---

       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 15, 2021, Vol. 22, No. 113

                           Headlines



B R A Z I L

AZUL SA: Expands Network in Amazonas
BANCO BTG: S&P Affirms BB-/B Issuer Credit Ratings, Outlook Stable
BRAZIL: Companies Survive "Stress Test," Central Bank Reports
BRAZIL: Rio de Janeiro Debt to Federal Government Not Settled
LIGHT SESA: Fitch Rates Proposed USD600MM Eurobonds 'BB-'

LIGHT SESA: Moody's Rates New USD600M Sr. Unsecured Notes 'Ba3'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Government Freezes Fuel Prices Again


H O N D U R A S

INVERSIONES ATLANTIDA: Fitch Rates USD300MM Secured Notes 'B'


J A M A I C A

GENERAL ACCIDENT: Reports Decline in Profits


M E X I C O

GRUPO AEROMEXICO: Searches for Alternate Lender


P U E R T O   R I C O

[*] Puerto Rico Bankruptcy Cases Down by 18.3% in May 2021

                           - - - - -


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

AZUL SA: Expands Network in Amazonas
------------------------------------
Rio Times Online reports that two days after Gol disclosed the
purchase of MAP airlines, Azul (AZUL4) on Thursday, June 10, said
that it will expand its routes in the state of Amazonas to 8 new
destinations in the state in the second half of this year.

According to the company, this is the largest regional expansion
plan in the history of Brazilian aviation in Amazonas, Rio Times
Online relays.

As reported in the Troubled Company Reporter-Latin America, Moody's
Investors Service has assigned a Caa1 rating to the proposed up to
$600 million senior unsecured notes due in 5-7 years to be issued
by Azul Investments LLP and unconditionally guaranteed by Azul S.A.
("Azul") (B3 stable) and Azul Linhas Aereas Brasileiras S.A. Azul's
existing B3 corporate family rating and Caa1 senior unsecured
rating remain unchanged. The outlook is stable.


BANCO BTG: S&P Affirms BB-/B Issuer Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' global scale ratings on
Banco BTG Pactual S.A. (BTG Pactual). At the same time, S&P raised
the long-term national scale ratings to 'brAAA' from 'brAA+' and
affirmed the 'brA-1+' short-term national scale ratings. S&P also
upwardly revised the bank's stand-alone credit profile to 'bb' from
'bb-'. The outlook on both rating scales is stable.

S&P said, "At the same time, we raised the long-term national scale
ratings on its core subsidiaries, Banco Pan and BTG Pactual
Seguros, to 'brAAA' from 'brAA+' and affirmed the 'brA-1+'
short-term national scale rating on Banco Pan. We also affirmed our
'BB-/B' global scale ratings on Banco Pan. The outlook on these
ratings is stable."

The bank's customer deposit base has substantially increased thanks
to its improved franchise and digital banking strategy, and it is
now less reliant on institutional investors, while its funding
sources have broadened. As a result, S&P believes its credit
quality has improved.

BTG Pactual has a well-diversified business profile across
investment banking, sales and trading, digital retail banking,
wealth management, corporate and SME lending, asset management, and
insurance.

The higher complexity and volatility of some of the markets in
which BTG Pactual operates counterbalances our view of its business
stability.

It recently created a tech-enabled retail unit that consolidates
all of the bank's retail businesses including BTG Pactual's digital
platform, Banco Pan S.A., and its insurance unit. On top of that,
the bank has one of the largest wealth and asset management
business in Latin America, which generates stable fee earnings to
help offset the volatility that can occur in its capital markets
business. S&P said, "We expect BTG Pactual to successfully
implement its business plan, mainly focusing on its core businesses
noted above, while it gradually reduces the scale of its principal
investment unit. The bank's partnership model and a large share of
variable costs it adjusted during the most difficult periods of the
pandemic have sustained its efficiency ratio. We think BTG Pactual
will continue focusing on maintaining a liquid balance sheet
structure in order to keep taking advantage of business
opportunities while managing the risks stemming from the currently
volatile operating conditions."

BTG Pactual has historically operated comfortably above the minimum
regulatory capital requirements; as of March 2021, its Basel III
ratio was at 16.7%, compared to the required minimum of 10.5%, and
common equity Tier 1 ratio of 13.8%.

