/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/210722.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 Thursday, July 22, 2021, Vol. 22, No. 140 Headlines A R G E N T I N A STONEWAY CAPITAL: Seeks to Hire 'Ordinary Course' Professionals B E R M U D A NORTHSTAR FIN'L: Mexican Investor Seeks $500K in Damages B R A Z I L BRAZIL: Central Bank Buys 41.8 Tons of Gold to Bolster Reserves OI MOVEL: S&P Rates New Senior Secured Notes Up to $880MM 'B-' OI SA: Fitch Assigns CCC+ Rating to USD880MM Sr. Sec. Notes C O L O M B I A GRUPO SURA: Fitch Lowers LT IDRs to 'BB+', Outlook Stable D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Water Problem Requires a State Policy [*] DOMINICAN REPUBLIC: Fuels Will Remain Unchanged This Week J A M A I C A JAMAICA: April Records Unemployment Rate of 9%, STATIN Reports M E X I C O ALPHA HOLDING: S&P Cuts ICR to 'D' on Missed interest Payment P A R A G U A Y INPASA DEL PARAGUAY: Fitch Affirms Then Withdraws 'B' IDR P U E R T O R I C O CB REAL ESTATE: Taps Vicente Garcia CPA & Co. as Accountant MORE AUTOMOTIVE: Case Summary & 20 Largest Unsecured Creditors X X X X X X X X LATAM: Expected Growth Insufficient to Reverse Pandemic Effects - - - - - ================= A R G E N T I N A ================= STONEWAY CAPITAL: Seeks to Hire 'Ordinary Course' Professionals --------------------------------------------------------------- Stoneway Capital Corporation and its affiliates filed a motion seeking approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Chaffetz Lindsey, LLP and other attorneys, which they employ in the ordinary course of business. The motion, if granted, would allow the Debtors to hire Chaffetz Lindsey and other attorneys without the requirement of filing individual fee applications. The Debtors estimate that they will not pay any OCP more than $25,000 per month, on average, over the prior rolling three-month period and $150,000 for the duration of their Chapter 11 cases. Chaffetz Lindsey can be reached through: Peter Chaffetz, Esq. Chaffetz Lindsey LLP 1700 Broadway, 33rd Floor New York, NY 10019 Tel: +1 212 257 6960 Fax: +1 212 257 6950 Email: peter.chaffetz@chaffetzlindsey.com About Stoneway Capital Corp. Stoneway Capital Corporation is a limited corporation incorporated in New Brunswick, Canada, formed for the purpose of owning and operating, through its Argentine subsidiaries, power generation projects that will provide electricity to the wholesale electricity markets in Argentina. The Argentine subsidiaries operate four power-generating plants in Argentina that provide electricity to the wholesale electricity market in Argentina. Stoneway is 100% owned by GRM Energy Investment Limited. On Oct. 8, 2020, the Company commenced proceedings under the Canada Business Corporations Act (the "CBCA"). The Debtors were well on the way toward closing the consensual restructuring when on Dec. 4, 2020, the Argentine Supreme Court issued a decision in an ongoing noise discharge dispute involving one of the Generation Facilities located in Pilar, Argentina. The Argentine Supreme Court Decision created significant uncertainty as it overturned a decision of the federal appeals court in San Martin, Buenos Aires. As a result of the looming expiration of the informal standstill arrangement, the Debtors commenced chapter 11 cases in the U.S. in order to put the automatic stay in place, maintain the status quo pending resolution of the various issues in Argentina, and ensure that neither the Indenture Trustee nor the Argentine Trustee takes any action that could be detrimental or value destructive to the Company. Stoneway Capital Ltd. and five related entities, including Stoneway Capital Corp., sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 21-10646) on April 7, 2021. Stoneway estimated liabilities of $1 billion to $10 billion and assets of $500 million to $1 billion. Judge James L. Garrity, Jr. oversees the cases. The Debtors tapped Shearman & Sterling LLP as bankruptcy counsel, Bennett Jones LLP as Canadian counsel, and Lazard Freres & Co., LLC as investment banker. Prime Clerk, LLC is the claims agent and administrative advisor. ============= B E R M U D A ============= NORTHSTAR FIN'L: Mexican Investor Seeks $500K in Damages -------------------------------------------------------- An investor from Mexico has filed a FINRA arbitration case against J.P. Morgan Securities over the six-figure losses she suffered in Old Mutual (Bermuda). The off-shore entity is owned by Greg Lindberg's Global Bankers, which also owns Northstar Financial Services (Bermuda). The latter is already the subject of many FINRA arbitration claims against the broker-dealers and their registered representatives that unsuitably recommended products from that off-shore entity to its customers. In this Old Mutual Bermuda fraud claim, the claimant is seeking up to $500K in damages. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is helping this investor in holding J.P. Morgan Securities accountable and fighting to recover her losses. SSEK Law Firm is also representing other investors in their claims against both Northstar Financial Services (Bermuda) and Old Mutual (Bermuda) in the United States and abroad. This claimant, who resides in Mexico, had an account with Chase Bank in Texas. The investor's broker, who spoke Spanish, touted a supposedly better way for the customer to invest her money rather than in savings and checking accounts. Trusting this financial advisor, the claimant moved most of her assets to Chase Investments, where she was promised that her money would be managed in a way that would keep her assets safe. Instead, her investment broker recommended an Old Mutual (Bermuda) fixed annuity, an unsuitable investment. Northstar Financial Services (Bermuda) has filed for bankruptcy and is now in liquidation. Now, the best chance for investors who purchased products from either of these companies to recover their losses is to work with experienced FINRA attorneys. Old Mutual (Bermuda), like Northstar Financial Services (Bermuda), has paid high commissions and other fees and remunerations to the brokerage firms that sold their products. This appears to have been a motivation for many brokers and their broker-dealers to market and sell these off-shore investments to their customers. SSEK Law Firm is currently investigating Northstar Financial Services (Bermuda) fraud cases against Truist Investment Services, J.P. Morgan Securities, Hancock Whitney Investment Services and others. To determine whether you may have grounds for a FINRA arbitration case over your Old Mutual (Bermuda) losses, contact us below: Northstar Bermuda FAQs (Spanish) Shepherd Smith Edwards & Kantas LLP Kirk Smith -- ksmith@sseklaw.com -- US Toll Free: (800) 259-9010 Mexico Toll Free: (800) 283-3403 =========== B R A Z I L =========== BRAZIL: Central Bank Buys 41.8 Tons of Gold to Bolster Reserves --------------------------------------------------------------- Rio Times Online reports that after years without substantially changing the amount of gold in its international asset reserves, the Brazilian Central Bank headed by Roberto Campos Neto bought 41.8 tons of the metal in June. With this, the volume of gold that is held in the reserves jumped 52.7% in just one month, to 121.1 tons - equivalent to US$6.873 billion, according to Rio Times Online. The value of the June purchase was not disclosed, the report notes. It was the biggest purchase in one month since at least December 2000, the report relays. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Jair Bolsonaro is the current president, having been sworn in on Jan. 1, 2019. Fitch Ratings' credit rating for Brazil stands at 'BB-' with a negative outlook (November 2020). Fitch's 'BB-' Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) has been affirmed in May 2021. Standard & Poor's credit rating for Brazil stands at BB- with stable outlook (April 2020). S&P's 'BB-/B' long-and short-term foreign and local currency sovereign credit ratings for Brazil were affirmed in December 2020. Moody's credit rating for Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's credit rating for Brazil is BB (low) with stable outlook (March 2018). OI MOVEL: S&P Rates New Senior Secured Notes Up to $880MM 'B-' -------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating to Oi Movel S.A.'s proposed senior secured notes of up to $880 million. S&P also assigned a recovery rating of '2' to the notes, indicating its expectation of a substantial recovery (between 70%-90%, rounded: 85%) in a hypothetical default scenario. As a result, the rating on the proposed notes incorporates a one-notch uplift from the rating on Brazil-based telecom operator, Oi S.A. (Oi; CCC+/Stable/--), which will unconditionally and irrevocably guarantee the notes. Oi will use $700 million of the proceeds to pay Oi Movel's outstanding debenture due January 2022. The notes' collateral will be the conditional the Brazilian Law Pledge (Penhor), subject to the repayment of the debenture due January 2022 over the rights deriving from the terms of authorization of the use of radio frequencies owned and used by the Oi Movel for mobile phone communications, and the Brazilian Law Conditional Fiduciary Assignment (Cessao Fiduciaria Condicional) of credit rights stemming from the Telecommunications Services that are not currently encumbered by the BNDES lien, subject to a cap of R$200 million per month. S&P sid, "At the same time, we're affirming the 'CCC+' issue-level rating on the existing senior unsecured notes due 2025, but revising our recovery expectations to '4' (30%) from '4' (40%), because we expect lower recovery prospects for these notes under a hypothetical default scenario given the significant increase of secured debt in Oi's capital structure in the past three months. Besides the proposed notes of up to $880 million, Oi also issued R$2.5 billion secured convertible debentures through its subsidiary, Brasil Telecom Comunicaçao Multimídia, and it's about to issue the R$2.0 billion secured non-convertible debentures through Oi Movel. "Our credit rating on Oi reflects its currently weak capital structure and challenges related to the overhaul and the completion of its asset divestiture plan. The outlook is stable because we assume the company will complete its amended judicial reorganization plan, including the asset sales, by early 2022 and will prepay debt in the next four years." Issue Ratings - Recovery Analysis Key analytical factors -- S&P's hypothetical default scenario would occur in 2022 because of a severe economic slowdown, sharply lower consumer discretionary income, and higher competition in the telecom industry, which would depress Oi's cash flows. -- S&P analyzes Oi on a going concern basis because it believes it would be restructured rather than liquidated under a default, given its status as one of the largest telecom operators in Brazil. This was the case with the company's reorganization plan after default. -- S&P has valued Oi using a 5.5x multiple applied to its projected emergence-level EBITDA, somewhat lower than the standard of 6.0x S&P uses for larger global telecom operators, because it views the company's competitive position as somewhat weaker than the industry average. S&P siad, "We don't include rejections of leasing contracts in the debt waterfall because we believe the company would maintain the contracts to assure the services are available to continue operating. In addition, the concession payments would be transferred as liabilities to a potential new operator. For the recovery analysis, we include the existing asset base and debt as of March 31, 2021, given the uncertainties about the timing of the asset sales and debt prepayments." Simulated default assumptions -- Simulated year of default: 2022 -- EBITDA at emergence: R$4.8 billion -- EBITDA multiple: 5.5x -- Estimated gross enterprise value (EV): R$26.8 billion Simplified waterfall -- Net EV, after 5% of administrative expenses: R$25.4 billion Secured debt: R$13.7 billion (new proposed bond, secured convertible debenture, secured non-convertible debenture, and BNDES loan) -- Recovery expectations for secured notes: 70%-90% (rounded to 85%)* -- Senior unsecured debt: R$36.8 billion (local banks, export credit agencies, notes, tax liabilities) -- Recovery expectations for unsecured notes: 30%-50% (rounded to 30%) Note: all debt amounts include six months of prepetition interest. *Recovery ratings for secured debt are capped at '2(85%)' in certain countries such as Brazil, to adjust for reduced creditor recovery prospect in these jurisdictions. Ratings List NEW RATING OI MOVEL S.A. Senior Secured B- Recovery Rating 2(85%) RATINGS AFFIRMED; RECOVERY REVISED OI S.A. To From Senior Unsecured CCC+ CCC+ Recovery Rating 4(30%) 4(40%) OI SA: Fitch Assigns CCC+ Rating to USD880MM Sr. Sec. Notes ----------------------------------------------------------- Fitch Ratings has assigned a 'CCC+'/'RR4' debt rating to Oi S.A.'s (Oi; CCC+) senior secured debt level. In conjunction with this rating action, Fitch assigned a 'CCC+'/'RR4' rating to the new senior secured notes, of up to USD880 million, to be issued by Oi Movel S.A. These notes will be fully guaranteed by Oi S.A. on a senior secured basis. Fitch expects that USD700 million of proceeds from the new notes will be used to refinance the company's 2022 secured payment-in-kind (PIK) debenture that matures in January, with the remaining proceeds used for general corporate purposes. There will be a mandatory tender offer for the new notes at par plus 33.33% of the coupon rate following the sale of the mobile unit, the proceeds of which will be applied to the tendered notes. Any new notes not tendered will remain outstanding for the life of the bond. The new notes improve Oi's financial flexibility in the event that regulatory approval and the closing of the mobile and fiber sales takes longer than expected. They also reduce interest expenses (PIK notes currently pay a 13.67% interest rate) and eliminate the refinancing risk related to the debenture. Fitch has not taken any other rating actions on Oi's Foreign Currency (FC) or Local Currency (LC) Issuer Default Ratings (IDR) or unsecured instrument ratings. KEY RATING DRIVERS Debt Ratings Capped: Fitch applies a bespoke approach to recovery for issuers rated 'B+' and lower, using the higher of going-concern and liquidation estimates to enterprise valuation. Fitch forecasts recovery rates commensurate with an 'RR1' rating for the new secured notes, which could potentially cause an uplift of up to three notches (B+/RR1) from Oi's IDR. However, Fitch's "Country-Specific Treatment of Recovery Ratings Criteria" caps Brazilian issuers at 'RR4', resulting in an instrument rating of 'CCC+', equal to Oi's FC IDR, despite the new secured notes collateral package and seniority. These caps reflect Fitch's concerns over the enforceability of creditor rights in certain jurisdictions, and that that average recoveries are likely to be lower in Brazil. Corporate Restructuring and Asset Sales: Fitch's recovery analysis assumes that the sales of the mobile and fiber infrastructure units will be approved by regulators and that the proceeds will be applied to pay down debt. In the event that the transactions are not approved by regulators in the near term, the notes benefit from their structural superiority and security and would therefore still be rated 'RR4' by Fitch. Oi received creditor approval to amend its Judicial Reorganization Plan (JRP) to create and divest isolated production units, which consist of the shares of the special purpose entities that house the group's mobile unit, data center, tower, pay TV and fiber infrastructure assets. The net proceeds of the mobile sale will be used to pay down both pre-petition and post-petition liabilities. Partial Divestment of InfraCo.: The main strategy of Oi is to expand its fiber optic network. Oi has reached an agreement with investors to sell 51% of Oi's shares in InfraCo. With the sale of the investment stake, Oi has started to deconsolidate InfraCo., and "InfraCo. shall automatically cease to be jointly and severally liable with the debtors for their payment obligations," per the amendments to the JRP. The remaining Oi group (RemainCo.) will house the legacy copper infrastructure, client services and other assets, in addition to most of the debt. RemainCo.'s Weak Financial Profile: Fitch forecasts that, following the full disposal of 100% of the mobile assets and 49% of the InfraCo. assets, Oi RemainCo.'s leverage and coverage metrics will be very weak. Fitch anticipates that InfraCo. will have superior growth characteristics relative to RemainCo. The low growth potential of RemainCo. and the deconsolidation of InfraCo. contribute to the overall weak assessment of Oi's credit profile despite the planned reductions in overall debt. Fitch forecasts RemainCo.'s revenues to drop from BRL18.7 billion in 2019 to around BRL10.0 billion, due to copper attrition and the mobile unit sale. Margins should also decline due to the disposals of the mobile and fiber units to the 12%-15% range over the rating horizon. Average EBITDA of around BRL1.2 billion-BRL1.5 billion should be mostly consumed by cash interest payments (approximately BRL1.0 billion from the 2025 USD notes alone). The reduction in EBITDA and FFO generation contributes to slim coverage metrics. Combined with capex above BRL1.0 billion, Fitch forecasts weak cash flow generation. Fitch anticipates that net debt of RemainCo. will decline to BRL13.0 billion-16.0 billion (face value) by 2023, implying net leverage ratios of around 10.0x DERIVATION SUMMARY Oi's ratings reflect its restructured financial profile and the still uncertain outlook for its turnaround strategy. Compared to Latin American carriers in the low speculative grade/distressed territory, such as Digicel Group Holdings Limited (CCC), Oi has better liquidity. Oi is also expected to carry higher leverage and lower profitability as a result of the divestments of the higher margin assets. Compared to American carriers that have either restructured or declared bankruptcy, such as Windstream and Frontier, Oi has a better business position as the third largest telecom operator in Brazil. The ratings are not constrained by Brazil's operating environment or country ceiling; however, the company is wholly exposed to fluctuations in the Brazilian macroeconomic environment. KEY ASSUMPTIONS -- RemainCo. revenues decline from BRL18.8 billion in 2020 to BRL10.5 billion-BRL11.0 billion, along with EBITDA margins compressing from 22% to 12%-15%, primarily due to the disposal of the mobile and fiber infrastructure units. -- Successful mobile and infrastructure transactions for the agreed upon amounts (BRL16.5 billion and BRL9.8 billion). -- Proceeds from asset sales are used to pay down debt, according to JRP amendments. -- InfraCo. revenues grow in line with guidance. -- For the recovery analysis, Fitch estimates a going concern EBITDA of around BRL1.4 billion and uses a 4.0x multiple. Most of the enterprise value comes from the 49% stake in InfraCo., valued at approximately BRL20.0 billion. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Fitch does not anticipate a positive rating action for Oi in the near term due to the expected high leverage and negative free cash flow. Factor that could, individually or collectively, lead to negative rating action/downgrade: -- Competitive pressures leading to lower than expected revenue and cash flow generation and coverage ratios dropping below 1.0x. 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 Adequate Liquidity: As of March 31, 2021, Oi had BRL3.0 billion of cash and equivalents against BRL4.2 billion of near-term debt. The secured private PIK debentures constitute the bulk (BRL4.0 billion in January 2022) of this amount. The refinancing of the secured PIK debentures reduces Fitch's main near-term liquidity concerns. The PIK notes are accruing interest at 13.67%; the company should save on interest with the transaction. Oi will launch a tender offer for the new secured notes at par plus 33.33% of the coupon following the sale of the mobile unit. The net proceeds from the mobile sale will be applied to tendered new notes. The economic rationale underlying the transaction is to save on interest expense and to reduce refinancing risk. Fitch expects the gross proceeds from these divestments to be around BRL27.0 billion-BRL28.0 billion, which will be used to prepay debt according to the amended JRP. Fitch expects that secured creditors will be paid first, followed by unsecured creditors in installments. Following the divestments and corporate restructuring, Oi's remaining assets and liabilities will be consolidated in the RemainCo. These assets include Oi's fixed business-to-business (B2B) and business-to-consumer (B2C) customers, the Solutions segments and the copper network, among other. The liabilities include the majority of the group's debt. Regarding this debt, the interest and principal grace periods on the restructured debt were set to expire in 2022 and 2023, respectively. ISSUER PROFILE Oi S.A. (Oi) is a Brazilian telecommunications operator that offers fixed-line and mobile telephony, broadband internet and pay TV services to consumers, businesses and government agencies. The deterioration of the company's operational and financial profile culminated in bankruptcy proceedings in 2016, when the company entered into judicial reorganization. More recently the company has announced a series of transactions to divest noncore assets and accelerate the company's transition into Brazil's leading fiber broadband infrastructure provider. SUMMARY OF FINANCIAL ADJUSTMENTS Standard adjustments as described in the criteria, lease adjustments made, fair value of debt replaced with principal value, certain operating expenses and working capital items reclassified. ESG CONSIDERATIONS Oi S.A. has an ESG Relevance Score of '4' for Financial Transparency. Reporting is adequate, but the complexity of the financial and operational restructuring weighs on the overall assessment of Transparency, which has a negative impact on the credit profile, and is relevant to the rating[s] 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, either due to their nature or the way in which they are being managed by the entity. =============== C O L O M B I A =============== GRUPO SURA: Fitch Lowers LT IDRs to 'BB+', Outlook Stable --------------------------------------------------------- Fitch Ratings has downgraded Grupo de Inversiones Suramericana S.A.'s (Grupo Sura) Long-Term (LT) Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDRs) to 'BB+' from 'BBB-'. Fitch has also downgraded Grupo Sura's senior unsecured notes to 'BB+' from 'BBB-'. The rating actions reflect Fitch's review of Grupo Sura's average credit quality of its dividend income streams following recent rating actions affecting Grupo Sura's investment portfolio. The Outlook on the LT FC and LT LC IDRs has been revised to Stable from Negative. Fitch took the following rating actions on Bancolombia S.A. (BB+/Stable) and Sura Asset Management SA's (Sura AM; BBB/Negative) on July 9, 2021: Fitch downgraded Bancolombia's LT FC and LT LC IDRs to 'BB+' from 'BBB-'. The Outlook was revised to Stable from Negative. Fitch also affirmed Sura AM's ratings at 'BBB' with a Negative Outlook, as the downgrade of Colombia's (BB+/Stable) sovereign rating has little effect on the blended operating environment score, given the relatively limited weight of the business in Colombia on the company's consolidated EBITDA. Sura AM's rating Outlook remains Negative. Grupo Sura's 2021-2022 expected dividend flow will be comprised of 30% from Sura AM, 21% from Bancolombia, 28% from Suramericana, 15% from Grupo Nutresa S.A., and 6% from Grupo Argos S.A. (AAA[col]/Stable). The Stable Outlook for Grupo Sura's ratings reflect the view the company will stabilize net leverage metrics toward 2022-2023, while maintaining healthy liquidity levels. KEY RATING DRIVERS Weakening Dividend Flow: The business disruption generated by the pandemic has affected most of Grupo Sura's investments and their capacity to distribute dividends during 2021-2022. The financial and insurance segments are Grupo Sura's main source of cash dividends, representing approximately 80%-85% of the company's total received dividends during 2019-2020. Fitch forecasts Grupo Sura's received dividends in 2021 to be around USD200 million, compared with USD302 million in dividends in 2019 and USD305 million during 2020. Fitch anticipates a recovery in Grupo Sura's dividends received during 2022-2023. Parent-Subsidiary Credit Linkage: Grupo Sura's ratings incorporate the credit linkage with its main subsidiaries, Sura AM (83.6% stake) and Suramericana S.A. (81.1% stake). The parent-subsidiary strategic ties among these entities have been determined to be moderate-to-strong. Sura AM and Suramericana represent, on a combined basis, approximately 50% of Grupo Sura's total received dividends during 2019-2020. The company's access to these subsidiaries' cash flow is constrained to a degree due to regulations placed upon asset management and insurance companies. Fitch views the legal and operational ties among these entities as moderate based on the low level of control and commonality and the absence of a centralized treasury between the parent and its subsidiaries. Investment Portfolio Profile Incorporated: Grupo Sura is a holding company with investments in the financial and industrial sectors. Sura AM and Bancolombia S.A. are the two largest sources of cash flow to Grupo Sura. Bancolombia has operations in seven Latin American countries and is the leading bank in Colombia. Sura AM has a sound business profile as the largest pension fund manager in Latin America, operating in six countries. The other companies paying dividends to Grupo Sura are insurance company Suramericana, diversified holding company Grupo Argos (infrastructure, cement and energy segments) and food company Grupo Nutresa. Financial Leverage Trend: Fitch's base case assumes a deterioration in Grupo Sura's financial leverage during 2021. Net financial leverage (net debt/received dividends) was 4.3x in YE 2019 and 4.0x in YE 2020. This ratio considers net debt, cash and received dividends of approximately USD1.3 billion, USD350 million, and USD305 million, respectively, as of YE 2020. Factoring lower received dividends, Fitch forecasts Grupo Sura's net financial leverage at levels around 6.0x in 2021, and recovering around 5.0x during 2022-2023. Adequate Financial Flexibility: Grupo Sura has proven access to international and local bond and equity markets. Its liquidity is further enhanced by uncommitted credit lines and stakes in nonstrategic entities that it could sell. The company's capacity to maintain strong loan-to-value (LTV) metrics is incorporated as a key rating factor. Fitch estimates LTV to be between 15% to 20% as of March 31, 2021, which is viewed as adequate for the rating category. DERIVATION SUMMARY Grupo Sura's ratings reflect the credit quality of its dividend income streams, diversification in the sources of dividends and track record of dividend stability, in addition to the company's level of cash interest coverage and adequate liquidity. Grupo Sura's ratings also consider the credit linkage with two main subsidiaries Sura AM (83.6% stake) and Suramericana (81.1% stake). The credit ratings of Grupo Sura also incorporate the structural subordination of the holding company's debt to the debt at its operating companies. In terms of peers, Grupo Sura's cash flow generation is three times the size of Intercorp Peru Ltd. (BBB-/Negative) with lower margins and more leveraged capital structure. Grupo Sura's access to capital markets and diversification, geographically and by business, is viewed as stronger than Intercorp. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Total annual received dividends in the COP1,000 billion to COP700 billion range during 2021-2023; -- Net leverage levels, measured as net debt/received dividends, around 6.0x in 2021 and trending to levels around 4.5x during 2022-2023; -- Interest coverage, measured as received dividends/net interest expense, around 2.8x in 2021-2023. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- An upgrade of the weighted average (WA) of the dividends received by the company; -- A positive rating action on Sura AM and/or Bancolombia. -- Improvement in the credit profile of Suramericana. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- A downgrade of the WA of the dividends received by the company; -- A negative rating action on Sura AM and/or Bancolombia; -- Deterioration in the credit profile of Suramericana; -- Weakening liquidity and consistent deterioration in net leverage metrics, reaching levels consistently above 6.0x and LTV consistently at levels above 30%. 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 Adequate Liquidity: The company has historically maintained low levels of cash relative to its short-term debt. This is mitigated by Grupo Sura's dividend income and ability to access alternative sources of liquidity. The company has debt amortizations of USD56 million in 2022. Fitch views Grupo Sura's refinancing risk as low. The company has proven access to international and local bond and equity markets, uncommitted credit lines and a high level of nonstrategic stakes. Grupo Sura's liquidity access through equity and debt instruments is estimated at around USD2 billion. Fitch expects the company's interest coverage ratio, measured as total received dividends/net interest expense, to be around 2.8x during 2021-2023. ISSUER PROFILE Grupo de Inversiones Suramericana S.A. (Grupo Sura) - formerly Suramericana de Inversiones - is an investment holding company created in 1997. The company holds a portfolio of investments in leading Colombian companies that have been expanding in the Americas. Grupo Sura's investment portfolio consists of five companies, three of them in the financial and insurance sector: SUAM (pension funds), Bancolombia (banking) and Suramericana (insurance). The other companies paying dividends to Grupo Sura are diversified holding company Grupo Argos S.A. (infrastructure, cement and energy segments) and food company Grupo Nutresa S.A. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG Credit Relevance is a Score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Water Problem Requires a State Policy --------------------------------------------------------- Dominican Today reports that the director of the Water Cabinet, Gilberto Reynoso, warned that of the total water that exists in the country, more than 40% is being used, which places the Dominican Republic, according to international organizations, as a nation with "water stress." The official spoke at the regular monthly meeting of the plenary session of the Members of the Economic and Social Council with a single agenda item: "National Commitment to a Pact for Water 2021-2036, Building a country with water security for all Dominicans," according to Dominican Today. In the activity, which was attended by the Minister of Economy, Miguel Ceara Hatton, Reynoso said that the situation demands the urgent need to build a true State policy to solve the water problem, the report notes. 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). [*] DOMINICAN REPUBLIC: Fuels Will Remain Unchanged This Week ------------------------------------------------------------- Dominican Today reports that for the week of July 17 to 23, the Ministry of Industry, Trade, and MSMEs ordered that fuels remain unchanged. Therefore, the Dominican Government will assume RD$400 million, according to a press release from the state entity. It is recalled that premium gasoline will be sold at RD$256.20 per gallon, regular gasoline at RD$239.30 per gallon, regular diesel at RD$184.90 per gallon, and optimal diesel RD$206.40 per gallon, according to Dominican Today. Meanwhile, Avtur will maintain its price of RD$161.90 per gallon, rising RD$2.13 (the only fuel to register increases), while kerosene will be sold at RD$182.20 per gallon, Fuel Oil #6 at RD$135.40 per gallon, and Fuel Oil 1%S at RD$151.00 per gallon, the report notes. The MICM reported that Liquefied Petroleum Gas (LPG) would be marketed at RD$127.10 per gallon and natural gas at RD$28.97 per cubic meter, the report relays. The MICM statement highlights that as July 14, 2021, international oil prices remain trading above US$70.00 a barrel of WTI, setting an average at US$74.00, slightly lower than the previous average of US$74.56, after having traded in this same month of July at US$76.98 a barrel, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. The Troubled Company Reporter-Latin America reported in April 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041. Concurrently, the Dominican Republic reopened its 2030 4.5% notes for an additional USD1.0 billion, which Fitch rates 'BB-', raising the total outstanding amount of the 2030 notes to USD2.0 billion. Standard & Poor's, on December 4, 2020, affirmed its 'BB-' long-term foreign and local currency sovereign credit ratings on the Dominican Republic. The outlook remains negative. S&P also affirmed its 'B' short-term sovereign credit ratings. The negative outlook reflects S&P's view that it could lower the ratings on the Dominican Republic over the next six to 18 months, given the severe impact of the COVID-19 pandemic on the sovereign's already vulnerable fiscal and external profiles, as well as the potential for a weaker-than-expected economic recovery. Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (July 2017). Fitch's credit rating for Dominican Republic was last reported at BB- with negative outlook (May 8, 2020). ============= J A M A I C A ============= JAMAICA: April Records Unemployment Rate of 9%, STATIN Reports -------------------------------------------------------------- Jamaica Observer reports that the Statistical Institute of Jamaica (Statin) in its review of the April labour force survey (LFS) has reported an unemployment rate of 9 per cent. The unemployment rate for males was 7.5 per cent and 10.8 per cent for females, according to Jamaica Observer. Statin said that due to the cancellation of the April 2020 LFS following the measures implemented by Government to control the spread of the novel coronavirus (COVID-19), comparative analysis for this survey was done against that of April 2019, the report notes. The unemployment rate at that time stood at 7.8 per cent and represents a 1.2 percentage point increase. In the last LFS, conducted in January of this year, the employment rate was 8.9 per cent, the report relays. "For the April 2021 LFS, there were 119,400 unemployed persons. This was an increase of 13.5 per cent or 14,200 in the number of unemployed persons when compared to April 2019. The number of unemployed males was 53,400, an increase of 34.2 per cent. In comparison, the number of unemployed females was 66,000 compared to 65,400 in April 2019," said Statin Director General Carol Coy in a quarterly briefing virtually held, the report discloses. She said that for the period, the youth (ages 14-24) unemployment rate also increased by 4.6 percentage points to 24 per cent in April 2021 when compared to 2019, the report says. The unemployment rate for male youths was 21.1 per cent and 28 per cent for females, the report notes. Coy indicated that stemming from the continued effects of the pandemic, the largest declines in the number of people employed relative to 2019, continues to be within the arts, entertainment, recreation and other services which fell by 17. 1 per cent or 22,100 persons and accommodation and food service activities, down 18.1 per cent or by 25,500 persons, the report relays. "These industries, as we know, were those most heavily impacted by the measures put in place to limit the spread of COVID-19," Coy stated, the report notes. Activities in these sectors, particularly those in entertainment and tourism, have since been on the rebound, though nowhere near pre-COVID levels, the report says. Up to the first quarter of this year, the services sector under which these fall, contracted by 9.9 per cent, the report discloses. According to Statin data, the highest number of employed Jamaicans by industry group was found within the wholesale & retail trade, repair of motor vehicles and motorcycles with 233,000 people followed by agriculture, forestry and fishing with 192,200 persons and construction with 118,400 persons, the report says. "Based on the findings from the April 2021 LFS it is estimated that 1,206,000 Jamaicans were in the employed labour force. This was 40,500 or 3.2 per cent fewer when compared to April 2019. The number of employed males decreased by 30,600 or 4.4 per cent to 661,900. There were 544,100 employed females, which was 9,900 or 1.8 per cent less when compared to the April 2019," Coy noted in her presentation, the report notes. The data further revealed that up to the review period there was a decline in the size of the labour force, or 26,300 fewer than that in 2019, the report relays. "Compared to April 2019, the male labour force declined by 17,000 or 2.3 per cent and female labour force by 9,300 or 1.5 per cent," the report adds. =========== M E X I C O =========== ALPHA HOLDING: S&P Cuts ICR to 'D' on Missed interest Payment ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Alpha Holding S.A. de C.V. (Alpha) to 'D' from 'CC'. S&P also cut its issue-level rating on the $300 million senior notes to 'D' from 'CC'. In addition, S&P removed both removed from CreditWatch negative. At the same time, S&P kept its 'CC' issue-level rating on the $400 million senior notes on CreditWatch negative. Alpha has a second issuance of $400 million, with an interest payment on Aug. 10, 2021. S&P said, "If the company doesn't make this payment, we would cut the rating on this issuance to 'D'. We lowered our issuer credit rating on Alpha to 'D' from 'CC' because we believe it's highly unlikely that the company will pay its financial obligations as they come due." Alpha recently hired lawyers and advisory consultants to complete the analysis of the accounting errors and restatement to its financial statements. In addition, the company announced that an ad-hoc group of holders of more than 50% in principal amount of the notes was formed and has appointed financial and legal advisors that are engaged in dialogue with the company. Negotiations with bondholders and other creditors are ongoing and the potential outcomes remain unclear. Under S&P's criteria, it would consider a distressed exchange as a default. Environmental, social, and governance (ESG) credit factors for this credit rating change: -- Risk management and internal controls -- Transparency Poor transparency, risk management, and internal controls weaken the firm's creditworthiness. S&P considers the recent announcements related to accounting errors and restatement of its financial statements reflect governance deficiencies, which resulted in reputational damage to the company, harming the business confidence of customers and investors. =============== P A R A G U A Y =============== INPASA DEL PARAGUAY: Fitch Affirms Then Withdraws 'B' IDR --------------------------------------------------------- Fitch has affirmed INPASA del Paraguay S.A. (Inpasa)'s Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B', with Stable Outlook. At the same time, Fitch has withdrawn the rating for commercial reasons. Inpasa's rating reflects the company's high exposure to corn and ethanol price volatility and the lack of meaningful correlation between prices of the two commodities in Paraguay. The rating also considers the relatively small size of the country's vehicle fleet, which limits the growth potential of the local ethanol market and challenges Inpasa to explore export markets to maximize its production capacity utilization. Inpasa's substantial market share in the country, adequate storage capacity and presence of corn by-products in the sale mix partly mitigate these risks. The rating action also incorporates the maintenance of flat leverage, coupled with the expectation that no additional related party loans will be necessary to finance the Group's Brazilian subsidiaries. The company's limited liquidity is partially mitigated by its corn inventory. Fitch has withdrawn Inpasa's rating for commercial reasons. KEY RATING DRIVERS High Price Volatility: Inpasa is exposed to price volatility in terms of both raw material and product price perspectives. Corn is an agricultural commodity whose global spot prices tend to adjust rapidly to supply and demand imbalances. The correlation between corn and ethanol prices in Paraguay is weak as Paraguayan ethanol prices depend largely on local gasoline price levels, which tend to move in tandem with international oil prices. The Paraguayan ethanol market consists basically of anhydrous ethanol blended in a proportion of 25% into gasoline, though hydrous ethanol is also sold at the pump. Inpasa's leadership position in the ethanol market in Paraguay and bargaining power against corn suppliers partly attenuate the impact of commodity price volatility on its margins. Leadership in Small Market: The ethanol market in Paraguay is relatively small, estimated at 350 million liters, and Inpasa's estimated 70% market share in the country is positively incorporated in the rating. The relatively small size of the country's vehicle fleet limits the industry's growth potential and challenges Inpasa to direct its sales to the export market as a means to maximize capacity utilization of its two industrial plants. Potential changes to the current legislation that requires all ethanol produced within the country to be made from local raw materials could pressure the company's market position by facilitating the entry of imported ethanol. Satisfactory Business Model: Inpasa's business model benefits from its large scale of production, equivalent to 1.3 million liters of corn ethanol per day. The company operates two ethanol distilleries located near Ciudad del Este and Asuncion, the largest cities in the country, in regions characterized by a high concentration of corn producers with high agricultural yield and proximity to the consumer market, reducing logistics costs. The company produces and sells corn co-products used in animal nutrition whose prices tend to correlate with corn prices, helping to reduce the inherent price volatility. The company has a production capacity of 260 tons of sugar per day, and 700 tons per day of Dried Distillers Grains with Solubles (DDGS), a high protein and fibrous compound used as animal feed. Inpasa is less capital-intensive in comparison with its Brazilian counterparts, as the company uses corn as the main raw material, while the Brazilians use sugarcane. New Intercompany Loans Not Expected: Fitch expects that no additional related party loans will be necessary to finance the expansion of the Group's Brazilian subsidiaries. As the new capacities come online, Fitch expects the Group's Brazilian subsidiaries to increase cash flow generation fast amid a scenario of high ethanol prices in Brazil. As of December 31, 2020, Inpasa had a total outstanding balance of USD113 due from its Brazilian sister companies and its shareholder. During the previous two years, a significant portion of cash flow generated by the company was used to finance the Brazilian projects of its sister companies, preventing Inpasa from deleveraging. Fitch projects Inpasa to report net leverage of 2.6x in 2021 and 2022. KEY ASSUMPTIONS Key assumptions are no longer applicable since the ratings have been withdrawn. RATING SENSITIVITIES Rating sensitivities are no longer applicable since the ratings have been withdrawn. 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 Weak Liquidity: Inpasa's liquidity is weak, with a limited cash position compared to short-term debt. As of December 31, 2020, the company had cash and marketable securities of USD5 million and short-term debt of USD145 million. Total debt amounted USD240 million in 2020. At book value, Inpasa's inventories amounted to USD86 million. Inpasa's access to credit lines is currently mostly limited to 180-day revolver credits, and working capital credits backed with corn warrants. The high concentration in short-term borrowings is partly explained by the relatively small size of the Paraguayan banking market. Total debt included USD48 million (20% of total debt) due in 2024, used to finance the construction of the plant in Mato Grosso by its related company Inpasa Agroindustrial. Around 80% of Inpasa's debt is in USD or EUR and the remainder in Paraguayan Guarani, the local currency. Long-term debt is backed with land owned by Inpasa's shareholder and by a fiduciary lien of the plant in San Pedro. ISSUER PROFILE INPASA was founded in 2006 and is a producer of ethanol derived from corn and sugar cane. The company has two mill in Paraguay, with an installed capacity of the distillery of 1,080 thousand litres ethanol per day and production capacity of crystal sugar of 750 metric tons, or 15 million bags, per day. INPASA also produced DDGS, with an installed capacity of 720 metric tons daily, and over 30,000 litres of corn oil per day. ESG CONSIDERATIONS INPASA has an ESG Relevance Score of '4' for Group Structure due to the low independence of the