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       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, March 24, 2020, Vol. 21, No. 60

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Says Caring for Vulnerable People is Priority


B R A Z I L

AZUL SA: Reducing Consolidated Capacity By 20%-25% in March
BANCO DE BRASILIA: S&P Affirms 'B+/B' Ratings, Off Watch Negative
BRAZIL: Automakers Shut Plants, Put 50,000 Workers on Holiday
BRAZIL: Growing Discontent Over Economy Amidst COVID-19 Outbreak


C H I L E

CHILE: Adheres to IMF's Special Data Dissemination Standard Plus


C O L O M B I A

AVIANCA AIRLINES: To Halt Int'l Ops, Cut Domestic Ops By 84%
AVIANCA HOLDINGS: S&P Downgrades ICR to 'CCC', On Watch Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dominican Banks Will Close on Weekends


E C U A D O R

ECUADOR: Fitch Cuts IDR to 'CCC' on Debt Repayment Capacity Risks


J A M A I C A

JAMAICA: Pressure on Tourism Soon to be Felt Across Economy


M E X I C O

GRUPO AEROMEXICO: S&P Lowers ICR to 'B+', On Watch Neg.
UNIFIN FINANCIERA: Fitch Puts BB LT IDR on Rating Watch Negative


P U E R T O   R I C O

INTERNATIONAL FOOD: Case Summary & 20 Largest Unsecured Creditors


U R U G U A Y

COOPERATIVA DE AHORRO: Fitch Affirms Then Withdraws B- LT IDR


X X X X X X X X

[*] LATAM: Airlines Slash Flights, Salaries in Response to COVID-19
[*] LATAM: Risks 'Bankruptcy Pandemic' for Airlines Industry Group

                           - - - - -


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

ARGENTINA: IMF Says Caring for Vulnerable People is Priority
------------------------------------------------------------
At the request of the Argentine authorities and reflecting close
collaboration with them, the International Monetary Fund (IMF)
released a technical note prepared by IMF staff on Argentina's
public debt sustainability.  The technical note sets out staff's
views on a feasible macroeconomic framework and on Argentina's
debt-carrying capacity over the medium-to-long run. Together, these
two elements allow for a quantification of the envelope of debt
relief that is required, in staff's view, to restore debt
sustainability with high probability.

Ms. Kristalina Georgieva, Managing Director of the IMF, issued the
following statement on publication of the note:  

"Caring for Argentina's most vulnerable people and addressing the
country's difficult economic situation has been at the top of
President Alberto Fernandez's priorities since he took office.
Tackling these issues has become even more pressing in light of the
coronavirus pandemic and its significant health and economic
impact. Our technical note is designed to provide guidance to
stakeholders on Argentina's complex debt situation by offering our
views on Argentina's debt-carrying capacity in the medium to
long-run.

"In particular, staff's analysis shows that considering this
debt-carrying capacity, and the existing debt burden, a substantial
debt relief from Argentina's private creditors will be needed to
restore debt sustainability with high probability. We look forward
to a collaborative process of engagement between Argentina and its
private creditors with a view to reaching an agreement that
commands high creditor participation.

"In parallel, my staff and I continue to engage closely with the
Argentine authorities and Economy Minister Martin Guzman and his
team, during these difficult times. The Argentine authorities are
taking important steps to contain the spread of the coronavirus and
have underscored their commitment to protecting those at highest
risk from its most damaging health and economic effects.

"As we continue to advance in our engagement and work, I would like
to stress that our priority is and remains helping support
Argentina's recovery with a particular focus on those that have the
least and are most exposed. Ultimately, our objective is to pave
the way for a stable and prosperous economy that can create jobs
and raise living standards for the benefit of all Argentines."

                          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.

Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019.  S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'.  S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, 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'.  DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.



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B R A Z I L
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AZUL SA: Reducing Consolidated Capacity By 20%-25% in March
-----------------------------------------------------------
Reuters reports that Azul SA is reducing consolidated capacity by
20%-25% in March and by 35% to 50% in April and beyond until
coronavirus situation normalizes

As of March 16, all international flights, except flights leaving
from campinas, will be suspended, according to Reuters.

The airline is taking several measures to reduce its fixed costs,
which represent approximately 40% of total operating cost, the
report relates.

The report notes that Azul is preemptively negotiating new payment
terms with its partners.

The report discloses that measures to reduce fixed costs include
executive management team salary cut of 25% until situation
normalizes.

The report says that the airline is closing new line of credits
with financial institutions to further strengthen cash cushion.

Azul SA ended 2019 with BRL2.8 billion in liquid assets, including
cash and cash equivalents and accounts receivables, the report
adds.

BANCO DE BRASILIA: S&P Affirms 'B+/B' Ratings, Off Watch Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its global scale 'B+/B' and national
scale 'brAA/brA- 1+' ratings on BRB – Banco de Brasilia S.A.
(BRB). S&P also removed all the ratings from CreditWatch negative,
where it placed them on Feb. 19, 2019. The outlook on the ratings
is stable.

The forensic audit hired to investigate the alleged corruption
scheme at BRB was concluded and no additional wrongdoings were
raised as a result. The conclusion of the audit prompted the
publication of the bank's year-end 2019 financial statements with a
clean opinion by its auditor.

The removal of the ratings from CreditWatch reflects the conclusion
of the forensic audit carried out to investigate potential
wrongdoings at the bank. The audit has not raised significant
governance concerns and no additional provisions have been needed.
The Circus Maximus corruption investigation is still ongoing, and
there's uncertainty in regards to whether the operation could
uncover new findings. Nonetheless, S&P believes that the likelihood
of new findings that could expose further governance issues at the
bank, generate significant financial liabilities, or weaken
investor confidence is now lower.


BRAZIL: Automakers Shut Plants, Put 50,000 Workers on Holiday
-------------------------------------------------------------
Richard Mann at Rio Times Online reports that vehicle manufacturers
have already announced that they will shut down their plants at the
end of the month and have no idea when they will restart their
operations, as this will depend on the situation in the country in
relation to the epidemic of the novel coronavirus and market
demand.

The three automakers which have already confirmed collective
holidays together employ nearly 50,000 employees, according to Rio
Times Online.

As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings in November 2019 affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-'. The Rating Outlook is
Stable.

BRAZIL: Growing Discontent Over Economy Amidst COVID-19 Outbreak
----------------------------------------------------------------
Richard Mann at Rio Times Online reports that in the midst of the
coronavirus pandemic that escalated in Brazil, the assessment that
Bolsonaro's government's economic measures to bolster the Brazilian
economy are "on the wrong track" skyrocketed from 40 percent in
February to 48 percent in March, according to the XP survey
released on March 20.

This was the first time since December last year that the negative
perception of Brazil's economic performance has exceeded the
positive one, according to Rio Times Online.

Jair Bolsonaro's government's positive assessment dropped four
percentage points between February and March and reached 30
percent, the report relates.

As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings in November 2019 affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-'. The Rating Outlook is
Stable.



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

CHILE: Adheres to IMF's Special Data Dissemination Standard Plus
----------------------------------------------------------------
Chile has completed the requirements for adherence to the IMF's
Special Data Dissemination Standard (SDDS) Plus--the highest tier
of the Data Standards Initiatives. This makes Chile only the second
country in Latin America to adhere to the SDDS Plus.  Chile's SDDS
Plus data are now accessible through the Dissemination Standards
Bulletin Board.

Mr. Louis Marc Ducharme, Director of the IMF's Statistics
Department and Chief Statistician and Data Officer of the IMF
welcomed Chile's adherence and noted that "the dissemination of the
new data sets under the SDDS Plus will be invaluable in fostering a
deeper understanding and more informed assessments of the
performance of Chile's financial sector, the cross-border-financial
linkages, and the vulnerabilities of the economy to shocks."

The SDDS Plus builds on the SDDS and its purpose is to assist
statistically advanced countries with the publication of
comprehensive, timely, and reliable economic and financial data in
an environment of continuing economic and financial integration.

The Data Standards Initiatives were established in the mid-1990s to
enhance member countries' data transparency and to promote the
development of sound statistical systems. The need for data
standards was highlighted by the financial crises of the mid-1990s
and again in the late-2000s, when information deficiencies were
seen to play a role.

The Data Standards Initiatives also include the SDDS and the
Enhanced General Data Dissemination System (e-GDDS). Detailed
information on the Data Standards Initiatives can be found on the
Dissemination Standards Bulletin Board at https://dsbb.imf.org/.



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

AVIANCA AIRLINES: To Halt Int'l Ops, Cut Domestic Ops By 84%
------------------------------------------------------------
Loren Moss of Finance Colombia reports that Avianca Airlines
disclosed that as of March 23, the carrier will completely suspend
its international operations. The domestic operation will continue
at 16% of capacity from Bogota to certain destinations within
Colombia. "This will be subject to the evolution of the situation,
the availability and willingness of customers to fly and the
additional measures that may be taken by local and national
governments that affect the operation at the national level," the
airline said in a statement.

Avianca stock has fallen over 90% in the past month, notes the
report.

