec. Notes
JBS SA: Global Facilities Are Operational After Hacker Attack
PETROLEO BRASILEIRO: Egan-Jones Retains 'B-' Unsecured Debt Ratings


C H I L E

INVERSIONES LATIN AMERICA: Fitch Gives 'BB+(EXP)' to $403MM Notes
INVERSIONES LATIN AMERICA: Moody's Rates New $404MM Sec. Notes Ba1


G U A T E M A L A

GUATEMALA: IDB Approves US$12.98MM to Help Lessen Gas Emissions


M E X I C O

INTERJET SA: Eyes Deal With Creditors Within a Year
MEXICO: Egan-Jones Hikes Unsecured Debt Ratings to BB-
ZITACUARO: Moody's Alters Outlook on B2/Ba2.mx Ratings to Stable


P U E R T O   R I C O

L'OCCITANE INC: Court Extends Plan Exclusivity Thru Aug. 24
ORGANIC POWER: Taps Vidal, Nieves & Bauza as Special Counsel


S U R I N A M E

SURINAME: S&P Lowers Sovereign Credit Ratings to 'SD'


V E N E Z U E L A

VENEZUELA: Returning Expropriated Companies to 'Take Years'

                           - - - - -


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B A R B A D O S
===============

[*] BARBADOS: PM Renews Call for Multinational Vulnerability Index
------------------------------------------------------------------
RJR News reports that Barbados Prime Minister Mia Mottley has
renewed her call for an agreement on a multinational vulnerability
index to replace the historic per capita income criteria used to
provide assistance to developing countries.

Miss Mottley said Barbados' classification as a middle-income
country had meant that for more than a decade, there had been
limited access to concessional development funding, according to
RJR News.

Mottley said a multidimensional vulnerability index will allow for
the inclusion of more than just income-based criteria to assess
eligibility for concessionary finance, the report notes.

As reported in the Troubled Company Reporter-Latin America on April
23, 2020, S&P Global Ratings affirmed its 'B-/B' long- and
short-term sovereign credit ratings on Barbados, and its 'B-'
issue-level ratings on Barbados' debt. In addition, S&P Global
Ratings affirmed its 'B-' transfer and convertibility assessment.
The outlook is stable.




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

TEEKAY CORP: Egan-Jones Retains 'B' Sr. Unsecured Debt Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on May 27, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Teekay Corporation. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Hamilton, Bermuda, Teekay Corporation is a
provider of international crude oil and liquefied natural gas (LNG)
marine transportation services.


TEEKAY TANKERS: Egan-Jones Keeps 'BB' Sr. Unsecured Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on May 26, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Teekay Tankers Ltd.

Headquartered in Hamilton, Bermuda, Teekay Tankers Ltd. provides
oil transportation services through a fleet of mid-size tankers,
including Suezmax and Aframax crude oil tankers and Long Range 2
products tankers.




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B R A Z I L
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CSN RESOURCES: Commenced a Cash Tender Offer for 2023 Notes
-----------------------------------------------------------
Companhia Siderurgica Nacional ("CSN") (NYSE: SID) announced that
its subsidiary, CSN Resources S.A. ("CSN Resources"), has commenced
a cash tender offer (the "Tender Offer") for any and all of its
outstanding 7.625% Senior Unsecured Guaranteed Notes due 2023 (the
"Notes"). The Notes are fully, unconditionally and irrevocably
guaranteed by CSN.

The following table sets forth the material pricing terms of the
Tender Offer:

Title of Security    CUSIP / ISIN     Principal Amount   Purchase
                                        Outstanding        Price
-----------------    ------------     ----------------   --------

7.625% Sr Unsecured   144A: 12644VAB4   US$925 Million    US$1,038
Guaranteed Notes      / US12644VAB45
due 2023              Regulation S:
                      L21779AC4 /
                      USL21779AC45

The Tender Offer is scheduled to expire at 5:00 p.m., New York City
time, on June 8, 2021, unless extended or earlier terminated as
described in this press release (such time, as may be extended, the
"Expiration Time"). Holders of Notes who validly tender (and do not
validly withdraw) their Notes or deliver a properly completed and
duly executed notice of guaranteed delivery (the "Notice of
Guaranteed Delivery") at or prior to the Expiration Time will be
eligible to receive US$1,038.13 for each US$1,000 principal amount
of Notes validly tendered and accepted for purchase, plus Accrued
Interest. Validly tendered Notes may be validly withdrawn at any
time at or prior to the Expiration Time, unless extended or earlier
terminated as described below, but not thereafter.

The consideration for each US$1,000 principal amount of Notes
validly tendered and accepted for purchase pursuant to the Tender
Offer will be the purchase price set forth in the table on the
cover page of the Offer to Purchase. Holders of Notes validly
tendered or with respect to which a properly completed and duly
executed Notice of Guaranteed Delivery is delivered at or prior to
the Expiration Time and accepted for purchase pursuant to the
Tender Offer will receive the purchase price for the Notes. In
addition to the purchase price, all holders of Notes accepted for
purchase pursuant to the Tender Offer will receive Accrued
Interest.

CSN Resources' obligation to purchase Notes validly tendered
pursuant to the Tender Offer is subject to market conditions and
the satisfaction or waiver of certain conditions described in the
Offer to Purchase, including completion by CSN Resources of new
debt financing on satisfactory terms and conditions. However, the
Tender Offer is not conditioned on any minimum amount of Notes
being tendered. Subject to applicable law, CSN Resources expressly
reserves the right, in its sole discretion, to terminate the Tender
Offer if the conditions are not satisfied. If the Tender Offer is
terminated at any time, the Notes tendered will be promptly
returned to the tendering holders without compensation or cost to
such holders and will remain outstanding. Furthermore, CSN
Resources reserves the right, in its sole discretion, not to accept
any tenders of Notes for any reason.

CSN Resources and its affiliates reserve the absolute right, in
their sole discretion, from time to time to redeem or purchase any
Notes that remain outstanding after the Expiration Time through
open market purchases, privately negotiated transactions, tender
offers, exchange offers or otherwise, upon such terms and at such
prices as they may determine, which may be more or less than the
price to be paid pursuant to the Tender Offer.

Settlement of the Tender Offer is expected to occur on the third
business day following the Expiration Time, unless the Tender Offer
is terminated prior to such date. Tendered Notes may be withdrawn
at any time at or prior to the earlier of the Expiration Time and,
in the event that the Tender Offer is extended, the tenth business
day after commencement of the Tender Offer. Tendered Notes may be
withdrawn at any time after the 60th business day after
commencement of the Tender Offer if for any reason the offer has
not been consummated within 60 business days after commencement.

Upon the terms and subject to the conditions of the Tender Offer
set forth in the Offer to Purchase, dated June 2, 2021 (the "Offer
to Purchase"), all Notes validly tendered and not validly withdrawn
or with respect to which a properly completed and duly executed
Notice of Guaranteed Delivery (as described in the Offer to
Purchase) is delivered at or prior to the Expiration Time, as
applicable, will be accepted for purchase. CSN Resources reserves
the absolute right to amend or terminate the Tender Offer in its
sole discretion, subject to disclosure and other requirements under
applicable law. In the event of termination of the Tender Offer,
Notes tendered and not accepted for purchase pursuant to the Tender
Offer will be promptly returned to the tendering holders. The
complete terms and conditions of the Tender Offer are described in
the Offer to Purchase and the Notice of Guaranteed Delivery, copies
of which may be obtained from D.F. King & Co., Inc., the tender
agent and information agent (the "Tender Agent and Information
Agent") for the Tender Offer, at www.dfking.com/csn, by telephone
at +1 (877) 864-5051 (U.S. toll free) or +1 (212) 269-5550
(collect), in writing to 48 Wall Street, 22nd Floor, New York, NY
10005, Attention: Michael Horthman, or by email to csn@dfking.com.

CSN Resources has engaged Banco BTG Pactual S.A. - Cayman Branch,
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Jefferies
LLC, Morgan Stanley & Co. LLC, Banco Safra S.A., acting through its
Cayman Islands Branch, UBS Securities LLC and XP Investimentos
Corretora de Câmbio, Títulos e Valores Mobiliários S.A. to act
as the dealer managers (the "Dealer Managers") in connection with
the Tender Offer. Questions regarding the terms of the Tender Offer
may be directed to Banco BTG Pactual S.A. - Cayman Branch at +1
(212) 293-4600 (collect), Citigroup Global Markets Inc. at +1 (800)
558-3745 (U.S. toll free) or +1 (212) 723-6106 (collect), Goldman
Sachs & Co. LLC at +1 (800) 828-3182 (U.S. toll free) or +1 (212)
357-1452 (collect), Jefferies LLC at  +1 (888) 708-5831  (U.S. toll
free) or +1 (203) 708-5831 (collect), Morgan Stanley & Co. LLC at
+1 (800) 624-1808 (U.S. toll free) or +1 (212) 761-1057 (collect),
Banco Safra S.A., acting through its Cayman Islands Branch, at +55
(11) 3175-7594, UBS Securities LLC at +1 (888) 719-4210 (U.S. toll
free) or +1 (203) 719-4210 (collect), XP Investimentos Corretora de
Câmbio, Títulos e Valores Mobiliários S.A. at +1 (646) 931-0944
(collect).

As reported in the Troubled Company Reporter-Latin America on June
7, 2021, Moody's Investors Service has assigned a Ba3 rating to the
proposed senior unsecured notes due in up to 10 years to be issued
by CSN Resources S.A. and unconditionally guaranteed by Companhia
Siderurgica Nacional (CSN, Ba3 stable). CSN's existing ratings
including its Ba3 corporate family rating remain unchanged. The
outlook is stable.


CSN RESOURCES: Fitch Affirms BB- Rating on USD1-Bil. Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-'/'RR4' rating to Companhia
Siderurgica Nacional's (CSN) USD500 million to USD1 billion
proposed senior unsecured notes due 2031 issued by its subsidiary
CSN Resources S.A.

Proceeds from the proposed notes will be used for general corporate
purposes including debt refinancing. The transaction will allow CSN
to improve its liquidity and debt structure amid a favorable iron
ore and steel environment due to elevated prices. Fitch does not
expect the new bond to increase the company's net leverage ratio.

KEY RATING DRIVERS

Solid Free Cash Flow: Fitch projects that CSN will generate BRL21.1
billion of EBITDA and BRL10.8 billion of free cash flow during 2021
after spending BRL2.8 billion on capex, which is a hike from BRL1.7
billion of investments in 2020. Fitch's base case forecasts 31
million tons of iron ore production for CSN, the sale of an
additional 7 million tons of iron ore bought from third parties and
uses iron ore prices of USD160/ton. These volumes are 22% higher
than those of 2020, when intense rainfall affected CSN's first half
of the year production, but remain 1% below those of 2019. In 1Q21
prices reached nearly USD170/ton, iron ore sales amounted 8.2
million tons, 7% higher than in 4Q20, and adjusted EBITDA totaled
BRL5.8 billion and adjusted FCF reached BRL3.5 billion, 23% higher
and 39% lower than in 4Q20, respectively.

Steel Environment Remains Supportive: CSN's consolidated steel
sales reached 4.65 million tons in 2020, rising by 3% over 2019
despite the difficulties triggered by the coronavirus crisis. CSN
and several other Brazilian steel producers closed plants early in
2020 to respond to the pandemic. Hence, while Brazil's apparent
consumption rose by 3%, crude steel production fell by 5% in 2020
leading to sound steel prices. Fitch anticipates CSN's steel
volumes will grow 10% and prices rise 5% in 2021. The 1Q21 volumes
were already 15% higher than those of 1Q20 while price rose in
double digit rates.

Decreasing Debt Burden: CSN's strong FCF generation lowered its
Fitch-calculated net debt to USD3.3 billion from USD4.7 billion at
the end of 2020, and USD6.7 billion at the end of 2019. The company
had BRL36.9 billion of Fitch adjusted total debt at the end of
March 31, 2021 and BRL18.2 billion of cash and marketable
securities. Fitch includes BRL2.9 billion of advances received from
Glencore for a 33 million tons iron ore supply contract and
excludes lease related debt from its debt adjustments. Fitch
forecasts that CSN will end 2021 with a net debt/EBITDA ratio of
0.5x. This ratio is likely to weaken as iron ore prices fall; Fitch
uses USD100/ton for its forecast for 2022, USD80/ton in 2023, and
USD70/ton in 2024. The impact of the fall in iron ore prices will
be partially offset by stronger results from CSN's steel division
and new production coming from the Itabirite projects.

Reprofiling Short-Term Debt Concentration: CSN had about 40% of its
debt falling due by the end of 2023 as of Mar 31, 2021.
Approximately 70% of the debt falling due during this time frame is
with Brazilian banks. Caixa Economica Federal, Banco do Brasil and
Bradesco are CSN's largest lenders. Bradesco and Banco do Brasil
have also lent money to CSN's controlling shareholder. CSN's 2021
liability management program will lead to the repayment of BRL 3.7
billion of bank debt, the refinancing of the 2023 bond, a decrease
in annual amortization to BRL 2.0 billion from BRL 4.6 billion
between 2021 and 2024, and an extension of cash coverage of
near-term debt from 20 months to 60 months.

CSN Mineracao and CSN Cimentos Listings: The BRL4.1 billion (USD760
million) of proceeds from the Sao Paulo Stock Exchange IPO of CSN
Mineracao on February 2021 were split between the parent and the
subsidiary. Approximately BRL1.3 billion remained within the
company to expand its mining projects and port terminal and BRL2.8
billion funded CSN's debt prepayment efforts with its Brazilian
banks. The company announced it will be pursuing the listing of CSN
Cimentos, which represents around 2% of its EBITDA. These listings
follow CSN's adoption of a new strategy during the past few years
to accelerate its deleveraging through the sale of assets. This
included a reduction of its preferred shares in Usiminas, resulting
in BRL1.3 billion in proceeds. The listing or disposal of
additional assets remains under consideration.

DERIVATION SUMMARY

CSN's 'BB-'/Positive rating reflects its solid business position.
The volatility of the Brazilian economy and its impact on the
company's steel business is an additional credit consideration.

CSN's more integrated business profile and diversified portfolio of
assets compare well with Usinas Siderurgicas de Minas Gerais S.A.'s
(Usiminas; BB-/Stable). Both issuers are highly exposed to the
local steel industry in Brazil. CSN and Usiminas show weaker
business positions than Brazilian steel producer Gerdau S.A
(Gerdau; BBB-/Stable), which has a diversified footprint of
operations with important operating cash flow generated from its
assets abroad, mainly in the U.S., and flexible business model
(mini-mills) that allow it to better withstand economic and
commodities cycles.

Among the three business steel producers, Gerdau has consistently
maintained the strongest balance sheet, most manageable debt
amortization schedule, and has consistently made efforts to improve
its capital structure through assets sales or equity issuances.
Gross debt levels at CSN remain high relative to Gerdau and
Usiminas. CSN also has a more challenging debt amortization
schedule than either Usiminas or Gerdau.

CSN's first quartile position on the hot rolled coil steel cost
curve compares similarly to global peers such as PAO Severstal
(BBB/Stable), as the company benefits from its vertical integration
and the weak BRL. CSN and Severstal both benefit from a significant
share of high value-added products that make up their sales. CSN
exhibits much weaker credit metrics when compared to Severstal and
its significant refinancing risks reflect the differential between
its rating and its global peer.

KEY ASSUMPTIONS

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

-- Benchmark iron ore prices average USD160/ton in 2021,
    USD100/ton in 2022 and USD80/ton in 2023;

-- Iron ore volumes rebound by 22% in 2021, remain flat in 2022,
    and grow 4% in 2023;

-- Steel volumes increase by 10% in 2021, grow by 3% in 2022 and
    stay flat in 2023;

-- Capex reaches BRL 2.8 billion in 2021, and averages BRL 5
    billion till 2024 to build the Itabirite expansion.

RATING SENSITIVITIES

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

-- Additional asset sales in order to support gross debt
    reduction;

-- Improved debt amortization schedule;

-- Sustained adjusted total debt/EBITDA ratio below 3.5x and/or
    adjusted net debt/EBITDA ratio below 2.5x.

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

-- Inability or unwillingness to reduce gross debt levels with
    cash proceeds from asset sale;

-- Sustained adjusted total debt/EBITDA ratio above 4.5x and/or
    adjusted net debt/EBITDA ratio above 3.5x;

-- Adverse regulatory changes in Brazil's mining industry.

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

CSN had BRL36.9 billion (USD6.5 billion) of Fitch adjusted total
debt as of Mar. 31, 2021. Fitch's debt figure includes BRL2.9
billion of advances received from Glencore for a 33 million tons
iron ore supply contract and excludes lease related debt from its
adjustments. Capital markets debt represents 60% of the Fitch
adjusted debt total, while banks account for 32% of debt and the
Glencore advance represents the final 8% of debt. Including the
Glencore debt, approximately 70% of the company's debt is
denominated in U.S. dollars or euros.

CSN recently sold 56 million preferred shares of Usiminas getting
BRL1.3 billion in proceeds. Approximately 51 million preferred
shares and 111 million ordinary shares remain under CSN's control.
These holdings were included in CSN's BRL18.2 billion of cash and
marketable securities holdings at the end of March, 2021. At that
time, CSN also had BRL5.83 billion of debt due during 2021 and
2022. These maturities are fully comprised of bank debt.

The liability management program under way attempts to extend the
maturity of bank obligation. The resulting schedule for 2021 and
2022 is expected to be of BRL3.6 billion. The average annual
amortization would fall to BRL2.3 billion from BRL3.7 billion
between 2022 and 2025 effectively extending cash coverage from
nearly 30 months to 60 months. In addition to these bank and
capital markets obligations, CSN has to make payments of about
USD150 million per year for the next five years, according to terms
of the cash advance it received from Glencore for its iron ore
supply agreement.

The plan also includes a BRL4.4 billion of debt reduction. CSN
prepaid BRL3.7 billion using part of the BRL4.1 billion proceeds
from the IPO of CSN Mineracao in February. These advances are part
of the negotiations with Caixa, Banco do Brasil, and Bradesco that
is reducing this portion of total debt from BRL11.1 billion to
BRL7.2 billion. In addition, BRL500 million of prepayments to other
banks are expected.

Caixa Economica Federal and Banco do Brasil are CSN's largest
lenders; Bradesco and Santander are also important lenders.
Bradesco and Banco do Brasil also lent money to CSN's controlling
shareholder, which makes them reliant to a degree upon CSN's
continued success and dividend distributions.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's debt figure includes BRL2.9 billion of advances received
from Glencore for a 33 million tons iron ore supply contract and
excludes lease related debt from its adjustments.

SOURCES OF INFORMATION

For regulatory purposes in various jurisdictions, the supervisory
analyst named above is deemed to be the primary analyst for this
issuer; the principal analyst is deemed to be the secondary.


JBS SA: Global Facilities Are Operational After Hacker Attack
-------------------------------------------------------------
Rio Times Online reports that JBS SA said that all of its global
facilities are fully operational after a "criminal cyber attack" on
May 30 caused many of its operations in the United States and
Australia to be suspended.

JBS USA and its Pilgrim's Pride subsidiary managed to narrow the
loss to less than a day's production, the company said in a
statement, according to Rio Times Online.

As reported in Troubled Company Reporter on April 12, 2021, Moody's
Investors Service upgraded JBS S.A.'s corporate family rating to
Ba1 from Ba2 and the senior unsecured ratings of its wholly-owned
subsidiaries JBS USA Lux S.A. and JBS Investments II GmbH to Ba1
from Ba2. The rating of the secured term loan under JBS USA Lux
S.A. was upgraded to Baa3 from Ba1. The outlook for all ratings is
stable.


PETROLEO BRASILEIRO: Egan-Jones Retains 'B-' Unsecured Debt Ratings
-------------------------------------------------------------------
Egan-Jones Ratings Company, on May 26, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Petroleo Brasileiro S.A.  EJR also maintained its
'B' rating on commercial paper issued by the Company.

Headquartered in Rio de Janeiro, State of Rio de Janeiro, Brazil,
Petroleo Brasileiro S.A. - Petrobras explores for and produces oil
and natural gas.




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C H I L E
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INVERSIONES LATIN AMERICA: Fitch Gives 'BB+(EXP)' to $403MM Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB+ (EXP)' rating to Inversiones
Latin America Power Limitada's (ILAP, the issuer) planned issuance
of USD403.95 million in senior secured notes, supported by cash
flows from two wind farms, San Juan, S.A. (San Juan) and Norvind,
S.A. (Totoral). The Rating Outlook is Stable.

RATING RATIONALE

The rating for ILAP's portfolio of two wind farms, (San Juan with
81% and Totoral with 19% of total generation capacity) in Chile,
reflects its mostly-contracted position averaging 73% of its
revenues contracted with Distribution Companies (DisCos) through
regulated fixed-priced long-term PPAs and short-term bilateral PPAs
through 2033. The transaction is exposed to some potential
profitability erosion due to the varying prices between the energy
injection node and the DisCo withdrawal node, expected to be
mitigated over the medium-term due to transmission network
expansions. The rating is not limited by counterparty risk, as the
projects' most relevant counterparties are either investment-grade
or are DisCos under regulated PPAs, which benefit from protective
regulatory step-in provisions.

The transaction will also have a mostly merchant tail once the
regulated PPAs expire in 2033, though this is somewhat mitigated by
the long remaining useful life of the larger plant, San Juan, which
Fitch has assumed ends in 2042 (25 years total). Together, both
farms have a P90/P50 differential of 13%, indicating moderate wind
resource variability, and have performed around P50 in most years.
The wind farms have some curtailment risk, which is expected to
persist going forward but be less severe than historical
curtailment prior to the installation of the Cardones-Polpaico
transmission line in 2019.

San Juan is also exposed to wake effects due to recent wind farm
expansions near the plant site, for which the expected impact is
included in Fitch's financial analysis. Both farms have presented a
satisfactory operating track record and benefit from long-term
fixed-price service and availability agreements with Vestas Chile,
guaranteed by Vestas Wind Farms A/S, considered an experienced O&M
contractor. The overall debt structure is solid, with a mandatory
amortization schedule complemented by a partial cash-sweep up to a
target debt balance. Refinancing risk exists by way of a balloon
payment expected to be equivalent to roughly 20% of the original
value of the notes under Fitch's cases.

Under Fitch's rating case, debt service coverage ratios (DSCRs)
including stabilized price receivables are mostly consistent with
the assigned rating despite a few periods of shortfalls versus
'BB+' thresholds over the near term.These metrics average 1.27x
with a minimum of 1.16x . Refinancing risk is mitigated by a
project life coverage ratio (PLCR) of 1.58x at the time of the
note's maturity in 2033, considered adequate versus applicable
criteria to offset potential merchant volatility post-2033.

KEY RATING DRIVERS

Robust O&M Agreement Provides Comfort [Operation Risk - Midrange]

Vestas Chile, which in turn is supported by a guarantee of its
parent company Vestas Wind Farms A/S, is the provider of equipment
and O&M contractor and has a long and proven track record with the
plants' technology. The plants benefit from a comprehensive Service
and Availability Agreement (SAA) with fixed and defined costs,
covering scheduled and unscheduled maintenance covering the
majority of the life of the debt.

The SAAs also provide a minimum availability guarantees of 97% for
both wind farms in 2021 and of 98% for San Juan starting in 2022.
However, the transaction will be exposed to re-contracting risk
once these agreements expire in 2037 for San Juan and 2029 for
Totoral, which could lead to increases in costs or lower
availability guarantees. Life extension programs are planned for
both farms to add to their useful life bringing it up to 30 years,
though Fitch has assumed a maximum of 25 years for conservatism per
applicable criteria. A three-month Operation and Maintenance
Reserve Account (OMRA) provides comfort to the structure.

Strong but Evolving Track-Record [Revenue Risk - Volume: Midrange]

Both farms benefit from a resource forecast, which considers
operating history, with a longer track record considered for the
smaller wind farm, Totoral, having started operations on 2010. Both
farms have P90/P50 differentials of 13%, indicating moderate wind
resource variability. San Juan has a shorter operating track record
and it has been exposed to wake effect since 2020 due to the
construction of neighbouring wind farms. Wake effect remains a risk
for this plant but losses corresponding to future losses have been
conservatively estimated by the project's independent engineer
(IE), included in the resource forecast utilized by Fitch. Both
plants are also exposed to some curtailment risk, which is expected
to continue as additional renewables incorporate themselves into
the system, but are not expected to reach pre-2019 levels.

Long Term PPAs Limits Risks [Revenue Risk - Price: Midrange]

The plants have low merchant exposure during the life of the notes
given that the majority of revenues (73%) are contracted through
long-term fixed-priced PPAs. Price exposure mainly comes from the
differential between injection node and withdrawal node. This is
because the company earns the injection price where the plants are
located north of Santiago and pays the withdrawal price in central
Chile where the majority of the energy demand is located; the
withdrawal price is generally higher due to the concentration of
energy demand. The transaction will have a merchant tail post-2033,
to retire the remaining debt after the balloon payment is
refinanced. Spot prices are expected to be capped in the long-term
through the entry of more renewable energy projects and newer
technologies such as batteries that would lower the marginal cost
of energy production.

Solid Structure, Some Refinancing Risk [Debt Structure - Midrange]

The debt is amortizing with manageable refinancing risk. The plants
will benefit from a legal amortization schedule complemented by a
partial cash sweep up to a target debt balance. Failure to meet the
target debt balance is not an event of default, providing
flexibility to the transaction in the event that certain years
perform beneath original expectations. Under Fitch's base case, the
balloon payment would be equivalent to 20% of the original amount
of the notes, which is considered a moderate refinancing risk
exposure. The transaction benefits from an adequate covenant and
security package, including a 1.2x backward- and forward-looking
dividend distribution test. The project's six-month debt service
reserve account (DSRA) also provides some comfort to the
structure.

Financial Profile

Under Fitch's base case, which represents expected financial
performance under normal operating conditions, DSCRs average 1.34x
with a minimum of 1.26x. Fitch's rating case represents a downside
scenario with stresses on operational expenses as well as
availability after year 20 of each plant´s useful life, among
other factors. Rating case DSCRs are lower than in the base case,
averaging 1.27x with a minimum of 1.16x, including stabilized price
receivables expected between 2025 and 2027.

These metrics are mostly consistent with the rating assigned
despite shortfalls versus indicative thresholds over the near-term
which do not constrain the rating as they are short-term in nature
and not of a material magnitude. Break-evens demonstrate that the
financial profile should be resilient against a variety of stresses
including increasing withdrawal prices, increasing basis between
injection and withdrawal node prices, and decreases in spot prices,
further supporting the assigned rating. A 1.58x PLCR in Fitch's
rating case at the notes' maturity suggests sufficient buffer
against potential long-term spot price variability.

ILAP has an ESG Relevance score of '4' for Social Impacts, due to
the rate stabilization mechanism which was signed into law
following social unrest in Chile in 2019. The rate stabilization
law has resulted in reduced revenues for energy generation projects
with regulated PPAs in Chile, and is expected to continue to affect
ILAP's financial profile over the near term.

PEER GROUP

Fitch considers other wind energy generation projects in the region
peers for this project, such as Energia Eolica S.A.'s (Inka) rated
at 'BBB-', with a rating case DSCR minimum of 1.22x and an average
of 1.28x under Fitch's rating case. Parque Eolico Tres Hermanas,
S.A.C. is also rated at 'BBB-', with a rating case DSCR minimum of
1.22x and an average of 1.31x. Like ILAP, these projects also have
a large proportion of revenues coming from contracted energy sales.
However, in comparison to these investment-grade peers, ILAP has
slightly lower average rating case DSCRs and a similar minimum. The
slightly lower metrics alongside ILAP's higher revenue risk profile
(in terms of basis risk and exposure to DisCo demand), and the
exposure to refinancing risk are consistent with a lower rating.

RATING SENSITIVITIES

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

-- Persistent generation near P50 levels leading to a rating case
    DSCR profile above 1.3x.

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

-- Persistent generation near P90 levels leading to a rating case
    DSCR profile below 1.2x.

-- Injection prices that are consistently below 85% of those in
    withdrawal nodes that result in a considerable erosion of
    profitability;

-- DisCo energy demand consistently lower than 70% of contracted
    maximums leading to sustained lower revenues that
    substantially deteriorate rating case credit metrics with a
    DSCR profile below 1.2x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

TRANSACTION SUMMARY

The Issuer expects to issue USD 403.95 million in partially
amortizing senior secured notes, with a balloon payment due in
2033.This debt will be principally secured by a first priority
security interest in all assets, the material project documents,
and the project accounts. The proceeds of the issuance will be used
to refinance existing debt, to pay transaction fees and expenses
and general corporate purposes, as well as pay for the financing
costs associated with the transaction and other corporate
purposes.

The transaction consists of the holding company, ILAP, which will
issue all of the debt of the transaction and receive upstreamed
cash flows in the form of shareholder loan payments from the
project companies and guarantors San Juan, S.A. and Norvind, S.A.
San Juan, S.A. owns and operates the San Juan wind farm in
Vallenar, within the region of Atacama in Chile, with an installed
capacity of 193.2 MW that consists of 56 Vestas V117-3.45MW wind
turbine generators. This wind farm reached commercial operations in
March 2017. Norvind, S.A. owns and operates the Totoral wind farm
in Canela, within the region of Coquimbo in Chile, with an
installed capacity of 46 MW that consists of 23 Vestas V90-2.0MW
wind turbine generators. This wind farm reached commercial
operations in January 2010.

FINANCIAL ANALYSIS

Fitch's base case reflects Fitch's view of long-term sustainable
performance. Fitch's base case assumes P50 generation with an
additional production haircut of 3% to account for curtailment,
forecast uncertainty and potential wake losses before planned
transmission expansion infrastructure comes online which will
significantly reduce congestion. After this point, the haircut is
2%. Spot price projections follow Valgesta's downside case and
fixed the long-term spot price of real USD 40/MWh, which was viewed
as reasonable in comparison to other Chilean energy peers in
Fitch's rated portfolio.

The operational cost profile assumed is in line with the sponsor's
original assumptions given the long-term, full-scope SAA. Fitch
also considered only five additional years of useful life beyond
the expiration of the Vestas contracts, for a total of 25 years of
useful life for each asset. For the refinancing of the balloon
payment, Fitch did not stress the coupon rate of the notes in the
base case. Similar to other rated projects in Chile with regulated
PPAs, Fitch assumed that rate stabilization will only negatively
affect ILAP's financial margins in 2021. Inflows from stabilized
price receivables were also cut by 25% versus the sponsor's
projections given the shorter duration of stabilized price
reductions assumed.

Fitch's rating case reflects a reasonably likely combination of
uncorrelated stresses that could occur in any given year but are
not expected to persist. The rating case assumes P90 generation and
the same generation haircut as the base case.

The rating case also assumes a 7.5% stress on operating expenses
excluding the SAA costs. However, to reflect Fitch's view that
operating costs may increase after the typical 20-year useful life
of a wind asset, Fitch stressed the SAA costs by 12.50% after year
20 of operation. Availability is also reduced to 96% for San Juan
and 95% for Totoral after this year to account for potential
increases in major maintenance events during the last years of the
project life. For the refinancing of the balloon, Fitch added a
215-bps stress on the base case interest rate to account for
potentially higher future interest rates. All other assumptions
mirror the base case.

Under Fitch's base case, average DSCRs are 1.34x with a minimum of
1.26x. Under the rating case, these metrics erode to an average of
1.27x with a minimum of 1.16x. Rating case DSCRs are are generally
in line with indicative thresholds for a 'BB+' rating..

Fitch also ran breakeven analyses to evaluate the project's
financial resiliency to extreme stresses. These analyses indicated
that, under Fitch's base case conditions, the project could
withstand a minimum real merchant price of 23 USD/MWh before
defaulting. This result is considered strong, as it is below
relevant historical spot prices and the expected levelized cost of
energy for a renewable plant. The project was also able to
withstand a maximum increase on the differentials between its
withdrawal and injection node prices of 36%, which is more than the
historical differences between the two which have been around 20%.
The transaction also shows solid resiliency against stresses on
generation, costs and interest rates. These results were considered
robust and commensurate with the assigned rating.

SECURITY

This debt will be principally secured by a first priority security
interest in all assets, the material project documents, and the
project accounts.

ESG CONSIDERATIONS

ILAP has an ESG Relevance score of '4' for Social Impacts, due to
the rate stabilization mechanism which was signed into law
following social unrest in Chile in 2019. The rate stabilization
law has resulted in reduced revenues for energy generation projects
with regulated PPAs in Chile, and is expected to continue to affect
ILAP's financial profile over the near term.

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.


INVERSIONES LATIN AMERICA: Moody's Rates New $404MM Sec. Notes Ba1
------------------------------------------------------------------
Moody's Investors Service assigned a first-time Ba1 rating to the
proposed $404 million Reg S / 144 A Senior Secured Notes with final
maturity in 2033 to be issued by Inversiones Latin America Power
Limitada ("Issuer" or "ILAP"). The outlook on the rating is
stable.

ILAP is a subsidiary of Latin America Power S.A., owned by BTG
Pactual Brazil Infrastructure Fund II (45.85%), Patria Investments
(45.85%), and GMR Holding B.V. (8.30%). ILAP owns 100% of the
ownership interest in two wind power generation assets in Chile,
"San Juan" and "Totoral", which have achieved full commercial
operating date on March 2017 and January 2010, respectively, and
have a combined installed capacity of 239.2 megawatt ("MW") North
of Santiago. Proceeds of the notes will be used to refinance
existing debt of ILAP as related to the development capital of the
two wind projects in Chile, and to pay for transaction fees,
expenses and general purposes of the projects.

Moody's has reviewed the preliminary draft legal documentation
provided to date related to the debt issuance. The assigned rating
assumes that there will be no material variation from the drafts
reviewed and that all agreements will be legally valid, binding and
enforceable.

RATINGS RATIONALE

The assigned Ba1 rating considers the contracted cash flows from
the projects' creditworthy counterparties, mostly local regulated
electricity distribution companies operating in Chile (Government
of Chile, A1 negative), that will represent more than 75% of
revenues, on average, during the life of the notes, except for the
last year ahead of the final amortization payment, when the share
of contracted revenues will drop to about 25%. The rating
incorporates Moody's views on the operating environment for
renewable projects in the Chilean power market, whose regulatory
framework is well-designed and with a track record of supportive
regulation that Moody's expect to remain largely in place over the
coming years. Moody's acknowledges the competitiveness of the
contracts, since they were part of the 2013 auctions, whose prices
are significantly above the current benchmarks, resulting in some
repricing risk exposure.

Moody's has factored in its credit view the historical operating
performance of the assets in the portfolio. Since the start of
operations, the projects have exhibited availability levels above
contractual standards and production overall in line with
expectations albeit with higher than expected production losses
because of grid constrains. The San Juan farm also experienced
technical issues with a transformer in 2020. Nevertheless, the
technical malfunctions have been reported to be resolved, while a
new 500 kv transmission line that started operations in 2019 has
already started to reduce curtailment issues. As such, Moody's
assumes an adequate operating performance going forward that is at
least in line with the P(90) scenario for wind generation with a
minimum 97% availability rate on the equipment.

The assigned rating also considers that the projects benefit from
fixed price, full scope operations and maintenance (O&M) contracts
with an experienced technology provider, Vestas Wind Systems A/S
(Baa1 stable). The contracts have incentives for strong performance
because they include availability guarantees and liquidated
damages. Nevertheless, Totoral's contract expires in 2029, before
the maturity of the debt, which generates some uncertainty
regarding the scope and price of the agreement renewal leading to a
relatively higher cost exposure towards the later part of the
transaction. The costs assumptions in Moody's base case incorporate
an asset extension life program ahead of the contract expiration,
which partially mitigates concerns on the contract renewal. That is
because having the windfarm up to par with maintenance requirements
is an incentive for a technology provider to grant a full scope
contract at standard market prices.

The projects' strengths are partially offset by the exposure to the
spot market, particularly as the notes approach maturity in 2033,
when about 75% of revenues will be exposed to market prices. In
terms of predictability of cash flows, Moody's also views that the
temporary energy generation price stabilization mechanism
implemented by the Ministry of Energy partially reduces visibility
into cash flows for ILAP. Although the balance on billing
differences booked as accounts receivables must be fully recovered
by year end 2027, Moody's considers that the uncertainties
regarding timing of the recovery of the receivables before that
date reduces cash flow predictability during the first half of the
life of the notes. The share of the expected receivables for ILAP
represents about 4% of the notes' outstanding amount.

The rating is also tempered by a partially amortizing financing
structure that encompasses very high initial leverage and
refinancing risk as a bullet payment of approximately $58 million
in 2033, under the proposed amortization schedule. Under Moody's
base case, debt to EBITDA will reach 10.4 times and cash from
operations to debt of 6% in 2021. Credit metrics will gradually
improve over the life of the transaction, such that the average,
debt to EBITDA ratio will be around 6.1 times, cash from operations
to debt will approximate 11%, and the debt service coverage ratio
will be 1.4x.

The Ba1 rating incorporates the structural protections included in
the financial documents that provide enhancement to creditors, such
as restrictions on additional indebtedness, distributions and
change of control, a six-month reserve for debt service, a
customary security package with the project receivables and a cash
sweep amortization mechanism. The cash sweeps and mandatory
amortization when the DSCR is higher than 1.15x, resulting in a
potential reduction of leverage with excess cash, significantly
reduces noteholders' exposure to refinancing risks.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Moody's does not foresee material effects related to environmental
issues, given the nature of the underlying assets of this
transaction, which are non-conventional renewable energy projects.
Moody's views those assets to remain strategic for the country's
decarbonization plans through the penetration of wind capacity and
the accelerated retirement of coal facilities, hence to benefit
from regulatory and government policies during the life of the
transaction.

Social Considerations component is not considered material for the
issuer. ILAP is exposed to social risk and political interference,
as shown by the energy generation price stabilization mechanism
implemented by the Government of Chile. However, Moody's see the
institutional framework in Chile as predictable with measures for
compensation that are generally transparent and supportive of
private investments.

Governance risks in the transaction are mitigated by a project
finance structure, that considers covenants, limitations to
additional indebtedness and distribution tests. As such, governance
risks are not considered material.

Rating Outlook

The outlook is stable, reflecting Moody's expectation of visible
and stable cash flows derived from long term PPAs in the next 12-18
months.

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

Given the relatively weak credit metrics for the first years of the
transaction, an upgrade is unlikely in the near term. However
positive rating pressure would materialize if ILAP's operating
performance is higher than anticipated, such that the generation
profile is closer to P50 with little volatility in spot prices,
sustaining a prospective DSCR above 2x and a debt to EBITDA ratio
below 6x.

Downgrade pressure on the ratings would increase if the operating
performance of the assets is below Moody's expectation or if an
adverse market or regulatory development were to weaken ILAP's cash
flow generation. Specifically, if the generation profile is lower
than P90 volumes and/or variations in the spot prices that lead the
DSCRs closer to 1x or the debt to EBITDA to remain above 9x on a
sustained basis.

The principal methodology used in this rating was Power Generation
Projects Methodology published in June 2021.




=================
G U A T E M A L A
=================

GUATEMALA: IDB Approves US$12.98MM to Help Lessen Gas Emissions
---------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved US$12.98
million in non-reimbursable financing to help Guatemala lessen
greenhouse gas emissions in the energy sector through reductions in
consumption and efficient use of firewood.

The resources, which will be managed by the IDB, proceed from the
NAMA Facility, a climate finance program that supports Nationally
Appropriate Mitigation Actions established by the European Union
and the governments of Germany, the United Kingdom, and Denmark.

The program will help lower barriers that limit the production and
mass use of improved stoves and facilitate access to financing for
the manufacture and procurement of these devices.

Guatemala is currently Central America's largest per capita
consumer of firewood, which accounts for 56% of the energy matrix
and for about 40% of the country's total CO2 emissions. According
to official figures, roughly 1.78 million households, or 54.4% of
the country's population, use firewood for cooking.

The program will create an improved stove market that will benefit
rural and indigenous communities throughout the country.
Guatemala's indigenous people, who are concentrated in rural areas,
account for 56.6% of the country's total population, and 77.8% of
them live in poverty. The program will benefit some 1.1 million
people nationwide (225,000 households), of whom 600,000 are women.

The project will implement a promotion strategy for the use of
improved stoves and provide training for their proper use and
maintenance. It will also launch a program to teach women, who are
more exposed to smoke during meal preparation, to repair and
maintain the stoves.

In addition, the program will implement a credit guarantee plan for
voluntary purchases of more than 176,000 stoves by low-income
families living in rural areas, and will provide credit guarantees
for local manufacturers that develop a business plan.

These measures will prevent the extraction of more than 600,000
tons of firewood and help families save on the cost of kindling and
on health-related expenses. Furthermore, the program is expected to
help reduce the energy sector's CO2 emissions.

As reported in the Troubled Company Reporter-Latin America on May
10, 2021, Fitch Ratings has affirmed Guatemala's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable
Rating Outlook.




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

INTERJET SA: Eyes Deal With Creditors Within a Year
---------------------------------------------------
Sharay Angulo at Reuters reports that Mexican airline Interjet
hopes to strike a deal with creditors within a year so it can
re-start operations after it shut down during the coronavirus
pandemic in December, the firm representing it in the debt talks
said.

Shareholders of the carrier owned by ABC Aerolineas reached an
agreement in April for Interjet to seek commercial bankruptcy to
allow it to restructure $1.25 billion in liabilities, according to
Reuters.  Interjet had also been struggling before the pandemic.

Argoss Partners, the firm tapped to negotiate with Interjet's
creditors, told Reuters in an interview that a judge was expected
to start the bankruptcy process soon.

Carlos Ortiz-Canavate, a partner at Argoss, said Mexican law
requires a deal to be met with creditors within a year, the report
notes.

"At maximum, it's 365 days.  The sooner we can fly again, the
better," he said, without giving a more specific date, the report
relates.

Interjet's spokesman, Carlos del Valle, said it was too early to
say when the firm might restart operations, the report discloses.

Igor Marzo, another Argoss partner, said Mexico's tax authority is
Interjet's biggest creditor. He declined to state the amount owed,
and said employees would have priority on collecting back pay, the
report relays.

The airline's union, made up of more than 5,000 people, went on
strike in January demanding back wages, the report discloses.

Marzo said Interjet is talking with potential investors who could
help the airline pay down its debt, but declined to name the
potential funders, the report says.

"To keep negotiating, you need an inflow of capital," he added.

                        About Interjet

Interjet is an international airline based in Mexico City carrying
almost 14 million passengers annually within Mexico and between
Mexico, the United States, Canada, Central, and South America.  In
all, it provides air service to 54 destinations in 10 countries
offering its passengers greater connections and travel options
through agreements with major airlines such as Alitalia, All Nippon
Airways (ANA), American Airlines, British Airways, Emirates, Air
Canada, LATAM Group, EVA Air, Iberia, Lufthansa, Hainan
Airlines,Hahn Air, Qatar Airlines and Japan Airlines.

As reported in the Troubled Company Reporter-Latin America on April
29, 2021, Interjet SA's board voted on April 26, 2021, to seek
bankruptcy protection in Mexico and is considering whether or not
to also file for Chapter 11 in the U.S., a company spokesman told
Bloomberg News. Interjet stopped flying on December 11, 2020. Prior
to the COVID-19 pandemic, the Mexican airline had three years of
continuous net losses. Then, the worldwide crisis served as the
final nail in the coffin, and Interjet lost its fleet, its market
share, and even its reputation.


MEXICO: Egan-Jones Hikes Unsecured Debt Ratings to BB-
------------------------------------------------------
Egan-Jones Ratings Company, on May 25, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by United Mexican States to BB- from B+.

Mexico City, Mexico, officially the United Mexican States, is a
country in the southern portion of North America.


ZITACUARO: Moody's Alters Outlook on B2/Ba2.mx Ratings to Stable
----------------------------------------------------------------
Moody's de Mexico S.A. de C.V. affirmed the issuer ratings of the
Municipality of Zitacuaro at B2/Ba2.mx (Global Scale, local
currency/Mexico National Scale), affirmed its baseline credit
assessment at b2, and changed the outlook to stable from negative.

RATINGS RATIONALE

RATIONALE FOR THE STABLE OUTLOOK

The change in outlook to stable reflects Zitacuaro's disciplined
budget management, which allowed it to cut spending to reduce its
operating deficit and maintain stable, albeit weak, liquidity in
2020 despite pressure related to the pandemic. The change in
outlook also reflects the municipality's recent repayment of its
short-term debt and its very low and declining overall debt
levels.

Zitacuaro reduced operating expenditures 5% during 2020, including
across-the-board cuts in personnel costs, services, materials and
transfers to fund social programs, which resulted in a significant
reduction in its gross operating deficit to 2.1% of operating
revenue in 2020 from 10.9% the previous year. In 2021 the
municipality will continue to face revenue pressure thanks to cuts
in earmarked federal transfers and expectations for zero growth in
non-earmarked transfers (participaciones). Nonetheless, the
municipality aims to continue to adjust costs as needed and it
reduced operating expenses a further 5.6% in the first quarter of
2021. Thanks to its spending discipline and expectations that
own-source revenue will recover more strongly in the second half of
2021 thanks to the economic reopening, Moody's expects Zitacuaro's
operating performance will remain stable, and projects its
operating deficit will be 0.6% this year followed by a modest
surplus of 1.3% next year, when participaciones are expected to
recover.

Zitacuaro has recently paid off its only remaining short-term bank
loan and will make a final amortization payment on its only
long-term loan in the coming months. The municipality's liquidity
remained broadly stable in 2020 as its ratio of cash to current
liabilities rose slightly in 2020 to 0.15x from 0.13x in 2019.
Moody's expects Zitacuaro's liquidity will remain in a similar
range in 2021 and 2022, offering a limited but stable cushion
against shocks.

RATIONALE FOR THE RATINGS AFFIRMATION

The affirmation of Zitacuaro's ratings reflects expectations that
credit metrics will remain well positioned at the B2 rating level.
While own-source revenue is low at 20.5% of operating revenue,
which limits financial flexibility, this is somewhat offset by the
municipality's very low leverage, with net-direct and indirect debt
equaling 3.5% of operating revenue in 2020. The affirmation also
reflects Zitacuaro's relatively manageable contingencies, with
unfunded pension liabilities exerting a modest drag on operating
performance relative to peers.

Moody's also recognizes that the municipality will have a change in
administration in late 2021 and will monitor the new
administration's spending plans and any possible impact it could
have on credit metrics.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

In Moody's assessment, environmental considerations are not
materials to Zitacuaro's credit profile. Social considerations are
material, and relate to the municipality's modest but growing
unfunded pension liabilities. However, social risks are already
captured in Zitacuaro's ratings and were not a key driver of the
current rating action.

Governance considerations are material to Zitacuaro's credit
profile and were a driver in the current rating action. Zitacuaro
complies with the laws and regulations of Mexico's institutional
framework and presents financial statements in a clear, detailed
and timely manner. At the same time, inconsistent budget management
explains in part Zitacuaro's weak liquidity and previously high
deficits. A recent improvement in budget management and planning
supported reductions in operating deficits, and Moody's will
monitor budgeting and planning practices to see whether these
improvements are sustained over time.

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

If Zitacuaro reports positive operating results, balanced cash
financing results and steadily improving liquidity and avoids
contracting large balances of short-term debt, the ratings outlook
could change to positive. Conversely, if the municipality's
operating deficits weaken to levels seen in previous years,
liquidity falls and short-term debt balances rise, the ratings
could be downgraded.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.




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

L'OCCITANE INC: Court Extends Plan Exclusivity Thru Aug. 24
-----------------------------------------------------------
At the behest of Debtor L'Occitane, Inc., Judge Michael B. Kaplan
of the U.S. Bankruptcy Court for the District of New Jersey
extended the period in which the Debtor may file a chapter 11 plan
through and including August 24, 2021, and to solicit acceptances
through and including October 23, 2021.

Since the Petition Date, the Debtor has made substantial and
meaningful progress under chapter 11. To date, the Debtor's efforts
have been concentrated on undertaking the negotiation of its leases
with its various landlords. However, the negotiations are still
ongoing and the Debtor needs additional time to complete those
negotiations. The outcome of the negotiations will inform how the
plan is designed.

Also, since the Petition Date, the Debtor has been paying its
creditors post-petition while negotiating with its landlords and
determining a construct for its reorganization plan. The Debtor has
been and will continue to confer with the Committee, including
concerning the Debtor's plan of reorganization to provide the best
outcome for the various constituencies participating in this
bankruptcy process.

This is the Debtor's first extension of the exclusive period, and
the request of exclusivity extension was filed just over three
months after the Petition Date.  The Debtor has accomplished much
of its main goal for filing bankruptcy: negotiations with its
landlords to right-size its brick and mortar footprint in the
United States.

Now the exclusivity periods are extended, it will allow the Debtor
to continue to work cooperatively with its key constituents,
including the Committee, toward the goal of confirming and
implementing a consensual plan of reorganization in the most
cost-efficient manner possible.

A copy of the Debtor's Motion to extend is available at
https://bit.ly/2PZR55O from Stretto.com.

A copy of the Court's Extension Order is available at
https://bit.ly/3oSQ7oZ from Stretto.com.

                             About L'Occitane Inc.

New York-based L'Occitane, Inc. -- http://www.loccitane.com/-- is
a national retail chain that sells and promotes the internationally
renowned "L'OCCITANE en Provence" beauty and well-being products
brand in the United States through boutiques in 36 states and its
website. After opening its first boutique in the U.S. in 1996, the
Company presently operates 166 boutiques in 36 states and Puerto
Rico.

Founded by Olivier Baussan more than 40 years ago,
Switzerland-based L'OCCITANE en Provence captures Provence's true
art de Vivre, offering a sensorial immersion in the natural beauty
and lifestyle of the South of France. L'OCCITANE products' texture
to the scent, each skincare, body care, and fragrance formula
promises pleasure through beauty and well-being -- a moment rich in
enjoyment and discovery that goes beyond tangible benefits to
create a different experience of Provence.

On January 26, 2021, L'Occitane, Inc., filed a Chapter 11 petition
(Bankr. D.N.J. Case No. 21-10632). The Debtor estimated $100
million to $500 million in assets and liabilities as of the
bankruptcy filing. International operations are not part of the
Chapter 11 filing.

The Honorable Michael B. Kaplan is the case judge.

Fox Rothschild LLP is serving as the Company's legal counsel, RK
Consultants LLC is serving as a financial advisor, and Hilco Real
Estate, LLC is serving as a real estate advisor to the Company.
Stretto is the claims agent, maintaining the page
https://cases.stretto.com/LOccitane

On February 16, 2021, the Office of the United States Trustee for
the District of New Jersey (the "U.S. Trustee") appointed an
Official Committee of Unsecured Creditors (the "Committee"). No
trustee or examiner has been appointed in the Chapter 11 Case. The
Committee retained Cole Schotz P.C. as its counsel on March 9,
2021, effective as of February 12, 2021.


ORGANIC POWER: Taps Vidal, Nieves & Bauza as Special Counsel
------------------------------------------------------------
Organic Power, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Vidal, Nieves & Bauza, LLC
to act as its special counsel.

The firm will represent the Debtor in environmental matters,
including administrative proceedings within the Department of
Environmental and Natural Resources of Puerto Rico.

The firm will be paid at these rates:

     Members             $245 per hour
     Special Counsels    $240 per hour
     Associates          $130 - $170 per hour
     Paralegals          $90 per hour

As disclosed in court filings, Vidal, Nieves & Bauza is a
disinterested party as required by Section 327(e) of the Bankruptcy
Code.

The firm can be reached through:

     Pedro J. Nieves-Miranda, Esq.
     Vidal, Nieves & Bauza, LLC
     T-Mobile Center
     B7 Cll Tabonuco Suite 1108
     Guaynabo, 00968, PR
     Phone: +1 787-413-8880
     Email: pnieves@vnblegal.com
            info@vnblegal.com

                        About Organic Power

Organic Power, LLC, is a Vega Baja, P.R.-based company that offers
food processing companies, restaurants, pharmaceuticals and retail
outlets an alternative to landfill disposal -- a low cost and
environmentally friendly recycling option.  Visit
https://www.prrenewables.com/

Organic Power sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 21-00834) on March 17, 2021.  Miguel
E. Perez, president, signed the petition.  In its petition, the
Debtor disclosed assets of between $10 million and $50 million and
liabilities of the same range.

Judge Edward A. Godoy oversees the case.

The Debtor tapped Fuentes Law Offices, LLC as bankruptcy counsel,
and Godreau & Gonzalez Law, LLC and Vidal, Nieves & Bauza, LLC as
special counsel.  CPA Luis R. Carrasquillo & Co., P.S.C. is the
financial advisor.




===============
S U R I N A M E
===============

SURINAME: S&P Lowers Sovereign Credit Ratings to 'SD'
-----------------------------------------------------
S&P Global Ratings lowered its long- and short-term local currency
sovereign credit ratings on the Republic of Suriname to 'SD' from
'CC' and 'C', respectively. At the same time, S&P Global Ratings
affirmed its 'SD/SD' (selective default) long- and short-term
foreign currency sovereign credit ratings on the country and its
'D' (default) ratings on Suriname's foreign currency debt. Finally,
S&P Global Ratings affirmed its 'CCC' transfer and convertibility
assessment on the country.

Rationale

On June 2, 2021, the government of Suriname announced that it is in
talks with domestic commercial creditors to conduct a liability
management operation to rationalize its domestic debt. At the same
time, the government said that it has arrears on outstanding local
currency domestic commercial debt instruments.

S&P's 'SD' sovereign long- and short-term foreign currency ratings
on Suriname reflect the government's missed debt service payments
on its outstanding foreign currency bond issuances and its
subsequent debt restructuring announcement.

S&P expects the government will engage with external and domestic
creditors to reach an agreement on an external and domestic debt
restructuring. To this end, on June 2, 2021, the government
presented a proposal for debt restructuring parameters for external
commercial creditors, guidelines for official creditors, and its
considerations for rationalizing its local debt burden. The
government also requested an International Monetary Fund (IMF)
program and on April 29, 2021, the IMF announced a staff-level
agreement was reached on a $690 million Extended Fund Facility
program.

S&P said, "Once the respective restructuring agreements are
complete, and we are able to conduct a forward-looking review that
takes into account any future debt exchanges, as well as any other
interim developments, we will revise the respective sovereign and
issue ratings, in accordance with our S&P Global Ratings
Definitions. At that time, we will analyze the sovereign's general
credit standing, raising the sovereign credit rating from the 'SD'
level."

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; OUTLOOK ACTION
                                    TO            FROM
  Suriname
   Sovereign Credit Rating      
    Local Currency                SD/--/SD     CC/Negative/C

  RATINGS AFFIRMED

  Suriname
   Sovereign Credit Rating
    Foreign Currency                      SD/--/SD
   Transfer & Convertibility Assessment   CCC

  Suriname
   Senior Unsecured                       D




=================
V E N E Z U E L A
=================

VENEZUELA: Returning Expropriated Companies to 'Take Years'
-----------------------------------------------------------
The Latin American Herald reports that Venezuelan Federation of
Chambers of Commerce and Production (Fedecamaras), said in a radio
interview that the process of returning the expropriated companies
by the leftist regimes of Hugo Chavez and Nicolas Maduro to their
rightful owners is a "systemic process that will take years because
confidence needs to be built."

Fernandez argued that the damage caused to Venezuelan society was
"enormous" not only because the companies ceased to creating jobs
and stopped production of goods and services, but because it "broke
the logic of production and market presence while the structure of
property was transformed," according to The Latin American Herald.

The expropriated companies, with only a few exceptions, are not
fulfilling the social functions for which they were created, the
report notes.

"Today, these expropriated companies are empty lots full of dust,"
he added while recalling that local business associations and
unions had warned that expropriations would generate the
consequences Venezuela is suffering today, the report relays.

"There are still a lot of companies struggling for adapting to a
much smaller market than they were used to," he underscored while
stressing that there has been a change of mindset in Venezuela's
business sector concerning the awareness that the only way
Venezuela will overcome the crisis is through its private sector,
the report discloses.

Lastly, Fernandez said that Venezuela may show modest growth of 3
or 4 percentage points this year "thanks to the microeconomy," the
report adds.

                        Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

S&P Global Ratings, in May 2019, removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018.  Meanwhile, Fitch's long term issuer default rating for
Venezuela was last in 2017 at RD and country ceiling was CC. Fitch,
on June 27, 2019, affirmed then withdrew the ratings due to the
imposition of U.S. sanctions on Venezuela.



                           *********


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

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