/raid1/www/Hosts/bankrupt/TCRLA_Public/210714.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, July 14, 2021, Vol. 22, No. 134

                           Headlines



B E R M U D A

APEX GROUP: S&P Assigns Preliminary 'B-' ICR, Outlook Stable
APEX STRUCTURED: Moody's Assigns First Time B2 Corp Family Rating


B R A Z I L

BANCO BTG PACTUAL: Plots Return to Office by End of 2021, CEO Says
MASTELLONE HERMANOS: Makes US$275.1 Million Notes Offering
VOTORANTIM CIMENTOS: To Bid For Some LafargeHolcim Assets


C O L O M B I A

AGENCIA DISTRITAL - BARRANGQUILLA: Fitch Lowers LT IDRs to 'BB'
PA AUTOPISTA RIO: Fitch Lowers COP915.5MM UVR Notes to 'BB+'
[*] Fitch Takes Action on Colombian Cos. Amid Sovereign Downgrade


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Economic Recovery Expected in 2021, IMF Says


E C U A D O R

ECUADOR: Moody's Withdraws C Rating on Government's Unsecured Debt


H O N D U R A S

INVERSIONES ATLANTIDA: S&P Affirms 'B' LongTerm ICR


P E R U

COMPANIA DE MINAS BUENAVENTURA: Fitch Rates Unsec. Notes 'BB'
COMPANIA DE MINAS BUENAVENTURA: Moody's Rates New Unsec. Notes 'B1'


T R I N I D A D   A N D   T O B A G O

NATIONAL ENTERPRISES: Records $270 Million Loss
TRINIDAD & TOBAGO: 'More Restaurant Closures Coming'


U R U G U A Y

URUGUAY: IDB OKs $15M Loan to Promote MSMEs Digital Transformation

                           - - - - -


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B E R M U D A
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APEX GROUP: S&P Assigns Preliminary 'B-' ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B-' issuer credit
rating to Bermuda-based Apex Group Ltd. (Apex) and its financing
subsidiaries, Apex Group Treasury Ltd. and Apex Group Treasury US
LLC. S&P also assigned its preliminary 'B-' issue rating and '3'
recovery rating to the group's proposed $1,412 million term loans
and $200 million RCF.

S&P said, "The stable outlook reflects our view that Apex will
continue to successfully integrate its acquisitions in the next two
years, increasing its EBITDA base and generating positive free
operating cash flow (FOCF) in 2022 and thereafter. We expect margin
accretion following the transaction, with a material improvement in
margins by about 8-10 percentage points between 2020 and 2023, and
leverage falling by eight turns for the same period."

Apex's fair business risk profile is supported by the group's
leading position as a global fund administrator, and recurring
revenue streams from a blue-chip client base. Although the group
started at a relatively small scale and operates in a fragmented
industry, Apex has grown rapidly since its inception in 2003, and
now offers a breadth of services across its fund, financial, and
corporate solutions. Furthermore, the contract structure, with
about 85% of fixed fees and including inflation-linked pricing and
low customer concentration (below 5%), supports the business risk
profile. These characteristics contribute to revenue visibility and
resilience, as demonstrated by the group's recent financial
performance during the COVID-19 pandemic, with very high growth of
about 14% year-on-year on an organic basis and 37% on a
consolidated and statutory basis in 2020, and strong March 2021
year-to-date values.

Unlike other rated competitors and fund administrator peers, the
group offers depositary and banking solutions, through its
subsidiary European Depositary Bank S.A. (EDB). The bank is a
regulated entity, subject to capital requirements, with ringfenced
cash and liabilities. The proposed issuance is to be held in the
corporate division and we deconsolidate the bank's contribution to
Apex's consolidated figures. S&P said, "Although we do not capture
the bank's financials into our credit metrics, the bank does
contribute to the group's service offering and supports the group's
business risk profile, in our view. Furthermore, the bank can
provide dividends to the parent, although we do not forecast this
over the next two fiscal years. In the event of financial distress,
a change in EDB's creditworthiness would not directly trigger a
change in our ratings on Apex; although if the bank's regulatory
capital fell, there could be capital injections from Apex. This
would, in turn, limit the capital available for servicing the
proposed debt. Nevertheless, this is not our base case, and we
understand that the bank's strategy of not growing its balance
sheet, its current creditworthiness, and its potential support from
shareholders in a hypothetical financial distress scenario,
mitigate this risk."

S&P said, "We expect Apex's strategy of continued acquisitions to
further accelerate revenue growth and support the group in building
its service offering. The acquisitive nature of Apex underpins the
group's strategy to build an expansive "one-stop" solution and
offer more services than its the trust and corporate service (T&CS)
competitors. This would also support the group's competitive
standing by enhancing the opportunity for greater cross-selling and
customer stickiness. This is exemplified by the group's new digital
payments platform and high expected profitability levels. However,
the T&CS industry is relatively fragmented and characterized by
increased consolidation, since other players are also racing to
build an integrated service offering. As such, and as is the case
for other fund administrators, we believe it is likely that mergers
and acquisitions (M&A) will remain a key pillar of Apex's strategy,
beyond the acquisitions under exclusivity agreements."

The group's proposed transaction will see around $472 million of
proceeds earmarked toward acquisitions with an additional $41
million toward existing acquisition-related earnouts. The group
intends to issue U.S. dollar and euro term loans amounting to about
$1,412 million, and a $275 million second-lien term loan to repay
$1,066 million of existing term loans. The remainder of the
transaction proceeds will be mainly used to fund acquisitions. The
group will also have $35 million of unrestricted cash on balance
sheet and full capacity under a new RCF amounting to $200 million,
post transaction. This supports S&P's view on the group's
prospective liquidity positive over the next 12 months.

S&P said, "Though improving in 2022-2023, we expect continued
pressure on free cash flow generation and S&P Global
Ratings-adjusted margins, given our expectations of continued
acquisition- and integration-related costs, which we view as
recurring. This drives our assessment of profitability as below
average when compared with other professional services providers in
the wider business service industry universe. We view Apex as
intrinsically cash generative. However, we project free cash flow
to remain marginally negative in 2021 as a result of
transaction-related one-offs, and constrained in 2022-2023, as the
group spends cash to integrate the acquisitions and pay for
M&A-related costs and earnouts in the next two fiscal years.
Nevertheless, we view as a positive the fact that Genstar Capital
is very supportive, and we understand that it could likely
contribute equity should the group continue very aggressive M&A.

"Despite the successful integration of the 2019 series of
acquisitions, the group's cost-savings initiatives carry some level
of operational and execution risk, in addition to incurring
exceptional costs, in our view. The group's business has a
relatively limited track record, given its inception in 2003 and
subsequent changes within the business. Furthermore, we see the M&A
spend as more aggressive than some other rated T&CS peers, given
Apex's scale. This leads to a significantly more conservative base
case relative to management expectations and our negative
comparable rating analysis assessment, which brings the rating down
by one notch. Nevertheless, we believe there is material upside to
the credit metrics and rating if realized and unrealized synergies
materialize to the degree anticipated by management.

"Our assessment of Apex's financial risk profile reflects our
projections of very high leverage, and our expectation that the
group's financial metrics will remain above our 5.0x highly
leveraged threshold in the next two years. In addition to the
proposed issuances outlined above, the capital structure comprises
$437 million-equivalent preferred shares note as at May 2021
(issued outside the restricted group and held by external
investors). Although we assess the preferred shares as debt-like,
we do not expect this to weigh on Apex's cash interest and cash
flow as it accrues noncash interest. This leads to an elevated
leverage metric of about 23.5x-24.5x in fiscal year (FY) ending
Dec. 31, 2021, or around 18x-19x when excluding the group's noncash
pay preferred equity issuance. Our adjusted leverage figures
include $88 million of leases and $47 million of
acquisition-related contingent consideration in FY2021. Our base
case subsequently forecasts deleveraging as the EBITDA base
increases, with leverage falling in 2023 toward 15x-17x in FY2023
(10x-12x on a cash pay leverage basis).

"The stable outlook indicates that Apex will continue to
successfully integrate its acquisitions in the next two years,
increasing its EBITDA base and generating FOCF. We expect margin
accretion following the transaction, with a material improvement in
margins by about 8-10 percentage points between 2020 and 2023, and
leverage falling by as much as eight turns, although remaining
highly leveraged."

S&P could raise the ratings if:

-- The group builds a track record of generating positive FOCF
generation with its funds from operations (FFO) cash interest
coverage remaining sustainably above 2.0x;

-- Adjusted debt to EBITDA fell materially and there was a strong
commitment from the financial sponsor to sustain lower leverage;
or

-- Apex further diversified by increasing the contribution of EDB
and banking services within the group, while remaining well
capitalized.

S&P could lower the ratings if:

-- Apex group records persistent negative FOCF, such that S&P
views the capital structure as unsustainable; or

-- S&P assesses the financial policy as increasingly aggressive,
with ongoing debt-funded acquisitions or shareholder returns,
resulting in very high leverage levels being maintained.


APEX STRUCTURED: Moody's Assigns First Time B2 Corp Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and B2-PD probability of default rating to Apex Structured
Intermediate Holdings Ltd. Concurrently, Moody's has assigned B1
instrument ratings to the new $705 million senior secured
first-lien term loan due 2028 to be issued by Apex Group Treasury
LLC and the new EUR583 million senior secured first-lien term loan
due 2028 and $200 million senior secured first-lien revolving
credit facility due 2026 to be issued by Apex Group Treasury
Limited. The outlook on all ratings is stable.

RATINGS RATIONALE

The ratings reflect Apex's strong business profile as a global fund
services provider with a record of rapid growth and the resilience
of its operating performance to market volatility as demonstrated
during the past year. At the same time, the ratings factor in the
meaningful challenge to integrate a string of recently closed
acquisitions for a combined consideration of nearly $500 million
financed as part of the transaction on hand. Moody's expectation of
Apex's leverage to decrease to around 6.5x over the next 12-18
months from the high level at closing is dependent on the
successful integration of the acquired businesses and the
realisation of targeted synergies.

Apex's B2 CFR also reflects (1) the group's established market
position as one of the largest independent fund services providers
globally with a comprehensive product offering and global
footprint; (2) the largely recurring revenue streams supported by a
sticky and diversified customer base and strong underlying market
fundamentals; and (3) the group's good profitability levels
translating into strong free cash flow generation.

Conversely, the CFR is constrained by (1) Apex's exposure to
regulatory and legal risk; (2) the high initial financial leverage
of 8.7x Moody's-adjusted Debt/EBITDA pro forma at closing and the
challenge to integrate the large number of recent acquisitions; and
(3) Apex's M&A-driven growth strategy that could constrain
deleveraging potential.

ESG CONSIDERATIONS

Apex's ratings factor in certain governance considerations such as
Apex's ownership structure with Genstar as the majority
shareholder, holding approximately 61% of shares. As it is common
for companies that are majority owned by private equity firms,
Apex's financial policy is characterised by a tolerance for high
financial leverage and a debt-funded M&A driven growth strategy.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Apex will be
able to sustainably increase its revenue and EBITDA through
continued organic growth and the successful integration of recent
acquisitions and realisation of targeted synergies. The outlook
further assumes that the group's liquidity remains good, supported
by solid free cash flow generation, and that there will be no
larger debt-funded acquisitions that lead to significant
re-leveraging.

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

Upward pressure on the rating could occur if Moody's-adjusted
Debt/EBITDA sustainably decreases to below 5.5x, whilst maintaining
its high operating profitability and substantial free cash flow
generation. An upgrade would also require the company to
successfully execute the integration of the recently closed
acquisitions and realise targeted synergies.

Downward pressure on the rating could develop if Apex fails to
reduce its Moody's-adjusted Debt/EBITDA to around 6.5x, EBITA
margins significantly decrease from current high levels or free
cash flow generation reduces towards zero for a sustained period of
time.

LIQUIDITY PROFILE

Pro forma for the contemplated refinancing transaction, Moody's
considers Apex's liquidity profile to be good. At closing of the
transaction, pro forma on 31 December 2020, the company has $125
million of cash on balance sheet, of which $90 million are
considered as restricted for regulatory purposes. The group's
liquidity is supported by its fully undrawn $200 million RCF.
Apex's liquidity profile further benefits from its good free cash
flow generation which Moody's forecasts at around $60 million in
2021 increasing to over $100 million in 2022.

STRUCTURAL CONSIDERATIONS

The company's debt facilities, pro forma for the transaction,
consist of a senior secured first-lien term loan due 2028, divided
into tranches of $705 million and EUR583 million, a pari passu
ranking $200 million RCF due 2026 and a $275 million second-lien
term loan due 2029.

The B1 rating on the first-lien senior secured facilities is one
notch above the B2 corporate family rating and reflects the
priority position of these facilities ahead of the second-lien
facility and non-debt liabilities consisting mainly of leases,
earn-outs and trade payables at the operating companies.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

CORPORATE PROFILE

Apex is one of the largest independent providers of fund
administration services, financial and corporate solutions, founded
in 2003 by its current CEO and with headquarters in Bermuda. The
group is a global operator with presence in 50 countries across the
world, serving more than 7,000 clients with over $1.4 trillion of
assets on its platforms. Apex is majority-owned by private equity
firm Genstar that controls 61% of shares, with minority
shareholders TA Associates and founder Peter Hughes holding most
the remaining equity. During the year ended December 31, 2020, the
group generated pro forma revenue of $654 million.



===========
B R A Z I L
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BANCO BTG PACTUAL: Plots Return to Office by End of 2021, CEO Says
------------------------------------------------------------------
Felipe Marques and Cristiane Lucchesi at Bloomberg News report that
Banco BTG Pactual SA is betting its workers will flock back to the
office, just as soon as Brazil manages to get the spread of
Covid-19 in check.

Like Goldman Sachs Group Inc., BTG plans to require almost all its
staff to return to their desks, according to Chief Executive
Officer Roberto Sallouti, according to Bloomberg News.  Unlike
Goldman, which has already recalled its U.S. employees, Sao
Paulo-based BTG is bound to wait a while longer: Brazil has fully
immunized just 12% of its population against Covid-19, compared
with roughly 46% in the U.S, Bloomberg News notes.

"Hopefully by the fourth quarter we can have everybody back to the
office" as the pace of vaccinations picks up in Brazil, Sallouti
said in an interview, Bloomberg News says.  "I don't think we will
even need to ask. Everybody wants to come back; we're the ones
prohibiting people from returning," he added.

BTG currently has only 15% of its roughly 3,800 employees working
in the office, Sallouti said. The bank's staff jumped nearly 50%
since 2019, as BTG went on a hiring spree to support its digital
retail-banking expansion, Bloomberg News notes.

Bloomberg News discloses that if BTG is mirroring Goldman Sachs,
rival Itau Unibanco Holding SA is following a similar path to
Citigroup Inc.  Like Citi, Itau is looking to adopt a hybrid model
between office and remote work for the majority of its
administrative staff, Bloomberg News reported in March.

Brazilian banks' plans hinge on the country getting the spread of
Covid-19 under control while speeding up vaccinations, Bloomberg
News relays.  Brazil is home to the world's second most lethal
virus outbreak in the world, with more than 510,000 dead. The daily
infection rate recently breached a record of 115,228 new cases,
Bloomberg News notes.

"We see remote working as a tool, one we can use to increase
diversity, flexibility and attract talent outside Sao Paulo and Rio
de Janeiro," Sallouti said.  "But it's not an end in itself," she
added.

As reported in the Troubled Company Reporter-Latin America on June
15, 2021, 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.


MASTELLONE HERMANOS: Makes US$275.1 Million Notes Offering
----------------------------------------------------------
Global Legal Chronicle reports Mastellone Hermanos S.A.
("Mastellone") made an exchange offer relating to its 12.625%
Series F Notes due 2021 ("Existing Notes") for newly issued 10.95%
Senior Secured Notes 2026 ("New Notes"), plus certain cash
consideration.  An aggregate principal amount of US$164.2 million,
representing 82.25% of the aggregate principal amount of Existing
Notes, were tendered in the exchange offer, and an aggregate
principal amount of US$110.9 million of New Notes were issued.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and
Santander Investment Securities Inc. acted as dealer managers and
Banco Santander Rio S.A. acted as local placing agent.

Mastellone is the largest dairy company and the leading producer of
fresh dairy products in Argentina.

The Linklaters team was led by partner Conrado Tenaglia (Picture)
and counsel Alejandro Gordano alongside counsel Matthew Brigham
(Tax), associates Emma Cano and Vasudha Anil Kumar (Tax), and
foreign attorney Juan Mata.

Cibils, Labougle, Ibanez advised Mastellone Hermanos S.A. with a
team including Joaquin Ibanez, Joaquin Labougle, Pamela Peralta
Ramos, Jeronimo Gimenez Zapiola and Ignacio Tertzakian.

Cleary Gottlieb Steen & Hamilton advised the dealers with Andres de
la Cruz,  Emilio Minvielle, Juan Ignacio Leguizamo and Lara Gomez
Tomei and law clerk Carla Martini. Associates Michael Eis and
Hunter McWinn provided tax advice.

In Argentina, Bruchou, Fernandez, Madero & Lombardi advised the
Citigroup Global Markets Inc., J.P. Morgan Securities LLC,
Santander Investment Securities Inc. and Banco Santander Rio S.A.
with Alejandro Perelsztein,  Leandro Belusci, Ramon Augusto Poliche
and Josefina Reyes.

As reported in the Troubled Company Reporter-Latin America on July
7, 2021, Fitch Ratings has downgraded Mastellone Hermanos Sociedad
Anonima.'s Long-Term Local and Foreign Currency Issuer Default
Ratings (IDRs) to 'RD' from 'C' following the company's completion
of its bond exchange. The completion of the exchange represents a
restricted default under Fitch's Distressed Debt Exchange (DDE)
criteria as evidenced by the extension of the debt material and
Fitch's view that the proposed debt exchange was to avoid
bankruptcy or insolvency, as Mastellone's cash cushion, free cash
flow (FCF) generation and credit lines were insufficient to cover
the USD200 million maturity in July 2021.


VOTORANTIM CIMENTOS: To Bid For Some LafargeHolcim Assets
---------------------------------------------------------
Tatiana Bautzer at Reuters, citing newspaper Valor Economico,
reports that Brazil's Votorantim Cimentos SA will present a bid for
some assets owned by LafargeHolcim in Brazil.

Votorantim Cimentos CEO Marcelo Castelli told the paper Votorantim
is subject to antitrust limitations and cannot bid for all
LafargeHolcim assets in the country, according to Reuters.

LafargeHolcim hired Itau Unibanco Holding SA's investment bank to
sell its Brazilian unit.

Votorantim Cimentos said in a statement to Reuters that it did not
present a bid, but it is always attentive to opportunities.

As reported in the Troubled Company Reporter-Latin America on June
22, 2021, Moody's Investors Service has upgraded to Baa3 from Ba1
the ratings of the senior unsecured notes issued by St. Marys
Cement Inc. and Votorantim Cimentos International S.A. and
unconditionally guaranteed by Votorantim Cimentos S.A. (VC). At the
same time, Moody's has assigned a Baa3 issuer rating to VC and
withdrawn its Ba1 corporate family rating. The outlook for the
ratings is stable.




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C O L O M B I A
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AGENCIA DISTRITAL - BARRANGQUILLA: Fitch Lowers LT IDRs to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded Agencia Distrital de Infraestructura
del Distrito de Barranquilla's (ADI) Long-Term Foreign Currency (LT
FC) Issuer Default Rating (IDR) and Local Currency (LT LC) IDR to
'BB' from 'BB+'. The Rating Outlook is Stable.

The rating actions reflect Fitch's recent rating actions on the
District of Barranquilla (the District) on July 8, 2021. Fitch
classifies ADI as a Government-Related Entity (GRE) of the
District. Its main mission is the structuring, contracting,
management and evaluation of Barranquilla's public infrastructure.
Fitch applies its GRE Rating Criteria to evaluate ADI's linkage
strength and the District's incentive to support ADI. This results
in a score of 45 out of 60, leading to an equalization of ADI's
rating with Barranquilla's.

ADI's standalone credit profile (SCP), which represents the
entity's credit profile assuming no exceptional financial support
from the government if needed, cannot be derived. Fitch believes
ADI cannot be de-linked from the District, as it is highly
dependent on the District's transfers and does not generate its own
cash flow.

The present review does not consider national ratings review.

RATING SENSITIVITIES

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

-- ADI's ratings are equalized with the District's ratings;
    therefore, any change in the District's ratings would directly
    affect ADI's ratings.

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

-- A downgrade of the District's rating;

-- Deterioration of ADI's linkage with the District and changes
    to its legal structure leading to a score lower than 42.5
    could negatively impact ADI's ratings.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Ratings linked to those of the District of Barranquilla, Colombia.

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.


PA AUTOPISTA RIO: Fitch Lowers COP915.5MM UVR Notes to 'BB+'
------------------------------------------------------------
Fitch Ratings has taken the following rating actions on three
issuers of the infrastructure sector in Colombia:

-- P.A. Autopista Rio Magdalena (ARM): Downgraded the ratings on
    COP915,500 million UVR Notes and COP278,000 million UVR Loan
    to 'BB+' from 'BBB-'. The Rating Outlook was revised to Stable
    from Negative.

-- Fideicomiso P.A. Costera (Costera): Downgraded the ratings on
    USD150.8 million USD bonds, COP327,000 million UVR bonds, and
    COP135,000 million UVR loan to 'BB+' from 'BBB-'. The Outlook
    was revised to Stable from Negative.

-- Fideicomiso P.A. Pacifico Tres (Pacifico): Downgraded the
    ratings on USD260.4 million USD bonds, COP397,000 million UVR
    bonds and COP300,000 million UVR loan to 'BB+' from 'BBB-'.
    The Outlook was revised to Stable from Negative.

RATING RATIONALE

The downgrades follow Fitch's recent actions on the sovereign
ratings of Colombia and reflect the transactions' exposure to the
credit quality of National Infrastructure Agency (ANI). The latter
is viewed as a credit-linked entity to the Government of Colombia
(Local Currency Issuer Default Rating [IDR] BB+/Stable).

KEY RATING DRIVERS

The sovereign downgrade reflects the deterioration of the public
finances with large fiscal deficits in 2020-2022, a rising
government debt level, and reduced confidence around the capacity
of the government to credibly place debt on a downward path in the
coming years. Colombia's gross general government debt (GGGD) to
GDP is forecast to reach 60.8% in 2021, more than double the 30%
level when Fitch upgraded Colombia back to the 'BBB' category in
2011.

Fitch expects debt to continue to rise through 2022 and does not
expect significant debt reduction over the medium term, leaving
Colombia vulnerable to shocks. Fitch sees significant risks to the
government's fiscal consolidation plan, given the reliance on tax
administration efforts and divestments, as well as the uncertainty
of the impact of the pending tax reform.