board of directors and the power of the sole owner, José Odvar Lopez, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. INPASA has an ESG Relevance Score of '4' for Governance Structure due to the related party transactions with other companies of the group and its owner, that do not consolidate with INPASA, which has a negative impact on the credit profile, and is relevant to the rating 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, either due to their nature or the way in which they are being managed by the entity. Following the withdrawal of ratings of INPASA, Fitch will no longer be providing the associated ESG Relevance Scores. ===================== P U E R T O R I C O ===================== CB REAL ESTATE: Taps Vicente Garcia CPA & Co. as Accountant ----------------------------------------------------------- CB Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Vicente Garcia CPA & Co., P.S.C. as its accountant. The firm's services include financial and business assistance, preparation of documentation, recommendations and preparations of financial statements and income tax returns. The firm's hourly rates are as follows: Partner $125 per hour Senior Auditor $85 per hour Staff Auditor $65 per hour Jose V. Garcia Perez, a principal at Vicente Garcia, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jose V. Garcia Vicente Garcia CPA & Co., P.S.C. 1612 Ponce de Leon Ave., Suite 301 San Juan, PR 00926 Tel: 787-722-3181/787-722-6437 Fax: 787-722-3913 Email: vgarcia@vgcpa.com About CB Real Estate San Juan, P.R.-based CB Real Estate, LLC is a fee simple owner of two commercial buildings located in Puerto Rico and a residential property in New York, valued at $8.9 million in the aggregate. CB Real Estate sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 21-01849) on June 16, 2021. Horacio Campolieto Bielicki, president, signed the petition. In the petition, the Debtor disclosed total assets of $10,147,500 and total liabilities of $3,407,130. Judge Mildred Caban Flores oversees the case. The Debtor tapped Charles A. Cuprill, PSC Law Offices as legal counsel, Luis R. Carrasquillo & Co. P.S.C. as financial consultant, and Vicente Garcia CPA & Co., P.S.C. as accountant. MORE AUTOMOTIVE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: More Automotive Products, Inc. DBA Dollar Rent A Car Avenue Baldorioty De Castro #100 KM. 10.1 Marginal Los Angeles Carolina, PR 00979 Business Description: More Automotive Products, Inc. operates a passenger car rental business. Chapter 11 Petition Date: July 15, 2021 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 21-02142 Judge: Hon. Mildred Caban Flores Debtor's Counsel: Charles A. Cuprill Hernandez, Esq. CHARLES A. CUPRILL, PSC LAW OFFICES 356 Fortaleza Street Second Floor San Juan, PR 00901 Tel: 787-977-0515 Email: ccuprill@cuprill.com Debtor's Financial Advisor: LUIS R. CARRASQUILLO & CO., P.S.C. Debtor's Special Counsel: SALDANA, CARVAJAL & VELEZ-RIVE, P.S.C. Total Assets: $13,239,982 Total Liabilities: $11,470,883 The petition was signed by Alberic Colon Zambrana, president. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/B2U5AYI/MORE_AUTOMOTIVE_PRODUCTS_INC__prbke-21-02142__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. AC Auto Parts Parts and $1,066 PO Box 70320 Services San Juan, PR 00936-8320 Tel: 787-999-8888 2. Aerostar Airport Lawsuit $3,000,000 Holdings, LLC 254 Munoz Rivera Avenue 6th Floor San Juan, PR 00918 Tel: 787-289-7240 3. AFLAC Cancer $1,604 1932 Wynnton Road Program Columbus, GA (Insurance) 31999-0001 Tel: 787-665-7030 4. Car Color Max Auto Repairs $1,816 PO Box 31136 65th Infanteria San Juan, PR 00929 Tel: 787-633-3500 5. Caribbean Auto Auto Repair $469 Distributors Services PO Box 888 Carolina, PR 00986 Tel: 787-776-2295 6. Department of Treasury Income Tax $4,265 Bankruptcy Section Withheld PO Box 9024140 Office 424 B San Juan, PR 00902-4140 Tel: 787-771-3072 7. Motorambar, Inc. Auto Parts $229 PO Box 366239 and Repairs San Juan, PR 00936-6239 Tel: 787-620-0880 8. Municipio De Carolina Municipal Taxes $33,315 Apartado 8 Carolina, PR 00986-0008 9. NCM Enterprise LLC Car Keys $465 PO Box 1622 Services Carolina, PR 00984-1622 Tel: 787-314-1217 10. Ocasio Gate O Matic Access $323 HC 61 Box 4594 Control Trujillo Alto, PR Services 00976 Tel: 787-760-3315 11. Office Depot Office $336 PO Box 1413 Supplies Charlotte, NC 28201-1413 Tel: 787-701-7711 12. Plavica Auto Auto Repairs $762 Glass Center PO Box 51529 Toa Baja, PR 00950-1529 Tel: 787-622-2020 13. PR Department of Labor Driver's $254 PO Box 195540 Insurance San Juan, PR 00919-5540 Tel: 787-754-5353 14. Puerto Rico Tire Tires $10,680 Distributors, LLC The Clusters S 16 Ocean Blue Dorado, PR 00646 Tel: 787-507-7611 15. Taller Frank Auto Repairs $2,375 URB. Country Club 1165 Trinidad Street Carolina, PR 00979 Tel: 787-757-3170 16. Taller Los Repair Services $2,975 Amigos Giusti PO Box 104 Sabana, Seca, PR 00952-0104 Tel: 787-590-2728 17. The Hertz Corporation Commissions $65,682 8501 Williams Road Estero, FL 33928 18. The Hertz Corporation Reservations $27,317 8501 Williams Road Estero, FL 33928 19. U.S. Small Business Payroll $316,600 Administration Protection Puerto Rico & Program Loan U.S.V.I. District Office 273 Ponce De Leon Avenue San Juan, PR 00917 Tel: 787-766-5572 20. Universal Life Disability $202 Insurance Insurance PO Box 2145 San Juan, PR 00922-2145 Tel: 787-706-7337 =============== X X X X X X X X =============== LATAM: Expected Growth Insufficient to Reverse Pandemic Effects --------------------------------------------------------------- RJR News reports that the Economic Commission for Latin America and the Caribbean (ECLAC) has warned that, despite projected growth in the region for 2021, it will still be insufficient to reverse the adverse effects of the coronavirus pandemic. In a new report, ECLAC notes that the average growth estimate for the region this year is 5.2 per cent, according to RJR News. The commission said growth will not be sustained, because the social impacts of the crisis and the structural problems in the region have deepened and will continue to do so during the recovery, the report notes. ECLAC's Executive Secretary Alicia Barcena has urged regional governments to keep emergency transfer policies in place to bolster an economic recovery that is sustainable over time, the report discloses. ECLAC has projected that the region will grow 2.9 per cent on average in 2022, the report adds. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *