/raid1/www/Hosts/bankrupt/TCRLA_Public/210804.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, August 4, 2021, Vol. 22, No. 149

                           Headlines



B E R M U D A

ALTERA INFRASTRUCTURE: Fitch Lowers IDR & Sr. Unsec. Notes to 'C'


B R A Z I L

BADESC: Fitch Affirms 'BB-' LT IDR, Outlook Negative
BANCO DE DESENVOLVIMENTO: Fitch Affirms 'BB-' IDRs, Outlook Neg.
BANCO REGIONAL: Fitch Affirms 'BB-' LT IDRs, Outlook Negative
BRAZIL: Fin'l. Market Sees 2021 Inflation at 6.56% & Selic at 7%
DESENVOLVE SP: Fitch Affirms 'BB-' LT IDRs, Outlook Negative



C H I L E

LATAM AIRLINES: Court Sends Plane Deal Conflict to Mediation


C O L O M B I A

AVIANCA: Obtains US$1.6 Billion Pledge to Emerge from Bankruptcy


E L   S A L V A D O R

AES EL SALVADOR II: Moody's Cuts CFR and Gtd. Sr. Unsec. Bond to B3


M E X I C O

BANCOMEXT: Fitch Rates USD500MM Hybrid Securities Final 'BB'
FINANCIERA INDEPENDENCIA: S&P Affirms 'B+' ICR, Outlook Negative
SIXSIGMA NETWORKS: S&P Places 'B' ICR on CreditWatch Positive


N I C A R A G U A

NICARAGUA: IMF Executive Board Reviews Poverty Reduction Strategy


P E R U

CEMENTOS PACASMAYO: Discloses Consolidated Results for 2Q 2021


P U E R T O   R I C O

ALEX AND ANI: Committee Retains Cole Schotz as Counsel


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Most Local Hotels to Remain Closed in August
TRINIDAD CEMENT: Enters Loan Agreements to Refinance Local Debt

                           - - - - -


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B E R M U D A
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ALTERA INFRASTRUCTURE: Fitch Lowers IDR & Sr. Unsec. Notes to 'C'
-----------------------------------------------------------------
Fitch Ratings has downgraded Altera Infrastructure L.P.'s (Altera)
Issuer Default Rating (IDR) to 'C' from 'B' following the
announcement of an offer to exchange senior unsecured notes and
credit facilities for new senior secured notes. Fitch has also
downgraded the senior unsecured notes (2023 Notes) to 'C'/'RR4'
from 'B'/'RR4'. The Rating Watch Negative has been removed.

The offer is to exchange unsecured debt held at the Altera-level
for newly issued senior secured notes maturing in 2026 at an
intermediate holdco. 2023 Noteholders will have the option to
receive an 8.5% cash-paid or 11.5% PIK annual coupon. The newly
issued notes will be secured by a first priority equity interest in
Altera's operating subsidiaries representing the majority of
operating assets. Upon completion of the DDE, Fitch will assign
ratings to the exchanged notes; it is not relevant to the ratings
that the new securities will be the products of a DDE.

KEY RATING DRIVERS

Distressed Debt Exchange: Fitch considers Altera's announced debt
exchange to be distressed, as there is a material reduction in
terms compared with the original contractual terms, and the
transaction is being done to avoid bankruptcy or a similar
insolvency, in Fitch's view. The 2023 Notes included in the
exchange offer mature in 2023, compared with 2026 for the
to-be-issued senior secured exchange notes. The exchange offer
comes as an open market repurchase and asset sale process have not,
as of yet, delivered material results.

Exchange Improves Expected Liquidity Profile/Financial Flexibility:
The terms of the proposed transaction would reduce Altera's cash
interest costs by at least $50 million annually. Should existing
non-Brookfield unsecured noteholders choose the PIK instead of
cash-paid option, annual cash interest costs could be roughly $23
million lower still. Combined with roughly $30 million in annual
savings from the preferred share dividend suspension, the exchange
transaction could improve Altera's liquidity position meaningfully.
Additionally, Fitch believes the transaction, via a later maturity
date, reduces some uncertainty around the refinancing of the $250
million Altera Shuttle Tankers LLC (ShuttleCo) unsecured bond due
in 2022.

Fitch also expects the increased financial flexibility to allow
Altera to pursue new growth opportunities, potentially being able
to fund newbuild vessels with cash on hand/cash from operations,
versus taking on incremental debt before the corresponding cash
inflows begin. The demand picture for FPSO and shuttle tanker
vessels is expected to be robust through 2030 and Fitch would
expect Altera to bid on a number of these new developments in the
coming years. The proposed transaction and preferred dividend
suspension increase the likelihood the company could handle
multiple growth projects at once, in Fitch's view.

Second Quarter Update: Altera results through the first half of
2021 largely matched Fitch expectations. The last two of the
current six newbuild shuttle tankers commenced operations in the
second quarter. Results going forward should benefit from the
higher contracted dayrate commanded by these vessels as well as the
cost savings from using more efficient technology. Altera sold
vessels for $30 million in the second quarter, more than Fitch
anticipated for full-year 2021 vessel sales. Second-quarter 2021
results were negatively affected by lower uptime on the Petrojarl I
FPSO unit, due to ongoing maintenance and upgrades that are
expected to conclude in the fall.

Stability Through Contracts: The FPSO, shuttle tanker and FSO
businesses operate under long-term, fixed-fee contracts, for the
most part. There has been and likely will continue to be some
variability in results as these contracts expire and need to be
renewed/extended or vessels need to be redeployed (or sold).
Re-contracting risk is most apparent in the FPSO segment. With only
seven vessels and dayrates that are higher than other Altera
vessels, the fate of each FPSO unit can affect overall Altera
results. Altera's ability to extend FPSO contracts, redeploy FPSO
vessels, or extract sufficient value through a sale, represent
upside potential versus expectations.

Structural Subordination: Altera's capital structure has a
significant amount of secured debt at the vessel level, making
Altera-level debt structurally subordinate to roughly $2.2 billion
in subsidiary-level debt. The structurally superior debt encumbers
nearly all vessels and holds first-lien secured interests in those
vessels. The company receives distributions from two
non-consolidated JVs, which had roughly $580 million in debt at
year-end 2020. Vessel operating performance difficulties or cash
flow disruptions could negatively impact the ability to service
obligations at the Altera level.

Strong Counterparties: Fitch estimates that investment-grade
customers make up approximately 70% of Altera's revenue. Given the
high percentage of strong credit quality counterparties, Altera's
risk of lost revenue due to customer default is remote. This risk
is further mitigated by the ability to redeploy shuttle tankers and
towage vessels relatively quickly without incurring significant
additional costs.

Supportive Sponsor: Fitch believes Brookfield to be a supportive
sponsor of Altera. Financial support is evidenced by the announced
transaction, where Brookfield will forego a cash-paid coupon for a
non-cash PIK coupon, on nearly $700 million in debt, to support
Altera's ongoing liquidity needs. Earlier in 2021, Brookfield
extended the unsecured credit facilities maturity and increased the
amount available by $200 million. Additionally, back in 2017,
Brookfield made a large equity investment and repurchased/cancelled
expensive preferred units. Fitch views the potential added
flexibility afforded by being a Brookfield controlled/owned entity
as being relatively positive for Altera's credit profile. However,
Altera's ratings do not reflect any explicit notching from
Brookfield.

DERIVATION SUMMARY

Altera's previous 'B' IDR reflects the company's unique position
among Fitch's publicly rated Midstream coverage, given its niche
marine focus. From an operating perspective, Altera's FPSO and
shuttle tanker segments compare with midstream pipeline
transportation and gathering assets. Furthermore, operations within
Altera's FSO segment compare to more conventional oil and liquids
storage peers. Roughly 70% of Altera's revenue is contracted under
intermediate to long-term, take-or-pay like contracts with large
counterparties. Additionally, roughly 15% of the company's revenue
comes from shuttle tankers operating in the North Sea under
volume-exposed, intermediate-term contracts of affreightment.