RATING SENSITIVITIES

ARM:

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

-- Improvement on Fitch's view regarding the credit quality of
    ANI's grantor obligations.

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

-- Completion difficulties leading to delays and cost overruns
    beyond those already contemplated in Fitch's scenarios;

-- Deterioration in Fitch's view regarding the credit quality of
    ANI's grantor obligations;

-- Deterioration in the credit quality of the engineering,
    procurement, and construction contractors that result in
    Fitch's completion risk rating below that of the debt rating.

Costera:

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

-- Improvement on Fitch's view regarding the credit quality of
    ANI's grantor obligations.

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

-- Significant depletion of the project's remaining liquidity
    sources;

-- Unexpected and material difficulties in achieving the full
    certificate of completion for the two remaining UFs (3 and 6);

-- Deterioration of Fitch's view regarding the credit quality of
    ANI's grantor obligations.

Pacifico:

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

-- Improvement on Fitch's view regarding the credit quality of
    ANI's grantor obligations.

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

-- Completion difficulties leading to delays and cost overruns
    beyond those already contemplated in Fitch's scenarios;

-- Deterioration in Fitch's view regarding the credit quality of
    ANI's grantor obligations.

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.

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.


[*] Fitch Takes Action on Colombian Cos. Amid Sovereign Downgrade
-----------------------------------------------------------------
Fitch Ratings has conducted a portfolio review of Colombian and
Central American Financial Institutions (FI) following Colombia's
sovereign downgrade to 'BB+' from 'BBB-'. The review also follows
Fitch's adjustment of its operating environment (OE) assessment for
Colombian FIs to 'bb'/Stable from 'bb+'/Negative. The stabilization
of the operating environment trend indicates that Fitch expects any
additional fallout from the pandemic to be manageable for Colombian
FIs at their current rating levels.

This portfolio review includes Colombian FIs with Viability Ratings
(VR) and Issuer Default Ratings (IDR) rated at the same level, or
one notch below the sovereign. Fitch believes these ratings are
more sensitive to operating environment deterioration, or further
actions on the sovereign rating. Furthermore, the agency will not
rate Colombian FIs higher than the sovereign rating, based on their
current intrinsic credit profiles.

The banks' national ratings, as well as those of other financial
institutions rated in Colombia, are not directly impacted, as these
ratings reflect the relative strengths and weaknesses of each
institution in a specific jurisdiction. In the short to medium
term, Fitch will review the entities in Colombia.

Rating actions have also been taken on the Colombian FI's Central
American subsidiaries, specifically in Guatemala and Panama.

KEY RATING DRIVERS

Government Support-Driven Ratings

This group considers state-owned banks or government financial
institutions with IDRs, Support Ratings (SRs) and Support Rating
Floors (SRFs) driven by implicit support from the sovereign: Banco
de Comercio Exterior de Colombia (Bancoldex), Financiera de
Desarrollo Territorial (Findeter), Financiera de Desarrollo
Nacional (FDN) and Banco Agrario de Colombia S.A, (Banagrario).

The Colombian government is the shareholder and the source of any
potential support, if required. The ratings were downgraded as the
creditworthiness of these entities is linked to the sovereign,
given their policy role and/or high strategic importance to the
government. Therefore, their ratings have been traditionally
aligned to the sovereign's.

Banagrario's VR has been affirmed at 'bb'. The VR is highly
influenced by the OE and its concentrated business model.
Banagrario's profitability, weak asset quality, adequate
capitalization and diversified funding structure have a moderate
influence on its VR.

Senior Unsecured Debt

Findeter's senior unsecured debt rating was also downgraded to
'BB+' from 'BBB-', as the likelihood of default for the debt
issuance is the same as the likelihood of a default for the bank.

Large Private Sector Banks

Bancolombia S.A. (Bancolombia), Banco de Bogota (Bogota), Banco
Davivienda S.A. (Davivienda) and Banco de Occidente S.A.
(Occidente)'s VRs drive their IDRs, and therefore, are relatively
sensitive to the OE. The downgrades reflect the recent downgrade of
Colombia's ratings, as these banks are constrained by the
sovereign's ratings based on their current intrinsic credit
profiles. The ratings are highly influenced by the OE and robust
company profiles due to their large franchises and diversified
business models.

Foreign Owned Commercial Banks (BBVA Colombia)

BBVA Colombia's IDRs are driven by parent support (BBVA Spain rated
BBB+/Stable). Fitch believes BBVA Colombia is a strategic
subsidiary for its parent, mainly due to the relevance of the Latin
American operations and the integration and synergies among the
entities. Fitch has downgraded the Long-Term Foreign Currency IDR
to 'BBB-' from 'BBB', since this rating is capped by Colombia's
country ceiling, which was also downgraded.

The bank's Long-Term Foreign Currency IDR Outlook was revised to
Stable from Negative. The Short-Term Foreign Currency IDR has been
downgraded to 'F3' from 'F2'. As with the sovereign downgrade and
the stabilization of its Rating Outlook, this indicates that there
is limited downside rating potential over the rating horizon.
Conversely BBVA Colombia's Long- and Short-Term Local Currency IDRs
remain at 'BBB' and 'F2', respectively since these ratings are not
directly affected by the sovereign downgrade. The bank's Long-Term
Local Currency IDR Rating Outlook is Stable, in line with its
parent.

BBVA Colombia's VR has also been downgraded to 'bb+' from 'bbb-' as
the bank's intrinsic credit profile is not strong enough to be
rated above the sovereign. The bank's VR is highly influenced by
the deteriorating operating environment, and its company profile
reflects its good asset quality metrics, resilient profitability,
adequate capitalization and stable funding.

BBVA Colombia's IDRs will likely remain at the level determined by
its Viability Rating (VR), or one notch below the parent's IDR,
whichever is higher, but subject to sovereign rating and country
ceiling considerations.

Mid-Sized Private Sector Banks

Banco GNB Sudameris and Itau Corpbanca Colombia's VRs were
downgraded, as their VRs are highly influenced by the OE, and their
financial and company profiles were not strong enough to rate these
banks at the sovereign's level. GNB's ratings are also highly
influenced by its weaker capitalization and leverage metrics
compared to peers, while Itau Corpbanca Colombia's ratings are also
highly influenced by tight operating profitability and limited
internal capital generation. The downgrade of Gilex Holding's (GH)
ratings mirrors that of its main operating subsidiary, GNB, and
remain one notch lower.

Grupo Aval, Corificolombiana and Banco De Occidente Panama (BOP)

Grupo Aval's downgrade mirrors that of its main subsidiary, Bogota,
and remains equalized. Grupo Aval's ratings are driven by the
business and financial profile of its main operating subsidiary.
Low double leverage, good cash flow metrics and a sound competitive
position in multiple markets also support Grupo Aval's ratings.

Grupo Aval Limited's senior unsecured debt ratings are aligned with
those of Grupo Aval, as this entity guarantees the senior bonds
issued by the former.

Corficolombiana's downgrade reflects the impact of the sovereign
rating downgrade and OE deterioration on its ratings.
Corficolombiana's IDRs are driven by its Viability Rating (VR),
which reflects with high importance the challenging OE and its
company profile. The ratings also consider Corficolombiana's strong
financial profile. Under Fitch's current assessment,
Corficolombiana's IDR will likely remain at the level determined by
its own Viability Rating (VR), or at the same level as its main
shareholder and its controlling company, whichever is higher.

Banco de Occidente Panama's (BOP) downgrade mirrors that of its
holding company, Banco de Occidente. BOP's IDRs reflect the
potential support they would receive from Banco de Occidente and
its ultimate parent Grupo Aval, if required. In Fitch's view, these
entities are an integral part of its parent's business model and
core to its strategy.

Sura AM

Fitch has affirmed Sura Asset Management SA's (Sura AM) ratings as
the downgrade of Colombia has little impact on the blended OE
score, given the relatively limited weight of the business in
Colombia on the company´s consolidated EBITDA. Sura AM's ratings
are highly influenced by its leading regional franchise and its
strong and stable earnings, which Fitch views as commensurate with
the company's rating category. Sura AM's ratings also consider its
consistent investment performance, ample expertise and sound risk
management, and debt service ratios that are consistent with rating
category guidelines. Sura AM's ratings are also highly influenced
by the operating environment of the countries in which it
operates.

BAC International Bank, Inc.. (BIB) and Multibank, Inc.

BAC International Bank, Inc.'s (BIB) and Multibank, Inc.'s IDRs,
and the latter's senior unsecured debt ratings were downgraded to
mirror the downgrade of its parent Banco de Bogota's rating. BIB
and Multibank's ratings are equalized with those of Banco de
Bogota's, reflecting Fitch's assessment of the potential support
they would receive from their parent, if required.

BIB and Multibank's national ratings were also downgraded to
reflect changes in Banco de Bogota's creditworthiness relative to
other rated issuers in Panama. The Stable Outlooks on their
Long-Term IDRs and Long-Term National Ratings are aligned with
Banco de Bogota's Stable Outlook. Multibank's Stable Outlook also
considers the bank's standalone rating and the implied
support-driven rating at the same level.

BIB and Multibank's Support Ratings (SR) were revised to '3' from
'2', reflecting a moderate probability of support from its
shareholder, given its rating, and Fitch's assessment of moderate
ability and propensity to provide support to BIB and Multibank, if
required

BIB Junior Subordinated Debt Issuance

BIB's perpetual subordinated bonds program's Long-Term National
Rating was downgraded to remain four notches below its anchor
rating, BIB's Long-Term National Rating. According to Fitch's
criteria, this obligation is two notches below its anchor rating to
reflect the loss severity arising from the bonds' deep
subordination and an additional two notches down to reflect
incremental non-performance risk.

Banco de America Central, S.A., BAC Bank, Inc., Credomatic de
Guatemala, S.A., Financiera de Capitales, S.A.

Fitch downgraded the National Long-Term Ratings of the entities
that comprise the BAC: Credomatic group in Guatemala to 'AA +
(gtm)' from 'AAA (gtm)'. These include the following: Banco de
America Central, S.A. (BAC Guatemala), BAC Bank, Inc. (BBI),
Credomatic de Guatemala, S.A. (Credomatic) and Financiera de
Capitales, S.A. (FC). The Rating Outlooks are Stable. The downgrade
is the result of Fitch's assessment on the support they could
receive from Banco de Bogota, which changed the relative strength
of these banks' credit profiles with other Guatemalan entities
following the downgrade of their parent company's Long-Term Local
Currency IDR. In addition, Fitch has affirmed the Short-Term
ratings for all the entities at 'F1 + (gtm)'.

Bancolombia Panama (BP) and Bancolombia Puerto Rico (BPR)

BP and BPR's IDRs reflect the potential support they would receive
from Bancolombia, if required. In Fitch's view, these entities are
an integral part of its parent's business model and core to its
strategy. BP and BPR's IDR downgrade to 'BB+'/Stable from
'BBB-'/Negative mirror the downgrade of Bancolombia's IDRs and
Outlook revision, as their ratings are fully aligned with those of
its parent. The SR downgrade to '3' from '2' reflects a moderate
probability of support from Bancolombia.

Banco Agromercantil (BAM), Mercom Bank and Financiera
Agromercantil

BAM's IDRs and National Ratings are based on the potential support
it would receive from its shareholder Bancolombia, if required.
BAM's Local Currency IDR was downgraded to 'BB' from 'BB+', one
notch above Guatemala's sovereign rating, following Bancolombia's
downgrade, and reflects the parent's solid commitment to its
subsidiary. The Long-Tern Foreign Currency IDR, which is at the
same level as Guatemala's country ceiling of 'BB', is driven by
support from a higher rated parent. Stable Outlooks reflect its
parent and sovereign's Outlooks, respectively. BAM's SR of '3'
reflects Bancolombia's moderate ability and propensity to support
to BAM, if necessary. This rating is mostly influenced by the
current country ceiling.

BAM, Mercom and Financiera Agromercantil's Long-Term National
Ratings downgrades to 'AA+(gtm)' from 'AAA(gtm)', reflect the
current relative strength of their parent with respect to other
rated issuers in the country.

Banistmo

Banistmo S.A.'s ratings are based on Fitch's opinion on the ability
and propensity of its parent Bancolombia to provide support if
required, which results in Banistmo's IDRs being aligned with those
of its parent, mirroring any changes in Bancolombia's IDRs and
Outlook. The National Ratings reflect the current relative credit
strength of its owner with respect to other issuers in Panama, and
have been downgraded with a Stable Outlook to reflect that in the
event of further downgrades, these ratings would be driven by the
bank's 'bb+' VR. Senior unsecured debt is rated at the same level
of Banistmo's ratings, as Fitch considers the likelihood of default
of the debt the same as the issuer. Meanwhile, the Banistmo's SR
was downgraded to '3' from '2', and reflects a moderate probability
of support from Bancolombia, given its rating.

Subordinated Debt

Bogota's and Davivienda's plain vanilla subordinated notes were
downgraded in line with the downgrade of these banks' VRs. The
anchor rating for these obligations maintained the baseline
scenario of one notch for loss severity (-1) and one notch for
non-performance risk (-1).

The rating on Bancolombia's and Banco GNB Sudameris' Tier 2 notes
were also downgraded in line with the VRs. These notes are rated
two notches below Bancolombia's and Banco GNB Sudameris' VRs of
'bb+' and 'bb', respectively, and reflect loss severity
exclusively. There is no notching due to incremental
non-performance risk. The notes do not incorporate going-concern
loss-absorption characteristics, given the relatively low write-off
trigger (Regulatory CET1 at or below 4.5%), which in Fitch's view,
would only be effective at the point of non-viability.
Additionally, coupons are not deferred or cancellable before the
principal write-off trigger is activated. As such, no notches are
deducted from the VR for incremental non-performance risk.

Davivienda's AT1 notes move in the same direction of the bank's VR,
four notches below Davivienda's 'bb+' VR. The baseline scenario
reflects that the notching will likely remain at two notches for
loss severity and two notches for incremental non-performance risk.
According to Fitch's criteria, this is the minimum downward
notching for deeply subordinated notes with fully discretionary
coupon cancellation issued by banks with a VR anchor of 'bb+'.

The notching reflects the notes' higher loss severity in light of
their deep subordination, and additional non-performance risk
relative to the VR, given the high write-down trigger of CET1 at
5.125% and full discretion to cancel coupons.

Mirroring its anchor rating, BBVA Colombia´s subordinated debt has
been downgraded to 'BB' from 'BB+', two notches below what Fitch
considers the appropriate anchor rating, the bank's support-driven
'BBB-' Long-Term Foreign Currency IDR.

Support Ratings and Support Rating Floors

The SR was affirmed at '3' and SRF rating revised to 'BB' from
'BB+' for Bogota, Bancolombia and Davivienda due to the sovereign's
reduced ability to provide support following the recent downgrade.

The SR was downgraded to '3' from '2' and SRF revised to 'BB+' from
'BBB-' for Bancoldex, Findeter, FDN and Banagrario due to the
sovereign's reduced ability to provide support after the recent
downgrade.

Banco de Occidente, Bancolombia Panama, Bancolombia Puerto Rico,
and BOP's SRs were downgraded to '3' from '2' due to a moderate
probability of support because of uncertainties about the ability
or propensity of the potential provider of support.

BBVA Colombia´s SR was affirmed at '2', reflecting its role as one
of BBVA's important subsidiaries in Latam. In Fitch's opinion, BBVA
Colombia is strategically important for BBVA's strategy and
institutional support should be forthcoming, if required. BBVA has
a consistent track record of support for its subsidiaries and its
ability to support them is illustrated by its 'BBB+' rating.

RATING SENSITIVITIES

Government Support-Driven Ratings

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

-- Given the limitations of the operating environment an upgrade
    is unlikely in the medium term;

-- As development banks that are majority owned by the state,
    Bancoldex, Findeter, FDN and Banco Bangrario's
    creditworthiness and ratings are directly linked to those of
    the sovereign. Hence, its ratings and Outlook will move in
    line with any potential change in Colombia's ratings.

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

-- As a development banks that are majority owned by the state,
    Bancoldex, Findeter, FND and Banco Banagrario's
    creditworthiness and ratings are directly linked to those of
    the sovereign. Hence, its ratings and Outlook will move in
    line with any potential change in Colombia's ratings;

-- Fitch will monitor any change in the government's support
    propensity, and particularly the potential impact on the
    development bank's ratings after the holding company legal
    framework is defined;

-- Although not a baseline scenario, Bancoldex, Findeter, FDN and
    Banagrario's ratings could change if Fitch perceives a
    decrease in the bank's strategic importance to the
    government's public policies.

Support Ratings and Support Rating Floor

Potential changes in the public bank's Support Rating and Support
Rating Floor would be driven by a change in Colombia's sovereign
rating and/or a change in the expected propensity of support from
the Colombian government.

Support Ratings and Support Rating Floors would be affected if
Fitch changes its assessment of the government's ability and/or
propensity to support Bancoldex, FDN, Banagrario and Findeter.

Senior Debt

Senior notes' ratings are sensitive to any changes in Findeter's
IDRs.

Large Private Sector Banks

Bancolombia, Bogota, Davivienda and Banco de Occidente

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

-- Bancolombia, Bogota, Davivienda and Banco de Occidente's VRs
    and IDRs are sensitive to a material deterioration in the
    local operating environment or a negative sovereign rating
    action;

-- The ratings could be downgraded from a continued deterioration
    of the operating environment due to an extended period of
    economic disruption as a result of the coronavirus that leads
    to a significant deterioration of the asset quality and/or
    profitability (Operating profit to RWA consistently below
    1.5%), resulting in an erosion of capital cushions if the CET1
    ratio falls consistently below 10%;

-- Bogota's ratings could also be negatively affected if the bank
    fails to restore its core and tangible capital ratios
    according to Fitch's expected projections during the 12 months
    after completion of MFG acquisition (tangible capital to
    tangible asset ratio consistently above 8.5%).

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

-- Given the limitations of the operating environment, a ratings
    upgrade is unlikely in the medium term for Bancolombia,
    Bogota, Davivienda and Occidente;

-- Over the longer-term, an improvement in the OE along with the
    restoration of capital metrics and profitability toward pre-
    pandemic levels could be positive for creditworthiness.

BBVA Colombia

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

-- Negative rating actions on the Colombian sovereign rating
    would lead to similar actions on BBVA Colombia´s IDRs;

-- BBVA Colombia's IDRs and Support Rating could also change if
    Fitch's assessment of its parent's ability and/or willingness
    to support the bank changes;

-- BBVA Colombia's VR could be negatively affected if the bank's
    operating profit to RWA ratio or its FCC ratio decline
    consistently below 1.5% and 10%, respectively;

-- An extended period of economic disruption as a result of the
    Coronavirus that leads to further deterioration in the
    operating environment, asset quality and/or profitability,
    resulting in an erosion of capital cushions would also be
    negative for the VR.

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

-- While not likely in the current operating environment, a
    positive rating action on Colombia´s sovereign rating could
    lead to a similar action on BBVA Colombia's Foreign Currency
    IDRs and VR.

Support Rating and Support Rating Floor

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

-- The banks' SR and SRF are potentially sensitive to any
    positive change in assumptions as to the propensity or ability
    of Colombia to provide timely support to the bank.

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

-- The banks' SR and SRF are potentially sensitive to any
    negative change in assumptions as to the propensity or ability
    of Colombia to provide timely support to the bank.

Subordinated Debt and Other Hybrid Securities

-- Subordinated debt ratings will mirror any action on the bank's

    VRs for Bancolombia, Banco de Bogota and Banco Davivienda.

-- BBVA Colombia subordinated debt ratings will mirror any action
    on the anchor rating, which is the bank's support- driven
    Foreign Currency IDR.

Mid-Sized Private Sector Banks

Itau Corpbanca Colombia

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

-- Itau Colombia's ratings could be downgraded if the operating
    profit to RWA ratio falls consistently below 0.5%, especially
    considering the sensitive margins and additional loan
    impairment charges;

-- The ratings could also be pressured by a material
    deterioration of asset quality that leads to a sustained
    decline in the CET1 ratio to below 9% due to the disruption of
    economic activity and financial markets from the coronavirus
    pandemic and challenging operating environment;

-- Ratings are also sensitive to a further OE deterioration;

-- Additionally, although Fitch considers the subsidiary's credit
    profile to be mostly independent from that of its ultimate
    parent, the VR and IDRs may be pressured in a scenario of
    further downgrades of Itau Unibanco Holding (BB/Negative),
    because, under Fitch's criteria, the intrinsic credit profile
    of a subsidiary bank cannot be completely delinked from that
    of its parent.

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

-- Ratings could be positively affected if the OE stabilizes,
    reducing pressures on asset quality and if the bank is able to
    sustain or rebuild its profitability metrics;

-- While unlikely in the current operating environment, positive
    rating actions could occur over the medium term if the bank
    demonstrates a capacity to relevantly improve earnings and
    asset quality metrics, while sustaining a CET1 ratio greater
    than 12% amid the relatively faster loan growth that the bank
    could have within a better operating environment.

Support Ratings and Support Rating Floor

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

-- Upside potential for the SR and SRF is limited and can only
    occur over time with material growth of the bank's systemic
    importance;

-- Upside potential on the SR could also occur over time from a
    material improvement of the parent company's ratings.

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

-- The SR and SRF could be downgraded if the bank lose material
    market share in terms of loans and customer deposits.

GNB VR, IDRs, and Subordinated Debt

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

-- Downside pressure for the VR and IDRs would arise from further
    deterioration of the CET1 ratio (consistently below 8%),
    especially if accompanied by negative trends in its
    profitability and/or asset quality metrics;

-- Ratings are sensitive to a deterioration of the OE;

-- As the subordinated debt rating is two notches below GNB's VR
    anchor, the rating is sensitive to a downgrade in the VR. The
    rating is also sensitive to a wider notching from the VR if
    there is a change in Fitch's view on the non-performance risk
    of these instruments on a going-concern basis, which is not
    the baseline scenario.

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

-- Ratings could be positively affected if the bank is able to
    sustain or rebuild its profitability metrics;

-- Upside potential for the international ratings is heavily
    contingent on a material improvement on capitalization levels,
    which is currently one of the high influence rating factors
    under Fitch's rating approach. An upgrade of the VR and IDRs
    could arise if the bank is able to reach and sustain a capital
    ratio greater than 12%, while avoiding material deterioration
    of its other financial and qualitative credit fundamentals,
    with consistently better results, in the form of operating
    earnings over risk weighted assets greater than 2%;

-- As the subordinated debt rating is two notches below GNB's VR
    anchor, the rating is sensitive to an upgrade in the VR.

Support Ratings and Support Rating Floor

Upside potential for the SR and SRF is limited, as a significant
growth of market share in Colombia is unlikely in the near and
medium term. Should the bank's role as a market maker, or the
market share of retail deposits decrease, the SR and SRF rating
might eventually be revised downward.

Gilex Holding IDRs and Senior Debt

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

-- GH's ratings are sensitive to a change in GNB's ratings, and
    the rating of the former will likely move in line with
    potential rating changes in the latter. However, a material
    and consistent increase in GH's double leverage (above 120%),
    or deterioration in its debt servicing ability, could
    negatively impact GH's rating and widen the difference
    relative to GNB's ratings;

-- The ratings for GH's senior debt would move in line with GH's
    Long-Term IDR.

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

-- An upgrade in GNB's rating will mirror in GH's ratings.

Grupo Aval's, Aval Limited, Corficolombiana and BOP

Grupo Aval's IDR would remain at the same level as Bogota's and
would move in tandem with any rating actions on its main operating
subsidiary.

Under Fitch's current support assessment, Corficolombiana's IDR
will likely remain at the level determined by its VR, or at the
same level as its main shareholder and its controlling company,
whichever is higher.

BOP's IDRs are support-driven and aligned with those of its
parent's. Therefore, these ratings would mirror any changes in
Banco de Occidente's IDRs.

Sura AM

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

-- Given the limitations of the operating environments in the
    primary countries where Sura AM operates, an upgrade is
    unlikely in the medium term;

-- Over the medium term, the ratings could be upgraded if Sura AM
    consistently improves its financial profile, with leverage
    (gross debt/EBITDA) improving and remaining below 1.5x and
    interest coverage (EBITDA/interest expense) rising and
    remaining above 12.0x.

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

-- Further negative revisions of the operating environments of
    its key markets or a significantly adverse change in
    regulation could affect Sura AM's ratings negatively;

-- An erosion of Sura AM's credit metrics such that its debt to
    adjusted EBITDA ratio deteriorates and remains consistently
    above 3.0x, or its adjusted EBITDA/financial expense remains
    well below 6.0x, its ratings could be pressured downwards;

-- Although not Fitch's base case, a severe deterioration of its
    parent's credit profile (Grupo de Inversiones Suramericana
    BBB-/Negative) would weigh on its ratings as a contagion
    effect cannot be ruled out;

-- The senior unsecured debt would generally move together with
    Sura AM's Long-Term IDR.

BAC International Bank, Inc. (BIB) and Multibank, Inc.

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

-- Positive rating actions on BIB and Multibank's IDR, National
    Ratings and SR could be driven by positive rating actions on
    Banco de Bogota's IDR;

-- Positive rating actions on Multibank's IDR and National
    Ratings could be driven by positive rating action on its VR;

-- Multibank's senior unsecured debt would mirror any potential
    upgrade on the bank's ratings;

-- BIB's perpetual subordinated bonds' National Rating would be
    upgraded in case of positive actions on BIB's National
    Ratings, as the bonds' ratings will maintain its four-notch
    difference with respect to the issuer's National Rating.

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

-- Any negative action on Banco de Bogota's IDRs would also lead
    to a similar action on BIB's IDRs; in addition, its IDR could
    also change if Fitch's assessment of its parent's willingness
    to support its subsidiary changes;

-- A downgrade of Multibank's IDR and National Ratings could be
    possible only if both its VR and Banco de Bogota's IDRs are
    downgraded;

-- A downgrade of BIB and Multibank's SR could result from a
    multi-notch downgrade of Banco de Bogota's IDR or from a
    reduced propensity of Banco de Bogota to support its
    subsidiary, both of which are unlikely at present;

-- Multibank's senior unsecured debt would mirror any potential
    downgrade on its IDRs;

-- BIB's perpetual subordinated bonds' National Rating would be
    downgraded in case of negative actions over BIB's National
    Ratings, as the bonds' ratings will maintain its four-notch
    difference respect to the issuer's National Rating.

BAC Guatemala, BB, Credomatic and FC

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

-- Improvement in Fitch's assessment of Banco de Bogota's
    capacity or propensity to support its subsidiaries.

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

-- Lower capacity or propensity of its shareholder to support its
    subsidiaries in Guatemala.

BP and BPR

The IDRs of these entities are support-driven and aligned with
those of its parent's. Therefore, these ratings would mirror any
changes in Bancolombia's IDRs.

BAM, Mercom and Financiera Agromercantil

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

BAM

-- A downgrade on Bancolombia's IDRs would lead to a similar
    action on BAM's IDRs;

-- BAM's SR and IDRs are sensitive to a downgrade of the
    sovereign rating and country ceiling.

BAM, FINANCIERA AGROMERCANTIL and MERCOM

-- The National Ratings could be downgraded if Fitch's assessment
    of Bancolombia's ability or willingness to support its
    subsidiaries is modified.

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

BAM

-- BAM's Foreign Currency IDR and SR have limited upside
    potential given the current sovereign rating and country
    ceiling;

-- An upgrade on Bancolombia's IDRs would lead to a similar
    action on BAM's Local Currency IDR;

-- An upgrade on Bancolombia's IDR, or a modification of Fitch's
    assessment of the parent bank's ability or willingness to
    support its subsidiaries, could result in a similar action on
    the National Ratings.

Banistmo

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

-- Since Banistmo's support-driven IDR is at the same level as
    its standalone creditworthiness as reflected in its VR, a
    downgrade of the bank's IDRs and national ratings could be
    possible only if both its VR and Bancolombia's IDRs are
    downgraded;

-- A downgrade of more than two or more notches of Bancolombia's
    IDRs would trigger similar rating action on the bank's SR.
    Also, a change in Fitch's support assessment that implies a
    reduction in Bancolombia's propensity to support the bank;

-- Banistmo's senior unsecured debt would mirror any potential
    downgrade on the bank's International and national ratings.

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

-- A positive rating action on Bancolombia's IDRs would trigger
    similar rating action on Banitsmo's IDRs, SR and national
    ratings;

-- Banistmo's senior unsecured debt would mirror any potential
    upgrade on the bank's ratings.

ESG CONSIDERATIONS

Banco GNB Sudameris S.A. has an ESG Relevance Score of '4' for
Governance Structure due to key person risk, which has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.

Gilex Holding S.A. has an ESG Relevance Score of '4' for Group
Structure due to key person risk, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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

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

The IDRs and national ratings of the following entities are driven
by support from Bancolombia's ratings: Bancolombia (Panama) SA;
Bancolombia Puerto Rico; Banistmo; Banco Agromercantil de
Guatemala; Mercom Bank and Financiera Agromercantil.

The IDRs and national ratings of the following entities are driven
by support or are linked to Banco de Bogota's ratings: Grupo Aval;
BAC International Bank Inc; Multibank; Banco de América Central
(Guatemala); Credomatic de Guatemala; Financiera de Capitales and
BAC Bank Inc.

The IDRs of Banco de Occidente Panama are driven by support from
Banco de Occidente's ratings.

The IDRs of Gilex Holding are are linked to Banco GNB Sudameris'
ratings.

The IDRs of BBVA Colombia are driven by support from BBVA's
ratings.

The rating of Grupo Aval Limited issuance is linked to the rating
of Grupo Aval Acciones y Valores.

The IDRs of Banco Agrario; Bancoldex; FDN and Findeter are driven
by support from Colombia's sovereign ratings.

DEBT                          RATING               PRIOR
----                          ------               -----

Financiera Agromercantil, S.A.

Natl LT                AA+(gtm)    Downgrade      AAA(gtm)
Natl ST                F1+(gtm)    Affirmed       F1+(gtm)

Financiera de Capitales, S.A.

Natl LT                 AA+(gtm)   Downgrade      AAA(gtm)
Natl ST                 F1+(gtm)   Affirmed       F1+(gtm)

Financiera de Desarrollo Territorial S.A. – Findeter

LT    IDR               BB+        Downgrade      BBB-
ST    IDR               B          Downgrade      F3
LC LT IDR               BB+        Downgrade      BBB-
LC ST IDR               B          Downgrade      F3
Support                 3          Downgrade      2
Support Floor           BB+  Support Rating Floor Revision BBB-
Senior unsecured LT     BB+        Downgrade      BBB-

Multibank, lnc.

LT IDR                   BB+       Downgrade      BBB-
ST IDR                   B         Downgrade      F3
Natl LT                  AA(pan)   Downgrade      AA+(pan)
Natl ST                  F1+(pan)  Affirmed       F1+(pan)
Support                  3         Downgrade      2
senior unsecured LT      BB+       Downgrade      BBB-
senior unsecured Natl LT AA(pan)   Downgrade      AA+(pan)
senior unsecured Natl ST F1+(pan)  Affirmed       F1+(pan)

Banco de Occidente (Panama), S. A.

LT IDR                   BB+       Downgrade      BBB-
ST IDR                   B         Downgrade      F3
Support                  3         Downgrade      2

Banco Davivienda S.A.

LT IDR                   BB+       Downgrade      BBB-
ST IDR                   B         Downgrade      F3
LC LT IDR                BB+       Downgrade      BBB-
LC ST IDR                B         Downgrade      F3
Viability                bb+       Downgrade      bbb-
Support                  3         Affirmed       3
Support Floor            BB  Support Rating Floor Revision BB+
senior unsecured LT      BB+       Downgrade      BBB-
subordinated LT          BB-       Downgrade      BB
junior subordinated LT   B         Downgrade      B+

Financiera de Desarrollo Nacional S.A.

LT IDR                   BB+       Downgrade      BBB-
ST IDR                   B         Downgrade      F3
LC LT IDR                BB+       Downgrade      BBB-
LC ST IDR                B         Downgrade      F3
Support                  3         Downgrade      2
Support Floor            BB+  Support Rating Floor Revision BBB-

Mercom Bank Ltd.

Natl LT                  AA+(gtm)  Downgrade      AAA(gtm)
Natl ST                  F1+(gtm)  Affirmed       F1+(gtm)

Bancolombia Puerto Rico Internacional Inc.

LT IDR                   BB+       Downgrade      BBB-
ST IDR                   B         Downgrade      F3
Support                  3         Downgrade      2

Banco Agromercantil de Guatemala S.A.

LT IDR                   BB        Affirmed       BB
ST IDR                   B         Affirmed       B
LC LT IDR                BB        Downgrade      BB+
LC ST IDR                B         Affirmed       B
Natl LT                  AA+(gtm)  Downgrade      AAA(gtm)
Natl ST                  F1+(gtm)  Affirmed       F1+(gtm)
Support                  3         Affirmed       3

Sura Asset Management S.A.

LT IDR                   BBB       Affirmed       BBB
ST IDR                   F3        Affirmed       F3
LC LT IDR                BBB       Affirmed       BBB
LC ST IDR                F3        Affirmed       F3
senior unsecured LT      BBB       Affirmed       BBB

BAC International Bank, Inc.

LT IDR                   BB+        Downgrade     BBB-
ST IDR                   B          Downgrade     F3
Natl LT                  AA(pan)    Downgrade     AA+(pan)
Natl ST                  F1+(pan)   Affirmed      F1+(pan)
Support                  3          Downgrade     2
junior subordinated Natl LT A-(pan) Downgrade     A(pan)

Credomatic de Guatemala, S.A.

Natl LT                  AA+(gtm)   Downgrade     AAA(gtm)
Natl ST                  F1+(gtm)   Affirmed      F1+(gtm)

BBVA Colombia S.A.

LT IDR                   BBB-       Downgrade     BBB
ST IDR                   F3         Downgrade     F2
LC LT IDR                BBB        Affirmed      BBB
LC ST IDR                F2         Affirmed      F2
Viability                bb+        Downgrade     bbb-
Support                  2          Affirmed      2
Subordinated LT          BB         Downgrade     BB+

Banco de Bogota, S.A.

LT IDR                   BB+        Downgrade     BBB-
ST IDR                   B          Downgrade     F3
LC LT IDR                BB+        Downgrade     BBB-
LC ST IDR                B          Downgrade     F3
Viability                bb+        Downgrade     bbb-
Support                  3          Affirmed      3
Support Floor            BB  Support Rating Floor Revision BB+
senior unsecured LT      BB+        Downgrade     BBB-
Subordinated LT          BB-        Downgrade     BB

Bancolombia S.A.

LT IDR                   BB+        Downgrade     BBB-
ST IDR                   B          Downgrade     F3
LC LT IDR                BB+        Downgrade     BBB-
LC ST IDR                B          Downgrade     F3
Viability                bb+        Downgrade     bbb-
Support                  3          Affirmed      3
Support Floor            BB  Support Rating Floor Revision BB+
senior unsecured LT      BB+        Downgrade     BBB-
subordinated LT          BB-        Downgrade     BB

Banistmo S.A.

LT IDR                   BB+        Downgrade     BBB-
ST IDR                   B          Downgrade     F3
Natl LT                  AA(pan)    Downgrade     AA+(pan)
Natl ST                  F1+(pan)   Affirmed      F1+(pan)
Support                  3          Downgrade     2
senior unsecured LT      BB+        Downgrade     BBB-
senior unsecured Natl LT AA(pan)    Downgrade     AA+(pan)

Itau CorpBanca Colombia S.A.

LT IDR                   BB         Downgrade     BB+
ST IDR                   B          Affirmed      B
LC LT IDR                BB         Downgrade     BB+
LC ST IDR                B          Affirmed      B
Viability                bb         Downgrade     bb+
Support                  4          Affirmed      4
Support Floor            B+         Affirmed      B+

Banco de America Central, S.A. (Guatemala)

Natl LT                  AA+(gtm)   Downgrade     AAA(gtm)
Natl ST                  F1+(gtm)   Affirmed      F1+(gtm)

Banco de Comercio Exterior de Colombia S.A.

LT IDR                   BB+        Downgrade     BBB-
ST IDR                   B          Downgrade     F3
LC LT IDR                BB+        Downgrade     BBB-
LC ST IDR                B          Downgrade     F3
Support                  3          Downgrade     2
Support Floor            BB+  Support Rating Floor Revision BBB-

Banco GNB Sudameris S.A.

LT IDR                   BB         Downgrade     BB+
ST IDR                   B          Affirmed      B
LC LT IDR                BB         Downgrade     BB+
LC ST IDR                B          Affirmed      B
Viability                bb         Downgrade     bb+
Support                  4          Affirmed      4
Support Floor            B+         Affirmed      B+
Subordinated LT          B+         Downgrade     BB-

Grupo Aval Acciones y Valores S.A.

LT IDR                   BB+        Downgrade     BBB-
ST IDR                   B          Downgrade     F3
LC LT IDR                BB+        Downgrade     BBB-
LC ST IDR                B          Downgrade     F3
Support                  5          Affirmed      5
Support Floor            NF         Affirmed      NF

Banco Agrario de Colombia S.A.

LT IDR                   BB+        Downgrade     BBB-
ST IDR                   B          Downgrade     F3
LC LT IDR                BB+        Downgrade     BBB-
LC ST IDR                B          Downgrade     F3
Viability                bb         Affirmed      bb
Support                  3          Downgrade     2
Support Floor            BB+  Support Rating Floor Revision BBB-

Grupo Aval Limited

senior unsecured LT      BB+        Downgrade     BBB-

Banco de Occidente S.A.

LT IDR                   BB+        Downgrade     BBB-
ST IDR                   B          Downgrade     F3
LC LT IDR                BB+        Downgrade     BBB-
LC ST IDR                B          Downgrade     F3
Viability                bb+        Downgrade     bbb-
Support                  3          Downgrade     2

Bancolombia (Panama) S.A.

LT IDR                   BB+        Downgrade     BBB-
ST IDR                   B          Downgrade     F3
Support                  3          Downgrade     2
long-term deposits LT    BB+        Downgrade     BBB-
short-term deposits ST   B          Downgrade     F3

Gilex Holding S.A.

LT IDR                   BB-        Downgrade     BB
ST IDR                   B          Affirmed      B
LC LT IDR                BB-        Downgrade     BB
LC ST IDR                B          Affirmed      B
senior secured LT        BB-        Downgrade     BB

Corporacion Financiera Colombiana S.A. (Corficolombiana)

LT IDR                   BB+        Downgrade     BBB-
ST IDR                   B          Downgrade     F3
LC LT IDR                BB+        Downgrade     BBB-
LC ST IDR                B          Downgrade     F3
Viability                bb+        Downgrade     bbb-
Support                  3          Downgrade     2

BAC Bank, Inc.

Natl LT                  AA+(gtm)   Downgrade     AAA(gtm)
Natl ST                  F1+(gtm)   Affirmed




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

DOMINICAN REPUBLIC: Economic Recovery Expected in 2021, IMF Says
----------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation with the Dominican Republic
on June 30, 2021.

The IMF Executive Board related that the pandemic hit the Dominican
Republic economy hard in 2020 but policy support helped cushion the
impact. The initial global spillovers on tourism and exports and
the heavy toll of the lockdown on other sectors led to a sharp
economic contraction in the second quarter. However, sound
fundamentals and a decisive policy response-including increased
social transfers and health spending, tax deferrals and targeted
tax relief, monetary policy easing, liquidity support and
prudential flexibility-helped the economy rebound gradually.
Overall, the economy contracted 6.7 in 2020, but positive growth
momentum started in the second half of the year. Largely reflecting
supply shocks, inflation increased in the second half of 2020, but
expectations remained well-anchored. Continued strong access to
global markets aided the financing of the higher fiscal deficit and
the financial sector remained resilient. The current account
deficit remained more than fully financed by FDI, strengthening the
international reserves position.

A significant recovery is expected starting in 2021, with risks
broadly balanced. This recovery will be aided by US spillovers and
the swift vaccination campaign implemented by the authorities.
Growth in the Dominican economy is expected to converge to its
potential over the medium-term, progressively closing the output
gap. While the recovery in tourism activities is expected to be
gradual, manufacturing exports, investment and consumption would be
supported by global growth, resilient FDI and buoyant remittances.
A remaining output gap, anchored inflation expectations and the
temporary nature of supply shocks should allow inflation to
converge to the target over the policy horizon. While COVID has
burdened public finances, a gradual return to pre-pandemic primary
balances would secure a downward path in public debt. The current
account would remain more than fully financed by FDI. Risks are
broadly balanced, largely reflecting the COVID outbreak: while a
longer-than-expected deployment of vaccines or a prolonged pandemic
could deter growth, faster global containment may have positive
spillovers. Other key risks include tighter global financial
conditions and extreme weather events.

Executive Board Assessment [2]
Executive Directors agreed with the thrust of the staff appraisal.
They commended the authorities' decisive policy response to protect
the health and livelihoods of Dominicans, including through
increased health expenditures, social transfers, targeted tax
relief, and supportive monetary and prudential policies. Directors
agreed that the Dominican Republic is set for a strong economic
recovery in 2021 underpinned by the policy response, the global
rebound, and the swift vaccination campaign. They noted that risks
to the outlook are broadly balanced, mainly associated with the
strength and speed of the global recovery.

Directors agreed that policies appropriately balance continued
support of the recovery with the need to secure debt
sustainability. They noted that the envisaged fiscal consolidation
protects critical social assistance and health spending through
strict controls of non-priority expenditures and improved targeting
of social and employment programs. Directors stressed the need for
medium-term revenue mobilization through a broadening of the tax
base and revision of tax exemptions. They noted that further
reforms in the electricity sector will help create fiscal space to
reduce debt sustainability risks while protecting investment and
social spending. Directors welcomed recent progress and underlined
the benefits of further improvements in fiscal governance and
transparency, including by enhancing public financial management
and introducing fiscal responsibility legislation.

Directors agreed that monetary policy support remains appropriate
as long as inflation expectations remain well-anchored, while
exchange rate flexibility would help provide a buffer against
shocks. Directors agreed that while the financial system remains
resilient and well-monitored, it would benefit from moving closer
to international standards for supervision and regulation and
enhancing the macroprudential and crisis management toolkit. They
also noted that recapitalizing the central bank would enhance its
financial and institutional independence.

Directors highlighted the importance of structural reforms to
improve social outcomes and increase productivity. They noted that
ensuring inclusive and sustainable growth will require making
social programs more effective and focused on increasing labor
market participation and education support, modernizing the labor
code to allow for more flexible and formal work arrangements,
narrowing labor market skills gaps, and addressing rural poverty
and gender inequality. They also highlighted the importance of
enhancing competitiveness and reducing the regulatory burden.
Directors stressed that adapting to and mitigating climate change
risks remains a priority.

It is expected that the next Article IV consultation with the
Dominican Republic will be held on the standard 12-month cycle.

                  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).




=============
E C U A D O R
=============

ECUADOR: Moody's Withdraws C Rating on Government's Unsecured Debt
------------------------------------------------------------------
Moody's Investors Service has withdrawn the C rating of the foreign
currency senior unsecured rating and the Caa3 foreign currency
senior unsecured rating of the Government of Ecuador.

Moody's has decided to withdraw the ratings for its own business
reasons.




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

INVERSIONES ATLANTIDA: S&P Affirms 'B' LongTerm ICR
---------------------------------------------------
S&P Global Ratings affirmed its long-term 'B+' issuer credit rating
(ICR) on Inversiones Atlantida (Invatlan). The outlook on the
global scale rating remains negative. At the same time, S&P
affirmed its 'B+' issue-level rating on Invatlan's senior bonds.

S&P also affirmed its global scale 'BB-' long- and 'B' short-term
ICRs on Banco Atlantida, which is the group's core subsidiary. The
outlook on the global scale ratings is still stable.

Rationale

The economic shock stemming from the pandemic has been widespread
among the local financial system, resulting in lower business
volumes, higher provisioning, and a drastic reduction of the credit
demand in the consumer segment, hampering Banco Atlantida S.A. and
consequently its parent company, Inversiones Atlantida (Invatlan),
in 2020.

As a result, Invatlan increased its double leverage ratio to
slightly above 120% last year. In S&P's view, this reflects a more
vulnerable credit risk profile due to greater dependence on the
upstream dividends from its subsidiaries--especially its main
operating entity, Banco Atlantida--to meet financial obligations.

The rating on Invatlan incorporates its status as a nonoperating
holding company (NOHC). S&P said, "Therefore, we rate it one notch
below the credit quality of the group's consolidated operating
subsidiaries (group credit profile or GCP of 'bb-'). The one-notch
difference reflects the NOHC's dependence on Banco Atlantida's and
other subsidiaries' upstream dividends to service its debt and
other financial obligations. In our view, the rise in Invatlan's
double leverage ratio in recent years reflects a more vulnerable
credit risk profile due to the mentioned higher dependence on
liquidity upstream from its subsidiaries to meet its financial
obligations."

If this ratio remains consistently above 120% for the next six
months, it would translate into an additional notch of
subordination from its GCP. S&P said, "On the other hand, if the
group's capital strengthening strategy materializes in the
following months, leading to a double leverage ratio consistently
below 120%, we could revise the outlook on Invatlan to stable from
negative. Finally, our affirmation of our ratings on Banco
Atlantida reflects that we expect it will maintain its leading
market position in Honduras and its resiliency to the economic
turmoil."

S&P said, "In our view, Invatlan has a record of prudent risk
management and moderate risk tolerances, so we think it could take
additional actions to strengthen its capital base and return to a
double leverage ratio in line with pre-pandemic levels. However,
we've yet to see the results of this strategy. In our opinion,
Invatlan and Banco Atlantida have a well-defined strategy to offset
the effects of a slow economic recovery and the depressed consumer
segment. We believe Invatlan and Banco Atlantida will benefit from
operating efficiencies after diverse technology investments in the
last few years, along with closing some agencies and strict cost
controls. Moreover, even though Invatlan's subsidiaries outside
Honduras still represent a small percentage of the group's total
revenues, we expect their contribution to the group's net income to
gradually grow.

"We think the bank's broad recognition and business stability will
help the group continue withstanding the economic fallout of the
pandemic. However, in our view, the pandemic hasn't ended and the
economic recovery will be slow since it depends on the vaccination
pace in the countries where Invatlan has presence--mainly Honduras.
In this context, we expect Banco Atlantida's loan portfolio will
grow modestly in the next few months, and high competition in its
main business line, the corporate segment, will pressure margins.
If Banco Atlantida's profitability metrics--and consequently
Invatlan's--remain below pre-pandemic levels, they will continue
limiting the group's capital internal generation.

"We expect the effects of COVID-19 to hit Banco Atlantida and
Invatlan's asset quality metrics in the next 12 months, especially
once the effects of the restructured loans from the forbearance and
relief programs fade out in the coming months. We think this will
lead Banco Atlantida to keep high provisioning requirements;
however, we believe its provisions will remain relatively
manageable and in line with those of peers in banking systems with
similar economic risk as Honduras. We expect the bank's
nonperforming assets (NPAs) to be about 3.4% and credit losses 0.7%
in the next two years. Finally, we believe Invatlan's funding
structure will continue to mirror that of Banco Atlantida, which
remains the largest bank in terms of deposits in Honduras and one
of the top-tier lenders to corporations. Therefore, the
subsidiary's stable and diversified deposit base will remain the
group's primary funding source and will support it and the group
against adverse financing conditions."




=======
P E R U
=======

COMPANIA DE MINAS BUENAVENTURA: Fitch Rates Unsec. Notes 'BB'
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Compania de Minas
Buenaventura S.A.A. benchmark senior unsecured notes. Proceeds from
the proposed notes will be used to pay a PEN2.1 billion (USD530
million) tax liability.

The repayment of this obligation will improve the company's
financial flexibility and reduce its annual outflows related to
this obligation. Through a combination of asset sales and/or the
issuance of treasury stock during the next 12 months the company
should be able to fund improvements in its existing operations and
embark upon greenfield projects that will help it tackle declining
volumes, rising costs and short mine lives.

KEY RATING DRIVERS

Moderate Leverage: Fitch projects Buenaventura's net leverage will
be around 3.0x in 2021 before falling to around 2.4x in 2022. The
company's EBITDA adjusted by dividends received from affiliates and
paid to minorities in partially owned consolidated mines is
expected to increase to approximately USD195 million in 2021 and
USD230 million in 2022; these figures compare with USD146 million
in 2020. Fitch projects that Buenaventura's net debt will increase
to USD581 million in 2021 from USD362 million in 2020 due to the
materialization of the tax liability, which is only partially
offset by extraordinary measures such as asset sales/equity
issuances.

Improved Financial Flexibility: The payment of Buenaventura's tax
liability with proceeds from the bond will lower the financing cost
of this obligation and improve the maturity schedule, as it was
originally scheduled to be repaid through amortizing payments over
a six-year period. This financial obligation originated from the
non-recognition of 2008-2009 tax deductions from physical
deliveries and contractual payments, as well as a tax loss that was
offset in 2009 and 2010, plus fines and interest. Buenaventura is
pursuing legal options to eliminate or reduce this liability. The
timing and success of Buenaventura's appeal remains uncertain, and
Fitch has not factored successful completion of the appeal into
these rating actions. A similar dispute with Buenaventura's JV
Cerro Verde has reached the International Centre for Settlement of
Investment Disputes (ICSID).

Neutral to Positive FCF: Buenaventura's FCF will be neutral to
slightly positive in 2021 and 2022, excluding the one-off impact of
the tax liability and projected assets sales in 2021. Strong gold,
silver and copper prices are supporting Buenaventura's financial
results, as it transitions back to higher production levels in the
aftermath of the coronavirus crisis in Peru. Exploration
expenditures should return to around USD60 million per year, while
capex should grow to be around USD115 million in 2021, USD135
million in 2022 and in 2023 while the company rebuilds production
volumes.

Output Recovery: Fitch expects a recovery of 20% in gold production
to 160,000 oz and 47% in silver to 17.4 million oz in 2021. These
recoveries do not fully offset drops of gold and silver output of
30% and 42%, respectively, in 2020 due to government mandated
production stoppages for more than two months related to the
coronavirus crisis. The start of the Yumpaq silver project in
Uchucchacua, a realignment in Tambomayo, plus improvements in aging
mines will be keys to the company's efforts to grow volumes. A
return to 2018 gold production levels is not considered without
better exploration results and the development of USD400 million
San Gabriel, which is not factored into Fitch's anticipations.

Receding Cost Pressure: Cost pressure will recede with COVID-19
abating in Peru. The attributable All-in Sustaining Cost (AISC) of
Buenaventura's mines reached USD1,559/oz at the end of 2020, from
USD1,314/oz a year ago, with most of its largest operations located
in the third cost quartile of the industry. Lower volumes pressured
these cost metrics despite the streamlining of costs, of
exploration in operating areas and of sales, general and
administrative expenses. Fitch expects the adjusted EBITDA margin
to reach 21% in 2021, similar to that of 2020, and remain around
25% in the near future while stronger production consolidates and
costs of goods sold as well as sales, general and administrative
expenses each 2019 levels in 2022.

Short Mine Life: Buenaventura's average mine life for its
individual operations is low when compared with Fitch's Mining
Navigator rating factors and constrains the rating. The company's
low reserves and resources reported for its mines (approximately
four years in most important gold and silver mines, except for
Uchucchacua) is partially mitigated by the significant amount of
hectares and mining concessions it owns, coupled with its proven
ability to replenish its reserves for over 60 years. Fitch would
view favorably an ability for Buenaventura to demonstrate more
reserves and resources to at least 10 years.

Diversified Operations: Further factored into Buenaventura's 'BB'
rating is the company's portfolio of operations in both base and
precious metals, coupled with its minority interest in several
quality mines with global mining partners. Buenaventura operates
five fully owned mining operations and has controlling interests in
two other mining companies that it also operates, El Brocal and La
Zanja. It also has three associated mining operations that are not
consolidated, Yanacocha (43.65%), Cerro Verde (19.58%), and
Tantahuatay (40.10%). Fitch expects that Cerro Verde's strong FCF
generation from copper sales will allow debt repayment and a hike
in dividends paid to Buenaventura to USD40 million and USD60
million in 2021 and 2022.

DERIVATION SUMMARY

Buenaventura's 'BB' rating reflects its position as one of Peru's
largest publicly traded precious and base metals miners with a
diversified portfolio of operations across a country of vast
mineral resources and favorable mining regulations, despite recent
social opposition to large scale greenfield projects such as
Southern Copper Corporation's (BBB+/Stable) Tia Maria copper
project. Buenaventura's ratings are underpinned by its diversified
production of base and precious metals similar to Volcan Compania
Minera S.A.A. (BB/Positive), and it is more diversified than its
peer Minsur S.A. (BBB-/Stable). Buenaventura's single country
exposure compares to that of higher rated Industrias Penoles
(BBB/Stable) in Mexico and of lower cost producer and higher
reserve base miner PJSC Polyus (BB+/Stable) in Russia.

Buenaventura's scale of operations from its direct mines is small
compared with larger gold miners such as Agnico Eagle Mines
(BBB/Stable), Kinross Gold Corporation (BBB/Stable), Yamana Gold
Corporation (BBB-/Stable), PJSC Polyus or Penoles and slightly
lower (in direct EBITDA and gold output) than lower rated Eldorado
Gold (B+/Stable). The company is less dependent upon precious
metals than Agnico, Kinross, Polyus, Yamana, or Eldorado. Similar
to the leading silver producer Penoles or Chinese miner Zijin
Mining Group (BB+/Positive), Buenaventura has base metals
diversification, which mitigates its exposure to precious metals
pricing volatility. Buenaventura generated 53% of its revenue
during 2020 from precious metals, 43% from base metals and 4% from
other sources such, as energy or manganese sulphate.

Buenaventura exhibits a very low mine life across its portfolio of
mines, which constrains its 'BB' rating. Lower proven and probable
ore reserves are common to underground mines in Peru, as it is
typically economically inefficient to prove reserves for longer
periods due to the high cost involved. Penoles, Yamana, Kinross and
AngloGold Ashanti (BBB-/Stable) are also underground miners that
have reserve levels of around 10 years. This is mitigated by
Buenaventura's 19.58% stake in copper miner Cerro Verde, a JV with
Freeport McMoRan (BB+/Positive) that has 30+ years in reserves, and
by Buenaventura's history of replacing reserves

KEY ASSUMPTIONS

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

-- Gold prices of USD1,700/oz in 2021, USD1,500/oz in 2022, and
    USD1,200/oz in 2023;

-- Silver prices of USD21/oz in 2021, USD19/oz in 2022, and
    USD15/oz in 2023;

-- A 20% rise in gold production and a 47% increase in silver
    production during 2021;

-- A 4% rise in gold production and a 17% increase in silver
    production during 2022;

-- Capex reaches USD115 million in 2021, USD135 million in 2022,
    and USD135 million in 2023;

-- No dividends paid in 2021, and dividends of USD20 million in
    2022 and in 2023;

-- Dividends received from Cerro Verde of USD40 million in 2021,
    USD60 million in 2022, and USD100 million in 2023;

-- Asset or equity sales proceeds of USD400 million.

RATING SENSITIVITIES

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

-- A positive resolution of the tax dispute, obtaining
    reparations;

-- Sustained net debt/EBITDA levels of less than 2.0x;

-- Increased output from mines;

-- Increase in the mine lives of the company's key operations to
    more than 10 years;

-- Decrease in the AISC of the company's gold mines to the high
    end of second quartile of the cost curve.

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

-- Sustained net debt/EBITDA levels of more than 3.0x with an
    unwillingness or inability to deleverage;

-- Inability to replenish reserves and resources leading to a
    significantly lower mine life at key operations;

-- Continued elevated AISC;

-- Consistently negative FCF, driving down the company's
    comfortable liquidity position;

-- An adverse change in the overall framework toward mining
    projects in Peru.

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

Easing liquidity pressures: Buenaventura ended march 2021 with
USD225 million in cash and marketable securities versus USD581
million of total debt. Most of the debt is comprised by a USD275
million syndicated loan and a USD113 million financing lease
related to the Huanza hydro power plant. The short-term debt
consists primarily of USD55 million for working capital. The tax
dispute involving a USD600 million off-balance sheet liability
entails high interest payments is causing the company to issue a
bond, face these payments and finance future growth.

ISSUER PROFILE

Buenaventura is Peru's largest publicly traded precious metals
company and a major holder of mining rights in Peru with over 60
years of mining operations. In addition to the exploration, mining
and processing of gold and silver, it also mines other metals,
namely zinc, lead and copper.

CRITERIA VARIATION

Since Fitch Updated its Corporate Rating Criteria following the
implementation of IFRS 16, lease related debt for mining companies
has been reclassified as "other liabilities" and has been excluded
from leverage calculations. For Buenaventura, Fitch has treated the
financing lease of Huanza, Buenaventura's hydroelectric subsidiary,
as financial debt in its leverage calculations, as the company
intends to refinance this debt during 2021 with either a private
placement, bank loan or capital markets bond

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.


COMPANIA DE MINAS BUENAVENTURA: Moody's Rates New Unsec. Notes 'B1'
-------------------------------------------------------------------
Moody's Investors Service confirmed Compania de Minas Buenaventura
S.A.A.'s B1 corporate family rating. At the same time, Moody's
assigned a B1 rating to Buenaventura's proposed senior unsecured
notes. Net proceeds will be used to pay in full the SUNAT tax claim
of around $563 mm. This tax dispute is related to SUNAT's refusal
to recognize Buenaventura's tax deductions in connection with
hedges and derivatives contracted during 2007-08, as well as tax
losses that were offset in 2009-10. Buenaventura's repayment of
this claim does not imply its acceptance of the resolution. These
rating actions conclude the review initiated on May 30, 2021.

The stable outlook reflects Moody's view that the company will
improve its capital structure and liquidity through the issuance of
the proposed notes. The outlook also incorporates Moody's view that
Buenaventura will reduce leverage through a combination of
operational improvements beyond 2021 and debt reduction.

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

Rating actions:

Confirmations:

Issuer: Compania de Minas Buenaventura S.A.A.

Corporate Family Rating, Confirmed at B1

Assignments:

Issuer: Compania de Minas Buenaventura S.A.A.

Senior Unsecured Notes, Assigned B1

Outlook Actions:

Issuer: Compania de Minas Buenaventura S.A.A.

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

The confirmation of Buenaventura's B1 rating primarily reflects the
improvement in capital structure and liquidity as a result of the
issuance of the proposed notes, which will allow the company to
more comfortably address the SUNAT tax claim. Upon the repayment of
this claim, guarantees on the letter of credit and on the
syndicated facility will be released and all the company's
indebtedness will become senior unsecured. At the same time,
Buenaventura's debt amortization profile and liquidity will
improve, as the company previously had to pay $560 million in
installments including a down payment of 14% of the total claim on
July 30, 2021 followed by 66 monthly installments at an annualized
interest rate of 9.6%, that is around $90 million per year.
Buenaventura is committed to reduce leverage towards its internal
target of 2x net leverage, as reported, and Moody's believes that
it has some levers it can pull to continue this path.

The confirmation of Buenaventura's B1 rating also reflects Moody's
expectation of improvement in the operating performance beyond
2021. During 2020, Buenaventura's operating performance was
materially hurt by the lower production volumes because of the
strict lockdown that was implemented in Peru. While the company
managed to reduce costs, including exploration and mining
development, it faced a number of operational challenges and
disruptions including lower ore grades, lower recoveries, limited
availability of transportation vehicles and reduced workforce
because of the pandemic. Consequently, Buenaventura's EBIT margin
reached -0.4% for the last twelve months as of March 2021,
following -7.7% in 2020 and -9.1% in 2019. Moody's expects volumes
to recover overtime, which, combined with higher commodity prices
in 2021 (compared to 2020), will improve cash flow from operations.
At the same time, the company plans to increase exploration
expenses towards $40 million which positively compares with the
$8.5 million in 2020, $11.9 million in 2019 and $36.3 million in
2018.

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

An upgrade would require Buenaventura to record a sustainable
improvement in its cost position, enabling the company to better
weather significant declines in metal prices and maintain a stable
EBIT margin, at least around 10%, with leverage below 3.5x.

Buenaventura's rating could be downgraded if the company is not
able to fully repay the SUNAT claim or generate additional cash to
reduce debt towards its leverage target. Negative pressure could
also arise if liquidity deteriorates or if the company is unable to
improve its profitability and financial profile. Quantitatively,
leverage (Moody's-adjusted debt/EBITDA) above 4.0x could result in
a downgrade.

The principal methodology used in these ratings was Mining
published in September 2018.

Headquartered in Lima, Peru, Buenaventura is a mining company
engaged in the exploration, mining and processing of gold, silver,
copper, zinc and lead in Peru. In addition to four wholly owned and
two majority owned mines, the company has a 19.58% stake in Cerro
Verde, one of the world's largest copper mines; a 43.65% stake in
Yanacocha, the largest gold mine in Latin America; and a 40.1%
stake in Coimolache, which owns the Tantahuatay gold mine that
Buenaventura operates. Buenaventura is controlled by the Benavides
family (27% owned), and is listed on the New York Stock Exchange
and the Lima Stock Exchange. For the last twelve months ended March
2021, the company generated $747.9 million in revenue.




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

NATIONAL ENTERPRISES: Records $270 Million Loss
-----------------------------------------------
guardian.co.tt reports that National Enterprises Ltd (NEL) recorded
a total comprehensive loss of $270 million for the year ended March
31, 2021.  For the comparative period last year, NEL recorded a
loss of $527.5 million, according to guardian.co.tt.

NEL recorded an operating profit of $28.2 million before
considering the impact of the results of the fair value of our
investee companies, chairman Ingrid Lashley stated in her report on
the financials, guardian.co.tt notes.  This represented an increase
of 9.3 per cent when compared to the results of $25.8 million for
the previous fiscal year, the report relays.

"NEL conducted a review of its investee companies, and the impact
of that valuation has resulted in a year end loss of $270 million.
This compares favorably with the reported loss of $327.5 million
for the prior year. NEL's portfolio of energy investee companies
are operating in an industry undergoing rapid transformational
change.

"The focus remains on investments in efficiency and innovation;
market positioning for greater participation in the full value
chain; and developing forward-looking collaborations/partnerships
for competitive clean energy," Lashley stated, the report
discloses.

"The completion of negotiations in respect of the gas supply
contract between Trinidad Nitrogen Ltd (Tringen) and the National
Gas Company Ltd (NGC) promises a strong rebound for Tringen.
Tringen has registered an increase in value of 50 per cent from
fiscal year 2020's valuation," she stated.

Lashley said NEL's other energy assets still face some challenges
and uncertainty in the near term.

"Underpinned by the lower-than-expected forecasted sales of Phoenix
Park Gas Processors Ltd (PPGPL), and the impairment of Atlantic
LNG's Train 1, there has been decline in the values of NGC LNG, NGC
NGL and Pan West Engineers and Constructors LLC. The reduction in
value of these companies account for the majority of the $270
million loss posted for fiscal 2021," she stated, the report
relays.

Lashley said NEL's performance this past fiscal year, reflects
efforts to protect and preserve shareholder value amidst the
general economic and market conditions associated with the extended
COVID-19 pandemic and prevailing conditions of the global energy
industry, the report notes.

"Declining commodity prices and weak market recoveries in the
energy sector have given way to rebounding in prices and projected
upward market trends worldwide. We are operating with a sense of
expectancy regarding the re-opening of the local economy pending a
successful vaccination program," she added.

Lashley said for fiscal 2021, NEL saw "strong performance" in our
non-energy portfolio companies.

"National Flour Mills Ltd (NFM) has had an excellent year,
increasing its value by 100 per cent. NEL Power Holdings Limited
also completed the year with an increase of 34 per cent in value.
While the Telecommunications Services (TSTT) has experienced 35 per
cent reduction in value, the company has embarked on another
reorganisation exercise, that when successfully implemented, is
expected to yield significant profits going forward," she stated,
the report discloses.

Lashley said going forward in fiscal year 2022, NEL is committed to
the restructuring of its portfolio of investee companies and will
continue to take the decisive actions during this rebuilding
process, to create the balance for increased income and value in
its portfolio companies for both the short and mid-term, the report
relays.

"Our goal is to build with assets that can deliver consistent
dividend income and increased valuation while creating the balance
and space for the rationalisation and re-emergence currently
underway in the local energy sector.

"The diversification of NEL's investee portfolio will be
instrumental to delivering transformative value to our shareholders
in the middle to long term," she stated, the report adds.


TRINIDAD & TOBAGO: 'More Restaurant Closures Coming'
----------------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that the closure of
the flagship Chaud restaurant in St Ann's is the tip of the
iceberg, as the economy is in a dark place, restaurant owner Peter
George said.

Chaud owner and chef, Khalid Mohammed, announced via social media
that he was closing the restaurant and thanked customers for giving
him the opportunity over the past 15 years to provide great
memories at the restaurant, according to Trinidad Express.

He said: "There are a lot of emotions involved when you dream of
what your restaurant will be before even one tile has been laid,
before you see the first stove installed before the gleam of new
pots and pans tease your eyes and the smell of the first dish being
cooked tickles all your senses," the report notes.

Mohammed did not disclose what was the reason for the closure, but
bars and restaurants faced their second lockdown in May to help
curb the upsurge of Covid-19 that the country was experiencing, the
report relays.

Outspoken restaurant owner, Peter George told the Express that it's
a pity that Chaud had to close its doors as the establishment was
an iconic brand and Khalid Mohammed is an iconic chef and that is a
major loss for the country, the report discloses.

George, who is the owner of Trent Restaurants Ltd, said the food
and beverage industry is literally on its knees and there seems to
be no meaningful plan relating to the reopening up the industry,
the report says.

"I kept saying for months now that the country has to learn to live
with the virus. You simply cannot keep the majority of businesses
close until the numbers are extremely low. A proper road map plan
is needed," he added.

While the businessman did not say whether any of his restaurants
will suffer the same fate, George indicated that the group, which
includes Trotters, has been in business for the past 20 years and
is seriously looking at its options, because of the economic state,
the report notes.

He noted what was distasteful is that Members of Parliament are
buying duty free luxury cars in the last four weeks, but businesses
are shutting down and thousands of people are out of jobs, the
report says.

"That was extremely insensitive at a time like this, especially
when taxpayers have to fund these kind of things when the country
is not in a good pathway, economy wise," George lamented, the
report adds.




=============
U R U G U A Y
=============

URUGUAY: IDB OKs $15M Loan to Promote MSMEs Digital Transformation
------------------------------------------------------------------
Uruguay will promote the digital transformation of its micro, small
and medium-sized enterprises (MSMEs) with a $15 million loan
approved by the Inter-American Development Bank (IDB).

The project will boost knowledge and use of digital solutions by
Uruguay's MSMEs, increase the supply of digital goods and services,
and strengthen the offer of digital talent creation services in
order to foster the country's digital transformation.

It will also promote the institutional strengthening of the
National Development Agency (ANDE) to ensure effective
implementation of the MSMEs digital transformation program. Its end
beneficiaries will be both Uruguay's 11,000 MSMEs in need of goods
and services for their digital transformation, and the 100-plus
goods and services providers who can make this transformation
possible.

According to a survey of micro enterprises conducted by the
Industry, Energy and Mining Ministry in 2017, only 70% of Uruguay's
MSMEs use internet and have a website, compared with 79% in Chile
and 78% in the OECD group of countries. Local MSMEs also make scant
use of e-banking and advanced digital technologies. Less than 5% of
them hire information technology and communication professionals,
compared with 15% of the European Union's small enterprises and 45%
of the EU's medium-sized enterprises.

The IDB's $15 million loan is for a 25-year term, with a five and
5.5-year grace period and an interest rate base on LIBOR.



                           *********


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.
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Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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