S&P's base-case scenario assumptions for the next two years include
the following factors:

-- Brazil's GDP to grow 4.0% in 2021 and 2.1% in 2022;

-- Loan portfolio to grow 70%-80% in 2021 considering the
consolidation of Banco Pan, and lending growth to moderate in 2021
to about 15%;

-- Return on equity to remain strong at 15%-17% considering the
consolidation of Banco Pan, which has weaker profitability due to
higher provisioning needs;

-- Asset quality metrics to weaken due to the consolidation of
Banco Pan, but to remain stronger than the industry average, with
NPAs to total loans at about 2.4% in 2021 and slightly decreasing
in 2022;

-- Similar dividend payout ratio as before the pandemic; and

-- A relatively stable cost to income ratio.

S&P said, "We expect these business lines to continuing
representing a material part of total revenues even though the bank
has been gradually increasing its revenues from other lines such as
wealth, asset management, and corporate lending. Our assessment
reflects BTG Pactual's higher exposure to the volatility in capital
markets compared to commercial banks, many of which are difficult
to model and predict, in our view. However, the bank's proven
record and commitment to the sustainability of its business model
mitigate those risks.

"We expect BTG Pactual's loan portfolio growth to slow from strong
levels due to the high demand for credit in the corporate sector
that we saw last year. Asset quality metrics have remained healthy
despite the deterioration in the banking system average and we
expect them to remain stronger than the industry average given that
BTG Pactual is focusing on large corporates and on economic sectors
less affected by social distancing measures." As of March 2021,
NPLs to customer loans were 0.17% and loan-loss provisions covered
about 14x NPAs. However, with the incorporation of Banco Pan, we
expect metrics to worsen, although to remain stronger than the
industry average.

Customer deposits reached R$63 billion as of March 2021, 2.8x
higher than in December 2019. Moreover, deposits were $R93 billion
when including financial bills--letras financeiras--a funding
source that S&P considers similar to deposits in Brazil because of
their good stability. Retail investors have increasingly been
investing in this instrument due to tax benefits. Although S&P
views the bank's dependence on wholesale funding as a weakness
compared with more traditional deposit-funded banks, the share of
institutional investors has dropped significantly. As of March
2021, they represented only 23% of its funding base compared to 41%
in June 2019. Moreover, deposits with daily liquidity were only
29.4% (about $R16 billion), which is manageable given BTG Pactual's
high liquidity, which has remained above $R40 billion for the past
six months. In addition, BTG Pactual continues to develop a digital
platform to expand its funding base by accessing retail investors,
which S&P expects will continue to enhance its funding stability in
the next couple of years. Moreover, BTG Pactual had a broad liquid
assets to short-term wholesale funding ratio of 1.87x as of March
2021, which is stronger than peers.

In April, the bank announced it had signed a definitive agreement
to acquire 100% of the 26.8% shares that Caixa Economica Federal
(Caixa; BB-/Stable/B) holds of Banco Pan S.A.. Before the
acquisition, BTG Pactual held a 45% share of Banco Pan, and after
72%, making it the sole controller of the bank. Due to the
acquisition, Banco Pan is now fully consolidated under BTG
Pactual's structure and part of the conglomerate, with its
capitalization viewed on a consolidated basis for regulatory
purposes. The acquisition underscores our understanding of the
expanding importance of Banco Pan to BTG Pactual. The subsidiary
makes up a large part of the parent's ongoing strategy, and
complements BTG Pactual's current wholesale and investment banking
businesses, offering lending and digital banking facilities for the
lower-income retail segment.

S&P also considers BTG Pactual Seguros a core subsidiary of BTG
Pactual's, given the strategic and important role it plays in the
parent's strategy, allowing the bank to provide more products to
its corporate and retail clients.


BRAZIL: Companies Survive "Stress Test," Central Bank Reports
-------------------------------------------------------------
Rio Times Online reports that Brazil's loss of investment grade
rating (2015) and the pandemic (2020) did not close the capital
markets to Brazilian companies.  In that five-year period, they
raised US$99.5 billion abroad and US$176.8 billion at home,
according to Rio Times Online.

In times of double-digit inflation per month and overnight
operations to protect assets, five years was a long term in Brazil,
the report notes.  Today, with inflation stretched to 8.06% in
twelve months and Treasury bonds maturing in 2050, five years is a
mere pittance, the report adds.

