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

          Thursday, December 26, 2019, Vol. 20, No. 258

                           Headlines



A R G E N T I N A

ARGENTINA: Delays Payments on $9 Bil. in Dollar-Denominated Debt
ARGENTINA: Fitch Upgrades LT FC Issuer Default Rating to 'CC'
ARGENTINA: S&P Cuts FC Sovereign Credit Rating to 'SD/D'
CORDOBA MUNICIPALITY: Moody's Withdraws Caa2 Sr. Sec. Notes Rating


B R A Z I L

BANCO RCI: Moody's Affirms Ba3 LT Global FC Deposit Rating


C O L O M B I A

AVIANCA HOLDINGS: S&P Ups ICR to B- on Completed Debt Restructuring


P U E R T O   R I C O

ASCENA RETAIL: Effects 1-for-20 Reverse Common Stock Split
DESTINATION MATERNITY: Stalking Horse Bidder for Assets Sale Named
STONEMOR PARTNERS: Registers 6.1M Common Units Under 2019 LTIP


S U R I N A M E

SURINAME: To Increase Electricity Coverage with US$30M IDB Support

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Delays Payments on $9 Bil. in Dollar-Denominated Debt
----------------------------------------------------------------
The Financial Times reports that Argentina has delayed payment on
roughly $9 billion in dollar-denominated debt for the second time
in five months, pushing off payment until August 31 while calling
on bondholders to show "good faith" in talks to restructure the
country's massive debt pile.

The government was due to repay $67 million on Dec. 20 and an
additional $280 million on Dec. 23 for the local notes, known as
Letes, according to local newspaper Clarin, reports The Financial
Times.  These short-term bonds are sold by the country's Treasury
to individuals and companies. Private individuals and the Argentine
provinces will be exempt from the postponement, the report notes.

"It basically kicks the can down the road," said Alejo Costa, a
strategist at BTG Pactual in Buenos Aires, the report relays.  "The
payment for August will just be too massive so we know they have to
do something before it arrives," he added.

Fitch, the rating agency, downgraded Argentina "restricted default"
after the plan was unveiled, noting that it deemed the maturity
extension "a distressed debt exchange". Another rating agency,
Standard & Poor's, followed suit shortly after, downgrading the
country to "selective default," the report notes.

The last payment delay was announced by the previous government of
Mauricio Macri, shortly after a primary vote result that signalled
he would lose his bid for re-election in October's national
election, which sent the peso reeling and increased the cost of
insuring against a debt default, the report says.

The announcement came as little surprise to investors, given
Argentina's record on debt repayment and the central bank's
dwindling stock of foreign reserves, used in the battle to control
high inflation and a weak currency, the report discloses.

"More than anything else, it's a reality check," said Walter
Stoeppelwerth, the chief investment officer at Portfolio Personal
Inversiones.  "It's a recognition that no way, no how do they have
the dollars to pay the Letes now," he added.

The latest move is part of a wider strategy by Argentina's new
president, Alberto Fernandez, who took office earlier this month,
to restructure a large part of Argentina's estimated debt load of
$332 billion, the report notes.  This included loans from the IMF,
which extended a $57 billion bailout program to the country last
year, the biggest in the institution's history, the report relays.

The official government bulletin announcing the new measures said a
significant percentage of Argentina's debt was in foreign
currencies, principally the US dollar, the report notes.  A
government spokesman said since the dollar was not Argentina's
currency, the dollar debt presented different problems and
therefore had to be treated differently in terms of repayment, the
report discloses.

Earlier, the lower house of Argentina's Congress approved an
emergency economic bill, known as the Social Solidarity and
Production Reactivation plan, which includes an array of tax
increases on grain exports, personal property and foreign assets
held abroad, the report says.

A Treasury official told financial newspaper El Cronista that the
economic reforms were part of a wider plan to help shore up the
country's finances, the details of which will be released in the
next few weeks, the report notes.

The reprofiling of the debt came on the heels of an interest-rate
cut by the central bank, which slashed the benchmark policy rate
from 63 per cent to 58 per cent in an attempt to revitalise the
economy, 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 President-elect 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 foreign and local currency sovereign credit
ratings for Argentina stands at CCC- with negative outlook. S&P
said, "The negative outlook reflects the prominent downside risks
to payment of debt on time and in full per our criteria over the
coming months amid very complex political, economic, and financial
market dynamics."  Moody's credit rating for Argentina was last
set at Caa2 from B2 with under review outlook. Fitch's credit
rating for Argentina was last reported at CC with n/a outlook.
DBRS's credit rating for Argentina is CC with under review outlook.
S&P, Moody's and DBRS ratings were issued on Aug. 30, 2019; Fitch
rating on Sept. 3, 2019.

Back in July 2014, Argentina defaulted on some of its debt, after
expiration of a 30-day grace period on a US$539 million interest
payment.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.  On
March 30, 2016, Argentina's Congress passed a bill that will allow
the government to repay holders of debt that the South
American  country defaulted on in 2001, including a group of
litigating hedge  funds that won judgments in a New York court.
The bill passed by a vote of 54-16

ARGENTINA: Fitch Upgrades LT FC Issuer Default Rating to 'CC'
-------------------------------------------------------------
Fitch Ratings upgraded Argentina's Long-Term Foreign-Currency
Issuer Default Rating to 'CC' from 'RD', and its Short-Term
Foreign-Currency IDR to 'C' from 'RD'.

KEY RATING DRIVERS

The upgrade of Argentina's Long-Term Foreign-Currency (LT FC) IDR
to 'CC' follows the conclusion of the government's unilateral
extension of repayment of short-term dollar-denominated treasury
bills (Letes) issued under local law on Dec. 19. In accordance with
criteria, Fitch deemed this development to be a default on
Argentina's sovereign obligations in the form of a 'distressed debt
exchange' (DDE), carried out via executive decree rather than a
negotiation, and downgraded its foreign-currency ratings to 'RD' on
Dec. 20. The DDE has effectively concluded as the new repayment
schedule has taken effect.

The 'CC' rating indicates a high probability of another default of
some kind on Argentina's sovereign obligations, which could include
a new DDE or traditional payment default.

The new administration of President Alberto Fernandez has announced
its intention to restructure its long-term bonds issued under both
local and foreign law early in 2020. It has taken steps that could
support its financial position as it engages in talks with
bondholders, including tightening capital controls to preserve
central bank FX reserves, issuing some short-term peso-denominated
debt in the local market, and resorting to some central bank
financing. It has also secured congressional approval of a package
of emergency measures, including large tax increases and changes in
the pension benefit formula, which could prevent an increase in
financing needs in 2020.

These measures could support the sovereign's ability to make debt
payments in the near term, but this will become especially
difficult in March-May 2020 due to a hump in debt service of around
USD25 billion in this three-month period out of a roughly USD64
billion total for the year. Risks of missed payments cannot be
ruled out given this tight timeline for negotiations with
bondholders and an uncertain path forward for doing so. A
successful restructuring is likely to require greater clarity on a
multi-year fiscal and financing strategy, around which details have
been fairly limited thus far. It could be difficult to achieve
without progress on revival of the stalled program with the IMF, in
order to re-establish it as a policy anchor, unlock its remaining
financing, and reschedule heavy repayments that will come due
beginning in late 2021.

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

In accordance with its rating criteria, for ratings of 'CCC' and
below, Fitch's sovereign rating committee has not utilized the SRM
and QO to explain the ratings, which are instead guided by the
ratings definitions.

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 its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that could, individually, or collectively, lead to
a positive rating action include:

  - Developments that alleviate financing constraints and enable
the government to meet its debt service obligations on a sustained
basis.

The main factors that could, individually, or collectively, lead to
a negative rating action include:

  - Missed debt payment or signs of imminent default on commercial
debt obligations; for example, a formal launch of a debt exchange
proposal involving a material reduction in terms and taken to avoid
a traditional payment default.

KEY ASSUMPTIONS

Fitch expects growth of the global economy, and that of key trading
partner Brazil, in line with the projections outlined in the latest
Global Economic Outlook (GEO).

ESG CONSIDERATIONS

Argentina has an ESG Relevance Score of 5 for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's Sovereign Rating Model (SRM) and is therefore
highly relevant to the rating and a key rating driver with a high
weight.

Argentina has an ESG Relevance Score of 5 for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in the SRM
and are therefore highly relevant to the rating and a key rating
driver with a high weight.

Argentina has an ESG Relevance Score of 5 for Creditor rights as
willingness to service and repay debt is highly relevant to the
rating and is a key rating driver with a high weight. Argentina has
recently defaulted on its debt and has done so many times in the
past, for extended periods in some cases.

Argentina has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as World Bank Governance Indicators have the
highest weight in the SRM and are relevant to the rating and are a
rating driver.

ARGENTINA: S&P Cuts FC Sovereign Credit Rating to 'SD/D'
--------------------------------------------------------
On Dec. 20, 2019, S&P Global Ratings lowered its foreign currency
sovereign credit ratings on Argentina to 'SD/D' from a long-term
rating of 'CCC-' and a short-term rating of 'C'. S&P lowered the
local currency long-term sovereign credit rating to 'CC' from
'CCC-' and affirmed the local currency short-term sovereign credit
rating at 'C'. The outlook on the local currency long-term
sovereign credit rating is negative. S&P also took the following
rating actions:

-- S&P lowered its long-term issue ratings to 'CC' from 'CCC-';

-- S&P affirmed its transfer and convertibility assessment on
Argentina at 'B-'; and

-- S&P lowered its national scale rating on Argentina to 'SD' from
'raCCC-'.

Rationale

Amid ongoing financial distress in the Argentine economy and as the
new administration of President Alberto Fernandez formulates and
outlines its economic strategy, the government unilaterally
extended the maturity of all short-term dollar-denominated paper on
Dec. 19. Under S&P's distressed exchange criteria, and in
particular for entities rated in the 'CCC' category, the extension
of the maturities of the short-term debt with no compensation
constitutes a default. Since the new terms became effective
immediately, the default on these short-term instruments has
effectively been cured. However, uncertainty remains about the
government's broader debt management strategy, and in particular
that for peso-denominated obligations that come due over the next
few weeks. Clarity on this strategy and any potential restructuring
of these obligations will help determine when we could raise the
sovereign credit rating from 'SD'.

The downgrade of the local currency long-term sovereign credit
rating and the long-term issue ratings on Argentina to 'CC' from
'CCC-' reflects heightened vulnerability of a distressed debt
exchange as the Fernandez Administration has signaled its plans to
advance a restructuring, the terms of which are unknown, of its
long-term debt with the private sector. This action is in line with
our 'CCC' rating criteria and distressed exchange criteria; it
could entail an extension of maturities, which will not be
compensated by the issuer, or a reduction in the face value of
debt. Alternatively, there are risks associated with failure to
advance with a timely debt renegotiation, raising the possibility
of missing principal or interest payments amid ongoing stressed
market dynamics.

S&P said, "We affirmed our transfer and convertibility assessment
at 'B-'. The transfer and convertibility assessment remains higher
than the sovereign rating because the government continues to
signal its intention that the tightened capital controls will not
apply to principal and interest payments. However, we may lower our
transfer and convertibility assessment if, in our view, capital
controls are likely to become more severe."

The heightened vulnerabilities of Argentina's credit profile stem
from the deterioration of its financial environment, the absence of
confidence in the financial markets in policy initiatives, and the
challenges of the Treasury in rolling over short-term debt with the
private sector.

Debt dynamics remain stressed amid a depreciated exchange rate,
high inflation, and a deep economic recession.

These factors have stressed capacity to pay, leading to a second
maturity extension of short-term debt in less than four months; the
prior administration reprofiled short-term debt on Aug. 29, 2019.
S&P continues to expect a restructuring of the sovereign's
long-term debt in the coming months as the Fernandez Administration
outlines its economic and debt management plan.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Downgraded  
                           To              From
  Argentina

  Sovereign Credit Rating  
   Foreign Currency        SD/D            CCC-/Negative/C
   National scale          SD              raCCC-

  Downgraded; Ratings Affirmed  
                           To              From
  Argentina

   Sovereign Credit Rating  
   Local Currency          CC/Negative/C   CCC-/Negative/C

  Downgraded  
                           To              From
  Argentina

  Senior Unsecured         CC              CCC-

  Ratings Affirmed  
  Argentina

   Transfer & Convertibility Assessment    B-


CORDOBA MUNICIPALITY: Moody's Withdraws Caa2 Sr. Sec. Notes Rating
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
withdrawn Municipality of Cordoba's Caa2/B2.ar ratings under review
for downgrade for its senior secured notes for up to ARS800 million
because the obligations are not outstanding.

The following ratings were withdrawn:

  - Senior secured notes for up to ARS800 million: Caa2/B2.ar
ratings under review for downgrade

RATINGS RATIONALE

Moody's decided to withdraw the ratings because the obligations are
not outstanding.



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B R A Z I L
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BANCO RCI: Moody's Affirms Ba3 LT Global FC Deposit Rating
----------------------------------------------------------
Moody's Investors Service affirmed the respective local currency,
long- and short-term deposit ratings of Ba1/ Non-Prime for Banco
RCI Brasil S.A., Ba2/Non-Prime for Banco PSA Finance Brasil S.A.
and Ba1/ Non-Prime for Banco Ford S.A. At the same time, Moody's
has affirmed the ba3 baseline credit assessments (BCA) for Banco
RCI, as well as the ba3 BCA for Banco PSA, and it has lowered to
ba3, from ba2, the BCA on Banco Ford.

The stable ratings outlook reflects Moody's expectation that the
banks will continue to report adequate financial metrics over the
next 12 to 18 months, supported by better-than-market average
delinquency levels and comfortable capital cushion.

RATINGS RATIONALE

The banks' deposit ratings reflect their roles as captive banks of
auto manufacturing companies, being solely engaged in financing
sales of vehicles. As such, the banks' businesses strategies and
performance are closely tied to those of their respective
manufacturing companies, and, the ratings benefit from its
assessment of high likelihood of support from their controlling
shareholders. Conversely, because these banks operate a monoline
business model, Moody's reflects the credit negative implications
of the limited diversification of revenues and loans operations in
their baseline credit assessments.

The banks' exposure to environmental risks are elevated, consistent
with its general assessment for automobile manufacturers. Moody's
does not have any particular corporate governance concerns for
those banks.

BANCO RCI BRASIL S.A.

The affirmation of the ba3 bca reflects RCI's adequate credit risk
management, anchored by the low-risk nature of new car financing
that ensures below-market loan delinquency. Banco RCI's loan
portfolio tends to grow in line with the growth rate of Renault and
Nissan's automobile sales. Management forecasts continuing
double-digit expansion into 2020, following on the 22% growth
reported in the 12 months to June 2019, supported by the economic
recovery and by Renault and Nissan's strategic focus on deepening
the relationship with car dealers and Introducing new models.

The bank's bca is also supported by Moody's expectation that
capitalization will remain adequate to support business growth and
provide additional protection against loan losses. RCI's capital
ratios are consolidated into Santander's prudential conglomerate
for regulatory purposes, although the bank's capital position is
individually overseen by both regulators and controlling
shareholders. Capital targets incorporate additional 400 basis from
the minimum required by local regulators.

Moody's acknowledges the challenges to the bank's profitability
that derive from low earnings diversification and the low interest
rate scenario, including competition from larger banks. Banco RCI
profitability, as measured by net income relative to tangible
banking assets, has averaged 1.9% over the past five years, despite
a recent dip in June 2019 triggered by higher operating costs.

Banco RCI's ratings are constrained by its reliance on market funds
and the low level of liquid assets. About 44% of the bank's funds
are sourced from related parties, mostly in the form of interbank
deposits, resulting in a fairly concentrated funding profile,
although management is working to expand its investor base.
Additionally, its stock of liquid assets is very modest relative to
similarly rated banks, which is partially offset by a match-funded
balance sheet.

The bank's Ba1 local currency deposit rating benefits from a
two-notch uplift from the bank's standalone BCA of ba3. This uplift
reflects its assessment of a high likelihood of support from its
parent, RCI Banque, based on the strategic focus shared between the
parent and the bank

BANCO PSA FINANCE BRASIL S.A.

The affirmation of Banco PSA's bca of ba3 reflects Moody's
expectation that a gradual loan growth over the next 12 to 18
months will be supported by a modest recovery in the sales of
Peugeot and Citroen's cars and the bank's close relationship with
authorized car dealers. Moody's also expects potential synergies
coming from the recently announced merger plan between Peugeot and
FCA.

This rating actions reflects the bank's strong asset risk, with
delinquency levels remaining better-than-market average, even in
moments of loan contraction. From December 2013 to June 2019, Banco
PSA's loan shrunk 40% against 1% at peers, impacted by a more
pronounced reduction in the sale of Peugeot's vehicles than the
industry as a whole in the period. The bank's prudent and
well-defined underwriting standards, together with a gradual
economic recovery, have contributed to the decline of problem loan
ratio to low 0.16% in June 2019. Additionally, the bank has
maintained a comfortable loan loss coverage in excess of six times
over the past three years.

Banco PSA's capital ratios are based on Santander Brasil's
prudential conglomerate for regulatory purposes, although there is
a close monitoring of its individual capital adequacy evolution.
Therefore, its individual TCE to RWA, as measured by Moody's, of
16% in June 2019, has also been a credit strength, providing
additional protection against potential loan losses and supporting
the recovery of loan growth.

The bank's ratings, on the other hand, are constrained by low
earnings diversification and profitability metrics closely tied to
the sales volumes of Peugeot and Citroen. The bank reported net
income to tangible banking assets of 1.65% in June 2019, supported
by lower credit costs. Also, similar to peers, Banco PSA has a high
reliance on market funds and low stock of liquid assets, offset by
a matched asset-liability and stable access to related parties'
funding. Around 80% of the bank's funding are interbank deposits
sourced from Banco Santander, evidencing a concentrated but also
strong parental support.

Moody's assesses a high likelihood of support from its parent,
Banco Santander Brasil, based on the strategic focus shared between
the parent and the bank. Based on that, Banco PSA Finance Brasil
receives one-notch uplift from its assigned bca.

BANCO FORD S.A.

The lowering of Banco Ford's bca to ba3, from ba2, incorporates the
volatility in its asset quality ratios that results from the bank's
exclusive focus on financing floor plans. The action also reflects
Moody's expectation that the bank's business growth will remain
largely stable over the next 12-18 months amidst Ford Motor
Company's global business restructuring, which has already led to
the decision to discontinue the truck production in Brazil.
Nevertheless, Banco Ford' s asset quali reflects a
better-than-market credit risk, supported by a collateralized loan
book and frequent monitoring of the car dealers' financial profile.
Banco Ford's Moody's capitalization ratio, which Moody's measures
as tangible common equity (TCE) relative to risk weighted assets
(RWAs), has been, on average, above 14% over the past five years,
after accounting for the annual dividend payout to its parent
company. At this level, Banco Ford's capitalization is in line with
that of Banco PSA.

The ba3 BCA also underscores the bank's above peers' profitability,
which benefits from a lean operating structure as a result of its
business model. Results in June 2019 also benefited from lower
credit costs, associated to an intrinsically low-risk portfolio.
Similar to peers' peer, the bank's key rating constraints derive
from its wholesale and highly confidence sensitive funding base, as
well as from its low stock of liquid assets. Banco Ford does not
rely on funding lines from related parties, but it counts with a
contingent liquidity facility from the parent company, whenever
necessary.

The bank's Ba1 local currency deposit rating benefits from a
two-notch uplift from the BCA of ba3. This uplift reflects its
assessment of a very high likelihood of support from its parent,
Ford Motor Credit Company LLC, based on the strategic focus shared
between the parent and the bank.

WHAT COULD CHANGE THE RATING -- DOWN/UP

BANCO RCI BRASIL S.A.

Improved profitability metrics and asset-quality indicators over
the next 12-18 months could result in upward rating pressure on RCI
Brasil's standalone BCA. Attempts to diversify the bank's funding
base and reduce concentration could also lead to upward pressure on
its rating. A weakening of RCI Brasil's asset-quality indicators
and profitability would have a negative effect on the BCA. A
downgrade of the parent's standalone BCA could lead to a downgrade
of the bank's global local-currency deposit rating.

BANCO PSA FINANCE BRASIL S.A.

A significant improvement in the bank's profitability and lower
reliance on confidence-sensitive market funding would lead to
upward pressure on the bank's BCA. A deterioration in the bank's
asset risk or a significant decline in its capitalization would
strain the bank's ratings. Lower profitability in light of the
company's poor performance in the car industry could also strain
its ratings. A downgrade of Santander Brasil's ratings would lead
to a downgrade of Banco PSA's ratings

BANCO FORD S.A.

A scenario of more stable asset-quality indicators over the next
12-18 months could result in upward rating pressure on Banco Ford's
standalone BCA. Attempts to diversify the bank's funding base and
reduce concentration could also lead to upward pressure on its
rating. An upgrade in Banco Ford's supported ratings would occur
following an upgrade in FMCC's ratings. Negative pressure on Banco
Ford's ratings could result from weaker profitability or asset
quality, which could occur should the bank face another substantial
drop in its loan origination or if a large volume of car dealers
become delinquent.

METHODOLOGY USED

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

Banco RCI is 60.1% owned by RCI Banque in France and 39.9% by Banco
Santander Brasil. It is a credit-oriented monoline bank created in
2000 to finance the sales of vehicles produced by Renault and
Nissan in Brasil. Headquartered in Curitiba, it presented equity of
BRL 1.2 billion and loans of BRL 9.4 billion in June 2019.

Banco PSA is a Joint-venture Banco Santander and PSA Banque
Finance. It is a credit-oriented monoline bank that finances the
sales of vehicles produced by Peugeot and Citroen in Brasil.
Headquartered in Sao Paulo, it had equity of BRL 276 million and
loans of BRL 1.7 billion in June 2019.

Banco Ford is indirectly owned by Ford Motor Credit Company LLC
(USA), which, on its turn, is 100% controlled by Ford Motor Company
(USA). Banco Ford has a mono-line operation that is closely tied to
the volume of cars sold by Ford in Brazil. The bank's core business
is to provide floor plan financing to authorized Ford car dealers
for the acquisition of new vehicles from the automaker.
Headquartered in Sao Bernardo do Campo, in June 2019, it had total
assets of BRL 1.1 billion, equity of BRL 256 million and loans of
BRL976 million.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

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

  - Long-term global foreign-currency counterparty risk rating of
Ba1

  - Long-term global local-currency counterparty risk rating of
Baa3

  - Long-term Brazilian national scale counterparty risk rating of
Aaa.br

  - Short-term global foreign-currency counterparty risk rating of
NP

  - Short-term global local-currency counterparty risk rating of
P-3

  - Short-term Brazilian Counterparty Risk Rating of BR-1

  - Long-term global foreign-currency deposit rating of Ba3, stable
outlook

  - Long-term global local -currency deposit rating of Ba1, stable
outlook

  - Long-term Brazilian national scale deposit rating of Aaa.br

  - Short-term global foreign-currency deposit rating of NP

  - Short-term global local -currency deposit rating of NP

  - Short-term Brazilian national scale deposit rating of BR-1

  - Long-term counterparty risk assessment of Baa3(cr)

  - Short-term counterparty risk assessment of P-3(cr)

  - Baseline credit assessment of ba3

  - Adjusted baseline credit assessment of ba1

The outlook is stable

The following ratings and assessments of Banco PSA Finance Brasil
S.A were affirmed:

  - Long-term global foreign-currency counterparty risk rating of
Ba1

  - Long-term global local-currency counterparty risk rating of
Ba1

  - Long-term Brazilian national scale counterparty risk rating of
Aaa.br

  - Short-term global foreign-currency counterparty risk rating of
NP

  - Short-term global local-currency counterparty risk rating of
NP

  - Short-term Brazilian Counterparty Risk Rating of BR-1

  - Long-term global foreign-currency deposit rating of Ba3, stable
outlook

  - Long-term global local -currency deposit rating of Ba2, stable
outlook

  - Long-term Brazilian national scale deposit rating of Aa2.br

  - Short-term global foreign-currency deposit ratings of NP

  - Short-term global local -currency deposit rating of NP

  - Short-term Brazilian national scale deposit rating of BR-1

  - Long-term counterparty risk assessment of Ba1(cr)

  - Short-term counterparty risk assessment of NP(cr)

  - Baseline credit assessment of ba3

  - Adjusted baseline credit assessment of ba2

The outlook is stable

The following assessment of Banco Ford S.A. was downgraded:

  - Baseline credit assessment to ba3, from ba2

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

  - Long-term global foreign-currency counterparty risk rating of
Ba1

  - Long-term global local-currency counterparty risk rating of
Baa3

  - Long-term Brazilian national scale counterparty risk rating of
Aaa.br

  - Short-term global foreign-currency counterparty risk rating of
NP

  - Short-term global local-currency counterparty risk rating of
P-3

  - Short-term Brazilian Counterparty Risk Rating of BR-1

  - Long-term global foreign-currency deposit rating of Ba3, stable
outlook

  - Long-term global local -currency deposit rating of Ba1, stable
outlook

  - Long-term Brazilian national scale deposit rating of Aaa.br

  - Short-term global foreign-currency deposit rating of NP

  - Short-term global local -currency deposit rating of NP

  - Short-term Brazilian national scale deposit rating of BR-1

  - Long-term counterparty risk assessment of Baa3(cr)

  - Short-term counterparty risk assessment of P-3(cr)

  - Adjusted baseline credit assessment of ba1

The outlook is stable.



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

AVIANCA HOLDINGS: S&P Ups ICR to B- on Completed Debt Restructuring
-------------------------------------------------------------------
On Dec. 20, 2019, S&P Global Ratings raised its issuer credit
rating to 'B-' from 'SD' and its issue-level rating on the 9%
senior secured notes due 2023 to 'B-' from 'CCC-' and the 8.375%
senior unsecured notes due 2020 to 'CCC+' from 'CC' on
Colombia-based airline operator Avianca Holdings S.A.

At the same time, S&P raised its issuer credit and issue-level
ratings on LifeMiles LTD, a loyalty rewards program company, to
'B+' from 'B-'.

The upgrade reflects S&P's reassessment of Avianca's credit quality
after the company announced the completion of its
debt-restructuring plan. At this point, the company had exchanged
88.1% of its 8.375% senior unsecured notes due 2020 for the new
8.375% senior secured notes due 2020 (mandatory conversion by Dec.
31, 2019). At the same time, Avianca received $250 million from
Kingsland and United under a convertible secured loan, which
triggers the exchange of $484.4 million of principal amount of its
existing 8.375% senior secured notes due 2020 for an equivalent
principal amount of 9% senior secured notes due 2023, which will
occur on Dec. 31, 2019. At the same time, the company completed all
of its operating and financial lease renegotiations and extended
its contract period, which will allow for a more manageable capital
structure in the next 12 months.

The credit rating reflects Avianca's still weak credit metrics,
including debt to EBITDA remaining above 5.0x and funds from
operations (FFO) to debt of about 10%. Avianca's debt restructuring
included the reorganization of all routes and frequencies and the
slowing of its fleet renewal pace. Colombia-based airline operator
Avianca Holdings S.A.We believe Avianca will focus on its most
profitable routes by eliminating some of its regional flights and
increasing its trans-border services through main hubs in Colombia,
Costa Rica, El Salvador, and Peru. At the same time, we expect a
more cautious capital expending for fleet renewals, which will
alleviate pressure on Avianca's cash generation."

About 65% of the company's total operating costs are in dollars,
primarily jet fuel, maintenance, airport fees, and some workforce
expenses. In addition, Avianca's 81.2% revenues are denominated in,
or linked to, the dollars, and approximately 6.9% in Colombian
pesos, mainly stemming from international route tickets in
greenback. However, domestic ticket prices are also exposed to FX
volatility. S&P considers that the company holds a natural hedge on
its exposure to the dollar-denominated expenses.

In addition, the weak liquidity will constrain the credit rating.
For the next 12 months, S&P expects the company to maintain a ratio
of 0.86x of expected cash sources to its uses. S&P's liquidity
assessment also reflects Avianca's likely inability to absorb
low-probability adversities. However, the company received an
additional $125 million under secured financing commitments, which
we expect to alleviate pressure on the company's funding, while
it's implementing its new operating and financial strategy.

Avianca owns 70% of LifeMiles, and Advent International (not rated)
owns the remaining 30%. The upgrade of LifeMiles reflects that of
its parent company, Avianca, given that LifeMiles is an insulated
subsidiary. This reflects LifeMiles' 'bb-' stand-alone credit
quality, constrained by the parent company's credit quality.

LifeMiles generates only about 30% of gross billings from the sale
of miles to its parent company under a 20-year exclusive agreement,
while the remaining 70% come from long-term agreements with third
parties and direct sales to members. Therefore, LifeMiles'
financial performance and funding prospects are independent from
those of Avianca, so that even if other core entities encounter
severe setbacks, LifeMiles' relative strengths would remain mostly
intact. S&P believes Avianca has a compelling economic incentive to
preserve LifeMiles' credit strength because the subsidiary is an
important source of passenger traffic for the airline.




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

ASCENA RETAIL: Effects 1-for-20 Reverse Common Stock Split
----------------------------------------------------------
Ascena Retail Group, Inc.'s board of directors has approved a
reverse stock split of the Company's common stock, at a ratio of
1-for-20, and a corresponding reduction in the number of the
Company's authorized shares of common stock, following the approval
of the reverse stock split by the Company's stockholders at the
Company's annual meeting of stockholders held on Dec. 10, 2019.

The reverse stock split became effective at 5:30 p.m. on Dec. 18,
2019.  Beginning with the opening of trading on Dec. 19, 2019, the
Company's common stock will trade on the The Nasdaq Global Select
Market on a split-adjusted basis under a new CUSIP number, 04351G
200.  The Company's trading symbol will continue to be "ASNA."

The objective of the reverse stock split is to enable the Company
to regain compliance with the Nasdaq minimum share price continued
listing rule as required by Nasdaq Listing Rule 5450(a)(1) and
maintain its listing on Nasdaq.  The Company can regain compliance
with the Nasdaq minimum share price requirement by maintaining a
closing bid price of $1.00 per share for a minimum of ten
consecutive business days prior to Jan. 27, 2020.

The reverse stock split reduced the number of shares of common
stock issued and outstanding from approximately 199,444,436 to
approximately 9,972,221.  The authorized number of shares of common
stock has been reduced by a corresponding ratio to 18 million.  The
reverse stock split affects all issued and outstanding shares of
the Company's common stock and shares held in treasury, as well as
the number of shares of common stock available for issuance under
the Company's stock incentive plans and outstanding awards subject
to those plans.  The reverse stock split affects all stockholders
uniformly and will not alter any stockholder's percentage interest
in the Company's common stock, except for adjustments that may
result from the treatment of fractional shares.

No fractional shares will be issued as a result of the reverse
stock split.  In lieu thereof, the Company's transfer agent will
aggregate all fractional shares and sell them as soon as
practicable after the effective time of the reverse stock split at
the then-prevailing prices on the open market.  After the transfer
agent's completion of such sale, stockholders who would have been
entitled to a fractional share as a result of the reverse stock
split will instead receive a cash payment from the transfer agent
in an amount equal to their respective pro rata share of the total
proceeds of that sale, net of any brokerage costs incurred by the
transfer agent to sell such fractional shares.

                        About Ascena Retail

Ascena Retail Group, Inc. (Nasdaq: ASNA) --
http://www.ascenaretail.com/-- is a national specialty retailer
offering apparel, shoes, and accessories for women under the
Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion
(Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice).  Ascena Retail, through its retail brands
operates ecommerce websites and approximately 3,400 stores
throughout the United States, Canada and Puerto Rico.

Ascena Retail reported a net loss of $661.4 million for the fiscal
year ended Aug. 3, 2019, a net loss of $39.7 million for the year
ended Aug. 4, 2018, and a net loss of $1.06 billion for the year
ended July 29, 2017.  As of Nov. 2, 2019, the Company had $3.49
billion in total assets, $3.32 billion in total liabilities, and
$173 million in total equity.

                           *    *    *

As reported by the TCR on Nov. 26, 2019, S&P Global Ratings lowered
its issuer credit rating on Mahwah, N.J.-based women's specialty
apparel retailer Ascena Retail Group Inc. to 'CCC' from 'CCC+' to
reflect the rating agency's belief that it is increasingly likely
the company will pursue a debt restructuring over the next 12
months.

In October 2019, Moody's Investors Service downgraded Ascena Retail
Group, Inc.'s corporate family rating to Caa2 from B3, probability
of default rating to Caa2-PD from B3-PD and senior secured term
loan rating to Caa2 from B3.  The downgrades reflect Moody's view
that Ascena's capital structure is likely unsustainable as a result
of its weak operating performance, high leverage, and negative free
cash flow, creating an elevated risk of a debt restructuring
including a material debt repurchase at a significant discount.

DESTINATION MATERNITY: Stalking Horse Bidder for Assets Sale Named
------------------------------------------------------------------
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware authorized the selection by Destination
Maternity Corp. and its debtor-affiliates of Marquee Brands, LLC,
as the Stalking Horse Bidder for the sale of substantially all
assets at auction.

The Court entered an order on Nov. 14, 2019 the Bid Procedures
Order.

Notwithstanding any procedure set forth in the Bid Procedures
Order, Marquee will be the Stalking Horse Bidder for the Acquired
Assets.

Notwithstanding anything in the Bidding Procedures Order to the
contrary, the Bid Protections are approved and the Debtors are
authorized to pay the Bid Protections to the Stalking Horse Bidder
pursuant to the terms of the Stalking Horse APA.  The obligation to
pay the Bid Protections to the Stalking Horse Bidder will be
entitled to administrative expense claim status.  The Debtors'
obligation to pay the Bid Protections, including the Expense
Reimbursement, will survive termination of the Stalking Horse APA.

Unless the Stalking Horse APA is terminated and subject to approval
of the Court, none of the Debtors, the Committee, Wells Fargo Bank,
N.A., Pathlight Capital LLC, nor any other party will agree to pay
any Qualified Bidder of an Alternate Transaction with respect to
the Acquired Assets any break up fee, topping fee, bidding fee, or
other consideration in exchange for bidding.  Moreover, no
Qualified Bidder of an Alternate Transaction with respect to the
Acquired Assets will be granted, entitled to payment of, or
receive, any break-up fee, topping fee, bidding fee, or other
consideration in exchange for bidding.

Notwithstanding anything to the contrary in the Bidding Procedures
Order: (i) the Stalking Horse Bidder's bid as set forth in the
Stalking Horse APA is a Qualified Bid and (ii) if the Debtors
furnish to any bidder any material information related to the
Debtors not theretofore given to the Stalking Horse Bidder, then
the Debtors will promptly notify the Stalking Horse Bidder of such
information and will make it available for the Stalking Horse
Bidder.

The Debtors are authorized and empowered to take such actions as
may be reasonably necessary to implement and effect the terms and
requirements established by the Order.

Notwithstanding the possible applicability of Bankruptcy Rules
6004(h), 6006(d), 7052, 9014 or otherwise, the terms and conditions
of the Order will be immediately effective and enforceable upon its
entry.

A copy of the Form APA is available at https://tinyurl.com/vmwbcse
from PacerMonitor.com free of charge.

                  About Destination Maternity

Destination Maternity is a designer and omni-channel retailer of
maternity apparel in the United States, with the only nationwide
chain of maternity apparel specialty stores, as well as a deep and
expansive assortment available through multiple online distribution
points, including our three brand-specific websites.

As of August 3, 2019, the Company operated 937 retail locations,
including 446 stores in the United States, Canada and Puerto Rico,
and 491 leased departments located within department stores and
baby specialty stores throughout the United States and Canada.  It
also sells merchandise on the Internet, primarily through
Motherhood.com, APeaInThePod.com and DestinationMaternity.com
websites.  The Company sells merchandise through its Canadian
website, MotherhoodCanada.ca, through Amazon.com in the United
States, and through websites of certain of our retail partners,
including Macys.com.

Its 446 stores operate under three retail nameplates: Motherhood
Maternity(R), A Pea in the Pod(R) and Destination Maternity(R).
The company also operates 491 leased departments within leading
retailers such as Macy's(R), buybuy BABY(R) and Boscov's(R).
Generally, the Company is the exclusive maternity apparel provider
in its leased department locations.

Destination Maternity Corporation and two subsidiaries sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12256) on
Oct. 21, 2019.

Destination Maternity disclosed assets of $260,198,448 and
liabilities of $244,035,457 as of Oct. 5, 2019.

The Hon. Brendan Linehan Shannon is the case judge.

Kirkland & Ellis LLP is acting as the Company's legal counsel,
Greenhill & Co., LLC is acting as investment banker and Berkeley
Research Group, LLC ("BRG") is serving as Destination Maternity's
restructuring advisor while BRG's Robert J. Duffy has been
appointed as the Company's Chief Restructuring Officer.

Landis Rath & Cobb LLP is the local bankruptcy counsel.  Hilco
Streambank LLC is the intellectual property advisor.  Prime Clerk
LLC is the claims agent.

STONEMOR PARTNERS: Registers 6.1M Common Units Under 2019 LTIP
--------------------------------------------------------------
StoneMor Partners L.P. filed a Form S-8 registration statement with
the Securities and Exchange Commission to register 6,100,899 common
units that may or will be delivered under the Amended and Restated
2019 Long-Term Incentive Plan.  Those Common Units consist of
Common Units that remain available for delivery under the Plan
after giving effect to the approval of the amendment and
restatement of the Plan and the first amendment to the Plan and
Common Units that may again become available for delivery with
respect to awards under the Plan pursuant to the unit counting,
unit recycling and other terms and conditions of the Plan.  The
amendment and restatement of the Plan was approved by the board of
directors of StoneMor GP LLC, the Company's general partner, on
March 27, 2019.  The First Amendment was approved by the board of
directors of StoneMor GP LLC on Dec. 18, 2019.

                     About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 321 cemeteries and 89
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

StoneMor reported a net loss of $72.70 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.16 million for the
year ended Dec. 31, 2017.  As of Sept. 30, 2019, the Company had
$1.73 billion in total assets, $1.77 billion in total liabilities,
$57.50 million in total redeemable convertible preferred units, and
a total partners' deficit of $104.02 million.

                            *   *    *

As reported by the TCR on Feb. 14, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2
from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD.  The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.

As reported by the TCR on July 3, 2019, S&P Global Ratings affirmed
its 'CCC+' issuer credit rating on StoneMor Partners L.P.  The
outlook remains negative. S&P said, "The rating affirmation
reflects our view that despite the removal of near term maturities
and sufficient liquidity over the next twelve months, we continue
to view StoneMor's capital structure as unsustainable in the long
term given our projection for persistent free cash flow deficits."



===============
S U R I N A M E
===============

SURINAME: To Increase Electricity Coverage with US$30M IDB Support
------------------------------------------------------------------
The Inter-American Development Bank approved a US$30 million
investment loan to Suriname to support adequate and modern access
to sustainable electricity to enhance the living conditions for
rural populations while improving the rural business environment
with better provision of electricity as a public service.

Although most of Suriname's population has access to electricity,
there are significant disparities between urban (99%) and rural
(90%) areas. Additionally, the remote communities located in the
coastal and in the Hinterland areas (including interior villages
that extend to the Amazon Rainforest) receive an expensive and
poor-quality service as they are underserved with low electricity
service provision of six hour or less of service or no service.

Also, the cost of provision, when existing, in those communities is
higher compared to the national average. The lack of a reliable
provision affects rural productivity and hinders economic growth.

In order to address the situation, the country will implement rural
electrification projects by expanding distribution networks and
improving or building of feeders and substations to be connected to
the national grid.

With the loan, Suriname will also install solar plants with battery
energy storage in the towns of Brownsweg and Alliance and solar
mini grids in the area of the Upper Suriname river to bring
electricity 24/7 to villages located in that region. These
activities will contribute to an increase of the use of renewable
energy in the country. At the same time, the country will finance
studies and pre-investments projects of Renewables Energies and
Natural Gas to reduce its dependency on fossil fuels.

In addition, Suriname will invest in projects to upgrade and expand
transmission and distribution infrastructure of the national grid
managed by EBS (Energie Bedrijven Suriname) with emphasis on
networks that supply rural areas. The program will support the
implementation of the energy reform by strengthening the EBS and
the Energy Authority of Suriname, the regulatory agency created in
2016, and by financing the elaboration of the Electricity Sector
Plan 2024-2028.

The project includes components of innovation and digitalization
for the electricity system, including cybersecurity measures.

The US$30 million credit line has a 25 years amortization period
and a Libor-based interest rate.


                           *********


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
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Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

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