The average contract life, as of Dec. 31, 2020, for Altera's FPSO
business is 2.5 years (inclusive of JVs and exclusive of extension
options), 6.6 years for its shuttle tankers operating under time
charters, 2.2 years for its shuttle tankers operating under
contracts of affreightment and 1.5 years for the FSO business. As
such, Altera's contract tenor compares less favorably to higher
rated midstream energy peers Cheniere Energy Partners, L.P. (CQP;
BB/Positive) and Prairie ECI Acquiror LP (Prairie; B+/Negative).
Additionally, CQP benefits from generating essentially all of its
revenue from take-or-pay style contracts. Fitch views CQP's
undiversified cash flows in LNG export as a stronger business than
Altera's offshore offerings, and, as the most significant player in
the U.S. LNG export market, CQP features size and scale
advantages.

Fitch estimates that roughly 70% of Altera's consolidated revenue
comes from investment-grade counterparties. This is consistent with
several of Fitch's 'B' category rated midstream-focused service
providers, where investment-grade counterparty exposure ranges from
40% to 80. Altera's counterparty credit profile compares less
favorably to CQP, where counterparty exposure is entirely
investment-grade, but more favorably versus Prairie.

Debt held at Altera is structurally subordinate to a significant
amount of operating subsidiary level debt both on a secured and
unsecured basis, similar to CQP and Prairie. Leverage at Altera, on
a consolidated basis (defined below), is expected to be elevated
through 2021 (above 5.5x) due mainly to spending on growth
projects, then improve later in the forecast period, to levels
lower than both Prairie and CQP.

KEY ASSUMPTIONS

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

-- Oil production/development in the North Sea, offshore Brazil
    and off the East Coast of Canada consistent with the Fitch
    price deck, such as the 2022 Brent price of USD55 per barrel
    and long-term Brent price of USD53 per barrel, respectively;

-- Currently contracted shuttle tanker, FPSO and FSO vessels
    produce cash flows consistent with contract parameters over
    the respective contract terms;

-- FPSO and UMS vessels currently in lay-up remain unutilized
    over the forecast period or until sold;

-- The Varg, Voyageur Spirit and Piranema Spirit FPSO vessels are
    not redeployed over the forecast period;

-- Utilization rates in the North Sea shuttle tanker COA pool to
    remain near 80%;

-- Utilization and dayrates in the towage segment improve in 2021
    and beyond, compared to 2020, as expected increased industry
    activity drives improved supply/demand dynamics for towage and
    offshore installation vessels/services;

-- Overall indebtedness decreases from current levels over the
    forecast period, driven largely by amortization of vessel
    level debt;

-- Altera successfully refinances its major FPSO and shuttle
    tanker vessel-level debt to better match current contract
    expirations and/or after signing new contracts.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes Altera Infrastructure L.P. would be
reorganized as a going-concern in bankruptcy rather than
liquidated.

Fitch assumes a 10% administrative claim.

Altera's GC EBITDA assumption reflects a lower overall activity
level in the regions where Altera operates due to sustained low oil
prices. As per criteria, the EBITDA also reflects some residual
portion of the distress that caused the default. The current
going-concern EBITDA estimate is consistent with the previous
recovery exercise completed in April 2021.

An EV multiple of 6x is used to calculate a post-reorganization
valuation and is in line with recent reorganization multiples for
the energy sector, including three cases in the last five years
from the midstream sector in the U.S.

RATING SENSITIVITIES

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

-- Per Fitch's criteria, Altera's IDR will be downgraded to
    Restricted Default (RD) upon the completion of the debt
    exchange. The IDR will subsequently be re-rated to reflect the
    post-DDE credit profile. Fitch currently expects the re-rated
    post-exchange IDR to be no higher than 'B' given Altera's
    ongoing vessel-level debt amortization and interest burden,
    along with uncertainty facing the re-contracting of certain
    FPSO vessels and the need to refinance unsecured bonds in 2022
    at ShuttleCo.

Relative to the prior 'B' IDR, factors that would support a
positive rating action:

-- Consolidated leverage (defined as total consolidated debt
    inclusive of 50% equity treatment of preferred equity divided
    by consolidated EBITDA inclusive of cash distributions from
    non-consolidated JVs), for Altera as it exists today, below
    5.0x on a sustained basis;

-- Successful contract extension/upgrade and redeployment of FPSO
    and/or shuttle tanker vessels following current contract
    conclusions, leading to an expected increase in cash flow
    generation and decrease in leverage.

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

-- A post DDE IDR that is lower than the previous 'B' would
    reflect an expectation that the company will struggle to
    refinance the upcoming 2022 ShuttleCo bond maturity, leading
    Fitch to expect either another DDE or a more comprehensive
    restructuring, consolidated leverage (as defined above)
    expected to be sustained above 6.0x or expectations for a
    sustained inability to re-contract expiring FPSO or shuttle
    tanker contracts or extract sufficient value through a vessel
    sale.

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

Limited Liquidity: Altera's liquidity consists of cash reserves of
$241 million as of June 30, 2021. The terms of certain financings
cause the $241 million of cash to be deemed by Fitch as not
entirely readily available. Fitch calculates readily available cash
at the Altera level to be approximately $80 million. At the end
2Q21, Altera was fully drawn on the recently extended and expanded
unsecured credit facilities provided by its sponsor, Brookfield.

In February 2021, Brookfield extended an additional $100 million in
unsecured credit facilities to Altera ($70 million to ShuttleCo and
$30 million at the Altera-level). Beyond the current newbuild
program (discussed below), ongoing maintenance capital requirements
are minimal (approximately $20 million to $40 million per year) and
along with working capital needs can be handled by Altera's ongoing
operations, in Fitch's view.

Altera's credit facilities contain certain financial covenants. The
company is in compliance with these covenants, and Fitch expects it
to remain in compliance with them over the forecast period.

Altera is proceeding through the final leg of a seven-vessel
shuttle tanker newbuild program that is expected to cost
approximately $970 million in total. Six of the seven vessels have
been delivered to Altera and are currently in operation. The
newbuild vessels are fully contracted, and Altera has successfully
secured all financing necessary to complete construction. The last
vessel is expected to be delivered in early 2022, and, once in
operation, these newbuilds are expected to improve Altera's cash
generating ability (through contracts signed at higher dayrates).

Altera depends on the strength of the ship-finance and
fleet-finance markets. Fitch believes Altera's maturity schedule
through the first quarter of 2022 is manageable with less than $30
million in secured debt maturing. This is in addition to $200
million to $300 million in scheduled annual vessel-level
amortization. These obligations are serviced prior to any upstream
distributions being made to intermediate holdcos and parent
entities. Fitch believes required vessel amortization can be
handled with cash generated from operations.

ISSUER PROFILE

Altera is a limited partnership established under the laws of the
Republic of the Marshall Islands and headquartered in the UK. The
company owns and operates marine vessels that service offshore oil
producers in the North Sea, Brazil and the East Coast of Canada.

SUMMARY OF FINANCIAL ADJUSTMENTS

As per Fitch's 'Corporate Hybrids Treatment and Notching Criteria'
cross-sector criteria, Fitch treats the relevant securities for
Altera as 50% debt and 50% equity. Referenced leverage metrics are
adjusted as follows: consolidated balances and flows are used;
preferred shares are given 50% debt credit, 50% equity credit;
distributions from investees accounted for under the equity method
of accounting are included in EBITDA and equity earnings from these
entities are excluded.

ESG CONSIDERATIONS

Altera Infrastructure L.P. has an ESG Relevance Score of '4' for
Group Structure and Financial Transparency as the company has an
extremely complex group structure with significant structural
subordination and provides limited transparency on ship level
financings. This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

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



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

BADESC: Fitch Affirms 'BB-' LT IDR, Outlook Negative
----------------------------------------------------
Fitch Ratings has affirmed Agencia de Fomento do Estado de Santa
Catarina S.A. - Badesc's Long-Term (LT) Foreign Currency and Local
Currency Issuer Default Rating (IDR) at 'BB-' with a Negative
Outlook. Fitch has also affirmed Badesc's National LT Rating at
'AA(bra)' with a Stable Outlook.

KEY RATING DRIVERS

IDRs, National Ratings, Support Ratings

Badesc's IDRs and national ratings are driven by expected support
from its parent (Santa Catarina State) and are equalized with the
parent's ratings. Fitch considers Badesc a core subsidiary in terms
of financial services to the state in which Badesc focuses its
operations. Fitch does not assign a Viability Rating (VR) to the
institution, because according to Fitch`s methodology, VRs are not
usually assigned to development banks or to other FIs whose
operations are largely determined by their policy roles.

Badesc's Support Rating (SR) is highly influenced by its key role
within the state of Santa Catarina, its group regulation and the
small size of the institution relative to the financial capacity of
the state. The institution is the development arm of the state
government, with an important role boosting the state's economic
growth through lending to micro and small enterprises, as well as
providing resources for municipalities under the administration of
Santa Catarina State. Group regulation is also a significant factor
for Badesc's rating. The regulator is very active and imposes some
limitations on the actions of the development agencies in Brazil.
In addition, the regulator requires states to be the majority
shareholder in any Brazilian development agency.

Fitch also considers the very low potential of sale for Badesc; the
high reputational risk that Badesc represents to the state; the
high level of operational integration between both parent and
subsidiary; and that the development bank is a state-owned
institution with moderate influence in its assessment.

The Support Rating of '3' considers the moderate likelihood, as
defined in the criteria, that the parent will provide support if
needed. This is because Santa Catarina's ratings are constrained by
the Brazilian sovereign ratings, which in turn constrain the
state's capacity to provide support, even though its willingness to
support would be high. The state has consistent revenue generation,
with higher operating margins than its national peers.

The strategy of Badesc is aligned with the state's economic
policies. It primarily provides financial and strategic solutions
focused on structuring projects, productive investments and
infrastructure. Its credit lines are directed primarily to small-
and medium-sized businesses. Badesc also provides resources for the
municipalities in Santa Catarina and acts as a financing agent for
development funds to boost the state's economy.

During the pandemic, Badesc provided specific emergency credit
lines to support credit to micro and small business companies:
Badesc Emergencial, with interest subsidized by the state
government; and Fungetur Emergency Giro, with interest subsidized
by the federal government's General Tourism Fund and a new line
related to the State Guarantee Fund, which was received as separate
source of funding from the state to guarantee specific operations.
Badesc already operated BRL 50 million of this line at June 2021.

Because Badesc's ratings are driven by support, the issuer's
intrinsic credit metrics have a limited impact on its ratings. Due
to the global scenario of rapid economic deterioration as a result
of the coronavirus, the potential impact on Badesc's financial
profile will depend on the length and severity of measures to
reduce the spread of the pandemic.

Badesc's asset quality is adequate compared with the risks it
takes. The agency's D-H loans declined to 7.9% of total loans at YE
2020, compared with 9.4% at YE 2019 and 8.0% at YE 2018. The NPL
ratio declined to 0.7% at end-June 2021 from 0.8% at YE 2020 and
1.2% at YE 2019, due to higher portfolio growth and renegotiated
loans. The operating profit/risk-weighted assets ratio declined to
1.7% in YE 2020 from 4.0% at YE 2019 and 3.4% at YE 2018 due to
lower interest rates and recovery income. The bank has also
maintained high capitalization levels (Common Equity Tier 1 Capital
was 34.7% in December 2020) and sufficient liquidity.

RATING SENSITIVITIES

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

IDRs

-- A negative rating action on Brazil would lead to a similar
    action on Badesc's ratings.

-- Any changes to the State of Santa Catarina's ability or
    propensity to support Badesc may result in a rating review.

National Ratings

-- Downgrades depend on the evolution of its local relativities
    within the challenging economic environment.

Support Rating

-- If Santa Catarina's LT IDR is downgraded to the 'B' category,
    the SR would be downgraded to '4' from '3'.

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

IDRs

-- Potential upgrades of Badesc's IDRs are limited, given the
    Negative Outlook.

National Ratings

-- An upgrade of the national ratings would depend on an
    improvement in local relativities, which is limited due to the
    challenging economic environment.

Support Rating

-- An upgrade of the SR is dependent on an improvement in the
    State of Santa Catarina's ability or propensity to provide
    support.

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

Badesc's ratings are linked to Estado de Santa Catarina - Support
driven

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.

BANCO DE DESENVOLVIMENTO: Fitch Affirms 'BB-' IDRs, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Banco de Desenvolvimento do Espirito
Santo S.A.'s (Bandes) Long-Term Local and Foreign Currency Issuer
Default Ratings (IDRs) at 'BB-'/Outlook Negative, and Short-Term
Local and Foreign Currency IDRs at 'B'. Fitch has also affirmed
Bandes's Support Rating (SR) at '3' and National Long-Term rating
at 'AA(bra)'/Stable Outlook, and National Short-Term rating at
'F1+(bra)'.

KEY RATING DRIVERS

IDRs, NATIONAL RATINGS AND SUPPORT RATING

The Issuer Default Ratings (IDRs) and National Ratings for Bandes
are driven by expected support from its controlling shareholder,
the government of the state of Espirito Santo. Fitch believes
Bandes is strategically important for the state, as it is the
government's development arm, playing an important role in boosting
the local economy's growth through lending to small and medium
enterprises, as well as providing resources for municipalities
within the state. Fitch does not assign a Viability Rating to the
institution, given the bank's role as a development agency, for
which Fitch cannot form an entirely standalone credit view.

Fitch views group regulation and the size of the institution
relative to the financial capacity of Espirito Santo as a
significant factor for Bandes' rating. Since the regulator is very
active and imposes some limitations on the actions of development
banks in Brazil, another very important factor is that there would
be no impediment on the regulator's part for potential support by
the state.

Fitch also considers the following in its assessment: the very low
potential for selling the institution; the high reputational risk
to the state; the high level of operational integration between the
state and Bandes; and that the development bank is a state-owned
institution.

Bandes' Support Rating (SR) of '3' reflects moderate probability of
support, if needed. Fitch recognizes that it would be relatively
easy for the state to provide support in case of need considering
the financial flexibility of the State of Espirito Santo. The state
is rated 'A' in terms of payment capacity (CAPAG) by the Brazilian
Treasury. This strong financial flexibility highlights the state's
ability to support the institution. The Negative Outlook reflects
the sovereign's Outlook.

Bandes' main objective is to expand and promote government programs
to help develop the regional economy through financing lines to
small and medium-sized enterprises and municipalities, especially
for investments focused on technology. Bandes also plays an
important role in supporting the state economy through government
created funds managed by the bank.

In 2020, these funds include Fundo Reconstrução ES, with the fund
providing loans to SMEs affected by the flooding in the state, and
the launch of an Emergency Credit Program with the objective of
supporting companies (mainly micro, small and medium enterprises)
and individual micro entrepreneurs (MEI) directly or indirectly
affected by the pandemic, with a total disbursement at the end of
the year of BRL107MM. This objective is in line with the state
government's development plan, which is reviewed annually.

As the ratings are support driven, Bandes' financial profile has no
direct rating implications. The development bank's financial
profile has been comparatively weak in recent years but is showing
signs of improvement after a significant shift in strategy
implemented in 2019. The previous strategy to support the primary
economic sector has changed along with the new government, which
now seeks to support the secondary economic sector (industries and
services) through loans to SMEs. The restructuring executed in 2019
paved the way for improvement, with profitability and asset quality
improving significantly in 2020, despite the effects of the
coronavirus pandemic on the economy.

Loans classified in the D-H categories improved to 25.34% in
December 2020 from 35.53% in 2019, and the bank posted net profits
of BRL28.3MM in 2020 reverting previous year losses. Interim
figures show that the trend is expected to continue into 2021.
Despite losses in previous years, the bank continues to be
adequately capitalized, supported by the state government and
maintains sufficient liquidity.

As a development bank, Bandes has limitations regarding its funding
sources. The credit portfolio has been financed mainly by equity or
on-lendings from official entities, such as BNDES (National
Economic and Social Development Bank). However, the institution
aims to increase and diversify its funding, including credit from
international development banks.

RATING SENSITIVITIES

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

IDRs

-- Further changes in Brazil's ratings or Outlooks;

-- Any changes to the State of Espirito Santo's ability or
    propensity to support Bandes may result in a rating review.

NATIONAL LONG-TERM RATINGS

-- Downgrades depend on the evolution of its local relativities
    within the challenging economic environment.

SUPPORT RATING

-- Bandes' SR would be downgraded to '4' from '3' if Espirito
    Santo's ability or propensity to provide support decreases.

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

IDRs

-- Potential upgrades to Bandes' IDRs are limited, given the
    Negative Outlook.

National Long-Term Ratings

-- National Long-Term Rating upgrades depend on an improvement in
    local relativities, which is limited due to the challenging
    economic environment.

SUPPORT RATINGS

-- An upgrade of the SR would depend on an improvement in the
    State of Espirito Santo's ability or propensity to provide
    support.

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.

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.

BANCO REGIONAL: Fitch Affirms 'BB-' LT IDRs, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Banco Regional de Desenvolvimento do
Extremo Sul's (BRDE) Long-Term Local and Foreign Currency Issuer
Default Ratings (IDRs) at 'BB-'/Outlook Negative and Short-Term
Local and Foreign Currency IDRs at 'B'. Fitch has also affirmed
BRDE's Support Rating (SR) at '3' and its National Long-Term rating
at 'AA(bra)' with a Stable Outlook and National Short-Term rating
at 'F1+(bra)'.

KEY RATING DRIVERS

BRDE's IDRs and National Ratings are driven by the support of its
shareholders, the states of Parana, Santa Catarina and Rio Grande
do Sul. BRDE's IDRs are equalized with those of Parana and Santa
Carina, which account for two-thirds of its capital. Fitch
currently rates Parana and Santa Catarina 'BB-'/Outlook Negative.
Fitch does not publicly rate Rio Grande do Sul. The
creditworthiness of all three states, but primarily of the first
two, strongly influences BRDE's ratings. Fitch does not assign a
Viability Rating to the institution, as it is a company with a role
of development bank, for which Fitch cannot form an entirely
standalone credit view.

In Fitch's assessment, BRDE's relatively small size compared to
each shareholder (state) highly influences the likelihood of
support from its parents. It would be relatively easy for the
states to provide support if needed considering their financial
flexibility. BRDE's ratings are also highly influenced by its
strategic role and importance as a development bank in the South of
Brazil and Fitch also believes that the regulator would be likely
to favor support of BRDE by the States as needed

BRDE's SR of '3' reflects a moderate probability of external
support, especially from Parana and Santa Catarina. In addition, in
Fitch's opinion, since BRDE does not distribute dividends and
obligatorily reinvests all its profits, a capital withdrawal is
very unlikely, somewhat mitigating the currently weak financial
profile of Rio Grande do Sul.

BRDE mainly provides financing to private companies and
cooperatives and also operates, to a lesser extent, with
municipalities, always with a development bias. The bank has a
stable business model and focuses its operations on its controlling
and bordering states. In March 2020, the BRDE Emergency Credit
Program for the recovery of the economy of the South Region (BRDE
Recupera Sul) was launched with the objective of supporting
companies (mainly micro, small and medium enterprises) and
individual micro entrepreneurs (MEI) directly or indirectly
affected by the pandemic.

The institution is integrated and operates in line with the
economic policies of its controllers. Fitch believes that, as with
other public banks, strategies and goals could be influenced by the
political guidelines of its shareholders. On the other hand,
strategic decisions must be unanimously approved by the three
states, which reduces the possibility of conflicts among
controllers.

Since BRDE's ratings are driven by support, there are no direct
rating implications to its financial profile. The potential impact
on BRDE´s credit metrics from the recent deterioration in the
global economy will depend on the length and severity of measures
implemented to reduce the spread of the pandemic.

In 2020, BRDE's asset quality indicators were stable and they still
compared favorably with peers with the same performance profile in
Brazil. In 2020, credits in 'D-H' corresponded to 3.9%, against
3.8% in 2019, 4.5% in 2018).

BRDE's operating profits to risk-weighted assets (RWAs)ratio
declined to 2.2% from 2.6 % in 2019 and 2.3% in 2018, due partially
to a higher volume of provision expenses, though this ratio
remained in line with peers. The bank has also maintained adequate
capitalization levels, with a Common Equity Tier 1 Capital ratio of
18.6% in 2020. The bank's main source of funding is funds from
Banco Nacional de Desenvolvimento e Social (BNDES/FINAME), which
has been reducing its funding (60%-50% of funding in 2020). The
bank has been looking for alternatives to increase its funding
through new sources of complementary national resources and
international development entities.

RATING SENSITIVITIES

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

IDRS

-- Currently, an upgrade of BRDE's IDRs is limited given the
    Negative Outlook on its Long-Term IDRs.

-- Over the medium term, BRDE's ratings could benefit from a
    revision of its parent´ Outlooks back to Stable or an upgrade
    of its parents' ratings (primarily Parana and Santa Catarina).

NATIONAL RATINGS

-- Upgrades depend on the evolution of BRDE's local relativities.

SUPPORT RATING

-- Upgrade of BRDE's Support Rating is dependent on improvement
    in the parents' ability and propensity to provide support
    (primarily Parana and Santa Catarina).

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

IDRS

-- A negative rating action on Brazil would lead to a similar
    action on BRDE's ratings;

-- Since BRDE's ratings are driven by support, they can be
    downgraded if one or more of its shareholders are also
    downgraded and/or if Fitch observes changes in bank control
    and dividend distribution policies;

-- There may also be a downgrade if there are changes in the
    propensity of the controlling states (especially Parana and
    Santa Catarina) to support BRDE.

NATIONAL RATINGS

-- Downgrades depend on the evolution of BRDE's local
    relativities within the challenging economic environment.

SUPPORT RATINGS

-- If Santa Catarina and/or Parana's ratings are downgraded to
    'B', the Support Rating would be downgraded to '4' from '3'.

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

BRDE's IDRs and National Ratings are driven by the support of its
shareholders, the states of Parana, Santa Catarina and Rio Grande
do Sul. BRDE's IDRs are equalized with those of Parana and Santa
Carina

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.

BRAZIL: Fin'l. Market Sees 2021 Inflation at 6.56% & Selic at 7%
----------------------------------------------------------------
Rio Times Online reports that the financial market has raised
forecasts for inflation, the Selic rate, and the country's gross
domestic product (GDP).

The Central Bank's Focus market report estimated that inflation, as
measured by the National Wide Consumer Price Index (IPCA), will end
this year at a cumulative 6.56%, according to Rio Times Online.
The Selic is seen at 7%.

In terms of inflation measured by the IPCA, this is the 16th
consecutive increase promoted by the financial market, the report
notes.

A week ago, inflation was forecast at 6.31% and a month ago at
5.97%, 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).


DESENVOLVE SP: Fitch Affirms 'BB-' LT IDRs, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Desenvolve SP - Agencia de Fomento do
Estado de Sao Paulo S.A.'s (Desenvolve SP) Long-Term Foreign
Currency and Local Currency Issuer Default Ratings (IDRs) at 'BB-'
with a Negative Rating Outlook. Desenvolve SP's National Long-Term
Rating was also affirmed at 'AA(bra)' with a Stable Outlook.

KEY RATING DRIVERS

IDRs, National Ratings and Support Rating

Desenvolve SP's ratings are derived from and equalized to the
parent ratings, the State of Sao Paulo (Sao Paulo;BB-/Negative),
because Fitch considers Desenvolve SP strategically important to
the state. In Fitch's opinion, Desenvolve SP is a core subsidiary
in terms of financial services to its parent, the state where
Desenvolve SP focuses its operation. Fitch does not assign a
Viability Rating to the institution, as it is a company with a role
of development agency, for which Fitch cannot form an entirely
standalone credit view.