                            About Brazil

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

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook
(March 2018).


BRAZIL: Rio de Janeiro Debt to Federal Government Not Settled
-------------------------------------------------------------
Arkady Petrov at The Rio Times Online reports that despite having
collected R$18.2 billion with the auction of the State Company for
Water and Sewage (CEDAE) concession, Rio de Janeiro has not yet
reimbursed the federal government for the loan taken out with BNP
Paribas, which matured in late 2020 and was paid off by the federal
government.

The Federal Attorney General's Office has lodged an appeal in an
attempt to overturn a Federal Supreme Court injunction preventing
the collection of the R$4.3 billion debt, but the petition has not
yet been judged, according to The Rio Times Online.

                           About Brazil

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

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).


LIGHT SESA: Fitch Rates Proposed USD600MM Eurobonds 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Light Servicos de
Eletricidade S.A. (Light Sesa)'s and Light Energia S.A. (Light
Energia)'s proposed USD400 million and USD200 million,
respectively, senior unsecured eurobonds due 2026. The holding
company Light S.A. (Light) will guarantee the eurobonds, and the
proceeds will be used to redeem the existing notes due 2023 with
the remainder, if any, used for general corporate purposes,
including the repayment of other indebtedness. Fitch rates the
three entities' Foreign Currency and Local Currency (LC) Long-Term
Issuer Default Ratings (IDRs) at 'BB-' and Long-Term National Scale
Rating at 'AA-(bra)'. The Rating Outlook for the corporate ratings
is Stable.

The ratings reflect Light group's low to moderate business risk
profile. Light Sesa has exclusive electricity distribution rights
in its concession area, and the assets on the power generation
segment at Light Energia add to cash flow predictability during
favorable hydrological conditions and risk dilution. Light group
presents moderate leverage, a sound liquidity position and a
manageable debt maturity profile. The group's challenge to improve
its operational performance on distribution limits the ratings.
Fitch rates Light group on a consolidated basis.

KEY RATING DRIVERS

Balanced Business Profile: Light group's credit profile benefits
from its significant position and asset base in the Brazilian
electric energy sector. Light Sesa serves 4.3 million customers in
the State of Rio de Janeiro and is one of the largest electricity
distribution companies -- a segment characterized by a monopoly
position in the concession area and pass-through of nonmanageable
costs to tariffs. This segment should account for approximately 90%
and 75% of the group's consolidated net revenue and EBITDA,
respectively, in 2021.

In the generation segment, Light Energia is a midsize company with
1.2 gigawatts of installed capacity. This segment contributes to
greater diversification of operating cash flows and the dilution of
operating risks, which are more prevalent in the distribution
segment. Light Sesa's concessions end in 2026 and Fitch considers
their renewals likely based on the favorable track record of other
players in the same segment in Brazil.

Manageable Negative FCF: Light group should generate FCF of
negative BRL1.5 billion in 2021 and negative BRL268 million in
2022. Expected negative cash flow from operations (CFFO) of BRL59
million in 2021 is mainly due to Light Energia's payment of BRL1.3
billion at the Electric Energy Trading Chamber related to
renegotiation of hydrological risk (GSF). CFFO will return to
positive BRL1.4 billion in 2022. Average annual investments are
expected to be around BRL1.3 billion during 2021-2022. The rating
scenario expects the consolidated EBITDA to recover to BRL2.0
billion in 2021 and average BRL2.1 billion during 2022-2024. EBITDA
of BRL1.5 billion in 2020 reflects the deteriorated energy
consumption in Light Sesa's concession area due to the pandemic.

Improved Capital Structure: Light should present moderate leverage
ratios in the coming years. The BRL1.4 billion received from the
primary offering concluded in January 2021 brought consolidated
credit metrics in line with the current 'BB-' IDR. Gross and net
adjusted leverage for LTM ended March 2021 were 6.0x and 3.4x,
respectively, compared with 6.1x and 4.1x at YE 2020. Stronger
EBITDA at the distribution segment will contribute to the
deleveraging process. Light's consolidated financial net leverage,
according to Fitch's criteria, is expected to be 3.2x in 2021 and
3.3x in 2022, and around 3.0x from 2023 on. These ratios include
BRL822 million of off-balance-sheet debt related to guarantees
provided to nonconsolidated companies.