Avianca also indicated to passengers that the flight schedule may
change daily and passengers will be informed when this happens.
Avianca will report the changes through its Coronavirus Covid-19
website, the report says.

           Fleet Grounding: From operating 142 aircraft to 10

According to Finance Colombia, the airline, already under
significant financial duress, announced that it is forced to ground
132 aircraft: 22 wide-body, 100 narrow-body and 10 ATR turboprop
regional craft. It will keep 5 Airbus 320 and 5 ATRs active,
destined for domestic operation.

The airline has also implemented a hiring freeze, voluntary unpaid
leave, layoffs, and seeks to renegotiate terms with suppliers.
Additional measures include the deferral of non-essential costs and
capital expenses, cost control, savings and suspension of "any
investment, expense or project that is not closely related to
domestic maintenance and operation, as well as travel and events,"
says the report.

"This is without a doubt the biggest crisis in the airline industry
in history. The decisions we are making, they hurt, they are
extremely difficult, but we must be flexible and face the
situation. The total suspension of our international operation and
the strong contraction of the domestic one force us to the majority
of our employees go home. It is time for the governments of the
region to take exceptional measures that mitigate the social and
economic impact that affects hundreds of industries. If we want to
reconnect Latin America and preserve the more than 20,000 jobs that
we generate we need the cooperation and collaboration of all
industry players and especially the support and cooperation of
governments," said Anko van der Werff, president and CEO of Avianca
Holdings, the report adds.

As reported in the Troubled Company Reporter - Latin America on
Nov. 7, 2019, S&P Global Ratings lowered its issue-level rating on
Colombian airline operator Avianca's 8.375% senior unsecured notes
due May 2020 to 'CC' from 'CCC' and removed the rating from
CreditWatch negative. At the same time, S&P assigned a 'CCC-'
issue-level rating to Avianca's new 8.375% senior secured notes due
May 2020.

AVIANCA HOLDINGS: S&P Downgrades ICR to 'CCC', On Watch Negative
----------------------------------------------------------------
On March 20, 2020, S&P Global Ratings lowered its issuer credit
rating on Colombia-based airline operator Avianca Holdings S.A.
(Avianca) to 'CCC' from 'B-'. S&P also lowered its rating on its
senior secured notes to 'CCC' from 'B-' and on its senior unsecured
to 'CCC-' from 'CCC+'.

At the same time, S&P lowered its issuer credit rating on LifeMiles
LTD and its issue-level rating on the company's senior secured term
loan to 'B-' from 'B+'. The outlook is stable.

Reduced travel demand and capacity will affect Avianca's credits
metrics. The Colombian government recently announced that it will
close the Colombian international airspace to passenger travel
effective March 23, 2020. Therefore, Avianca will cease
international passenger capacity for the next 30 days (which
represented 50% of the company's revenues as of Dec. 31, 2019), and
will reduce domestic capacity by 84%. S&P said, "Although the
company has immediately implemented additional cost savings, we do
not believe these measures will be adequate to offset the impact of
already deteriorated liquidity and credit metrics. As a result, we
downgraded the company. We now expect the company's debt to EBITDA
to remain well above 5x, funds from operations (FFO) to debt below
6%, and pressured EBITDA margins below 15%."

Avianca owns 70% of LifeMiles, and Advent International (not rated)
owns the remaining 30%. S&P said, "The downgrade of LifeMiles
reflects that of its parent company, Avianca, but we limit it to
'B-' given that LifeMiles is an insulated subsidiary with a
separate governance structure, and we don't expect Avianca would
intervene in LifeMiles' operations. As a result, the outlook is
stable, and the rating on LifeMiles wouldn't be affected if we take
a further rating action on its parent."




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Dominican Banks Will Close on Weekends
----------------------------------------------------------
Dominican Today reports that to continue reinforcing the protection
of its collaborators and customers through the prevention and
containment of the coronavirus, the Dominican banks decided to
exclude Saturday from the established working day to provide
services to the public.

Dominican Republic's banks (ABA) disclosed that branch offices and
auto-tellers will operate from Monday to Friday, 8:30 a.m. to 3:00
p.m. and will be closed Saturday and Sunday, according to Dominican
Today.  

In the case of shopping malls, they urge clients to check with
their financial institution to confirm in which places their
offices will be open, the report notes.

                  About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).



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

ECUADOR: Fitch Cuts IDR to 'CCC' on Debt Repayment Capacity Risks
-----------------------------------------------------------------
Fitch Ratings has downgraded Ecuador's Long-Term Foreign Currency
Issuer Default Rating to 'CCC' from 'B-'.

Fitch typically does not assign Outlooks or apply +/- modifiers for
sovereigns with a rating of 'CCC' or below.

KEY RATING DRIVERS

The downgrade of Ecuador's ratings by one notch to 'CCC' reflects
heightened risks to sovereign debt repayment capacity following the
sharp fall in oil prices, loss of capital market access, and
developments hindering timely disbursement of funds from the IMF
and other multilaterals. In Fitch's view, the external shock and
local political challenges to fiscal adjustments have materially
increased risks to debt sustainability in addition to financing.
Liquidity constraints have forced a need for policy adjustments
that could become disorderly or result in build-up in arrears, with
negative economic repercussions. Repayment capacity and willingness
could come under greater pressure ahead of a hump in bond
amortizations in 2022, regardless of the outcome of 2021
elections.

The external shock has further complicated the sovereign's weak
fiscal position in 2020, after a turbulent 2019, when political
difficulties and social unrest hindered deficit reduction efforts.
Fitch projects a central government deficit of USD4.2 billion in
2020 (4.0% of GDP), only slightly down from an estimated USD4.5
billion in 2019, as the shock to oil revenues and fall in tax
collections amid an economic contraction offset a moderate revenue
boost from the 2019 tax reform and some of the adjustment measures
recently announced by the authorities. Fitch estimates total
financing needs of USD9.1 billion, including the central government
deficit, USD3.3 billion in external debt amortizations and USD1.6
billion in domestic debt amortizations (excluding short-term
'Cetes' T-bills and arrears).

Fitch's estimates that Ecuador faces a financing gap of USD3.5
billion in 2020, assuming full materialization of expected funds
from the IMF Extended Fund Facility (EFF) and other multilateral
banks (USD3.6 billion), rollover of local bonds (mostly held
intra-publicly) and the USD400 million partially-guaranteed bond
issued in January. Global uncertainties also increase risks that a
planned hydroelectric concession (Sopladora) expected to yield
around USD700 million in revenues may not materialize, adding to
the deficit and financing gap.

It is unclear how Ecuador can fill this financing gap. Capital
market access has been lost, as the risk premium had surged above
3,000 basis points. The authorities have said they are working to
secure USD2.4 billion in external funding from unidentified
sources, but this would not fully close the funding gap, by Fitch's
estimates, and it may consist of unconventional borrowing
arrangements with opaque costs and terms, as seen in the past. It
is not yet clear if new repo agreements with foreign banks can be
secured on favorable terms, as posting collateral could be more
difficult given an EFF pledge not to pledge central bank (BCE) gold
assets and the collapse in value of sovereign bonds. The
authorities are working to re-profile bilateral debt to China, but
it is unclear how quickly this could occur or if fresh funding can
be secured amid coronavirus-related uncertainties. Oil pre-sale
facilities could be the most viable option.

A pending EFF disbursement is also delayed after wide deviations
from targets in 2019. Public borrowing and debt/GDP tracked
projections, but deposits rose far less than projected (USD400
million versus USD1.7 billion) and led to a wide undershooting of
the target for BCE net international reserves. Fitch assumes that
the IMF will ultimately disburse once the deviation is
appropriately clarified, although this appears to reflect data
issues that could imply an even more difficult path for achieving
key EFF objectives of debt reduction and liquidity build-up, as
well as the presence of a recurring funding gap the EFF did not
previously envision.

Loans from other multilaterals also face risks as they are linked
to reforms (e.g. labor, capital markets) unlikely to advance, and
it is not yet clear if and how quickly the authorities can
negotiate relaxation of these conditions. New emergency funding
from multilaterals could be forthcoming amid the global coronavirus
crisis, although Fitch does not expect this would be large enough
to close Ecuador's financing gap.

Scope and appetite for greater domestic sovereign borrowing is
limited in Fitch's view, given a shallow local capital market and
risks to growth and financial stability associated with heavily
tapping the liquidity of other public entities or in the financial
system.

Fitch expects the sovereign will be able to meet near-term debt
service payments, including USD325 million due later in March for
the Global 2020 bond. A USD500 million repo agreement is due in Q3,
and other repos due in the coming years could present an immediate
liquidity need given margin calls resulting from the collapse in
the value of sovereign bonds posted as collateral. Staying current
on interest payments due on external bonds (USD1.7 billion in 2020)
could require increasingly difficult budget cuts and build-up of
arrears.

Debt repayment prospects become more uncertain in 2021, when Fitch
estimates financing needs to remain high at around USD9bn. The
outcome of February elections could have major implications for
repayment capacity and willingness. Even a market-oriented
candidate could struggle to achieve fiscal adjustment and/or
securing the financing needed to meet debt payments, namely if
adverse economic conditions persist or worsen. A weak economy could
increase support for candidates opposed to unpopular policy
adjustments, and whose economic plans could require or explicitly
include commercial debt relief - a recurring policy proposal in the
past in Ecuador. Although the next hump in bond amortizations does
not occur until March 2022 (USD2 billion), economic conditions and
the election outcome could compromise external debt repayment
capacity and test willingness beforehand.

The IMF has called Ecuador's sovereign debt sustainable, even under
stress scenarios, but risks have greatly increased in Fitch's view.
Fiscal adjustment proved to be difficult in 2019, and a lasting
shock to oil prices, growth and borrowing costs would greatly
increase the fiscal effort needed to ensure debt sustainability to
a magnitude unlikely to be economically or politically feasible.
Government debt-to-GDP estimated at 54% of GDP in 2019 is in line
with the current 'B' median, and interest/revenue of 8.2% is
moderate, but these metrics are rising rapidly.

The external shock and sovereign liquidity stress could weigh
heavily on economic activity. Fitch projects the economy will
contract by 1.7% in 2020 after an estimated 0.3% contraction in
2019 as a result of public spending cuts, and with further downside
risk should these cuts become disorderly and/or result in
accumulation of arrears that impair private-sector sentiment. The
coronavirus and containment measures will deal a further blow that
is difficult to quantify.

The lower oil price and the sharp appreciation of the US dollar
(legal tender in Ecuador) also represent a severe
balance-of-payments shock for the country. Fitch estimates the
current account deficit will rise to 1.5% of GDP in 2020 from an
estimated 0.3% in 2019. The private and public sectors are likely
to face difficulty in securing the external borrowing to fund this,
which Fitch projects to result in a decline in BCE reserves to
around USD2 billion by yearend from USD3 billion currently.
Pressure for some relief on external debt service could build in
such a scenario so as to avoid risks to dollarization and financial
stability and avoid a deeper and longer economic contraction that
could be needed to improve the external position.

ESG CONSIDERATIONS

Ecuador 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.

Ecuador 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.

Ecuador 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.

Ecuador 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. Ecuador has a long track record of default with
commercial creditors due both to capacity and willingness issues.

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

In accordance with its rating criteria, for ratings in the 'CCC'
range and below, Fitch's sovereign rating committee has not
utilized the SRM and QO to explain the ratings, which are instead
guided by the rating 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 Long-Term Foreign Currency 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:

  -- A sustained alleviation of sovereign financing constraints,
for example due to progress on adjustment efforts or
materialization of a large-scale financing source.

The main risk factors that, individually or collectively, could
trigger a negative rating action include:

  -- Signs of probable default, including acute financing stress
that could jeopardize repayment capacity or indications by the
authorities of wavering willingness to service debt.

KEY ASSUMPTIONS

Fitch projects global Brent prices to average USD41/barrel in 2020
and USD48/barrel in 2021, in line with the baseline assumption set
out in the March 2020 Global Economic Outlook (GEO).



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J A M A I C A
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JAMAICA: Pressure on Tourism Soon to be Felt Across Economy
-----------------------------------------------------------
RJR News reports that the Jamaican Hotel and Tourist Association
(JHTA) has said the immense pressure the tourism sector is now
experiencing from the COVID-19 pandemic, will soon be felt right
across the Jamaican economy.

The JHTA said it has had preliminary meetings with the Ministers of
Finance and Tourism, providing them with a view of the current to
medium term outlook for businesses in the sector, according to RJR
News.

The JHTA said a number of proposals were put on the table, the
report notes.

The discussions also include a number of other fiscal measures
aimed at keeping vulnerable businesses operational and able to
rebound, add the report.

                     About Jamaica

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings in September 2019 raised its long-term foreign and
local currency sovereign credit ratings on Jamaica to 'B+' from
'B'. The outlook is stable. At the same time, S&P Global Ratings
affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.



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

GRUPO AEROMEXICO: S&P Lowers ICR to 'B+', On Watch Neg.
-------------------------------------------------------
On March 19, 2020, S&P Global Ratings lowered its issuer credit
rating on Grupo Aeromexico, S.A.B. de C.V. (Aeromexico) to 'B+'
from 'BB-'. At the same time, S&P lowered its issue credit rating
on Aerovias de Mexico, S.A. de C.V. to 'B+' from 'BB-'. The
recovery ratings on the debt remain unchanged at '4'. At the same
time, S&P placed all ratings on CreditWatch with negative
implications.

Operational performance will remain weak.  S&P believes that
Aeromexico was already in a weaker position to cope with these new
challenges, with depressed market conditions as well as lower
demand. As a result, the company's leverage will significantly
increase and liquidity will be constrained. Although the company
somewhat benefits from lower jet fuel prices, this won't be
sufficient to mitigate the impact of lower demand. As of Feb. 29,
2020, the company's international passengers had decreased by about
11% compared to the previous year, while domestic passengers had
decreased by 1.0% and its revenue passenger per kilometers (RPKs)
had declined by 1%. Additionally, the six B737-8 MAX aircraft
grounded are taking longer than expected in returning to service,
affecting the company's growth in available seat kilometers (ASK),
resulting in additional pressure on the company's operational and
financial performance.

Debt will remain high.   S&P said, "We believe that the recovery in
operating performance that we were expecting is now compromised,
given the reduced demand for global air transport hurting
Aeromexico's credit metrics. As such, we now expect debt to EBITDA
above 5.0x, funds from operations (FFO) to debt below 12.0%, and
EBITDA interest coverage below 2.0x from our previous expectations
of 4.7x, 14%, and 3%, respectively."

S&P said, "We revised our assessment of Aeromexico's liquidity to
less than adequate from adequate.   We anticipate significantly
lower cash flow generation over the next 12 months and sources to
cover uses by about 1.0x over this period."

The CreditWatch negative reflects uncertainty about the extent of
the negative impact of COVID-19 on the airline industry, and
therefore on Aeromexico's operations. S&P expects to resolve the
CreditWatch as it learns more about the impact of the coronavirus
on the company's financial and liquidity position.


UNIFIN FINANCIERA: Fitch Puts BB LT IDR on Rating Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed Unifin Financiera, S.A.B. de C.V.'s 'BB'
Long-Term Issuer Default Ratings on Rating Watch Negative. The
ratings of the senior notes, hybrid capital notes, and national
ratings are also placed on Rating Watch Negative.

The Negative Watch reflects Unifin's still high tangible leverage
metrics for the rating category, which have deviated from the
previously provided forecasts to Fitch mainly from high growth and
lower net income. The rating action resulted in a watch status and
not a downgrade, given the company has announced a possible capital
injection in 2020 and shared with the agency some other short-term
strategic capital movements, which Fitch considers could alleviate
pressures on tangible leverage toward a level consistent with the
rating and to absorb growth projected for 2020.

KEY RATING DRIVERS

Unifin grew relevantly during 2019, 29.8% its total portfolio, and
above initial expectations (15%-20%), which confirms Fitch view on
the elevated risk appetite of the company when opportunities
arises.

At YE 2019, Unifin's reported a new capital account of about
MXN1,054 million which comes from the net effect of a revaluation
surplus from the purchase of an operating lease asset under IFRS.
Effect from revaluation of MXN2,380 million was net of MXN-1,326
million from the stock repurchase program.

Fitch applied a hair-cut of 70% to the revaluation surplus related
to the new leased asset, which resulted in an adjusted tangible
leverage of 9.6x as of YE 2019 and 7.8x without the mark to market
effect from the derivative instruments, which was at a high
MXN-1,525 million as of YE19. Fitch believes mark to market effect
and the possibility to sell the shares the company acquired through
its stock repurchase program are heavily reliant on market
conditions.

The company's 2019 original projections showed leverage gradually
improving to nearly 7.1x as of YE 2020. For 2020, the company has
publicly stated that has some alternatives to enhance the capital
metrics. Under updated projections considering new capital, some
immediate strategic actions on dividends and treasury shares as
well as Fitch's haircut, Unifin's tangible leverage metric is lower
than 7x. This projection assumes an approximate growth of 10% for
2020, which already consider the new business named Uniclik.

Unifin's ratings continue highly influenced by its national
leadership in the independent leasing sector in Mexico (non-related
to financial holding company) and its ample expertise in its core
market focused on SMEs. The ratings also consider Unifin's good
earnings, controlled asset quality, and well-managed liquidity and
funding.

SENIOR DEBT

Unifin's ratings of its outstanding global senior notes is at the
same level of the company's IDR as the likelihood of default of the
notes is the same as the one of Unifin.

HYBRID SECURITIES

Unifin's hybrid notes are rated two notches below its Long-Term
IDR. The two-notch differential represents incremental risk
relative to the entity's IDRs, reflecting the increased loss
severity due to its subordination and heightened risk of
non-performance relative to senior obligations.

Unifin has ESG Relevance Scores of '4' for both Management Strategy
and Financial Transparency Issues driven by its high risk appetite,
due to ample balance sheet growth and less prudential capital
management, while third party disclosure has yet to be better
aligned to international best practices, which have a negative
impact on the credit profile, and are relevant to the ratings in
conjunction with other factors.

RATING SENSITIVITIES

Fitch expects to resolve the Rating Watch with financial statements
of the 3Q20. The ratings could be downgraded if the leverage
metrics have not been restored yet to levels consistent with the
current rating, either through a capital injection and/or other
strategic initiatives that the company is planning to roll out over
the next months. Fitch believes that rating downside potential in
the foreseeable future is limited to one notch from the current
levels. Unifin's IDRs and national ratings could be affirmed if the
leverage metrics shows a consistent trend to 7x or lower both with
and without mark to market effects; while other qualitative and
quantitative ratings factors are sustained. Upside is limited for
Unifin's Long-Term IDRs unless Fitch sees a material strengthening
of leverage metrics. Unifin's senior and hybrid notes ratings are
primarily sensitive to a change in the company's IDRs.

SUMMARY OF FINANCIAL ADJUSTMENTS

Pre-paid expenses were re-classified as intangibles and deducted
from tangible equity due to low loss absorption capacity under
stress. ESG CONSIDERATIONS Unless otherwise disclosed in this
section, the highest level of ESG credit relevance is a score of 3.
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. Unifin has ESG Relevance Scores of
'4' for both Management Strategy and Financial Transparency Issues
driven by its high risk appetite, due to ample balance sheet growth
and less prudential capital management, while third party
disclosure has yet to be better aligned to international best
practices, which have a negative impact on the credit profile, and
are relevant to the ratings in conjunction with other factors. ESG
issues are credit neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).



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

INTERNATIONAL FOOD: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: International Food Service Purchasing Group Inc.
        Cond Monte Atenas
        1300 Calle Atenas APT 402
        San Juan, PR 00926

Business Description: International Food Service Purchasing Group
                      Inc. is a non-profit organization that
                      provides supply chain analysis and
                      management services for the restaurant
                      industry.

Chapter 11 Petition Date: March 20, 2020

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 20-01458

Debtor's Counsel: Alexandra Bigas Valedon, Esq.
                  MODESTO BIGAS LAW OFFICE
                  PO Box 7462
                  Ponce, PR 00732-7462
                  Tel: (787) 844-1444
                  E-mail: alexandra.bigas@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Charles A Maxwell, president.

A copy of the petition containing, among other items, a list of
the
Debtor's 20 largest unsecured creditors is available for free at
PacerMonitor.com at:

                      https://is.gd/SQsvp1



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

COOPERATIVA DE AHORRO: Fitch Affirms Then Withdraws B- LT IDR
-------------------------------------------------------------
Fitch Ratings affirmed Cooperativa de Ahorro y Credito's Long-Term
Issuer Default Ratings and Viability Rating at 'B-' and 'b-',
respectively. The Rating Outlook is Stable. In addition, Fitch has
withdrawn FUCEREP 's ratings for commercial reasons.

The ratings were withdrawn with the following reason: commercial
purposes.

KEY RATING DRIVERS

IDRs AND VR

The FUCEREP's IDR and VR are highly influenced by its small size
within the Uruguayan financial system and the challenges the
cooperative faces to improve its financial performance.

FUCEREP is a savings and credit cooperative that accounted for
roughly 0.1% of the banking system's assets as of YE 2018. Its
financial performance has been weak in the recent past, and it has
posted net losses for six consecutive years. FUCEREP's
profitability is mainly affected by a structurally hefty cost base,
slow growth, and large IT investments in recent years. Although
FUCEREP is a not for profit entity, profitability is important for
the cooperative as a source of internal capital generation.

FUCEREP's capital ratios have declined strongly in recent years as
a consequence of the losses suffered and the increase of the
intangible assets (largely IT investments). However, FUCEREP's
Fitch Core Capital (FCC) ratio improved to 17.4% at June 30, 2019
as it benefits from the annual capital contributions made by its
members (around UYU24 million per year) and, in 2018, it was aided
by the positive effect in its equity from the adoption of
International Financial Reporting Standards (IFRS) due to the
valuation of fixed assets.

FUCEREP's asset quality indicators have deteriorated since 2014 and
its past due loans ratio rose to 13.9% as of June 30, 2019. Reserve
coverage is adequate and was 154.7% of past due loans at the same
date and write-offs have historically been low but have also
increased (3.45% of gross loans at YE 2018).

SUPPORT RATING AND SUPPORT RATING FLOOR

FUCEREP's Support and Support Rating Floor of '5' and 'NF',
respectively, reflects Fitch's opinion that extraordinary
government support if needed, although possible, cannot be relied
upon given its small size and market share.

RATING SENSITIVITIES

Not applicable as the ratings are being withdrawn.

ESG CONSIDERATIONS

Cooperativa de Ahorro y Credito (FUCEREP) has a score of 4 in
Management Strategy reflecting some operational issues in the
implementatrion of its strategy. While this is not a key rating
driver, it has an impact on the ratings in combination with other
factors.



===============
X X X X X X X X
===============

[*] LATAM: Airlines Slash Flights, Salaries in Response to COVID-19
-------------------------------------------------------------------
Marcelo Rochabrun at Thomson Reuters reports that Latin America's
major airlines sharply curtailed international flights on March 19
because of the coronavirus outbreak as Panama and Colombia imposed
month-long travel bans and the largest carrier cut the salaries of
43,000 employees.

The bans by Panama and Colombia came after Peru, Argentina and
Chile, among others, severely curtailed flights, according to
Thomson Reuters.

The measures intensified pressure on the region's airlines, whose
shares have tumbled more than their peers in other countries, the
report notes.

Chile-based LATAM Airlines Group, the continent's largest, said it
would halve the salaries of its 43,000 employees and its new chief
executive would forego his salary for three months, the report
relates.

The region's No. 2 airline, Colombia-based Avianca Holdings, said
it was canceling all its international flights and four out of five
domestic flights in Colombia, the report discloses.

Avianca will go to flying just 10 planes, half of which are small
turboprops, from 142, the report says.

Mexican airline Aeromexico is slashing its domestic flight capacity
by 35% and international capacity by 50%, which meant grounding 40
aircraft immediately, according to an internal company memo seen by
Reuters.

Panama-based Copa Airlines, the No. 3 Latin American carrier by
international flights, faced an unprecedented crisis as Panama shut
down international flights through its main hub, the report notes.

Virtually all of Copa's flights go through Panama City's airport.
Copa declined to comment.

Brazil's largest domestic carrier, Gol Linhas Aereas Inteligentes,
said it would cut worker pay by 35% and executive pay by 40%
"initially" for three months, the report relays.

The developments left Latin America's airlines facing an uncertain
future and stranded many passengers who were unable to book flights
to get home, the report notes.  The coronavirus pandemic has
sickened more than 240,000 people globally and killed more than
9,800, the report discloses.

The region's exception is Brazil, which has shut down land borders
but not air travel, the report relays.  Brazil announced
restrictions that remain more lenient than its neighbors, barring
citizens from certain countries and regions, including the European
Union, Japan and China, but not the United States, the report
says.

The developments added to many cuts already announced.

LATAM is planning to cut 70% of its flights, and Copa at least 80%,
as Latin American countries have shut their borders to air travel,
the report notes.

Gol has slashed half its flights, but the carrier is more focused
on travel within Brazil, which is not directly affected by
cross-border bans, the report discloses.

Avianca declined to comment on potential salary cuts.

Cutting executive pay has been a common response to the
coronavirus, which has upended life around the globe, the report
says.

Brazilian airline Azul SA said it would offer some workers unpaid
leave and cut executive pay by 25%, the report relays.

Delta Air Lines CEO Edward Bastian said he would also forego his
salary through the outbreak, the report notes.  Delta owns a 20%
stake in LATAM, the report adds.

[*] LATAM: Risks 'Bankruptcy Pandemic' for Airlines Industry Group
------------------------------------------------------------------
Marcelo Rochabrun at Reuters reports that Airlines in Latin America
will need prompt government aid or many of them could go out of
business due to widespread flight cancellations amid the global
coronavirus outbreak, the head of regional airline association ALTA
said.

Luis Felipe de Oliveira said ALTA has been sending letters to
governments throughout the region and that the airline industry
crisis created by the coronavirus outbreak was "unprecedented,"
according to Reuters.

"If the governments do not take drastic and immediate action there
could be a bankruptcy pandemic in the region," he said, the report
notes.

His comments add to global pressure from airlines seeking
government rescues, the report relates.  In the United States,
where airlines are much more profitable than in Latin America,
carriers are pushing for a $50 billion aid package, the report
discloses.

The airline industry had expected that Brazil, which has the
largest domestic market in the region, would announce a lifeline,
when the government announced a package of other measures to tackle
the crisis, the report notes.

A spokesman for Brazil's Infrastructure Ministry said details of
the aid for airlines were still being worked out, the report
relates.

De Oliveira said that more than 50% of flights in Latin America
could be canceled due to the crisis, the report notes.

The continent's largest carrier, LATAM Airlines Group LTM.SN, said
it would cancel 90% of its international flights, the report
relates.  Brazil's largest airline, Gol Linhas Aereas Inteligentes
GOLL4.SA, also said that it would cancel up to 95% of its
international flights, the report adds.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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of the same firm for the term of the initial subscription or
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