/raid1/www/Hosts/bankrupt/TCRLA_Public/210928.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, September 28, 2021, Vol. 22, No. 188

                           Headlines



A R G E N T I N A

ARGENTINA: Revives Kirchner Accounting Moves to Ease Cash Crunch
ARGENTINA: Uses SDR Boost to Make Debt Payment to IMF
BANCO HIPOTECARIO: Fitch Affirms 'CC' LongTerm IDRs
BANCO SUPERVIELLE: Fitch Affirms 'CCC' LongTerm IDRs
CORDOBA PROVINCE: Fitch Affirms 'CCC' LongTerm IDRs

SANTA FE PROVINCE: Fitch Affirms 'B-' LT IDRs, Outlook Stable
TARJETA NARANJA: Fitch Affirms 'CCC-' LongTerm IDRs


B O L I V I A

BOLIVIA: Fitch Affirms 'B' LongTerm IDRs, Outlook Stable


B R A Z I L

BANCO MODAL: Moody's Hikes LongTerm Deposit Ratings to Ba3
COMPANHIA DE GAS: Brazillian Gas Regulator Blocks Pipeline
PETROLEO BRASILEIRO: Shuts and Restarts Gasoline Pipeline
SAO PAULO: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative
STATE OF PARANA: Fitch Affirms 'BB-' LongTerm IDRs



C H I L E

LATAM AIRLINES: Court OKs Bankruptcy Exit Plan Filing Extension


E L   S A L V A D O R

EL SALVADOR: Adopts Bitcoin as Currency to Cut Cost in Remittances


H A I T I

HAITI: Central Bank Reduces Credit Risk of Microfinance Entities


H O N D U R A S

HONDURAS: IDB Okays $118MM Loan to Improve Logistics Performance


P U E R T O   R I C O

ECOLIFT CORP: Seeks to Hire RSM Puerto Rico as Accountant
ECOLIFT CORP: Taps C. Conde & Assoc. as Legal Counsel

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Revives Kirchner Accounting Moves to Ease Cash Crunch
----------------------------------------------------------------
Ignacio Olivera Doll at Bloomberg News reports that Argentina is
resurrecting a page out of former president Cristina Fernandez de
Kirchner's playbook by raising money for fiscal expenses through
complex accounting manoeuvres and by selling bonds to the Central
Bank that sceptics say are unlikely to ever be repaid.

The moves by President Alberto Fernandez's administration -- which
includes Fernandez de Kirchner Kirchner as vice-president -- were
spurred by the International Monetary Fund's (IMF) decision to
grant the country US$4.3 billion of special drawing rights (SDRs),
part of a campaign to help countries cope with the fallout from the
Covid-19 pandemic and shore up foreign reserves, according to
Bloomberg News.

With the money in hand, the government then undertook a multi-step
process involving currency conversions, bond sales, debt paydowns
and new borrowing that will enable it to spend US$5 billion -- even
more than the IMF granted, the report notes.  The manoeuvres
ultimately added to the government's obligations to the Central
Bank, the report relays.

In the past, Argentina was able to get the Central Bank to
repeatedly roll over its bonds, essentially allowing it to borrow
without ever having to fully pay back the debt, the report
discloses.

Argentina has a history of using creative accounting techniques to
smooth over its fiscal situation, and this seems like another
gambit along the same lines, the report notes.  Analysts expect the
government to use the cash both to make payments owed to the IMF
through the end of this year and to fund social programs before the
November midterms, when half of the seats in the lower house
Chamber of Deputies and a third of the Senate are up for grabs, the
report relays.

The fiscal largesse risks adding to price pressures and
undercutting the quality of the Central Bank's assets, the report
notes.

For its first step, the government declared the money coming from
the SDRs would be considered "current income," the report
discloses.  That had the effect of essentially swelling its credit
line with the central bank by 84 billion pesos (US$853 million)
because of rules that limit policy makers from loaning the
government more than 12 percent of the monetary base or 20 percent
of the its annual income, the report says.

In a second part to the process, the Treasury sold the US$4.3
billion from the SDRs to the Central Bank, then sent the pesos it
received back to the monetary authority to pay down the transitory
advances it received so far this year, the report relates.  That
opened more room in the Central Bank credit line, the report says.

In the final stage of the transaction the government issued
non-transferable, dollar-denominated notes to the Central Bank in
exchange for the dollars it had earlier sold it from the SDRs, the
report discloses.  The Treasury has already started to use those
dollars to make payments on a loan the country took from the IMF in
2018, the report relays.

All these moves mean the government will be able to double-up on
its use of a single asset: SDRs will have served both to pay the
IMF debt and to cancel the transitory obligations with the Central
Bank, the report notes.

"Nothing like this has happened since the multiplication of the
loaves and fishes in Galilee," said Marcos Buscaglia, the founder
of Buenos Aires-based consultancy Alberdi Partners, the report
relates.

The spending will almost certainly put upward pressure on inflation
and further weaken the peso in the alternative markets people use
to skirt currency controls, according to Fernando Marull, a
director at Buenos Aires-based consulting firm FMyA, the report
discloses.

"As the summer comes, the exchange rate will heat up and we'll see
pressure on the gap between the official and parallel rates,"
Marull said.  "The economy has surplus pesos and few reserves in
the Central Bank," he added.


                       About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.


ARGENTINA: Uses SDR Boost to Make Debt Payment to IMF
-----------------------------------------------------
Buenos Aires Times reports that Argentina transferred to the
International Monetary Fund US$1.88 billion on Sept. 22, complying
with the first principal payment of its record bailout.

The amount due stems from the record US$57-billion loan given by
the Fund in 2018 to Argentina's previous government in a failed
attempt to stabilize the crisis-prone economy, according to Buenos
Aires Times.  The country has to date received US$44 billion of the
credit line agreed by former president Mauricio Macri, the report
notes.  Upon taking office in December 2019, President Alberto
Fernandez refused to accept the remaining tranches, the report
relays.

Argentina's Central Bank paid the maturity with special drawing
rights (SDRs) received by the country last month, two sources told
the Bloomberg news agency, according to Buenos Aires Times.

The Fund issued the extra funds, known as SDRs, to help countries
tame the impact of the pandemic, with Argentina receiving about
US$4.3 billion under that agreement, the report notes.

The government's commitment to repaying the IMF is under added
scrutiny after President Alberto Fernandez's Frente de Todos
coalition lost heavily in the September 12 PASO primaries, exposing
a deep divide with Vice-President Cristina Fernandez de Kirchner
and her more radical wing, the report discloses.

Argentina, which holds decisive midterm elections on November 14,
has paid the IMF US$950 million in interest, the report notes.  It
must make another interest payment of US$400 million by November,
as well as pay another US$1.9 billion toward the debt by December,
the report relays.

With Argentina locked out of international debt markets, reaching
an agreement with the Fund to reschedule next payments will be
crucial in order to avoid US$19 billion in maturities next year,
the report relays.  An additional US$19 billion is due in 2023,
followed by US$4.9 billion in 2024, according to the Economy
Ministry, the report discloses.

While Fernandez has said the country's 2022 Budget bill assumes a
deal will be reached, the need to recover political ground is
likely to lead to more government spending, challenging any
possible fiscal commitments, the report says.

Argentina, the IMF's biggest debtor, has been in recession since
2018.  It hopes to agree an Extended Fund Facility (EFF) program
with the Fund in order to delay and extend its repayment terms, the
report notes.

In June, the country reached an agreement with the Paris Club of
creditor nations to avoid defaulting on its loan repayments and
unlocking temporary relief of some US$2 billion, the report adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.


BANCO HIPOTECARIO: Fitch Affirms 'CC' LongTerm IDRs
---------------------------------------------------
Fitch Ratings has affirmed Banco Hipotecario S.A.'s (Hipotecario)
Foreign and Local Currency Long-Term Issuer Default Rating (IDR) at
'CC'.

KEY RATING DRIVERS

Hipotecario's IDRs are based on its VR. The rating of Hipotecario's
senior debt is equalized with its IDR.

Hipotecario's VR and IDRs are highly influenced by Argentina's
volatile operating environment, as well as the bank's funding and
liquidity profile and its deteriorating asset quality. The ratings
also consider the bank's moderate franchise and adequate
capitalization.

While the ultimate economic and financial market implications of
the coronavirus pandemic remain uncertain, risks to Argentina's
operating environment are clearly skewed to the downside. This
underpins the agency's negative outlook on the operating
environment and asset quality scores. Market volatility, low loan
growth, higher credit costs and rising expenses due to high
inflation will continue to weigh on Hipotecario's financial
profile.

The bank has undergone a successful diversification of its funding
structure, and now relies on its deposits as the main funding
source, similar to other Argentine banks. As with most of its local
peers, Banco Hipotecario´s loan to deposits ratio has
significantly decreased as deposit growth has outpaced loan growth
and at June 2021 it reached a low 46.47%. While the outstanding
amount of international debt issuances is small (around 5.4% of
total liabilities), an extension or tightening of the capital
controls in Argentina cannot be ruled out, adding uncertainty to
Hipotecario's capacity to obtain U.S. dollars to service its debt.

The bank's asset quality metrics continue to be pressured by the
challenging economic scenario, with the bank's NPL ratio reaching
14.8% in June 2021 driven mostly by the reduction of its credit
portfolio and its corporate credit portfolio. In terms of the
consumer portfolio, asset quality remained stable at 2.9% (versus
2.9% in FY20 from 7.7% in Dec. 2019). Commercial loans continued to
represent a major part of the deteriorated portfolio, with the NPL
ratio reaching 33.1% in June 2021, from 28.6% in Dec. 2020, mainly
due to the contraction of its commercial portfolio (-10% quarter
over quarter). Fitch expects NPL figures to deteriorate once the
forbearance measures are lifted, with the impact on NPL reflected
in the third-quarter figures.

Profitability has been pressured by very low loan growth since
2018, as well as higher loan loss provisions and the effect of high
inflation. In addition, the net interest margin has been affected
by some distorting regulations passed by the Central Bank in 2020,
such as capping interest rates offered on loans, placing floors for
deposit rates and imposing restrictions on fee increases, among
others. The result was a net loss reported in 1H21, with the bank
reporting operating profit/risk weighted assets of -6.93% compared
with 2.07% in FY20.

The bank's current capitalization levels are commensurate with its
rating level with CET 1 ratio of 16.14% as of June 2021, which is
in line with its peers and well above the minimum capital
requirement. Currently, the bank's strategy places a higher
priority on profitability through improvement of operational
efficiency and maintaining comfortable liquidity position over
growth, which Fitch views as positive for capitalization over the
medium term.

RATING SENSITIVITIES

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

-- The IDRs and VRs would be pressured by a downgrade of
    Argentina's sovereign rating or a deterioration in the local
    operating environment beyond current expectations that leads
    to a significant deterioration in its financial profile;

-- Any policy announcements or a deterioration in the local
    operating environment that would be detrimental to the bank's
    ability to service its obligations, including a tightening of
    capital controls to the extent that they restrict debt
    payments, would be negative for creditworthiness.

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

-- The IDRs and VR of Banco Hipotecario could benefit from a
    sustained improvement in the bank's funding profile and asset
    quality.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

SENIOR DEBT

The 'CC'/'RR4' rating on Hipotecario's medium-term notes reflects
that these are senior unsecured obligations ranking pari passu with
other senior unsecured indebtedness, and therefore, aligned with
the bank's Foreign Currency FC IDR of 'CC'.

The notes are denominated in U.S. dollars. Fitch considers the
bank's Foreign Currency IDR as the appropriate anchor for this
issue rating, given the transfer and convertibility risk associated
with settlement in foreign currency notwithstanding that the issuer
will not incur material currency risk. The notes' Recovery Rating
of 'RR4' reflects the average expected recovery in case of bank
liquidation.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support for Banco
Hipotecario cannot be relied upon given the sovereign's track
record for providing support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

SUPPORT RATING AND SUPPORT RATING FLOOR

-- Changes in the SRs and SRFs of Banco Hipotecario are unlikely
    in the foreseeable future.

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

-- Changes in the SRs and SRFs of Banco Hipotecario are unlikely
    in the foreseeable future.

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

Banco Hipotecario's ESG score for Management Strategy has been
changed to '4' from '3' (the baseline score for this Governance
issue assigned to all issuers globally). This reflects the high
level of government intervention in the Argentine banking sector.
The imposition of interest rate caps can lead to inadequate loan
pricing, and, together with the imposition of interest rates floors
on time deposits, puts significant pressure on banks' net interest
margins. In addition, restrictions on fee levels can negatively
affect performance ratios. This challenges Banco Hipotecario's
ability to define and execute its own strategy. This has a
moderately negative impact on 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.


BANCO SUPERVIELLE: Fitch Affirms 'CCC' LongTerm IDRs
----------------------------------------------------
Fitch Ratings has affirmed Banco Supervielle S.A.'s (Supervielle)
Foreign and Local Currency Long-Term (LT) Issuer Default Ratings
(IDRs) at 'CCC'.

KEY RATING DRIVERS

Banco Supervielle's IDRs are based on its VR.

Key Rating Driver 1

IDRS AND VIABILITY RATING (VR)

Banco Supervielle's VR and IDRs are highly influenced and
constrained by Argentina's volatile operating environment and low
sovereign ratings (LT IDR; CCC). While the ultimate economic and
financial market implications of the coronavirus pandemic remain
uncertain, risks to Argentina's operating environment are clearly
skewed to the downside. This underpins the agency's Negative
Outlook on the operating environment and asset quality scores.

The operating environment remains highly challenging, as a long
recession continues to pressure asset quality, which has been
exacerbated by the coronavirus pandemic and the slow vaccination
process. Profitability metrics have been under pressure in recent
years due to very low loan growth since 2018, as well as higher
loan loss provisions and administrative expenses. In addition, the
net interest margin has been affected by some distorting
regulations passed by the Central Bank in 2020, such as capping
interest rates offered on loans, placing floors for deposit rates,
and imposing restrictions on fee increases, among others. As a
result, Argentine banks increased their exposure to the public
sector, mainly Central Bank securities and, to a lesser extent,
sovereign bonds, given the lack of other profitable alternatives to
allocate their ample liquidity.

In 1H21 profitability (in real terms) deteriorated and the bank
posted a net loss mainly affected by a narrower net interest margin
due to the regulatory intervention, still low loan growth and
higher inflation. Its ratio of Operating Profit/Risk Weighted
Assets fell to -0.33% at June 30, 2021. However, Fitch expects
profitability to gradually improve throughout the year given slowly
growing credit demand, lower credit costs (as these were
anticipated in 2020) and expectations for inflation in 2H21. Since
January 2020, Argentine banks' financial statements have been
adjusted by inflation, following IFRS rules, so the figures are not
comparable with periods before 2019.

Supervielle's delinquency ratios have deteriorated since 2017,
given the adverse economic conditions and the effects of the
pandemic, in spite of the bank's good credit risk management.
However, asset quality ratios for the whole financial system
significantly improved in 2020 and 1Q21, due to the Central Bank's
regulatory forbearance and relief measures. Regulatory forbearance
expired in January 2021 for credit card financing and in April 2021
for loans in instalments; therefore, the impact on NPLs will be
reflected 90 days later (i.e. in April for the former and July for
the latter).

As of June 30, 2021, Supervielle's NPLs accounted for 3.3% of gross
loans, as the higher delinquency in credit card portfolio (given
that forbearance had already expired) was offset by lower impaired
commercial loans, still under forbearance. In 2020 and 1Q21 the
bank made additional loan loss reserves (LLR) for a total of
ARS2.8bln based on the expected loss of the portfolio due to the
pandemic. LLR coverage increased to 215% of NPLs and 7.0% of total
gross loans at end-June 2021. In addition, 82% of the
non-performing commercial loans had tangible collateral, and 72% of
retail lending is in the form of payroll loans or financing to
retirees.

The securities portfolio has increased significantly (27.6% of
total assets as of June 30, 2021) as the bank has followed the
strategy to invest mainly in short term Central Bank securities
(Leliqs) and, to a lesser extent, sovereign bonds to allocate its
liquidity given the slump in loan growth. The total sovereign
exposure accounted for 27.0% of total assets or 2.4x of equity.
While this exposure is high, 66.9% of the total exposure
corresponds to Central Bank securities, that are highly liquid and
comparatively lower risk.

Banco Supervielle's capitalization significantly improved following
the Supervielle Group's issuance of fresh capital the though an IPO
in the New York and Buenos Aires stock exchanges for a total of
USD623 million in 2016 and 2017. At June 30, 2021, the bank's core
equity Tier 1 ratio to risk-weighted assets was an adequate 13.7%.

The primary source of funding is the bank's deposit base, which
made up 96.8% of its funding as of June 30, 2021. The bank's loan
to deposits ratio has rapidly decreased to 58.2%, well below the
100%-110% range shown in recent years, as deposit growth
significantly outpaced loan growth. Liquidity levels are adequate,
with a liquidity coverage ratio (LCR) that has remained above 100%;
at June 30, 2021, the LCR was 122.7% and the net stable funding
ratio 165%. The immediate liquidity ratio (cash and equivalents
plus short-term central banks securities divided by total deposits)
stood at a comfortable 33.8% as of June 30, 2021, while only cash
and equivalents represented 10.4% of deposits.

RATING SENSITIVITIES

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

-- The IDRs and VRs of Supervielle would be pressured by a
    downgrade of Argentina's sovereign rating or a deterioration
    in the local operating environment beyond current expectations
    that leads to a significant deterioration in its financial
    profile;

-- Any policy announcements that would be detrimental to the
    bank's ability to service its obligations, would be negative
    for creditworthiness.

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

-- The IDRs and VRs would benefit from an upgrade of Argentina's
    sovereign rating.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

Supervielle's SR of '5' and SRFs of 'NF' reflect that, although
possible, external support for this bank, as with most Argentine
banks, cannot be relied upon given the ample economic imbalances.
In turn, the sovereign ability to support banks is uncertain, as
reflected by the low sovereign ratings.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

SR AND SRF

-- Changes in the SRs and SRFs of Supervielle are unlikely in the
    foreseeable future.

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

SUPPORT RATING AND SUPPORT RATING FLOOR

-- Changes in the SRs and SRFs of Supervielle are unlikely in the
    foreseeable future.

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

Fitch has changed Supervielle's score for Management Strategy to
'4' from '3' which is the baseline score for this Governance issue
assigned to all issuers globally. This reflects the high level of
government intervention in the Argentine banking sector. The
imposition of interest rate caps can lead to inadequate loan
pricing and, together with the imposition of interest rates floors
on time deposits, puts significant pressure on banks' net interest
margins. Also, restrictions on fee levels can negatively impact on
performance ratios. This challenges Supervielle's ability to define
and execute its own strategy. This has a moderately negative impact
on 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.


CORDOBA PROVINCE: Fitch Affirms 'CCC' LongTerm IDRs
---------------------------------------------------
Fitch Ratings has affirmed Province of Cordoba's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'CCC'. Fitch
also affirms the 'CCC' ratings for Cordoba's step-up USD709.4
million senior unsecured notes due 2025, step-up USD510.0 million
senior unsecured notes due 2027, and step-up USD450.0 million
senior unsecured notes due 2029. The bonds are rated at the same
level as the province's IDRs.

The affirmation reflects a 'CCC' macroeconomic and regulatory
environment that exposes Cordoba to a high volatile and less
predictable institutional framework. Additionally, the recent
distressed debt exchange (DDE), January 2021, limits the current
rating from a higher rating level. The province's Standalone Credit
Profile (SCP) has been raised to 'b-' from 'ccc' underpinned by
easing refinancing risks after reprofiling its USD notes.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

Fitch assesses the province's Risk Profile as Vulnerable in line
with other Fitch-rated Argentine LRGs. Cordoba's risk profile
combines all six factors assessed at Weaker (revenue framework,
expenditure framework, debt and liquidity framework) and considers
the sovereign IDR.

The assessment reflects Fitch's view of a very high risk relative
to international peers that the issuer's ability to cover debt
service with the operating balance may weaken unexpectedly over the
forecast horizon (2021-2023) due to lower revenue, higher
expenditure, or an unexpected rise in liabilities or debt or
debt-service requirement.

Revenue Robustness: 'Weaker'

The assessment reflects the evolving nature of the national fiscal
framework, dependence on a 'CCC' sovereign counterparty risk for
44.0% (three year-average) of its total revenue, amid an adverse
macroeconomic environment riddled with higher inflation. Cordoba's
wealth metrics are moderately above the national average, yet lags
international peers.

Operating revenue is mostly made up of taxes, including turnover
tax, which made up 33.9% of operating revenue in 2020, and stamp
duty, which made up 3.5% in 2020. The growth prospects of tax
revenues are dependent on containing the coronavirus pandemic as to
ease mobility and economic restrictions. Federal non-earmarked
transfers (coparticipaciones) grew in nominal terms but declined in
real terms due to high inflation. As of June 2021, national
transfers to Cordoba increased 68% in nominal terms yoy; while
own-revenues increased 72% in nominal terms.

Revenue Adjustability: 'Weaker'

Cordoba's ability to generate additional revenue in response to
possible economic downturns is limited, like all Fitch-rated
Argentine LRGs. Fitch considers that local revenue adjustability is
low and is challenged by the country's large and distortive tax
burden. The negative macroeconomic environment further limits the
province's ability to increase tax rates and expand tax bases to
boost its local operating revenues. Structurally high inflation
also constantly erodes real-term revenue growth and affects
affordability. Fitch expects 2021 operating revenues to increase
above the average inflation rate of 51%.

Expenditure Sustainability: 'Weaker'

Argentine provinces have high expenditure responsibilities,
including healthcare, education, water, transportation and other
services. The country's fiscal regime is structurally imbalanced
regarding revenue-expenditure decentralization, and since the
nation's standby agreement with the IMF in 2018, the federal
government transferred some additional expenditure responsibilities
to the provinces by cutting down current and capital transfers, as
well as subsidies in the transport and electricity sector. In
Fitch's view, spending decentralization could continue to rise in
the current macroeconomic adverse national context, adding more
expenditure and fiscal pressure to subnational governments.

Cordoba's track-record of prudent fiscal policies and expenditure
controls are hindered by Argentina's structurally high inflation
pressuring expenditures. Despite coronavirus pandemic, operating
balance increased in 2020 reaching 20.7% of operating revenue. The
province has historically shown satisfactory operating margins;
five year-average 18.6%. Under its rating case, Fitch expects 2021
operating margin to end above 18.0%.

Expenditure Adjustability: 'Weaker'

Fitch views Cordoba's leeway or flexibility to cut expenses as weak
relative to international peers, considering an average of only
around 15.5% of consolidated provincial total expenditures going to
capex from 2016 to 2020, which decreased to 9.3% at YE 2020.
Compared with international peers, Cordoba has a high share of opex
to total expenditure, at around 87.0% during 2020. Staff expenses
represented 46.3% of total expenses (five year-average 45.0%),
deemed high relative to international peers.

Another factor affecting expenditure sustainability is the funding
of social security institutions, which include provincial pension
funds that add additional pressure to budgetary performance.
Federal funding to mitigate provincial pension deficits is subject
to yearly budgetary allocation, which is unpredictable and
discretionary. Cordoba did not transfer its pension scheme to the
nation. The annual pension deficit has been partially mitigated by
funding transfers from the National Administration of Social
Security since 2016. Cordoba approved pension reform in May 2020
that could ease the pressure, but expenditure risks remain in the
short term. If social security institution financial performance is
included, the province's operating balance for 2020 would be 11.5%,
versus 20.7% without it.

Liabilities and Liquidity Robustness: 'Weaker'

Capital market discipline is hindered by a protracted macroeconomic
context, and currently heightened by a 'CCC' rated sovereign that
recently restructured its debt. Unhedged foreign currency debt
exposure is an important structural weakness considered in this KRF
assessment. However, limited local capital markets led LRGs to
issue debt in foreign currency, causing this structural reliance on
external markets for financing, because local currency options
generally carry higher financial costs and shorter terms due to the
high-inflation environment. Additionally, financial obligations are
characterized by medium term maturity of less than 10 years.

By YE 2020, direct debt increased by about 42.8% in 2020
underpinned by currency depreciation, totaling around ARS231.2
billion. Approximately 91.2% of Cordoba's direct debt is
denominated in foreign currency and is unhedged, mainly in U.S.
dollars, which is a rating risk in the current environment of high
inflation and currency depreciation. However, 73.7% of its total
debt has fixed interest rates. The external market remains closed;
hence the province is looking at multilateral sources of funding to
accomplish its capex program; such as the Latin American
Development Bank (formerly known as CAF).

Cordoba completed its distressed debt exchange (DDE) on Jan. 26,
2021. The debt restructuring (three out of four USD Notes) provides
some external debt service relief for the province until 2023, when
repayments are due. One of the major achievements, among others,
was the reprofiling of its international financial debt to
semi-annual amortizing payments from bullet payments. However,
despite this relief, the 'CCC' IDRs reflect challenges ahead that
could hinder the province's repayment capacity, such as the
province's inability to access external markets to address
financing needs. For more detail on the DDE please refer to Fitch
Upgrades Cordoba's IDRs to 'CCC' on DDE Completion; Assigns Issue
Rating (Jan. 29, 2021) and Province of Cordoba, Rating Report (Mar.
2, 2021).

Liabilities and Liquidity Flexibility: 'Weaker'

Fitch perceives the Argentine national framework in place for
liquidity support and funding available to subnationals as
'Weaker', as there are no formal emergency liquidity support or
bail-out mechanisms established. The national government can
support Cordoba in the form of a friendly creditor, such as making
some programs and loans available to provinces from federal trust
funds, and through co-participation advancements. However, the
macroeconomic environment constrains the predictability, size and
timing of this support. The Argentine government's 'CCC' ratings
also drive the assessment of such support to 'Weaker', considering
counterparty risk.

Cordoba received ARS5.8 billion during 2020 from National Treasury
transfers (non-earmarked funds) under National Decree 352/20 for
the Provincial Emergency Financial Programme as a countercyclical
measure to contain economic impacts from the coronavirus. The
province partially shared these funds with its 260 municipalities.

Consolidated cash positions of ARS54.4 billion in 2020 covered
38.6% of annual personnel expenditures; as of June 2021, cash
positions stood at ARS58.5 billion. Cordoba has shown historically
good liquidity coverage metrics averaging over the last five years,
4.3x (2020: 4.1x). The economic lockdown triggered by coronavirus
didn't hindered operating balance and liquidity metrics. Fitch
expects total cash at YE 2021 to be around 16.7% of total revenue.

Debt sustainability: 'aa' category

In line with its LRG criteria, for an entity with a base case
financial profile indicating an SCP category of 'b' or below, the
base case analysis alone may be sufficient to evaluate the risk of
default and transition for the debt. Considering the current
sovereign 'CCC' rating level, curtailment of the external market
amid a volatile macroeconomic and regulatory context, Fitch is only
projecting a rating case for YE 2023. Debt sustainability metrics
are analyzed to evaluate Province of Cordoba-specific debt
repayment capacity and its liquidity position.

Under Fitch's rating case scenario (2021-2023), the debt payback
ratio (net adjusted debt-to-operating balance), the primary metric
of debt sustainability, will remain below 5.0x by 2023 (2020:
2.6x), which corresponds to a 'aaa' assessment. In addition, actual
debt service coverage ratio (operating balance-to-debt service),
secondary metric of debt sustainability, at 1.6x in 2023 (2.9x in
2020), leading to an 'a' assessment. The overall debt
sustainability score at 'aa' is underpinned by the medium-term
maturity of debt in tandem with high refinancing risks coming from
a 'CCC' macroeconomic environment where transfer and convertibility
risks prevail.

ESG - Governance: Cordoba has an ESG Relevance Score of '5' for
Creditor Rights. The recent amendment of a formal agreement through
a DDE (January 2021) has limit the current rating assignment from a
higher rating level and, therefore, creditor rights remains a key
rating driver.

ESG - Governance: The Province has an ESG Relevance Score of '4'
for Rule of Law, Institutional and Regulatory Quality and Control
of Corruption, reflecting the negative impact the weak regulatory
framework and national policies of the sovereign have over the
province 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.

DERIVATION SUMMARY

Cordoba's SCP is assessed at 'b-', reflecting a combination of
vulnerable risk profile and debt sustainability in the 'aa'
category. The SCP also factors in national and international peer
comparison, in particular Ukrainian cities and Kaduna State. Fitch
does not apply any asymmetric risk or ad-hoc support from the
central government and assesses intergovernmental financing as
neutral to the province's ratings. The recent DDE limits the
current rating assignment from a higher rating level.

KEY ASSUMPTIONS

In line with its LRG criteria, for an entity with base case
financial profile indicating an SCP of 'b' or below, the base case
analysis alone may be sufficient to evaluate the risk of default
and transition for the debt. Therefore, in the case of Cordoba,
Fitch's base case is the rating case which already incorporates a
very stressful scenario. It is based on 2016-2020 figures and on
updated figures as of 1H21.The key assumptions for the scenario
include:

-- 48.5% yoy increase in operating revenue for 2021; 41.0% in
    2022, and 35.5% in 2023;

-- 52.4% yoy increase in operating expenditure for 2021; 44.3% in
    2022, and 38.8% in 2023;

-- Net capital balance of minus ARS38.8 billion in 2021; 35.2
    billion in 2022, and ARS33.1 billion in 2023;

-- Cost of debt considers non-cash debt movements due to currency
    depreciation, assuming an exchange rate (ARS per USD) of 102.4
    for 2021, 149.4 in 2022, and 211.1 in 2023.

RATING SENSITIVITIES

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

-- An upgrade on the sovereign rating of Argentina could
    positively affect Cordoba's ratings if debt sustainability
    metrics remain in line with projections of a payback ratio
    below 5.0x and ADSCR above 1.0x, under Fitch's rating case.

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

-- A downgrade of Argentina's sovereign rating would negatively
    impact Cordoba's rating;

-- Refinancing risks underpinned by an inability to tap the
    international capital market could compromise debt repayment
    capacity in the coming years;

-- Any formal announcement by the province or its agent of a
    potential exchange offer for its 2026 foreign currency local
    law bond that is assessed as a DDE under Fitch's rating
    definitions.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

The Province of Cordoba is located in the central region of
Argentina. Cordoba's economy is diversified and is based on primary
and industrial goods, as well as services (66.9% of the province's
gross domestic product). The province produces agricultural
products such as soybean, corn, wheat and peanuts. Cordoba's
industrial sector is centered in the car and auto parts industry
and the agro-industrial sector. The province's economic structure
allows it to be less exposed to commodity prices, but its economic
cycle resembles that of the sovereign.

SUMMARY OF FINANCIAL ADJUSTMENTS

No material adjustments were made to figures reported by the
province.

ESG CONSIDERATIONS

Cordoba has an ESG Relevance Score of '5' for Creditor Rights due
to the province's recent DDE (January 2021). This event has limit
the current rating assignment from a higher rating level and,
therefore, creditor rights remains a key rating driver.

The province has an ESG Relevance Score of '4' for Rule of Law,
Institutional and Regulatory Quality, Control of Corruption,
reflecting the negative impact the weak regulatory framework and
national policies of the sovereign have over the province 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.


SANTA FE PROVINCE: Fitch Affirms 'B-' LT IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Province of Santa Fe (PSF)'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B-'
with Stable Rating Outlook. The IDRs of Argentina are at 'CCC'.
Santa Fe's ratings are aligned with Country Ceiling of Argentina.
Fitch also affirmed the 'B-' ratings on Santa Fe's 7% senior
unsecured notes for USD250 million due 2023 and 6.9% senior
unsecured notes for USD250 million due 2027.

While local and regional governments' (LRG) ratings are typically
capped by the sovereign rating, rating actions on Province of Santa
Fe are in accordance with Fitch's LRG criteria. The ratings reflect
Santa Fe's stand-alone credit profile (SCP) of 'b-' resulting from
a combination of a 'Vulnerable' risk profile and an 'aa' debt
sustainability assessment.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

The 'Vulnerable' assessment reflects Fitch's view of a very high
risk relative to international peers that the issuer's ability to
cover debt service with the operating balance may weaken
unexpectedly over the forecast horizon (2021-2025) due to lower
revenue, higher expenditure or an unexpected rise in liabilities or
debt or debt-service requirement.

All Argentine LRGs have a 'Vulnerable' risk profile captured in
Fitch's 'Weaker' KRF assessment. Argentine LRGs operate in a
context of a weak institutional revenue framework and
sustainability, high expenditure structures, and tight liquidity
and FX debt risks.

Revenue Robustness: 'Weaker'

Santa Fe's revenue robustness, assessed as 'weaker', reflects its
high dependence on federal transfers, with transfers representing
around 60.5% (5Y average) of its total revenues. These federal
transfers are automatic from the co-participation tax-sharing
regime, which stem from an 'CCC' rated sovereign counterparty. The
latter is compounded by the country's negative economic growth
prospects. The national GDP dropped 2.5% in 2018, a further 2.2% in
2019, and 9.9% in 2020 due to the pandemic, in real terms. Weak and
volatile national economic performance is also factored into the
revenue robustness KRF assessment.

Revenue Adjustability: 'Weaker'

Fitch considers that local revenue adjustability is low and is
challenged by the country's large and distortive tax burden. The
weak macroeconomic environment also limits LRGs' ability to
increase tax rates and expand tax bases to boost their local
operating revenues. Structurally high inflation also constantly
erodes real-term revenue growth and affects affordability.
Provincial jurisdictions have legal autonomy to set tax rates on
local revenues that mainly consist on turnover taxes (Ingresos
Brutos) and stamps. Local taxes represented 32% of total
consolidated provincial revenues on average in 2020, reflecting low
fiscal autonomy and reliance on federal transfers from the
co-participation regime.

Expenditure Sustainability: 'Weaker'

Argentine provinces have high expenditure responsibilities,
including healthcare, education, water, transportation and other
services. The country's fiscal regime is structurally imbalanced
regarding revenue-expenditure decentralization. Spending
decentralization could continue to rise in light of the recent
sovereign debt distress, and coronavirus pandemic, adding more
expenditure and fiscal pressure to subnational governments.

Province of Santa Fe along with some other entities, has fiscal
prudence policies and expenditure controls. However, Argentina's
structurally high inflation pressures expenditures. Despite the
decrease in operating balance in 2019 from 2018, Santa Fe remains
showing satisfactory operating margins (15.8% in 2018, 10% in 2019
and 16.7% in 2020).

Expenditure Adjustability: 'Weaker'

Fitch views leeway or flexibility to cut expenses for province of
Santa Fe as weak relative to international peers, considering that
only 7.2% of consolidated provincial total expenditures
corresponded to capex in 2020 (average of 12.2% in 2016-2020). The
country has very high infrastructure needs, thus increasing capex
does not necessarily translate into economic growth due to the
infrastructure lag, reflecting limited flexibility to adjust
expenditures.

Province of Santa Fe is among the provinces that did not transfer
its pension deficit to the nation. Santa Fe's pension system
functions on a "pay as you go" basis. If required payments exceed
the funds contributed to the pension system by employees and by the
province on behalf of its employees, the province is required by
provincial law to cover the deficit; the deficit is partially
funded by transfers from Administración Nacional de la Seguridad
Social (ANSES; National Social Security Administration). If social
security institution financial performance is included, Santa Fe's
operating margin for 2020 would be 9.3%, from 16.7% without it.

Liabilities and Liquidity Robustness: 'Weaker'

There is a weak national framework for debt and liquidity
management and an underdeveloped local financial market, which led
Argentine LRGs to issue debt in foreign currency, causing this
structural reliance on external markets for financing.

Approximately 77.6% of Santa Fe's direct debt is denominated in
foreign currency, unhedged and mainly in U.S. dollars, which
increases the risks in the current environment of high inflation
and currency depreciation and leading this factor to 'weaker'.

Despite the recently distressed 'CCC' rated sovereign that
restructured its debt during 2020, which restricted external market
access to LRGs, Province of Santa Fe remained current on its
obligation and did not engage in any debt restructuring processes
like other argentine LRGs.

Liabilities and Liquidity Flexibility: 'Weaker'

Fitch perceives the Argentine national framework in place regarding
liquidity support and funding available to subnationals as
'Weaker', as there are no formal emergency liquidity support
mechanisms established. The national government can support LRGs in
liquidity distress on a case-by-case basis in the form of a
friendly creditor, such as the availability of some programs and
loans to provinces from federal trust funds, and also through
co-participation advancements. However, the current macroeconomic
environment constrains the predictability, size and timing of this
support. The Argentine government's 'CCC' ratings drive the
assessment of such support to 'Weaker', considering the
counterparty risk.

Santa Fe's unrestricted cash of ARS43,225 million in YE 2020, which
covered around 15% of operational expenditures. In 2021 the
province subscribed a short-term treasury bills program in an
amount of ARS7 billion due to the uncertainty of pandemic
restrictions. However, no amount has been disbursed to date.

Debt sustainability: 'aa' category

Fitch classifies Province of Santa Fe as a type B LRG, as it covers
debt service from cash flow on an annual basis.

Fitch's rating case forward-looking scenario indicates a payback
ratio (net direct risk to operating balance) - the primary metric
of debt sustainability assessment - will remain lower than 5x
('aaa' category) during 2021-2023 scenario horizon. Province's Debt
Service Coverage is forecast to be between 2x and 4x at the same
scenario horizon. The debt service coverage ratio at the 'aa'
category combined with pension risks and debt principal payments in
2022, justify the override to provinces' debt sustainability
assessment to 'aa'.

DERIVATION SUMMARY

Santa Fe's 'b-' SCP reflects a combination of a 'Vulnerable' risk
profile and an 'aa' debt sustainability assessment. The positioning
of the SCP captures a very stressful macroeconomic environment that
weights the primary and secondary debt sustainability metrics
toward the end of 2021. The SCP also factors in national and
international peer comparison. No other factors affect the ratings,
and the province's IDRs are capped at the country ceiling.

KEY ASSUMPTIONS

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on the 2016-2020 figures and 2021-2023
projected ratios.

The key assumptions for Fitch's rating case scenario include:

-- 23.2% yoy average increase in operating revenue;

-- 25.1% yoy average increase in operating expenditure;

-- Cost of debt considers non-cash debt movements due to currency
    depreciation, assuming an exchange rate of 102.4, 149.4 and
    211.1 for 2021, 2022 and 2023 respectively.

RATING SENSITIVITIES

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

-- An upgrade on the Sovereign's IDRs combined with a Santa Fe's
    debt service coverage by the operating balance strengthening
    toward 4x from Fitch's forward-looking scenario of 2.6 in
    2023, could positively affect Santa Fe's ratings if the
    payback remains below 5.0x in line with the projections.

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

-- A downgrade of Argentina's Country Ceiling would negatively
    affect Province of Santa Fe's ratings;

-- The IDR could be downgraded if province's operating balance
    deteriorates triggering a payback above 5x and an actual debt
    service coverage ratio towards 1.0x at the end of Fitch's
    forward-looking scenario;

-- If the Province of Santa Fe enters into a grace period, cure
    period, or any formal announcement by the province or their
    agent of a potential exchange offer that is assessed under
    Fitch's Distressed Debt Exchange Rating Criteria.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Province of Santa Fe's economy is the third-largest nationally and
is relatively broad, diverse and stable, making it resilient to
most external economic shocks, such as weaker commodity prices. The
Province's economy is strongly linked to the external sector.
Agricultural manufacturing and primary commodities mainly account
for all exports, although the contribution of industrial
manufacturing has grown in recent years.

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.


TARJETA NARANJA: Fitch Affirms 'CCC-' LongTerm IDRs
---------------------------------------------------
Fitch Ratings has affirmed Tarjeta Naranja, S.A.'s (TN) Foreign and
Local Currency Long-Term Issuer Default Ratings (IDR) at 'CCC-'.

KEY RATING DRIVERS

IDRS

TN's IDRs are predominantly influenced by Argentina's volatile
operating environment and low sovereign ratings (CCC). TN's funding
and liquidity profile, which is affected by the capital controls in
Argentina, also highly influences the entity's ratings.

The ratings also consider TN's higher risk appetite relative to
bank peers with a moderate importance. The latter is due to its
business concentration in credit cards targeting low- and
middle-income segments. However, in Fitch's view, TN's robust niche
franchise as the largest credit card issuer in Argentina and one of
the top credit card issuers in the region, as well as its good
revenue generation capacity and track record of adequate asset
quality for its business model and segments served, somewhat
mitigate this constraint.

As a non-bank financial institution with short-term assets, TN's
funding profile relies primarily on accounts payable and local
issuances. Almost 100% of its liabilities were unsecured at June
30, 2021. No-cost accounts payable to merchants (for an average
tenor of 45 days) represented 68% of total liabilities, while a
further 19.3% derive from local and, to a lesser extent,
international issues of unsecured debt and bank financing for
16.2%.

TN's liquidity is strengthened by the predictable churn of its
short-term loan assets (with an average duration of approximately
four months). While the outstanding amount of international debt
issuances is small (around 3.3% of total liabilities), and the only
remaining principal payment is in April 2022, an extension or
tightening of the capital controls in Argentina cannot be ruled
out, adding uncertainty to TN's capacity to obtain U.S. dollars to
make the payment.

TN's profitability has historically been sound, driven by ample
margins and fee income sourced from both customers and merchants,
which resulted in a robust and recurring double-digit pre-tax
profit/average assets ratio until 2017. Since 2018, however,
persistently high inflation in Argentina and higher credit costs
have significantly affected the company's profitability since it
was required to adjust its financial statements by inflation, in
line with IAS29.

Since 2020, TN's profitability has improved markedly due to
stronger loan growth, a significant improvement in asset quality,
wider net interest margins due to lower funding costs and strict
cost control. Consequently, TN's pre-tax profit/total assets ratio
improved to 8.56% at June 30, 2021, from 6.79% at Dec. 31, 2020.

TN's asset quality has historically been adequate for its business
model and segments served, although, given its business focus, its
portfolio is highly sensitive to the evolution of the economic
environment. TN's loan quality indicators deteriorated
significantly between 2017 and 2019 due to the tough operating
environment, which had a greater impact on the lower income
segments of the population due to high inflation, and the decline
of the loan book.

However, after a series of measures taken by the company to improve
collections and restrict credit origination, and the indirect
benefit of the banking system relief measures, its asset quality
indicators have significantly improved. As a result, the NPL ratio
fell to 1.9% as of June 30, 2021, one of the lowest levels in TN's
history. Net charge-offs also decreased significantly in 1H21.

Additionally, reserve coverage has increased as the company set up
loan loss provisions according to its expected loss models and due
to the decline in NPLs and, as of June 2021, it reached an ample
291% of impaired loans. Fitch expects TN´s asset quality
indicators to remain sound throughout 2H21.

TN's capitalization and leverage are adequate for its business
model and risk appetite. Capital is mostly composed of tangible
equity with limited intangible assets. As of June 30, 2021, the
company's leverage (debt/tangible equity) and tangible equity to
tangible assets ratios reached 3.45x and 21%, respectively, close
to the respective levels reported up to 2018 of around 4x and 20%.
TN's capital and leverage position benefit from strong internal
capital generation and moderate dividend payments, of around 20%.

SENIOR DEBT

TN's senior unsecured debt rating is at the same level as the
company's Long-Term, Local Currency IDR, as the likelihood of the
notes' default is the same as that of TN. The 'RR4' recovery rating
reflects the average expected recovery in case of liquidation.

RATING SENSITIVITIES

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

-- The IDRs would benefit from an upgrade of Argentina's
    sovereign rating;

-- The IDRs could benefit from an elimination of capital controls
    in Argentina or the amortization of the outstanding amount of
    debt issued internationally.

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

-- TN's IDRs would be pressured by a downgrade of Argentina's
    sovereign rating or a deterioration in the local operating
    environment beyond current expectations that leads to a
    significant deterioration in its financial profile;

-- Any policy announcements that would be detrimental to the
    company's ability to service its obligations, including a
    tightening of capital controls to the extent that they
    restrict debt payments, would be negative for
    creditworthiness.

SENIOR DEBT

Ratings on senior debt are primarily sensitive to any change in
TN's IDRs.

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.




=============
B O L I V I A
=============

BOLIVIA: Fitch Affirms 'B' LongTerm IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Bolivia's Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'B' with a Stable
Outlook.

KEY RATING DRIVERS

Bolivia's rating is supported by a favorable government debt
profile in terms of low interest costs and long-dated maturities.
It is constrained by weak governance scores highlighted by recent
political instability, a relatively deep economic recession in 2020
and slow projected post-pandemic recovery, a wide fiscal deficit,
and vulnerabilities posed by international reserves that are low in
the context of high commodity dependence and a stabilized
exchange-rate regime.

The Stable Outlook reflects stronger terms-of-trade that are
helping arrest the erosion of international reserves and contain
associated near-term macroeconomic risks, given the absence of
clear policy adjustment plans likely needed to contain these risks
in the medium term. Political tensions remain high after a
tumultuous few years, posing economic risks captured in the 'B'
rating and past downgrades, but are not expected to result in major
economic disruptions.

President Luis Arce took office in November 2020 after an election
victory, marking the return to power of the Movement Toward
Socialism (MAS) party after a year of rule under the interim
government of Jeanine Añez that replaced the MAS government in
late-2019 when elections were annulled on allegations of fraud.
Political tensions remain high despite the peaceful transition of
power. Añez has been jailed on charges of genocide. The Arce
administration has reversed economic measures taken by the interim
government and made sweeping institutional changes. It pledges a
return to a state-led economic model, and while its ability to do
so without stoking macroeconomic risks is constrained by depleted
fiscal and external buffers, better terms-of-trade offer some room
for maneuver.

Bolivia's external position has improved in 2021, as exports have
surged on higher prices (namely gas and metals) and volumes, and
imports have rebounded more slowly amid still depressed domestic
demand. Fitch projects the current account will shift to a surplus
of 1.2% of GDP in 2021 from a 0.5% deficit in 2020. Capital
outflows surged in 2020 amid massive FDI divestment and deposit
flight around October 2020 elections, but these pressures have
abated in 2021. Several policy measures are also encouraging
substantial FX inflows, including the CPVIS program that
incentivizes banks to lend their external liquidity to the central
bank (BCB), and reduction in foreign exposure limits on financial
firms. Large "errors-and-omissions" (2%-3% of GDP) in
balance-of-payments data signal a somewhat weaker external
position, possibly reflecting contraband activity.

A current account surplus, reduced capital outflows, and CPVIS
inflows have helped stabilize reserves in 2021 after they fell to a
low of USD4.5 billion in March, and the appreciation of gold and
USD325 million SDR allocation lifted them to USD5.1 billion by
August. Fitch projects reserves will come under renewed pressure in
2022 as a modest current account deficit returns, however, and
their trajectory will likely hinge on the government's still
uncertain plans for fiscal adjustment and external borrowing.
Reserve levels are low compared to other commodity exporters with
stabilized exchange rates, especially as a share of broad money
(16%) and GDP (13%), constraining policy flexibility and elevating
macroeconomic vulnerabilities.

The pandemic and emergency spending measures have aggravated an
already weak structural fiscal position. Fitch expects a cyclical
revenue recovery will reduce the general government deficit to 8.2%
of GDP in 2020 from 12.9% in 2021, and the headline NFPS deficit to
8.2% from 12.5%. This is below the official projection of 9.7%,
reflecting Fitch's expectation that the authorities will be unable
to lift investment as much as planned. The authorities have not
detailed a medium-term fiscal plan or projections. They aim to cut
current spending, but fiscal data through June 2021 suggest this
could be difficult to achieve and that capital spending could be
the adjustment variable.

The authorities have been able to finance large fiscal deficits in
2020-2021 primarily with local borrowing, in 2020 from the BCB
(8.5% of GDP) and in 2021 via increased issuance in the local bond
market. External funding has been minimal this year, but is likely
to become more important in coming years given BCB financing puts
pressure on FX reserves, heavy local bond issuance could crowd out
private credit and complicate growth objectives, and two Eurobonds
for USD500 million each will come due in 2022 and 2023.

Fitch projects general government debt will rise to 65.5% of GDP in
2021, in line with the current 'B' median, and climb thereafter.
The cost and maturity profile of debt is favorable, as it consists
largely of multilateral loans on concessional terms and loans from
the BCB with negligible interest rates. The interest/revenues ratio
is projected to rise gradually from 6% in 2021 (adjusted for BCB
gains netted out of interest in official data), far below the 'B'
median of 12%.

Fitch projects Bolivia's economy will grow 5.4% in 2021 after
contracting by an estimated 8.0% in 2020 (GDP data since 2Q20 has
not been published). This relatively weak economic recovery
balances strong growth in exports, a partial snap-back in
consumption, and a slow rebound in public investment given
financing constraints and execution bottlenecks. Progress in
vaccinations has been slow, with 25% of the population fully
vaccinated as of mid-September, but mobility has largely
normalized.

Fitch projects growth will moderate to 2.8% in 2022 and 2.5% in
2023. Narrower fiscal and external buffers constrain the scope to
replicate the state-led development model that delivered high
growth in the past, making the outlook more reliant on the private
sector. However, no concrete reforms plans are in place to address
the competitiveness issues behind low private investment (6.5% of
GDP in 2019). Gas production is likely to remain in secular decline
given maturation of fields and the absence of recent investment,
and the authorities have a pipeline of exploration projects they
expect could reverse this trend by 2024.

Banks' cash flows and profitability have been greatly impacted by a
repayment moratorium and generous restructurings, prompting them to
restrain lending to preserve adequate liquidity and capital.
Measures by the BCB have supported liquidity, but with limited
effect on credit growth (3.6% yoy as of August) amid the risk-off
behavior by banks. A new law to allow early withdrawals from
private pension funds (AFPs) will have financial repercussions, but
these should be modest. The limited withdrawals permitted may be
small enough for AFPs to manage with cash flows rather than
liquidation of their large term deposits at banks, but they could
add some downward pressure on FX reserves.

ESG - Governance: Bolivia has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
Theses scores reflect the high weight that the World Bank
Governance Indicators (WBGI) have in Fitch's proprietary Sovereign
Rating Model. Bolivia has a low WBGI ranking at the 23rd
percentile, reflecting recent political instability, weak
regulatory quality, weak rule of law, a high level of corruption,
and moderate voice and accountability.

RATING SENSITIVITIES

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

-- External Finances: a sharp decline in international reserves
    that undermine the viability of the stabilized exchange-rate
    regime; for example, due to re-emergence of external pressures
    and the absence of adjustment measures to address them, and/or
    inability to access external credit.

-- Public Finances: A rapid increase in public indebtedness
    and/or increased funding stress that constrains debt repayment
    capacity.

-- Macro: Evidence of macroeconomic instability, including from
    political shocks, stress in the banking sector and large
    capital outflows.

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

-- External Finances: Improvement in the policy mix that
    underpins a recovery in international reserve levels and the
    long-term durability of the stabilized exchange rate regime.

-- Public Finances: Fiscal consolidation supporting a
    stabilization of general government debt/GDP.

-- Macro: Policies that support an improvement in private sector
    investment and medium-term growth prospects.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Bolivia a score equivalent to a
rating of 'B' on the Long-Term Foreign Currency (LT FC) IDR scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

Fitch projects Brent crude prices to average USD63/barrel in 2021
and moderate to USD55/barrel in 2022 and USD53/barrel in 2023.

ESG CONSIDERATIONS

Bolivia has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Bolivia has a
percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Bolivia has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Bolivia has a percentile rank
below 50 for the respective Governance Indicator, this has a
negative impact on the credit profile.

Bolivia has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Bolivia has a percentile rank below 50 for the
respective Governance Indicator, this has a negative impact on the
credit profile.

Bolivia has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Bolivia, as for all sovereigns. As Bolivia
has a fairly recent restructuring of public debt in 2006, this has
a negative impact on the credit profile.

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




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

BANCO MODAL: Moody's Hikes LongTerm Deposit Ratings to Ba3
----------------------------------------------------------
Moody's Investors Service has upgraded long term ratings and
assessments assigned to Banco Modal S.A. (Modal), including its
long term local and foreign currency deposit ratings to Ba3 from B1
and the long term local and foreign currency counterparty risk
ratings to Ba2 from Ba3. Moody's also upgraded Modal's baseline
credit assessment (BCA) to ba3 from b1, the adjusted BCA to ba3
from b1 and the long-term counterparty risk assessment to Ba2(cr)
from Ba3(cr). At the same time, Modal's short-term deposit and
counterparty risk ratings were affirmed at Not Prime, as well as
its short-term counterparty risk assessment of NP(cr). The outlook
on all ratings remains stable.

RATINGS RATIONALE

The upgrade of Modal's BCA to ba3, from b1, reflects the bank's
improved asset risk metrics in the last two years, its strong
capitalization following the initial public offering in April 2021,
and the recent change in its profitability structure providing
earnings stability. The BCA upgrade also acknowledges Modal's
reduced reliance on institutional funding sources and the higher
liquidity levels held by the bank, factors supported by a growing
retail base of deposits.

In 2016, Modal started a change of its business model by investing
in an open architecture investment platform, modalmais, integrated
with full digital banking capabilities focused on middle income
retail clients as well as investment banking services amid the
growing financial services opportunities created by Brazil's
deepening capital markets. Through its retail investment service
platform, the bank reached BRL26 billion in assets under custody as
of June 2021, up by 88% versus a year earlier. The upgrade
recognizes Modal's well-succeeded strategic shift of its revenues
center towards less volatile earning sources, while, at the same
time, the bank was able to reduce asset risk exposure. In terms of
profitability, net income to tangible banking assets stood at 1.7%
for the first half of 2021, with a higher fee-income component that
will continue to provide earnings stability over time.

The upgrade also incorporates a stronger capitalization structure,
following the injection of BRL1.2 billion through an IPO concluded
in April 2021, that increased the bank's tangible common equity
(TCE) to risk weighted assets (RWA) ratio to 25.1% as of June 2021,
from 16.4% at the end of 2020. This capitalization will continue to
support Modal's future growth plans in the competitive Brazilian
investment market, providing comfortable buffers against rising
asset risks as the bank increases its retail lending operation to
investment service customers. Asset risks have improved
significantly until June 2021, reflecting the completed run off of
its legacy mid-sized corporate loan book, and the strong 192%
expansion of its loan book in the first six months of the year,
which was primarily made of loans to individuals, most of which
collateralized by investments. In June 2021, problem loan ratio
reduced to 0.7% of gross loans from 2.5% at the end of 2020.

However, asset risk will remain challenged by the bank's rapid loan
growth over the next two years, and in light of its capital market
activities and the legacy private equity investments still carried
on its balance sheet, that accounted for 4.1% of total assets in
June 2021.

Modal's BCA upgrade to ba3 also reflects the growing participation
of retail-related deposits in the bank's funding mix, with demand
and time deposits representing 41% of total third-party resources
as of June 2021, which has been helped by its growing proprietary
digital platform that reduced the bank's reliance on relatively
more volatile and expensive institutional investors.

Although, Moody's do not have any particular governance concerns
for Banco Modal, the ongoing transformation and expansion of its
business model pose execution and operational risks and requires
ongoing monitoring.

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

Modal's ratings do not face further upward pressure at present
given the ratings upgrade.

Downward rating pressure would arise if the bank sees a greater
than expected fall in its capitalization ratio as a result of a
rapid expansion or unexpected loss, and sees sustainable asset risk
pressures from its new retail business that could arise from an
aggressive growth strategy. Negative pressure on ratings could also
materialize if earnings recurrence is disrupted by operating risks
associated with its evolving digital platform and execution risks.

ISSUERS AND RATINGS AFFECTED

The following ratings and assessments of Banco Modal S.A. were
upgraded:

Long-term local and foreign currency deposit ratings to Ba3, from
B1, stable outlook

Long-term local and foreign currency counterparty risk ratings to
Ba2, from Ba3

Baseline credit assessment to ba3, from b1

Adjusted baseline credit assessment to ba3, from b1

Long-term counterparty risk assessment to Ba2(cr), from Ba3(cr)

The following ratings and assessments of Banco Modal S.A. were
affirmed:

Short-term local and foreign currency deposit ratings of Not
Prime

Short-term counterparty risk assessment of Not Prime(cr)

Short-term local and foreign currency counterparty risk rating of
Not Prime

Outlook Actions:

Outlook, Stable

The principal methodology used in these ratings was Banks
Methodology published in July 2021.


COMPANHIA DE GAS: Brazillian Gas Regulator Blocks Pipeline
----------------------------------------------------------
Flavia Pierry at Argus Media reports that Brazilian oil and gas
regulator ANP has ruled that the state of Sao Paulo cannot
authorize local gas distribution company Comgas to build the Subida
da Serra pipeline.

In a decision circulated internally, the agency board of directors
agreed with a technical ruling that the 16mn m(3)/d project from a
coastal Santos LNG regasification facility project to Sao Paulo
state cannot be considered a distribution pipeline, and thus cannot
be authorized by state regulation or state law, according to Argus
Media.

Document obtained by Argus show that agency officials consider the
Comgas project "clearly . . .  a transportation pipeline", and thus
under the jurisdiction of federal authorities for approval, the
report notes.

After receiving an ANP infrastructure superintendent's
recommendation that the project cannot be authorized by state law,
the board of directors for the federal agency unanimously adopted
that view, the report relays.

The pipeline project Subida da Serra is considered an important
asset for Comgas, since it will connect the distribution network to
LNG regasification facilities, the report adds.

As reported in the Troubled Company Reporter - Latin America on
May 24, 2021, Fitch Ratings affirmed Companhia de Gas de Sao Paulo
- COMGAS's Long-Term Foreign Currency Issuer Default Rating (IDR)
at 'BB', Local Currency IDR at 'BBB-' and National Long-Term Rating
at 'AAA(bra)'. The Outlook is Negative for the IDRs and Stable for
the National Long-Term Rating.


PETROLEO BRASILEIRO: Shuts and Restarts Gasoline Pipeline
---------------------------------------------------------
Amance Boutin at Argus Media reports that Brazil's state-controlled
Petroleo Brasileiro S.A. (Petrobras) temporarily closed its 266km
(165-mile) Opasc refined products pipeline because of sulfur
contamination.

Petrobras confirmed to Argus that it interrupted deliveries through
the pipeline, according to Argus Media.  Operations had resumed
after addressing the contamination issue, Petrobras said, the
report notes.

After the pipeline was shut down industry associations asked
Brazil's regulator ANP to temporarily increase Brazil's gasoline
sulfur limit to 170ppm from 50ppm to avoid shortages, according to
an industry memo seen by Argus, the report relays.

ANP said it is analyzing the contamination issue.

The pipeline links the 208,000 b/d Presidente Getulio Vargas
refinery (REPAR) in the state of Parana to the Itajai terminal in
the state of Santa Catarina, the report adds.

                      About Petrobras

Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil.  Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia.  But, Brazil represents majority of its production.

The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank
and Brazil's Sovereign Wealth Fund (Fundo Soberano) each control
5%, bringing the State's direct and indirect ownership to 64%.

A corruption scandal was uncovered in 2014 that involved
Petrobras.  The scandal related to money laundering that involved
Petrobras executives.  The executives were alleged to get received
kickbacks from overpriced contracts, to the tune of about $3
billion in total.

S&P Global Ratings affirmed its 'BB-' global scale and its 'brAAA'
Brazilian national scale ratings on Petrobras on July 28, 2021.
Moody's Investors Service affirmed the 'Ba2' long term foreign
currency credit rating of Petrobras on August 23, 2019, with a
stable Outlook. Fitch revised outlook on Petrobras to negative and
affirmed 'BB-' long term foreign currency and local currency credit
ratings on May 7, 2020.


SAO PAULO: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed the Brazilian Municipality of Sao
Paulo's Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB-' with a Negative Outlook and its Short-Term Foreign
and Local Currency IDR at 'B'. Additionally, Fitch has affirmed Sao
Paulo's National Long-Term Rating at 'AA(bra)' with a Stable
Outlook and its National Short-Term Rating at 'F1+(bra)'.

The municipality's IDRs are capped by Brazil's sovereign IDR
(BB-/Negative). Fitch has assessed Sao Paulo's Standalone Credit
Profile (SCP) at 'bbb-'. The assessment is underpinned by an
operating margin and Debt Sustainability in line with Fitch's
expectations amid the coronavirus pandemic.

KEY RATING DRIVERS

Risk Profile Assessment: Low Midrange

Municipality of Sao Paulo's risk profile has a combination of
attributes with a majority that are Midrange and some Weaker. The
'Low Midrange' assessment reflects Fitch's view of a moderately
high risk relative to international peers that the issuer's ability
to cover debt service with the operating balance may weaken
unexpectedly over the forecast horizon (2021-2025) due to lower
revenue, higher expenditure, or an unexpected rise in liabilities
or debt or debt-service requirement.

Revenue Robustness: Midrange

Municipality of Sao Paulo presents revenue growth expected to be
marginally positive and has posted a history of fairly stable
operating revenue growth. A revenue increase in 2020 was mainly
driven by extraordinary transfers from the federal government,
which were an effort to protect LRGs from the negative impacts of
the pandemic over tax collection and constitutional transfers. Sao
Paulo's operating revenues increased 11% on average (2017-2020),
which is higher than inflation. Sao Paulo reports transfers to
operating revenues of 29.6% in 2020, showing a high fiscal
autonomy, with tax collection representing 55.5% of operating
revenues in the same period, thus leading this factor to midrange.

Revenue Adjustability: Weaker

Fitch considers Brazilian states and municipalities to have a low
capacity level for revenue increases in response to downturns. The
municipality has some tax autonomy, which allows a satisfactory
level of revenue increase in response to an economic downturn.
However, like other Brazilian cities, Sao Paulo has a fairly
granular tax base, in which the 10 largest tax payers of the tax on
services (ISS - Imposto Sobre Servicos), the most relevant tax,
accounted for 18.3% of total collections in 2020. Despite the
possibility to increase tax tariffs in light of the adequate GDP
per capita, tax tariffs are close to the constitutional limit, thus
making revenue adjustment more difficult and supporting Fitch's
assessment of Weaker.

Expenditure Sustainability: Midrange

Responsibilities for states are moderately countercyclical since
they are engaged in healthcare, education and law enforcement.
Municipalities are mostly engaged in providing basic healthcare and
elementary education services. Fitch looks at both the historical
performance and growth prospects of expenditures when assessing KRF
2a. Overall, LRGs with operating revenues growth above operating
expenditure growth could be assessed as Midrange. But it is also
important to be forward looking and assess the LRG capacity to
sustain a benign trend going forward.

Sao Paulo presents moderate control over expenditure growth,
considering that operating revenue growth has been increasing
higher than operating expenditure growth, which allowed the
municipality to remain presenting positive operating margins. In
addition, Sao Paulo does not present aggressive off-loading of
investments and borrowings, also corroborating the Midrange
assessment.

Expenditure Adjustability: Weaker

Brazilian local governments suffer from a fairly rigid cost
structure. As per the Brazilian Constitution, there is low
affordability of expenditure reduction especially in salaries. As a
result, whenever there is an unpredictable reduction in revenues,
operating expenditure does not follow automatically. In addition,
there is high share of inflexible costs since there is more than
90% share of mandatory and committed expenditures. Also, capex
represents less than 10% of total expenditures, leading this factor
to weaker.

Liabilities and Liquidity Robustness: Midrange

There is a moderate national framework for debt and liquidity
management since there are prudential borrowing limits and
restrictions on loan types. Sao Paulo does not present maturity
concentration and has moderate market access. As of December 2020,
external debt totaled BRL472 million, corresponded only to 1.7% of
total debt. Debt directly owed to the Federal Government
represented 93.8% of total debt in December 2020.

Under the Fiscal Responsibility Law (LRF) of 2000, Brazilian LRGs
have to comply with indebtedness limits. Consolidated net debt for
municipalities cannot exceed 1.2x (120%) of net current revenue.
The Municipality of São Paulo reported a debt ratio of 43.73% as
of December 2020, according to national treasury calculation. The
LRF also sets limits for guarantees (for municipalities, 22% of net
current revenues). Sao Paulo reported a guarantee ratio of 0.18%.

Liabilities and Liquidity Flexibility: Midrange

Municipality of Sao Paulo has satisfactory liquidity levels since
reported short-term financial obligations represent less than 100%
of free cash positions, as calculated by the Brazilian national
treasury (CAPAG liquidity ratio). Alternatively, there is a
framework of providing emergency liquidity support from the federal
government via the granting of extended maturities over the
prevalent federal debt portion.

Debt Sustainability: 'aa' category

Fitch assesses Sao Paulo's debt sustainability at 'aa', which is
negatively affected by a weaker debt service coverage ratio, a
secondary debt metric, which scored 'bb' in 2025. Fitch's rating
case forward-looking scenario indicates a payback ratio (net direct
risk to operating balance), which is the primary metric of debt
sustainability assessment; to remains lower than 5x, which is much
lower than historical average considering the improved operating
balance and the drastic reduction in debt levels verified since
2016 given the change in index applicable to the prevalent federal
debt portion the city carries.

This corroborates with the 'aa' assessment. Fitch expects under its
rating case scenario debt service coverage (operating balance/debt
service, including short-term debt maturities) to be between 1.0x
and 1.2x.

DERIVATION SUMMARY

Fitch assesses Sao Paulo's SCP at 'bbb-', which results from a 'Low
Midrange' risk profile and 'aa' debt sustainability assessment. The
SCP factors in the municipality's comparison with international and
national peers in the same rating category. Municipality of Sao
Paulo's SCP internationally compares adequately with Novosibirsk
Region and Altai Region. Sao Paulo's IDRs are not affected by any
asymmetric risk or extraordinary support from the Brazilian state.

KEY ASSUMPTIONS

Qualitative assumptions

-- Risk Profile: Low Midrange

-- Revenue Robustness: Midrange

-- Revenue Adjustability: Weaker

-- Expenditure Sustainability: Midrange

-- Expenditure Adjustability: Weaker

-- Liabilities and Liquidity Robustness: Midrange

-- Liabilities and Liquidity Flexibility: Midrange

-- Debt sustainability: 'aa' category

-- Rating Cap or Rating Floor: Capped by sovereign's IDRs of
    'BB-'

Quantitative assumptions

Fitch's rating case scenario is a through-the-cycle scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on the 2016-2020 figures and 2021-2025
projected ratios. The key assumptions for the scenario include:

-- Income tax and fees, fines and other operating revenues linked
    to inflation - CAGR of operating revenues of 5.8%;

-- Transfers linked to nominal GDP growth - CAGR of 5.3%;

-- Operating expenditures also linked to inflation - CAGR of
    6.5%;

-- Long-term debt increase based on estimates of new credits;

-- Cost of debt based on Brazilian projected interest rate –
    average of 6.1%.

RATING SENSITIVITIES

Municipality of Sao Paulo's IDRs are capped by the sovereign
rating. Any rating actions affecting Brazil (BB-/Negative) would
result in a similar action for Sao Paulo.

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

-- A positive rating action on Brazil's IDRs could positively
    affect Municipality of Sao Paulo's IDRs.

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

-- Municipality of Sao Paulo's IDRs could be downgraded if its
    operating balance deteriorates, triggering an enhanced payback
    ratio between 5x and 9x and the enhanced DSCR lower than 2x in
    Fitch's forward-looking scenario.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Fitch classifies the Municipality of Sao Paulo, Brazil as a Type B
LRG that is required to cover debt service with cash flows on an
annual basis. Sao Paulo is the most populous and wealthiest
Brazilian city. Revenue sources are based on taxation and transfers
from upper tiers. Sao Paulo has the right to borrow in the domestic
market and externally, subject to national government approval.

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.


STATE OF PARANA: Fitch Affirms 'BB-' LongTerm IDRs
--------------------------------------------------
Fitch Ratings has affirmed State of Parana's Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'BB-' with a
Negative Rating Outlook and its Short-Term Foreign and Local
Currency IDR at 'B'. Additionally, Fitch has affirmed Parana's
National Long-Term Rating at 'AA(bra)' with a Stable Outlook and
the National Short-Term Rating at 'F1+(bra)'.

Fitch has raised the state's Standalone Credit Profile (SCP) to
'bb-' from 'b+'. The higher SCP reflects a combination of a
'Weaker' risk profile and debt sustainability metrics assessed in
the 'aa' category under Fitch's rating case scenario, reflecting a
sustained improvement in operating balances, historically as well
as in the projected horizon, following extraordinary federal
support throughout the pandemic, adjustment measures and improved
growth prospects.

KEY RATING DRIVERS

Risk Profile: 'Weaker'

Parana's risk profile assessment of Weaker is based on a
combination of three Weaker and three Midrange key risk factors.
The assessment reflects Fitch´s view of a high risk relative to
international peers that the issuer´s ability to cover debt
service with its operating balance may weaken unexpectedly over the
forecast horizon (2021-2025) due to lower revenue, higher
expenditure or an unexpected rise in liabilities, debt or
debt-service requirements.

Revenue Robustness: 'Midrange'

Fitch expects Parana's operating revenue to grow in line with
nominal GDP. The Brazilian tax collection framework transfers a
large share of the responsibility to collect taxes to states and
municipalities. Constitutional transfers exist as a mechanism to
compensate poorer entities. For that reason, Fitch considers a high
dependency towards transfers a weak feature for a Brazilian LRGs.
The State of Parana reports high fiscal autonomy, with a low
transfer ratio, which supports this rating factor at Midrange. As
of 2020, transfers represented 27.5% of operating revenues.

Revenue Adjustability: 'Weaker'

Fiscal flexibility is limited. Brazilian LRGs have a low capacity
for revenue increases in response to a downturn. There is low
affordability of additional taxation given that tax tariffs are
close to the constitutional national ceiling and a small number of
taxpayers represent a large share of tax collection.

Expenditure Sustainability: 'Midrange'

Expenditure tends to grow with revenues as a result of earmarked
revenues. States and municipalities are required to allocate a
share of revenues in health and education. This results in
procyclical behavior in good times, as periods of high revenue
growth result in a similar behavior for expenditures. Parana
demonstrates moderate control over expenditure growth. Operating
expenditure has increased slightly less than operating revenues in
the last few years.

Expenditure Adjustability: 'Weaker'

As per the Brazilian Constitution, there is low affordability of
expenditure reduction. As a result, whenever there is an
unpredictable reduction in revenues, operating expenditure does not
follow automatically. In addition, there is a high share of
inflexible costs since there is more than a 90% share of mandatory
and committed expenditures. Consequently, capex represents less
than 10% of the state's total expenditures.

Liabilities and Liquidity Robustness: 'Weaker'

There is a moderate national framework for debt and liquidity
management and the federal government guarantees all U.S.
dollar-denominated debt. As of December 2020, external debt
represented 13% of direct debt with no significant maturity
concentration. Debt directly owed to the Federal Government
represented 61% of direct debt. Nonetheless, off-balance sheet
risks related to the pension system drive this factor to Weaker.
The pension deficit of Parana costs the state's treasury 14.4% of
net current revenues in the year of 2020. Back in December 2019,
Parana has raised the pension contribution fee to a maximum of 14%
and applied the contribution fee to benefits above three minimum
wages. While there are ongoing discussions, Parana has not yet
implemented a complementary pension system.

Liabilities and Liquidity Flexibility: 'Midrange'

There is a framework of providing emergency liquidity support from
the federal government via the granting of extended maturity over
the prevalent federal debt portion. Moreover, Parana has
satisfactory liquidity levels, as reported by the Brazilian
national treasury (CAPAG liquidity ratio).

Debt sustainability: 'aa' category

This assessment reflects a payback ratio (net direct risk to
operating balance), which is the primary metric of debt
sustainability assessment, to increase to levels between 5x and 9x
towards the end of the projection cycle. The secondary metric,
Actual Debt Service Coverage Ratio, is expected to remain above 2x
throughout the projection cycle. This is commensurate with a 'aa'
debt sustainability assessment. The debt sustainability assessment
improved from the previous review 'a' category. The better than
expected performance throughout the global pandemic resulted in a
strong 3.2x payback ratio in 2020. Despite the phase-out of federal
extraordinary support, expenditure adjustment measures and higher
growth prospects resulted in improved debt metrics in the
projection cycle.

Parana does not benefit from enhanced metrics because its SCP is
already at the sovereign level.

DERIVATION SUMMARY

Parana's SCP is assessed at 'bb-', reflecting a combination of a
'Weaker' risk profile and debt sustainability metrics assessed in
the 'aa' category under Fitch's rating case scenario. The SCP,
positioned in 'bb-', also reflects the peer comparison, such as the
State of Maranhao and Antalya Metropolitan Municipality. Currently,
Parana does not benefit from enhanced metrics because its SCP is
already at the sovereign level.

KEY ASSUMPTIONS

Qualitative assumptions:

-- Risk Profile: Weaker

-- Revenue Robustness: Midrange

-- Revenue Adjustability: Weaker

-- Expenditure Sustainability: Midrange

-- Expenditure Adjustability: Weaker

-- Liabilities and Liquidity Robustness: Weaker

-- Liabilities and Liquidity Flexibility: Midrange

-- Debt sustainability: 'aa' category, raised from 'a' in the
    previous review

-- Budget Loans or Ad-Hoc Support: n/a

-- Asymmetric Risk: n/a

-- Rating Cap or Rating n/a

Quantitative assumptions

Fitch's rating case scenario is a through-the-cycle scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on the 2016-2020 figures and 2021-2025
projected ratios. The key assumptions for the scenario include:

-- Income tax and fees, fines and other operating revenues linked
    to inflation;

-- Transfers linked to nominal GDP growth;

-- Overall operating revenue growth (5.6% CAGR 2021-2025);

-- Operating expenditures also linked to inflation (7.5% CAGR
    2021-2025);

-- Long-term debt increase based on estimates of new credits
    (BRL2.6 billion new loans for 2021-2025);

-- Cost of debt of 2.6% based on the average cost of debt in
    2015-2019. Fitch does not include the year of 2020 considering
    that Brazilian LRGs benefitted from debt service relief
    throughout that year.

RATING SENSITIVITIES

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

-- A positive rating action for Brazil's IDRs could positively
    affect State of Parana's IDRs;

-- Parana's SCP could be raised if the payback ratio remains
    between 5x and 9x and the DSCR approaches 3x, and its debt
    metrics compare well relative to peers.

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

-- A downgrade of Brazil's IDRs (BB-/Negative) would negatively
    affect State of Parana's IDRs;

-- Parana's SCP could be lowered if its operating balance
    deteriorates, triggering a payback ratio above 9x and/or DSCR
    below 2x.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Parana is one of the richest states in Brazil. Predominantly a
service economy, the state is an important commodity exporter, such
as for soy, poultry and coffee. Contribution to national GDP has
been stable at around 6% for the last five years, and per capita
GDP is 1.15x the national average. The state ranks high with
regards to human development indicators, with the third lowest
infant mortality and sixth lowest illiteracy rate. The unemployment
rate has also been significantly lower than the national average.

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 OKs Bankruptcy Exit Plan Filing Extension
---------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that U.S. Bankruptcy Judge
James Garrity extended a deadline for Latam Airlines Group SA to
file its bankruptcy exit plan, giving the Chilean carrier more time
to negotiate with creditors.

Latam now has until Oct. 15, 2021 to file its plan.

Judge Garrity approved the request in a court hearing.
Latam's request was uncontested, but lawyers for two creditor
groups both said they reserve the right to oppose future extensions
if further progress on a plan isn't made by Oct. 15, 2021.

A lawyer for Columbus Hill Capital Management said in the hearing
any plan will need to comply with Chilean securities law.

                   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.




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

EL SALVADOR: Adopts Bitcoin as Currency to Cut Cost in Remittances
------------------------------------------------------------------
globalinsolvency.com, citing Market Research Telecast, reports that
El Salvador became the first country in the world to adopt bitcoin
as legal tender, with the aim of reducing costs in sending
remittances, attracting foreign investment and boosting domestic
consumption.

It does so after its parliament approved the cryptocurrency
legalization, a law that has not been well received by
international organizations and agencies, according to
globalinsolvency.com.

The report notes that the president of the Central American country
has repeatedly defended this measure for various reasons, among
which are the reduction of costs in remittances for millions of
Salvadorans working abroad or even an opportunity to protect
developing economies from possible impacts on the inflation.

The president estimated savings of US$400 million (about 340
million euros) in commissions for Salvadorans for receiving
remittances from outside the country, the report relays.

"Why did we create this law? Because bitcoin has a market of
capitalization of $600 billion (504,000 million euros) globally,
and if we do this, investors and tourists who have bitcoin will
come to the country and benefit Salvadorans and the economy," El
Salvadorian President Nayib Bukele remarked through social
networks, the report notes.

Regarding the operation of the cryptocurrency, the government will
launch a digital wallet called "Chivo," synonymous with "cool" in
the Central American country, the report notes.  To encourage the
use of cryptocurrency among Salvadorans, the Bukele Administration
will offer $30 (25 euros at the current exchange rate) in bitcoin
to any citizen who opens an account on the platform, the report
adds.




=========
H A I T I
=========

HAITI: Central Bank Reduces Credit Risk of Microfinance Entities
----------------------------------------------------------------
RJR News reports that to revive economic activities in the
earthquake-ravaged southern region of Haiti, the Bank of the
Republic of Haiti plans to reduce the credit risk of microfinance
institutions.

The move will allow these financial institutions to provide more
micro loans to small businesses and individuals, as the country
explores various long-term recovery options, according to RJR
News.

The 'shock mitigation' measure will apply to post-earthquake
reconstruction projects, support microfinance institutions affected
by the disaster and will help raise capitalization for these
institutions, the report relays.

A Reconstruction Fund is also planned to supervise financial
institutions such as banks, microfinance institutions and other
credit institutions in granting loans for housing or businesses at
lower costs to households and companies struck by the earthquake,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 26, 2021, Andrew Laidley at Jamaica Observer reports that a
World Bank report published in April indicated that Haiti's gross
domestic product (GDP) is expected to contract for a
third-consecutive year by 0.7 per cent in 2021 as the country
remains engulfed in political turmoil.  By all indications that
projection could worsen following the assasination of Haiti's
President Jovenel Moise on July 7, according to Jamaica Observer.
The report notes that though no official data are available to
indicate the extent of the economic fallout, the World Bank said
that a return to pre-pandemic GDP levels in Haiti is not envisioned
until after 2023, under the proviso of a return to some political
stability.




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

HONDURAS: IDB Okays $118MM Loan to Improve Logistics Performance
----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $118.48
million loan to help Honduras improve its logistics performance
with a view to boosting the sector's integrated planning and
upgrading trade facilitation processes.

The proposed reforms will contribute to modernize logistic sector
services and foster their insertion into global markets by
strengthening their institutional, regulatory, planning, and rule
of law capabilities, paving the way and providing incentives for
the development of specialized logistic infrastructure, quality
transportation and logistics services, and the consolidation of the
Central American Customs Union in an environment of greater
transparency.

The program's implementation will generate economic benefits in the
areas of production and trade both at national and regional level,
in particular to those productive sectors with stronger incidence
on the economy. The intended reforms will foster improvements in
the institutional environment as well as in planning, regulation of
overland transportation logistics services, and customs management
across the national territory. Producers and marketers will have
greater access to domestic and international markets; logistics
operators will have processes and infrastructure that are more
orderly and efficient and tailored to needs; and transportation and
logistics services users will be able to deliver cost-efficient
services.

The infrastructure investment that our region requires to meet the
needs of its growing population, support economic growth, and
attain Sustainable Development Goals has been estimated at $225
billion-plus per year, or more than 3.5% of GDP. Due to the
countries' limited fiscal space, particularly within the context of
the COVID-19 pandemic, boosting financing for the public and
private sectors is of the essence, and multilateral banks have a
critical role to play in this respect.

The IDB is investing in projects with high potential to generate
economic growth and speed up recovery. The program is aligned with
the Bank's Vision 2025 goals of promoting regional integration,
strengthening value chains, supporting small- and medium-sized
enterprises to help them narrow their financing gaps, and
prioritizing gender and climate change issues.

The loan approved by the IDB will be disbursed over one year. It
has a 20-year repayment term, with a 5.5-year grace period and
interest rate based on LIBOR.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2021,  Moody's Investors Service has affirmed the
Government of Honduras' B1 long-term issuer and B1 senior unsecured
bond ratings. The outlook remains stable.




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

ECOLIFT CORP: Seeks to Hire RSM Puerto Rico as Accountant
---------------------------------------------------------
Ecolift Corporation seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire RSM Puerto Rico as its
accountant.

The firm's services include:

   (a) preparation or review of monthly operating reports required
by the bankruptcy court;

   (b) reconciliation of proofs of claim;

   (c) preparation or review of the Debtor's projections;

   (d) analysis of profitability of the Debtor's operations;

   (e) assistance in the development or review of plan of
reorganization or disclosure statement;

   (f) consultation on strategic alternatives and developments of
business plans; and

   (g) any other consulting and expert witness services relating
to
various bankruptcy matters such as insolvency, feasibility, and
forensic accounting, as necessary.

The firm will be compensated as follows:

     Doris Barroso-Vicens    $250 per hour
     Partner                 $200 - $300 per hour
     Managers                $145 - $184 per hour
     Seniors                 $75 - $90 per hour
     Staff                   $65 - $75 per hour

The hourly rates increase at approximately 10 percent every June
1.

As disclosed in court filings, RSM Puerto Rico neither represents
nor holds any interest adverse to the Debtor and its bankruptcy
estate.

The firm can be reached through:

   Doris Barroso-Vicens
   RSM Puerto Rico, Certified Public Accountants and Consultants
   Postal Address:
   P.O. Box 10528
   San Juan, PR 00922-0528

                     About Ecolift Corporation

Ecolift Corporation, a San Juan, P.R.-based manufacturer of
aircraft parts and equipment, filed its voluntary petition for
Chapter 11 protection (Bankr. D.P.R. Case No. 21-02751) on Sept.
17, 2021, listing as much as $10 million in both assets and
liabilities.  Ecolift President Ernesto Di Gregorio signed the
petition.  

Carmen D. Conde Torres, Esq., at C. Conde & Assoc. and RSM Puerto
Rico serve as the Debtor's legal counsel and accountant,
respectively.


ECOLIFT CORP: Taps C. Conde & Assoc. as Legal Counsel
-----------------------------------------------------
Ecolift Corporation seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire C. Conde & Assoc. to serve
as legal counsel in its Chapter 11 case.

The firm's services include:

     a. advising the Debtor with respect to its duties, powers and
responsibilities in the bankruptcy case under the laws of the U.S.
and Puerto Rico;

     b. advising the Debtor to determine whether a reorganization
is feasible and, if not, helping the Debtor in the orderly
liquidation of its assets;

     c. assisting the Debtor in negotiations with creditors for
the
purpose of arranging the orderly liquidation of assets and
proposing a viable plan of reorganization;

     d. preparing legal papers;

     e. appearing before the bankruptcy court or any court in
which
the Debtor asserts a claim interest or defense directly or
indirectly related to the bankruptcy case;

     f. provide all notary services; and

     g. performing other necessary legal services.

The firm's hourly rates are as follows:

     Carmen Conde Torres, Esq.   $350 per hour
     Associates                  $300 per hour
     Junior Attorney             $275 per hour
     Clerical Services           $150 per hour

C. Conde & Assoc. will be paid a retainer in the amount of
$25,000.

The firm will also receive reimbursement for out-of-pocket
expenses incurred.

Carmen D. Conde Torres, Esq., a partner at C. Conde & Assoc.,
disclosed in a court filing that her firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy
Code.

C. Conde & Assoc. can be reached at:

     Carmen D. Conde Torres, Esq.
     C. Conde & Assoc.
     254 San Jose Street, 5th Floor
     Old San Juan, PR 00901-1523
     Tel: (787) 729-2900
     Fax: (787) 729-2203
     Email: condecarmen@condelaw.com

                     About Ecolift Corporation

Ecolift Corporation, a San Juan, P.R.-based manufacturer of
aircraft parts and equipment, filed its voluntary petition for
Chapter 11 protection (Bankr. D.P.R. Case No. 21-02751) on Sept.
17, 2021, listing as much as $10 million in both assets and
liabilities.  Ecolift President Ernesto Di Gregorio signed the
petition.  

Carmen D. Conde Torres, Esq., at C. Conde & Assoc. and RSM Puerto
Rico serve as the Debtor's legal counsel and accountant,
respectively.



                           *********


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

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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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