Weak Performance on Distribution: Light Sesa's energy demand should
increase 2.6% in its concession area in 2021. Despite the recovery,
it will not enough to return to previous levels. Light Sesa needs
to enhance operational efficiency to approach regulatory
parameters. Forecast EBITDA of BRL1.4 billion for 2021 is
significantly below the regulatory benchmark of BRL1.7 billion.
Energy losses and delinquency remain important challenges, and will
be difficult for the company to achieve meaningful improvement in
the near future. Energy losses of 27.18% of total energy purchased
in March 2021 were 788bps higher than the regulatory target of
19.30% and the main reason for the difference between performed and
regulatory EBITDA.

Generation Benefits Credit Profile: The group's operating cash
flows and business profile benefit from the energy generation
segment's results, which should represent approximately 8% and 25%
of consolidated revenue and EBITDA, respectively, in 2021. Light
Energia's results have high predictability under normal
hydrological environments. Its assured energy from its
hydroelectric plants is largely sold to large industrial clients
through medium-term contracts. The company needs to manage the
energy volume available for sale to avoid significant exposure to
current unfavorable hydrological conditions, with the base case
scenario assuming an annual generation scaling factor of 0.75 in
2021. The company has about 23% of its energy uncontracted in 2021
and 28% in 2022, which mitigates this exposure.

Strategic Sector for Brazil: The credit profile of agents in the
Brazilian electricity sector benefits from their strategic
importance to sustaining the country's economic growth potential
and fostering new investments. The federal government has been
active in circumventing systemic problems that have affected
companies' cash flows and has led discussions to improve the
regulatory framework to reduce the sector's risk.

DERIVATION SUMMARY

Light's IDRs are lower than several electric energy groups in Latin
America, such as Enel Americas S.A. (A-/Stable), Empresas Publicas
de Medellin E.S.P. (LC IDR BBB-/Rating Watch Negative) and Grupo
Energia Bogota S.A. E.S.P. (LC IDR BBB/Stable). Light operates in
Brazil (BB-/Negative), while its peers are more exposed to
investment grade countries, mainly Chile (A-/Stable) and Colombia
(BBB-/Negative). Light's business profile is also worse because it
is more concentrated in energy distribution than peer companies,
which is a more volatile segment. Light's less diversified asset
base, lower operational performance and worse financial profile
differentiate it from Energisa S.A. (LC IDR BB+/Negative), a
Brazilian electricity group with operations predominantly in the
distribution segment.

KEY ASSUMPTIONS

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

-- Success in refinancing initiatives underway;

-- Average growth in energy consumption in Light Sesa's
    concession area of 2.6% in 2021 and 1.3% on average from 2022
    to 2024;

-- Dividend distribution equivalent to 25% of net income;

-- Average annual investments of BRL1.2 billion from 2021 to
    2024; and

-- Absence of assets sale.

RATING SENSITIVITIES

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

-- Improvements in distribution segment operating performance,
    with the company's EBITDA closer to the regulatory EBITDA;

-- Net leverage consistently less than or equal to 3.5x;

-- Total leverage consistently less than or equal to 4.5x.

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

-- Deterioration of the company's liquidity profile;

-- Net leverage consistently above 4.5x;

-- Total leverage consistently above 5.5x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity Profile: Light's strengthened liquidity position
after the BRL1.4 billion follow-on improved the group's financial
flexibility. The group has been able to refinance existing debt at
more attractive conditions, with lower funding costs and a longer
debt-amortization profile. Light's consolidated cash and
equivalents on a pro forma basis, excluding the BRL1.3 billion
outflow related to the GSF liability payment that occurred in
April, were BRL2.8 billion at the end of March 2021. This amount is
important to covering short-term debt of BRL2.1 billion and dealing
with the expected negative FCF. Total consolidated debt of BRL8.7
billion at the end of March 2021 mainly consisted of debentures
issuances (BRL4.6 billion) and eurobonds (BRL2.2 billion), with
total adjusted debt including off-balance-sheet debt of BRL822
million related to guarantees provided to nonconsolidated
companies.

ESG CONSIDERATIONS

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

SUMMARY OF FINANCIAL ADJUSTMENTS

Construction revenues and costs excluded from income statement.