Desenvolve SP's ratings are highly influenced by the role it plays
to the state, in Fitch's opinion. Desenvolve SP is an integral part
of the state as a development arm of the government, with an
important role in boosting the growth of the local economy through
lending to micro and small enterprises, as well as providing
resources for municipalities within the state. Fitch also believes
that the parent's regulator/ or group regulation would be likely to
favor support of Desenvolve SP by Sao Paulo as needed. Fitch sees
these as highly important factors to Desenvolve SP's ratings. The
size of the institution relative to the financial capacity of Sao
Paulo is also a high influence factor.

Fitch also considers in its assessment the following: the very low
potential for selling the institution; the high reputational risk
to the state; the high level of operational integration between the
state and Desenvolve SP; and the fact that it is a state-controlled
institution.

Desenvolve SP's Support Rating (SR) of '3' reflects the moderate
probability of support, if needed.

Sao Paulo's Standalone Credit Profile (SCP) is 'b+'. Its IDRs of
'BB-' benefit from an uplift from the state's SCP which considers
the support derived from the fact that the Federal Government is
Sao Paulo's most relevant creditor. The Negative Outlook reflects
the sovereign's Outlook.

Desenvolve SP's main objective is to elaborate and promote
government programs to help develop Sao Paulo's economy through
financing lines to SMEs and municipalities, especially for
investments focused on innovation and clean energy. This objective
is in line with the government's development plan, which is
reviewed annually.

Given support, Desenvolve SP's financial profile has no direct
rating implications, but remained stable in the last few years.

Desenvolve SP's asset quality continues on a positive trend since
2019. The impaired loans/gross loans ratio declined to 7.65% at
YE20 from 11.3% a year earlier and 13% at YE19. Recent improvements
were enhanced by the strong growth in the loan portfolio driven by
the impact of the pandemic. The loan loss allowance as a percentage
of total impaired loans at YE20 was satisfactory at 71.5% as almost
the entire portfolio of Desenvolve SP has real guarantees
(guarantee of funds, tax credits, properties or financial
investments), which significantly reduces potential losses.

The operating profit/RWA ratio improved to 3.42% by YE20, up
slightly from 3.2% a year earlier and improved significantly from
the 0.72% at YE18. An increase in provision expenses underpinned
the weaker result in 2018. Due to its public mission, Desenvolve
SP's focus is not on maximizing profits, despite seeking
profitability in all credit operations.

Desenvolve SP has strong a capitalization, with a regulatory
capital ratio of 36.7% at YE20. Capital is integrally composed of
common equity Tier 1. As a development agency, Desenvolve SP has
limitations regarding its funding sources. The credit portfolio has
traditionally been funded by equity or by on-lendings from official
entities, such as Banco Nacional de Desenvolvimento Economico e
Social and Financiadora de Estudos e Projetos. However, Desenvolve
SP has been successful in diversifying other sources of funding,
mainly from international development banks. Desenvolve SP has
recently obtained funding from CAF and IFC lending programmes. It
is also currently in discussions with the New Development Bank for
additional funding.

RATING SENSITIVITIES

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

IDRs

-- Further changes in Brazil's ratings or Outlooks;

-- A downgrade to Sao Paulo's ratings and/or a decrease in its
    propensity to support Desenvolve SP may result in a rating
    review.

National Long-Term Ratings

-- A potential downgrade in Desenvolve SP's National Scale
    Ratings will depend on the evolution of its local relativities
    within the challenging economic scenario.

SR

-- If Sao Paulo's rating is downgraded to the 'B' category,
    Desenvolve SP's SR would be downgraded to '4' from '3'.

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

IDRs

-- Potential upgrades to Desenvolve SP's IDRs are limited given
    the Negative Outlook. While Fitch does not consider it likely
    in the short to medium term, Desenvolve SP's IDRs can be
    revised upward if there is an upgrade to Sao Paulo's ratings
    in the long term.

National Long-Term Rating

-- An upgrade to Desenvolve SP's National Long-Term Rating will
    depend on the evolution of its local relativities within the
    challenging economic scenario.

SR

-- An SR upgrade depends on an upgrade to Sao Paulo's ratings.

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

Desenvolve SP Ratings are Equalized to those of parent, State of
Sao Paulo

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.



=========
C H I L E
=========

LATAM AIRLINES: Court Sends Plane Deal Conflict to Mediation
------------------------------------------------------------
Law360 reports that a New York bankruptcy judge on July 30, 2021,
delayed ruling on a request by LATAM Airlines creditors for
permission to sue two major shareholders over a pair of canceled
aircraft deals, saying the parties should take the dispute to
mediation first.

U.S. Bankruptcy Judge James Garrity Jr. adjourned the request by
LATAM's unsecured creditor committee for standing to file suit,
saying they should take their claims before a mediator while LATAM
works with creditor groups to draw up a reorganization plan. "My
concern is if we go down the litigation road it will sidetrack the
plan," he said at the virtual hearing.

                     About LATAM Airlines Group

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

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

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

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

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

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

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

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

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.




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

AVIANCA: Obtains US$1.6 Billion Pledge to Emerge from Bankruptcy
----------------------------------------------------------------
globalinsolvency.com, citing The Rio Times, reports that Colombian
airline Avianca obtained financial commitments for US$1.6 billion
to finance its exit from chapter 11 bankruptcy law as part of its
reorganization.

"As a result of the continued support of its creditors, Avianca
Holdings filed a motion with the bankruptcy court seeking approval
of the terms of the commitment letters for its US$1.6 billion
chapter 11 exit financing," the airline said in a statement
obtained by the news agency.

                       About Avianca

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A.  Avianca has been flying
uninterrupted for 100 years.  With a fleet of 158 aircraft, Avianca
serves 76 destinations in 27 countries within the Americas and
Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc. as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtors' bankruptcy cases on May 22, 2020.




=====================
E L   S A L V A D O R
=====================

AES EL SALVADOR II: Moody's Cuts CFR and Gtd. Sr. Unsec. Bond to B3
-------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings for AES El
Salvador Trust II bis (Trustco II) to B3 from B2. The outlook
remains negative.

Trustco II issued the 10-year $310 million senior global notes due
in 2023 for the benefit of four affiliated electric distribution
companies in El Salvador: Compania de Alumbrado Electrico de San
Salvador SA de CV (CAESS), Empresa Electrica de Oriente, S.A. de
C.V. (EEO), AES CLESA S. en C. de C.V. (CLESA) and Distribuidora
Electrica de Usulutan (DEUSEM). These four distribution utilities,
which are majority owned by The AES Corporation (AES; Ba1 stable),
unconditionally and severally guarantee the debt of Trustco II,
collectively the guarantors.

Downgrades:

Issuer: AES El Salvador Trust II bis

Corporate Family Rating, Downgraded to B3 from B2

Gtd Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from
B2

Outlook Actions:

Issuer: AES El Salvador Trust II bis

Outlook, Remains Negative

RATINGS RATIONALE

The downgrade of the ratings of Trustco II to B3 from B2 with a
negative outlook reflects the July 30th downgrade of the sovereign
bond rating of the Government of El Salvador to Caa1 from B3 with
negative outlook.

Trustco II ratings factor in a deterioration of combined credit
metrics in 2020 reflecting a lower demand and collections as a
result of measures implemented by the government to weather the
economic crises related to the pandemic. However, Moody´s
anticipates that the guarantors will be able to record an
improvement of consolidated performance leading to strong metrics
for the rating category. Specifically, CFO pre- cash flow
pre-working capital changes to debt will continue to exceed 12% on
a sustainable basis. The metrics are supported by the constructive
outcome of the 2018-2022 tariff review along with the more timely
collection of the electric subsidies following the changes
implemented in 2017 which is expected to continue.

The ratings also take into account that under the terms of the
Notes, the structure has a six-month interest only debt service
reserve account. Moody's also consider in its liquidity assessment
that the guarantors are entitled to receive interest income
(approximately $11 million p.a.) from two intercompany loans
amounting to USD 183.4 million made by CAESS, CLESA and EEO in
connection with their acquisition by AES. The ratings also consider
AES' historical track-record of reducing the dividend pressure on
its El Salvadorian subsidiaries amid the country's financial and
liquidity challenges.

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

The prospects of an upgrade of Trustco II are limited given the
Caa1 sovereign rating and negative outlook for El Salvador. Moody's
would consider downgrading Trustco II's ratings if El Salvador's
rating is downgraded. In addition, downward pressure on the ratings
is likely if Moody's perceive a deterioration in the regulatory
framework that reduces the predictability and consistency in which
the regulation is applied. Negative momentum is also likely if the
current economic disruption causes a further deterioration in the
guarantors' combined key credit metrics than currently expected;
specifically, if the consolidated interest coverage ratio and the
ratio of CFO pre-W/C to debt fell below 2x and 5%, respectively,
for an extended period. An aggressive distribution policy that
contributes to a material deterioration in the credit metrics or
the liquidity profile would also likely result in a downgrade.
Moody's assessment that the guarantors' financial and/or liquidity
profiles are no longer appropriate to maintain the one-notch
difference between Trustco II's ratings and the sovereign rating
could also result in a downgrade.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.



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

BANCOMEXT: Fitch Rates USD500MM Hybrid Securities Final 'BB'
------------------------------------------------------------
Fitch Ratings has assigned Banco Nacional de Comercio Exterior,
S.N.C.'s (Bancomext) USD500 million subordinated preferred hybrid
capital securities due in 2031 a 'BB' final rating.

The final amount of USD500 million was issued on July 29, 2021 for
a 10-year term with a call date at the date of the fifth
anniversary of the issuance. The notes were issued at fixed
interest rate of 2.72% and semiannual interest payments.

The final rating is in line with the expected rating that Fitch
assigned to the proposed debt on July 27, 2021.

KEY RATING DRIVERS

The subordinated preferred hybrid capital securities are rated two
notches below Bancomext's support-driven Long-Term (LT) Foreign
Currency (FC) Issuer Default Rating (IDR). The notching down
considers the loss severity risk that reflects a heightened
likelihood of poor recoveries for bondholders arising from the
subordinated status of the hybrid securities. Despite the hybrid
securities having a coupon deferral feature by which the bank can
defer but not cancel payment of interest or principal due on the
hybrid securities, in Fitch's view, the typical risk of
nonperformance provided by this feature is adequately mitigated by
the explicit sovereign support, complete federal government
ownership and clear strategic role for the federal government.
Therefore, no additional incremental notching is required.

The bank would likely receive government support before the loss
absorption features of the hybrid securities are triggered. This
also explains the use of Bancomext's support-driven LT FC IDR as
the anchor rating for the hybrid securities' rating.

The hybrid securities for USD500 million are due in 2031 with an
option to be called by Bancomext at the date of the fifth
anniversary of the issuance, subject to prior approval of the
Central Bank of Mexico. The hybrid securities are subordinated and
junior in right of payment and in liquidation to all of Bancomext's
present and future senior indebtedness. They rank pari passu
without preference among themselves and with all of Bancomext's
present and future other unsecured subordinated preferred
indebtedness. The hybrid securities are senior to subordinated
nonpreferred indebtedness and all classes of Bancomext's common
equity.

In June 2021, Fitch affirmed Bancomext's LT FC IDR with a Stable
Rating Outlook. For more information, see "Fitch Affirms
Bancomext's IDRs at 'BBB-'; Outlook Stable," dated June 11, 2021.

RATING SENSITIVITIES

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

-- Any positive rating action on Bancomext's IDR will be
    reflected in its subordinated hybrid securities, maintaining
    two notch levels below the bank's LT FC IDR.

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

-- Bancomext's subordinated hybrid securities could be downgraded
    if Bancomext's IDRs are downgraded.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Banco Nacional de Comercio Exterior, S.N.C.'s rating is directly
linked to Mexico's Sovereign Rating.

FINANCIERA INDEPENDENCIA: S&P Affirms 'B+' ICR, Outlook Negative
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term global scale issuer
credit and issue-level ratings on Financiera Independencia S.A.B.
de C.V. SOFOM E.N.R. (Findep). The outlook remains negative.

The recent sales of FINSOL and FISOFO business lines, coupled with
pandemic-induced downturn, shrunk Findep's loan portfolio nearly
30% and narrowed its business operations to individual personal
lending. These factors could weaken the company's revenue
generation capabilities as well as its business stability. S&P
said, "However, we believe these recently sold business lines
lacked operating efficiencies and kept the company's cost of risk
high, hindering its long-term stability. Therefore, we consider
that Findep's focus on its core business line could bring benefits
in the medium term, as the company works on improving its
profitability. In this sense, we believe that operating revenue
will fall about 21% during 2021, but will grow close to 20% for the
next two years." However, Mexico's economic slump could jeopardize
Findep's business stability and its plans to improve efficiencies.

S&P said, "We have seen improvements in Findep's asset quality
metrics during the first half of the year. These improvements
mainly stem from lower credit losses, recent sales, and an
increased importance of AFI's portfolio. However, we believe that
as Findep's loan portfolio expands, credit losses will rise.
Therefore, we forecast non-performing assets (NPA) and net
charge-offs (NCO) to reach about 23% by the end of the year. Findep
maintains coverage for the latter at above 100%, despite its credit
losses. Finally, if the company's asset quality deterioration
exceed our expectations it could affect its current risk position
assessment.

"In our opinion, Findep' capital base remains sound and continues
to represent its main strength. We expect the company to increase
its lending to compensate for the smaller portfolio following the
sale of its two business lines, but which gradually will consume
its capital base. In this sense, we forecast Findep's risk-adjusted
capital (RAC) ratio will be about 9.8% for the next couple of
years." S&P's base-case expectations also incorporate the following
assumptions:

-- Mexico's GDP growth of 5.8% in 2021 and 2.9% in 2022.

-- Portfolio growth for 2021 that will compensate for shedding of
business lines, and 20% for 2022.

-- Stable net interest margins of about 49%.

-- Efficiency levels improving to about 60% from 63% the previous
year, reflecting higher cost efficiencies in its operations now
that FINSOL and FISOFO are gone.

-- A slight improvement in asset quality metrics but to remain
weak because of NPAs and NCOs of about 23%.

-- No dividend payments or capital injections during this
timeframe.

S&P said, "Given the company's maturity debt profile and senior
unsecured notes due 2024, Findep doesn't have to tap debt markets
to refinance higher amounts. This points to Findep's healthy
liquidity levels for the next 12 months. However, we expect the
company use its existing credit lines from commercial and
development banks to support its expansion. This will result in a
funding mix of 70% market debt and 30% credit facilities. We
believe this mix remains in line with those of other finance
companies we rate regionally and is suitable to meet Findep's
growing objectives."


SIXSIGMA NETWORKS: S&P Places 'B' ICR on CreditWatch Positive
-------------------------------------------------------------
On Aug. 2, 2021, S&P Global Ratings placed its 'B' issuer and
issue-level ratings on Mexico-based IT managed and data services
provider Sixsigma Networks Mexico S.A. de C.V. (KIO Networks) on
CreditWatch with positive implications.

S&P plans to resolve the CreditWatch listing in the next three
months, depending on the final approval of the transaction by
Mexican authorities, and upon receiving further information
regarding the company's debt refinancing after the transaction,
given its impact on liquidity, as well as the data center segment's
growth strategy.

KIO Networks announced that all of its shareholders, led by
Tresalia Capital, reached an agreement with I Squared Capital to
sell their full ownership stake in the company.

Short-term debt refinancing after the transaction would reduce KIO
Networks' current short-term liquidity risks. S&P said, "Our
CreditWatch positive listing reflects a 50% probability of an
upgrade if the new owner executes a long-term strategy towards
improving the company's short-term liquidity position. In our view,
adequate liquidity stemming from a reduced exposure to short-term
financing could lead to an upgrade, because it would hinder
short-term refinancing risks and allow for a better capital
structure going forward." The latter would be reflected in KIO
Networks' forecasted sources of cash exceeding its uses by at least
20% in the short term.

An improved capital structure and liquidity headroom would also
favor the company's growth prospects. In our view, in the past two
years, KIO Networks' dependence on short-term financing and the
lack of a long-term solution to liquidity pressures limited its
growth potential. S&P believes that if the company strengthens its
capital structure, the thicker liquidity cushion would enable KIO
Networks to expand its business and benefit from the rising demand
for IT and data center services in Mexico, especially in the
private sector.

CreditWatch

S&P said, "Our CreditWatch positive listing reflects a 50%
probability of an upgrade if KIO's liquidity position strengthens
once the transaction is completed. In addition, the listing
reflects our view that expansion prospects would rise on an
improved capital structure and greater headroom for investments. On
the other hand, we could remove the ratings off CreditWatch and
assign a negative outlook if the transaction doesn't materialize or
is delayed beyond our expectations, or if KIO Networks' liquidity
remains heavily dependent on short-term financing after the change
of ownership. We expect to resolve the CreditWatch listing in the
next three months, upon the approval by Mexican authorities, and
once we have additional information regarding the transaction."

KIO Networks is based in Mexico City and was founded in 2002. It
offers managed IT infrastructure services, data center services,
cloud services, application management, security services, data
analytics, internet domain registry, and web hosting, as well as
other services. The company generates the bulk of revenue in
Mexico, and the remainder in the Panamanian, Guatemalan, Dominican,
and Spanish markets. KIO Networks has 29 data centers with an
installed capacity of about 17,500 square meters across 11
technology campuses in Mexico, Central America, and Spain, and 11
EDGE data centers throughout Mexico.




=================
N I C A R A G U A
=================

NICARAGUA: IMF Executive Board Reviews Poverty Reduction Strategy
-----------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
reviewed Nicaragua's Poverty Reduction Strategy, titled Updated
National Human Development Plan (see Country Report No. 10/108) and
a Joint IMF/World Bank Staff Advisory Note.

Following the Executive Board's discussion, Mr. Murilo Portugal,
Deputy Managing Director and Acting Chair, made the following
statement:

"The Nicaraguan authorities have prepared a comprehensive Poverty
Reduction Strategy (PRSP) that lays out the strategic priorities
for accelerating growth and reducing poverty, while taking into
account the impact of the global financial crisis. The PRSP is
appropriately focused on preserving macroeconomic stability,
promoting living standards through increased access to social
services, improving governance, and boosting competitiveness
through investments in infrastructure and renewable energy.

"Putting public debt on a firmly declining path, while creating
space for infrastructure development and pro-poor spending, remains
a key challenge. This requires broadening the tax base,
rationalizing expenditures, containing the growth in public sector
wages, and tackling imbalances in the pension system.

"Strengthening the governance and transparency of public sector
institutions is crucial to boost the effectiveness and targeting of
public spending. The authorities' commitments to improve public
financial management systems and practices is an important step in
this regard, though increased resolve will be required to
strengthen the procurement process and accountability. Efforts
should continue to strengthen the monitoring and coordination of
official assistance to ensure its most effective use.

"A priority for gauging progress in poverty reduction is to enhance
the monitoring of social outcomes and spending, including by
increasing the frequency and coverage of national household
surveys. Strengthening the ex-post evaluation of social programs is
also important.

"Close engagement with the international community will help the
authorities implement the objectives of the PRSP," Mr. Portugal
said.




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

CEMENTOS PACASMAYO: Discloses Consolidated Results for 2Q 2021
--------------------------------------------------------------
Cementos Pacasmayo S.A.A. and subsidiaries (NYSE: CPAC; BVL:
CPACASC1) a leading cement company serving the Peruvian
construction industry, disclosed its consolidated results for the
second quarter ("2Q21") and the six months (6M21) ended June 30,
2021.  These results have been prepared in accordance with
International Financial Reporting Standards ("IFRS") and are stated
in nominal Peruvian Soles (S/).

2Q21 Financial and Operational Highlights:

(All comparisons are to 2Q20, unless otherwise stated)

Sales volume of cement, concrete and precast increased 257.2%
mainly due to the continued increase in sales of bagged cement, to
the self-construction segment and to the public sector for
reconstruction related projects, and to the halt in
commercialization experience during 2Q20. If we compare volume to
2Q19, which did not have any external effects, the increase is
41.8%.

Revenues increased 285.7%, mainly due to the continued increase in
sales and to the halt in commercialization during 2Q20 mentioned
above. When compared to 2Q19, revenues increased 37.0%.
Consolidated EBITDA of S/90.0 million, an increase due to negative
EBITDA during 2Q20 mainly due to the halt in sales of cement
mentioned above, as well as the fixed costs derived from the halt
in production during said quarter, as well as higher sales during
2Q21.

Net income of S/ 27.7 million, an increase mainly due to the halt
in commercialization mentioned above, as well as increased sales
during this quarter.
6M21 Financial and Operational Highlights:

(All comparisons are to 6M20, unless otherwise stated)

Sales volume of cement, concrete and precast increased 124.1%
mainly due to the continued increase in sales of bagged cement, to
the self-construction segment and to the public sector for
reconstruction related projects, and to the halt in
commercialization experience during 2Q20.
Revenues increased 119.0%, mainly due to the continued increase in
sales and to the halt in commercialization during 2Q20 mentioned
above.

Consolidated EBITDA of S/195.2 million, a 193.1% increase due to
the halt in sales of cement and the increase in fixed costs
mentioned above.

Net income of S/ 59.5 million, an increase mainly due the loss
during 6M20 because of the halt in commercialization mentioned
above, as well as increased sales during this quarter.
For a full version of Cementos Pacasmayo's Second Quarter 2021
Earnings Release, please visit http://cementospacasmayo.com.pe.

                  About Cementos Pacasmayo

Cementos Pacasmayo S.A.A. is a cement company, located in the
Northern region of Peru. In February 2012, the Company's shares
were listed on The New York Stock Exchange - Euronext under the
ticker symbol "CPAC".  With more than 60 years of operating
history, the Company produces, distributes and sells cement and
cement-related materials, such as concrete blocks and ready-mix
concrete. Pacasmayo's products are primarily used in construction,
which has been one of the fastest-growing segments of the Peruvian
economy in recent years. The Company also produces and sells
quicklime for use in mining operations.

As reported in the Troubled Company Reporter-Latin America on Aug.
3, 2021, on July 30, 2021, S&P Global Ratings revised its outlook
on Peru-based cement producer Cementos Pacasmayo S.A.A. (CPAC) to
stable from negative and affirmed its 'BB+' global scale issuer and
issue-level credit ratings.




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

ALEX AND ANI: Committee Retains Cole Schotz as Counsel
------------------------------------------------------
The official committee of unsecured creditors of Alex and Ani, LLC
and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to retain the law
firm of Cole Schotz P.C. as its counsel.

The firm's services include:

     a. providing legal advice with respect to the Committee's
powers, rights, duties, and obligations in the Chapter 11 Cases;

     b. assisting and advising the Committee in its consultations
with the Debtors regarding the administration of the Chapter 11
Cases;

     c. assisting the Committee in reviewing and negotiating terms
for unsecured creditors with respect to (i) the use of cash
collateral, (ii) the sale of the Debtors' assets, including
negotiating bid procedures and proposed asset purchase agreements,
(iii) the confirmation of a chapter 11 plan of reorganization or
liquidation, (iv) the proposed restructuring support agreement,
and
(v) other requests for relief which would impact unsecured
creditors;

     d. investigating the liens asserted by the Debtors' lenders
and any potential causes of action against the Debtors' lenders,
officers, and directors;

     e. advising the Committee on the corporate aspects of the
Debtors' reorganization or liquidation and the plan(s) or other
means to effect reorganization or liquidation as may be proposed in
connection therewith, and participation in the formulation of any
such plan(s) or means of implementing reorganization or
liquidation, as necessary;

     f. taking all necessary actions to protect and preserve the
estates of the Debtors for the benefit of creditors, including the
investigation of the acts, conduct, assets, liabilities, and
financial condition of the Debtors, the investigation of the prior
operation of the Debtors' businesses and the investigation and
prosecution of estate  claims, causes of action, and any other
matters relevant to the Chapter 11 Cases;

     g. preparing on behalf of the Committee all necessary
motions,
applications, complaints, answers, orders, reports, papers and
other pleadings and filings in connection with the Committee's
duties in the Chapter 11 Cases;

     h. advising and representing the Committee in hearings and
other judicial proceedings in connection with all necessary
motions, applications, objections and other pleadings, and
otherwise protecting the interests of
those represented by the Committee; and

     i. performing all other necessary legal services as may be
required and authorized by the Committee that are in the best
interests of general unsecured creditors.

Cole Schotz will be paid at these rates:

     Members and Special Counsel     $410 to $1,050 per hour
     Associates                      $225 to $670 per hour
     Law Clerks                      $225 per hour
     Paralegals                      $215 to $345 per hour
     Litigation Support Specialists  $340 to $360 per hour

The firm will also be reimbursed for out-of-pocket expenses
incurred.

In response to the request for additional information set forth in
Paragraph D.1. of the Revised U.S. Trustee Guidelines, Cole Schotz
disclosed that:

     -- The firm has not agreed to any variations from, or
alternatives to, its standard or customary billing arrangements
for
this engagement.

     -- None of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case.

     -- The firm has not represented the committee in the 12
months
prior to the Debtors' bankruptcy filing.

     -- The committee approved the firm's budget and staffing plan
for the period of June 23, 2021 through Sept. 30, 2021.

Seth Van Aalten, Esq., a partner at Cole Schotz, disclosed in
court
filings that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

Cole Schotz can be reached at:

     Seth Van Aalten, Esq.
     Sarah A. Carnes, Esq.
     Cole Schotz P.C.
     1325 Avenue of the Americas, 19th Floor
     New York, NY 10019
     Tel: (212) 752-8000
     Fax: (212) 752-8393
     Email: svanaalten@coleschotz.com
            scarnes@coleschotz.com

                      About Alex and Ani

Founded in 2004 by Carolyn Rafaelian, Alex and Ani, LLC --
http://www.alexandani.com/-- has become a premier jewelry brand,
quickly gaining popularity because of the novel and customizable
nature of its signature expandable wire bracelet. Alex and Ani has
been headquartered in East Greenwich, R.I. since 2014. Since
opening its first retail store in Newport, R.I. in 2009, Alex and
Ani has expanded to over 100 retail store locations across the
United States, Canada and Puerto Rico.

Alex and Ani and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-10918) on June 9, 2021. Robert
Trabucco, chief restructuring officer, signed the petitions. At the
time of the filing, the Debtors had between $100 million and $500
million in both assets and liabilities. Judge Craig T. Goldblatt
oversees the cases.

The Debtors tapped Kirkland & Ellis LLP as bankruptcy counsel,
Klehr Harrison Harvey Branzburg LLP as local counsel, Katten Muchin
Rosenman LLP as special counsel, and Portage Point Partners, LLC as
financial advisor and investment banker. Kurtzman Carson
Consultants LLC is the claims agent and administrative advisor.




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

TRINIDAD & TOBAGO: Most Local Hotels to Remain Closed in August
---------------------------------------------------------------
Trinidad Express reports that close to 75 per cent of the hotels,
guest houses and villas in Tobago are expected to remain closed for
the usually bumper August vacation.

Tourism interests on the island say the closure of most of the
accommodations in Tobago is due to the existing state of emergency
and curfew restrictions, which are still in force to slow down the
spread of the deadly Covid-19 virus, according to Trinidad Express.
Restrictions on the country's domestic air and sea bridge also
continue, the report notes.

According to the report, Tobago Hotel and Tourism Association
vice-president Carol-Ann Birchwood-James noted that many potential
visitors to Tobago from Trinidad have said that the beaches along
with various tourist attractions are not open so it makes no sense
heading to the island.

"It really does not make economic sense for the hotels, guest
houses and villas to remain open when the traffic is going to be
very low as on the sea bridge it's still operating at 50 per cent
capacity, while the air bridge is only operating three flights per
day," she said, the report relays.

Birchwood-James said she agreed with Tobago Business Chamber
chairman Martin George that the flights between Trinidad and Tobago
should return to full capacity as the country was entering what was
traditionally the vacation period for many parents, the report
notes.

"The tourism sector in Tobago is hoping that when the Prime
Minister addresses the nation during his Covid news conference
update, he relaxes some of the measures including the reopening of
the beaches so that the hotels can at least earn some kind of
money, as July is already gone so that is a lost opportunity,"
Birchwood-James said, the report discloses.

She lamented to the Express that this second lock down has been
very tough on the industry and it is currently limping along as
overhead expenses still have to be paid, even though there are no
visitors.

"Our biggest problems are utility bills and our workers. So we have
no money for operations and we have little or no money to pay
salaries.

"We, are like everybody else, are waiting to see what happens on
during the news conference," she added.

The Tobago Hotel and Tourism Association vice-president said while
the borders have been reopened, the sector does not expect arrivals
from tourists until later this year as many international flights
are still not scheduled to fly into the country and Caribbean
Airlines is only operating three flights a day, the report adds.



TRINIDAD CEMENT: Enters Loan Agreements to Refinance Local Debt
---------------------------------------------------------------
Trinidad Express reports that Trinidad Cement Limited had entered
into loan agreements to refinance $266.75 million of its existing
debt.

TCL said the proceeds from the loans granted under the agreements
will be used to repay the entirety of TCL's debt under the Citibank
original loan, with a principal amount of TT$110 million, and the
entirety of TCL's debt under its loan agreement dated July 24, 2018
with First Citizens Bank, according to Trinidad Express.

In a notice published on July 22, TCL said it completed three loan
agreements for a total principal amount of $270 million (US$39.94
million based on an exchange rate of TT$6.76 to US$1.00) to
refinance TT$266.75 million (US$39.46 million based on an exchange
rate of TT$6.76 to US$1.00), the report notes.

The report discloses that Claxton Bay-based cement manufacturing
company said it entered into:

  --  A loan agreement with Republic Bank Ltd as lender for a
principal amount of TT$67.5 million (US$9.98 million based on an
exchange rate of TT$6.76 to US$1.00);

  --  A loan agreement with RBC Merchant Bank (Caribbean) as lender
for a principal amount of TT$67.5 million (US$9.98 million based on
an exchange rate of TT$6.76 to US$1.00);

  --  An amendment and restatement agreement to TCL's loan
agreement dated July 24, 2018 with Citibank (Trinidad & Tobago) as
lender (the "Citibank original loan"), for a principal amount of
TT$135 million.

The key terms of the Republic Bank Loan are:

  --  Term loan for a principal sum of $67.5 million;

  --  The term of the Republic Bank loan is two years.

  --  The interest rate is 3-Month Open Market Operation rate plus
305 basis points.

  --  The Republic Bank Loan is guaranteed by CEMEX, S.A.B. de
C.V.

The key terms of the RBC Merchant Bank Loan are:

  --  Term loan for a principal sum of $67.5 million;

  --  The term of the RBC Merchant Bank Loan is two years;

  --  The interest rate is 3-Month Open Market Operation rate plus
305 basis points;

  --  The RBC Merchant Bank Loan is guaranteed by CEMEX, S.A.B. de
C.V.

The key terms of the Citibank Amendment Loan are: a. Term loan for

  --  Principal sum of TT$135 million

  --  The term of the Citibank amendment loan is two years;

  --  The interest rate is 3-Month Open Market Operation rate plus
305 basis points.

  --  The Citibank amendment loan is guaranteed by CEMEX, S.A.B. de
C.V.

The most recent 3-month Treasury Bill rate on the Central Bank
website was for 0.31 per cent, the report relays.  The website
explains that "securities issued in open market operations are
mainly Government of Trinidad and Tobago treasury bills and
treasury notes governed by the statutory limits as outlined in the
Treasury Bills Act and the Treasury Notes Act, the report notes.

"OMO securities are short term in nature with maturities ranging
from three months to three years."

In its 2018 annual report, TCL said it "continued to renegotiate
its loans to align the maturity profile and currency mix with the
medium term cash generation requirements and to maintain
flexibility to meet its funding needs," the report relays.

TCL reduced its long-term debt to $641 million in 2020 from $1.16
billion in 2015, 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.
.


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