LIGHT SESA: Moody's Rates New USD600M Sr. Unsecured Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global scale rating to the
USD600 million Senior Unsecured Notes Units to be issued by Light
Servicos de Eletricidade S.A. ("Light SESA") and Light Energia S.A.
("Light Energia") due in 2026. The outlook is positive.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
nor does anticipate changes in the main conditions that the Notes
will carry. Should issuance conditions and/or final documentation
of the debt deviate from the original ones submitted and reviewed
by the rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.

RATINGS RATIONALE

The Ba3 rating assigned to the Notes Units are in line with Light
S.A.'s ("Light" or "the company") corporate family rating and with
the current senior unsecured ratings at Light Energia and Light
SESA. The Notes Units will be issued at Light SESA (USD 400
million) and Light Energia (USD 200 million) with a corporate
guarantee from the holding company. The proceeds will be used to
refinance the outstanding notes ("2023 Notes") and the remainder,
if any, for general corporate purposes, including the repayment of
other indebtedness. The debt will have a bullet payment at maturity
date, in June 2026 with interest paid semiannually. While issued in
US dollars, the proposed notes will be fully hedged against foreign
currency risk through derivative arrangements.

The Notes include standard debt acceleration clauses among which
the non-payment of any financial obligation above BRL30 million and
change of control followed by a rating downgrade. A clause also
provides for the automatic substitution of Light Energia by Light
SESA as obligor of the proposed notes upon a change in the control
at/or sale of Light Energia and under certain conditions. Debt
incurrence limitation will be restricted to a Net debt to EBITDA
below 3.5x. Dividend payments are also restricted by this covenant
and limited to 50% of consolidated net income and 100% of cash
proceeds from the transfer or sale of assets. These restrictions do
not apply to the 25% minimum dividend payout in accordance to
Brazilian Corporate Law for public companies.

The Ba3 ratings assigned to Light SESA and Light Energia are in
line with the senior existing senior unsecured debt as well as the
ratings assigned to its parent company, due to the corporate
guarantee provided by Light and the cross-default clauses embedded
in the debt issued within the group. Because of these financial and
structural linkages, Light SESA and Light Energia's credit profile
are best assessed through Light's consolidated profile, as the
holding company of the group.

The Ba3 rating reflects Moody's views on Light's consolidated
credit profile amid the company's improved capital structure and
evolving credit metrics. In January 2021, Light performed a capital
increase of BRL 1.3 billion, strengthening its Debt/Capitalization
ratio to a threshold of 45%-50% compared to the 60.7% average in
the last three years (as of FY2020). In addition, Light has been
able to reduce its debt cost leading its leverage ratio to approach
Moody's upgrade triggers in the next 12-18 months. The rating also
recognizes the overall supportive regulatory framework for Brazil
electricity distribution sector and Moody's expectation of
continued timely compensation for energy costs through tariffs
increases. Further supporting the rating is Light's unregulated
generation business that responds for about 30%-40% of the
consolidated EBITDA and provides for revenue diversification.
Despite adverse hydrology conditions in recent years, the
commercialization strategy has contributed to mitigate higher
energy cost with positive effect on Light's consolidated cash flow
generation.

Nonetheless, the still high level of energy losses in the
distribution segment (26% in December 2020) and the challenging
socioeconomic conditions of its concession area constrain the
ratings. The high unemployment rate and elevated electricity thefts
challenges the growth in consumption levels and cash flow
conversion rate as well as poses additional risk to affordability
within a social perspective.

The pace of deleveraging remains limited by the consolidated
capital spending of approximately BRL1.0 billion per year mainly
due to network expansion and improvement. The investment required
ahead of the upcoming cyclical tariff review process in 2022, may
support a revision of the regulatory asset base, which is not yet
reflected in Moody's current forecast.

RATINGS OUTLOOK

The positive outlook reflects Moody's expectations that Light's
consolidated credit metrics will continue to improve driven by
lower leverage and better operational results, leading Light's CFO
pre-WC to Debt and interest coverage ratios to remain above Moody's
upgrade thresholds form 2022 onwards.

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

A rating upgrade could be considered should the company demonstrate
sustained improvements in operating performance and reduce its
leverage position such that CFO pre WC / Debt exceeds 15% and CFO
pre WC Interest coverage reaches 3.5x on a sustainable basis. A
rating upgrade would also require a comfortable liquidity profile
ahead of the company's working capital needs and debt maturities in
the short term.

A rating downgrade could result from Light's failure to improve its
operating performance and cash flow generation or to reduce its
debt outstanding, such that CFO pre WC to Debt falls below 10% and
CFO pre-WC interest coverage remains sustainably below 2.5x.
Perception of a weakening liquidity profile could also exert
negative pressures on the ratings as well as Moody's perception of
less supportive regulatory framework and/or cost past-through
mechanism of the tariff reviews.

COMPANY PROFILE

Headquartered in Rio de Janeiro - Brazil, Light is an integrated
utility company with activities in generation, distribution and
commercialization of electricity. Light SESA and Light Energia are
wholly owned subsidiaries of Light. In 2020, Light reported BRL12.3
billion in consolidated net revenues (excluding construction
revenues) and BRL2.6 billion in EBITDA.

The principal methodology used in rating Light Energia S.A. was
Unregulated Utilities and Unregulated Power Companies published in
May 2017.




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

DOMINICAN REPUBLIC: Government Freezes Fuel Prices Again
--------------------------------------------------------
Dominican Today reports that the Dominican Republic government
again froze the prices of all fuels for the week of June 12-18,
according to the new resolution of the Ministry of Industry,
Commerce, and Mipymes (MICM).

As such, a gallon of regular gasoline will be sold at RD$239.30
while premium gasoline will be offered at RD$252.20, both prices
remaining unchanged, according to Dominican Today.

A gallon of regular diesel will be sold at RD$184.90, while a
gallon of premium diesel will be sold at RD$202.40, according to
the MICM, the report notes.

Liquefied petroleum gas (LPG) will also remain unchanged and sold
at RD$127.10 per gallon, while natural gas will be sold at RD$28.97
per cubic meter, 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).




===============
H O N D U R A S
===============

INVERSIONES ATLANTIDA: Fitch Rates USD300MM Secured Notes 'B'
-------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'B/RR4' to Inversiones
Atlantida, S.A. y Subsidiarias' (Invatlan) senior secured notes in
the amount of USD300 million due 2026 at a fixed rate of 7.5%. The
maturity date is May 19, 2026. Proceeds will be used to redeem the
USD150 million aggregate principal amount plus accrued interest of
the outstanding senior secured notes on July 28 2021 and for
general corporate purposes, including selected investments and
expansion of the financial services and related businesses.

The final rating follows a review of the final terms and conditions
conforming to information already received when Fitch assigned an
expected rating on May 14, 2021.

The senior secured notes will make semi-annual interest payments,
and the principal will be paid on the maturity date. Invatlan may
redeem the proposed notes in whole or in part at any time on or
after May 19, 2023 at certain pre-defined redemption prices.

KEY RATING DRIVERS

The rating of 'B' reflects that the notes are senior obligations of
Invatlan that rank pari passu with all of the existing and future
indebtedness of the issuer that is not subordinated to the notes.
Therefore, this rating is aligned with the company's Long-Term
Foreign Currency Issuer Default Rating (IDR) of 'B'. The recovery
rating of 'RR4' assigned to Invatlan's senior debt issuance
reflects the average expected recovery in case of the company
liquidation.

The notes are secured by a pledge in 99.6% of the common capital
stock held by Invatlan in the insurance company subsidiary in
Honduras, and a reserve for interest rate payments. Despite being
senior secured, in Fitch's view, the shares pledged would not have
a significant impact on recovery rates. Based on the agency's
assessment of the default risk/recovery prospects, the issuance has
average recovery prospects.

On Jan. 22, 2021, Fitch affirmed Invatlan's ratings. The Rating
Outlook of the long-term IDRs is Negative. Invatlan's IDRs reflect
the creditworthiness of its main subsidiary, the Honduran Banco
Atlantida (Atlantida, B+/Negative). The ratings also consider
Invatlan's high operational integration with its subsidiaries,
mostly with those subsidiaries considered as the most
representative in the group (whether in terms of assets or
profitability) and extensive track record as part of Invatlan, such
as Atlantida. As of December 2020, the double leverage ratio was
above 120% and could increase according to the use made of the
proceeds of the issuance. However, Fitch estimates that would be
commensurate at its current ratings levels.

RATING SENSITIVITIES

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

-- The rating of the senior notes would be upgraded if Invatlan's
    IDR is upgraded; however, the upside potential is limited
    given that Invatlan's rating has a Negative Outlook.

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

-- The rating of the senior notes would be downgraded if
    Invatlan's IDR is downgraded.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Invatlan's senior secured notes final rating is linked to
Invatlan's IDR.

ESG CONSIDERATIONS

Invatlan has an ESG Relevance Score of '4' for Financial
Transparency due to an improvement in the clarity and timing in
delivering the most updated financial information and qualitative
attributes, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

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




=============
J A M A I C A
=============

GENERAL ACCIDENT: Reports Decline in Profits
--------------------------------------------
RJR News reports that General Accident Insurance has reported a
decline in profits of $458 million in its financial statements for
December 2020.

During the same period last year, it recorded $651 million in
profits, according to RJR News.




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

GRUPO AEROMEXICO: Searches for Alternate Lender
-----------------------------------------------
Andrea Navarro and Justin Villamil of Bloomberg News report that
Grupo Aeromexico SAB is talking to prospective lenders who could
replace Apollo Global Management Inc. in its bankruptcy rescue,
according to people familiar with the matter.

Apollo funded a $1 billion rescue plan for the airline last year.
Under the pact, it will be able to covert its loan into equity when
the company reemerges from bankruptcy.

The discussions, which are expected to continue into mid-June, are
meant to gauge an accurate valuation of the company once it emerges
from bankruptcy, one person said, asking not to be identified
discussing private matters.  Apollo is aware of the move and has a
"right of first refusal," meaning it can choose whether or not to
accept any offers to be replaced as a lender, one of the people
said.

If Apollo were to stay and convert its loans into equity, the new
valuation would help determine the price at which it would do so,
the person said.

                          Equity Conversion

The $1 billion rescue plan for the struggling airline is divided
into two tranches.  Apollo led the financing for both, while
minority bondholders were involved only in the first tranche, worth
$200 million. The bondholders also have an option to convert their
loans into equity.

Aeromexico, which unlike U.S. airlines hasn't received government
aid to help it through the coronavirus pandemic, filed for court
protection last June as demand for flights tumbled.

The carrier requested an extension to the period to file a Chapter
11 reorganization plan on June 8, pushing the date to Oct. 25 from
the original June 25. The airline says it must meet several
conditional thresholds related to the debtor-in-possession
financing, such as delivering a valuation.

"The months ahead will be focused on many time-consuming tasks,"
Aeromexico said in the motion filed before a New York bankruptcy
court.  In addition to the valuation, the airline must resolve
issues related to its loyalty program and come up with the Chapter
11 plan, it said.

A decision in May by the Federal Aviation Administration to lower
Mexico's air-safety rating to Category 2 will also hurt the
struggling airline by limiting its growth.  Under the new
category,
Mexican airlines cannot add frequencies or routes to the U.S.

                      About Grupo Aeromexico

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

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

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

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




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

[*] Puerto Rico Bankruptcy Cases Down by 18.3% in May 2021
----------------------------------------------------------
Michelle Kantrow-Vasquez of News in My Business reports that the
U.S. Bankruptcy Court for the District of Puerto Rico received
1,718 petitions from January to May 2021, when filings were down
18.3% in comparison to the same five-month period in 2020,
according to information provided by local research firm Boleton
de Puerto Rico.

When broken down into categories, about 711 of those petitions were
under Chapter 7, through which individuals, corporations or
self-owned businesses seek a total liquidation of assets. The
number jumped by 41.4% year-over-year during the first five months
of 2021.

Under this arrangement, the bankruptcy court appoints a trustee who
oversees the liquidation of assets, so the debtor is freed from
their obligations.

Boleton de Puerto Rico's research also confirmed that from
January to May 2021, attorneys were the most active in seeking
bankruptcy protection, with a combined reported debt exceeding $2.8
million split between five professionals. Bakeries followed, with
$1.2 million in debt among three establishments, and three farmers
filing to address $1.1 million in obligations. Seven restaurants
sought Chapter 7 protection with a combined $923,070 in debt, and
three hotels followed, with $875,158 in accrued debt.

So far in 2021, a total of 89 businesses have sought bankruptcy
protection from the court, representing a 7.2% increase
year-over-year. San Juan, Bayaman, Caguas, Carolina, and Hatillo
were the five towns with the highest percentage of commercial
bankruptcy filings.



                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *