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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, July 13, 2021, Vol. 22, No. 133

                           Headlines



A R G E N T I N A

ARGENTINA: IDB Approves $230MM Loan for National Innovation System
COMPANIA GENERAL DE COMBUSTIBLES: S&P Puts CCC ICR on Watch Pos.


B E R M U D A

SAGICOR FINANCIAL: To Officially Exit Barbados Stock Exchange


B R A Z I L

BRASKEM SA: Moody's Alters Outlook on Ba1 CFR to Stable
BRAZIL: Frost Reduces Second Crop Corn Forecast For South-Central
MATLINPATTERSON GLOBAL: Gets Court Chapter 11 Stay Order
MC BRAZIL DOWNSTREAM: Moody's Rates New $1.8BB Secured Notes 'Ba3'
PETROLEO BRASILEIRO: Raised $2.3BB in Fuel Distributor Stake Sale



C O L O M B I A

BARRANQUILLA: Fitch Lowers LT IDRs to 'BB', Outlook Stable
[*] Fitch Takes Action on Colombia Cos. After Sovereign Downgrade


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Though Sluggish, Tourist Arrivals Climb


J A M A I C A

JAMAICA DIVERSIFIED: Fitch Gives 'BB' Rating to Series 2020-1 Debt


M E X I C O

GRUPO AEROMEXICO: Says Shareholders to Buy New Chapter 11 Equity
GRUPO GICSA: S&P Lowers ICR to 'B-', On CreditWatch Negative


P A R A G U A Y

FRIGORIFICO CONCEPCION: Fitch Assigns 'B+' LT IDRs, Outlook Stable


P U E R T O   R I C O

FADYRO DISTRIBUTORS: Seeks Court Approval to Hire Accountant

                           - - - - -


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A R G E N T I N A
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ARGENTINA: IDB Approves $230MM Loan for National Innovation System
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The Inter-American Development Bank (IDB) has approved a $230
million loan to help Argentina strengthen the capacities of its
national innovation system, which comprises businesses, research
and development institutions, and universities.

The project will foster innovation at companies producing goods and
services by financing innovation processes, including technological
services, equipment and infrastructure related to research,
development and innovation activities.

The loan will also finance scientific and technological research
and public and private not-for-profit organizations. It will also
strengthen the national innovation system's capacities through
evaluations aimed at helping improve the Ministry of Science,
Technology and Innovation's information systems.

In addition to providing universities and research centers with
better resources and abilities, the program will benefit small and
medium-sized enterprises, helping them overcome problems associated
with financing for innovation activities and connecting their needs
for innovation with providers of knowledge and new technologies.
All of the program's activities will include initiatives aimed at
closing the gender gap across the whole system.

The IDB's $230 million loan is for a 25-year term, with a five year
and a half grace period and an interest based on LIBOR. The
government of Argentina will provide an additional $57.5 million in
local counterpart funding.

                       About Argentina

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

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

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

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

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

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


COMPANIA GENERAL DE COMBUSTIBLES: S&P Puts CCC ICR on Watch Pos.
----------------------------------------------------------------
S&P Global Ratings, on July 6, 2021, placed its 'CCC' issuer credit
and issue-level ratings on Argentine oil and gas company Compania
General de Combustibles S.A. (CGC) on CreditWatch with positive
implications.

The CreditWatch placement indicates that S&P could raise the
ratings in the next 90 days, once it has a clear view of the
company's capex plan for the acquired assets and related operating
cash flows.

On June 30, 2021, CGC announced the acquisition of 100% shares of
Sinopec Argentina Exploration and Production Inc. In addition, on
June 24, 2021, CGC announced a new credit line agreement with
Eurobanco Bank for $100 million with a 180-day tenor. The company
is also negotiating a new loan agreement for $150 million with
larger tenor. S&P believes that CGC is financing the acquisition
with the bridge loan from Eurobanco, which the company will then
refinance through an extended maturity, and won't spend significant
additional cash from its own balance. Under this assumption,
Sinopec Argentina's future operating cash flows will likely
generate additional cash flows available for the payment of CGC's
short-term obligations, gradually improving its liquidity
position.

The merger would significantly increase the business size and scale
of CGC, reaching production of 50 barrels of oil equivalent per day
(boe/d) and raise reserves by 50% to 90 million boe. S&P believes
that this stronger business position could facilitate the
refinancing of CGC's $93 million bond maturity due November 2021.

On June 4, 2021, CGC placed two tranches of notes in the local
market for a total of $50 million with duration of 1.9 years. The
company issues Series 19 for $36 million in foreign currency at 5%
interest rate, and Series 21 for $14 million in dollar-link
currency at a 7% interest rate. This transaction supports CGC's
liquidity and remains an alternative to refinance the company's
upcoming short-term maturities, which total about $230 million as
of June 2021.




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B E R M U D A
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SAGICOR FINANCIAL: To Officially Exit Barbados Stock Exchange
-------------------------------------------------------------
Barbados Today reports that the Barbados Stock Exchange (BSE) is on
the verge of officially losing another equity from its board, as
Sagicor Financial Company is preparing to delist from the BSE and
the Trinidad and Tobago Stock Exchange.

The company, which has its roots in Barbados but is now owned and
controlled by Canadian investors, revealed in its annual report
that it was moving to cease trading on the two exchanges, according
to Barbados Today.

Trading of Sagicor shares have been suspended on the BSE for more
than a year to facilitate the transfer of all the issued and
outstanding shares of Sagicor Financial to Alignvest Acquisition
II, the report relays.  Shares of Sagicor last traded at $2.80.

With the successful completion of the business combination with
Alignvest Acquisition II Corporation on December 5, 2019, the new
iteration of Sagicor, known as Sagicor Financial Company Ltd,
trades on the Toronto Stock Exchange, the report notes.

According to the financial services giant, which operates across 20
markets, it was too early to assess the full impact of its listing
on the Toronto Stock Exchange, but its "new stock exchange listing
exposed Sagicor to a more liquid equity capital market and brought
in over US$450 million of additional capital and new long-term
investors to Sagicor," the report discloses.

In the company's latest corporate filings for the 2020 financial
year ending December 31, 2020, Sagicor reported it had generated
net premium income of US $1.40 billion in 2020, which was an
increase from the US$ 1.24 billion in 2019, Barbados Today says.

"Declines in global demand for oil and gas impacted prices and also
constrained the Group's customers.  Investment portfolios have been
impacted by the widening of credit spreads which resulted in
significant fall-off in asset prices, causing a significant
reduction in investment income and portfolio management fee
income," the report notes.  While the situation has improved in
some parts of the world, particularly in industrialised countries,
Sagicor said the situation in the Caribbean remained depressed, the
report relates.

The company said corporate and individual incomes have been
negatively affected by the contraction in economic activity,
Barbados Today relays.

It said waivers and reduction of fees associated with loans, in
addition to the decline in loan volumes due to contraction in
economic activity, had also affected corporate performances.
(IMC1), Barbados Today notes.

As reported in the Troubled Company Reporter on May 19, 2021, Fitch
Ratings has assigned a 'BB-' rating to the new $400 million senior
unsecured debt issued by Sagicor Financial Company Limited (SFCL).
SFCL's existing ratings are not affected by the rating action. The
assignment of final ratings, which are aligned with the expected
ratings assigned on May 3, 2021, follows the receipt of documents
conforming to details of the issuance already received.




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B R A Z I L
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BRASKEM SA: Moody's Alters Outlook on Ba1 CFR to Stable
-------------------------------------------------------
Moody's Investors Service has affirmed Braskem S.A.'s Ba1 corporate
family rating and the Ba1 ratings on the foreign and local currency
debt issuances of Braskem Finance Ltd and Braskem America Finance
Company, respectively, fully guaranteed by Braskem S.A. The outlook
was changed to stable from negative.

Ratings Affirmed:

Issuer: : Braskem S.A.

LT Corporate Family Rating, Affirmed Ba1

Issuer: Braskem America Finance Company

GTD Global Senior Unsecured notes due 2041, Affirmed Ba1

Issuer: Braskem Finance Ltd

GTD Global Senior Unsecured notes due 2024, Affirmed Ba1

GTD Global Senior Unsecured notes due 2022, Affirmed Ba1

Outlook Actions:

Issuer:: Braskem S.A:

Outlook, Changed To Stable from Negative

Issuer: Braskem America Finance Company:

Outlook, Changed To Stable from Negative

Issuer: Braskem Finance Ltd

Outlook, Changed To Stable from Negative

RATINGS RATIONALE

The change in Braskem's ratings outlook to stable from negative
reflects the company's strengthened cash generation and credit
metrics that resulted from a historically strong operating
performance during 2020 and 2021. The stronger operating and
financial performance provide a cushion to Braskem's credit quality
against potential future financial impacts of existing overhangs,
namely the supply issues in Mexico and the geological event in
Alagoas.

Risks associated to the existing overhangs have diminished after
Braskem settled lawsuits in Alagoas in December 2020 and announced
that Braskem Idesa has signed a memorandum of understanding with
Petroleos Mexicanos (PEMEX, Ba2 negative) setting out respective
understandings for the discussion of potential amendments to the
Ethane Supply Contract, but are not completely extinguished. Until
the company reaches a definitive agreement to resolve all social
and environmental aspects of the geological event in Alagoas,
Braskem remains exposed to existing and new potential lawsuits that
were not covered by the agreements signed with Brazilian
authorities in December 2020. Additionally, the resulting capital
structure, cash flow generation profile and timing for dividend
upstream from the Braskem Idesa joint-venture remain uncertain and
subject to the final terms and conditions of the ethane supply
agreement negotiation with PEMEX. However, Braskem's strong cash
generation mitigates the risks that could trigger a negative rating
action in the short term, including potential additional liquidity
calls coming from the existing overhangs.

Braskem's consolidated EBITDA increased to BRL16.9 billion ($3.1
billion) in the LTM ended March 2021 from BRL6.5 billion ($1.6
billion) in 2019 when petrochemical spreads were weak and the
company's operations were negatively affected by Alagoas and
Mexico, while free cash flow rose to BRL3.8 billion from BRL1.4
billion in the same period. For 2021, Moody's expects EBITDA to
peak at $4.5-5 billion and free cash flow to remain positive even
after the cash outflows for the provisions at Alagoas. To date,
Braskem paid out BRL710 million in liabilities related to the
provisions and will disburse additional BRL4.23 billion in the next
12 months. The remaining BRL4.23 billion in provisions are due in
the long term, but Moody's expects most of the payments to be
skewed toward 2022-23.

Braskem's adjusted gross leverage fell to 3.5x in the LTM ended
March 2021 (including Mexico and 100% of the hybrid notes) from the
10.8x peak in Q2 2020. Moody's expects the leverage ratio to
decline further to about 2x at year-end 2021 before gradually
returning to more normalized levels of 3x-3.5x (including Mexico)
in 2022-23. Excluding Mexico, adjusted gross leverage would stand
at 2.7x in the LTM ended March 2021. The fast deleveraging was a
result of strong EBITDA coming from high petrochemical spreads,
additional sales volumes coming from a new 450kty polypropylene
plant in the US, high sales volumes in Brazil, US and Europe and an
approximately $700 million debt reduction during the first quarter
of the year, all of which more than offset the low capacity
utilization in Mexico (67% in the LTM ended March 2021).

In 2022-23, petrochemical spreads will likely soften from current
high levels as oil prices rise and supply for resins normalizes
after several COVID-19 and weather related disruptions, but Braskem
is proactively working on other initiatives to strengthen its
balance sheet to withstand future downcycles, such as the
additional $235 million gross debt reduction announced in the
second quarter of 2021. Through commodity cycles, assuming an
EBITDA ranging between $2-3.5 billion, Braskem's gross leverage
would hover around 3x-4x (Moody's adjusted, including Mexico) and
with a recurring $2 billion cash position, net leverage would stand
at 2x-3x, even considering the full phase-out of the special tax
regime (REIQ) in Brazil.

Braskem's Ba1 rating continues to be supported by its size as the
largest petrochemical company in Brazil and largest thermoplastic
resins producer in the Americas, with historically
above-industry-average operating margins because of high capacity
utilization rates, long-term client relationships and product
customization. The rating also reflects the company's geographic
diversification, with operations in the US, Mexico and Europe.
Finally, the company's sizable cash position, history of positive
free cash flow generation even under adverse market conditions and
liability management initiatives support its adequate liquidity and
are additional credit positives.

The rating is constrained by the company's high exposure to the
volatility in petrochemical spreads. The rating also takes into
consideration the company's exposure to Petroleo Brasileiro S.A. --
PETROBRAS (Ba2 stable) and PEMEX for the supply of naphtha and
ethane in Brazil and Mexico, respectively. Additional credit
concerns include the current supply issues in Mexico, potential
additional liabilities related to Alagoas and Braskem's
shareholders' intention to divest the business.

LIQUIDITY

Braskem has strong liquidity, with total cash of BRL16.4 billion at
the end of March 2021 (of which BRL1.3 billion is restricted cash
related to the provisions in Alagoas), plus a $1 billion committed
credit facility available until 2023. The company's total
short-term debt includes BRL8.3 billion related to the acceleration
of the joint-venture project finance debt due to a technical
failure to achieve the project's physical and financial completion
and BRL3.2 billion in other debt instruments maturing until
year-end 2022. Although Moody's has always incorporated Braskem
Idesa in the credit analysis and credit metrics of Braskem, the
rating agency believes that current liquidity risks related to the
supply issues are contained at the joint-venture level, with
Braskem's maximum exposure being the $350 million in contingent
equity call and reserve accounts.

Braskem has a solid track record of positive free cash flow
generation through commodity cycles, a conservative financial
management evidenced by proactive liability management initiatives
and flexibility to quickly adjust cash outflows to its own internal
cash generation, and no financial covenants that could threaten the
company's liquidity in times of rising leverage. Additionally,
Braskem has other liquidity sources, such as potential $300 million
in insurance claim and BRL2 billion in tax monetization.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Braskem's
credit metrics and liquidity will remain adequate in the next 12-18
months, thus mitigating potential risks and additional liquidity
calls coming from the overhangs in Alagoas and Mexico.

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

The rating could be downgraded if Braskem's liquidity profile
deteriorates because of additional material liabilities from
litigations and class actions, weaker than anticipated sales
volumes or petrochemical spreads that results in higher leverage or
cash burn, or more aggressive financial policies, including
dividend payout consistently above the minimum level established by
the law. Furthermore, negative rating pressure could result from
weaker operating results on a sustained basis or persistently high
leverage through the cycle, with total adjusted debt/EBITDA of 3.5x
or above and retained cash flow/total debt lower than 15% (17.3%
for the 12 months ended March 2021) on a sustained basis.

An upgrade of Braskem's rating would require a full resolution of
the current overhangs related to the geological event in Alagoas
and the supply issues in Mexico, or further sustained improvements
in liquidity, financial flexibility and credit metrics that would
mitigate any residual risks coming from such overhangs under
various stress scenarios. An upgrade would also require a continued
track record of a conservative financial policy, sound liquidity
and positive free cash flow generation, and leverage (as measured
by total adjusted debt/EBITDA) sustained below 3.0x.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Braskem is the largest producer of thermoplastic resins
(polyethylene, polypropylene and polyvinyl chloride) in the
Americas, with an annual production capacity of 9.3 million tons.
Braskem also has a production capacity of 10.7 million tons of
basic petrochemicals such as ethylene, propylene and gasoline,
among others; and about 1.4 million tons of caustic soda, EDC and
chlorine. For the 12 months that ended March 2021, the company
reported consolidated net revenue of BRL69 billion ($12.5 billion),
with EBITDA margin of 24%.


BRAZIL: Frost Reduces Second Crop Corn Forecast For South-Central
-----------------------------------------------------------------
Rio Times Online reports that the second corn crop in south-central
Brazil was estimated at 54.6 million tons, consulting firm AgRural
said, reducing its forecast by 5.4 million tons from the May 27
forecast due to the impact of frosts and drought.

"Part of this 5.4 million ton decline is due to negative yield
adjustments due to drought (the main cause of cuts in previous
months), but this time the main reason for the adjustment was
really frost," the consultancy said in a report, referring to the
impact of the intense cold, according to Rio Times Online.

In terms of the original potential of the second harvest in 2021 -
estimated before the drought that began in late March - the
shortfall exceeds 22 million tons, the report relays.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).


MATLINPATTERSON GLOBAL: Gets Court Chapter 11 Stay Order
--------------------------------------------------------
Law360 reports that bankrupt distressed company investment fund
MatlinPatterson received approval July 8, 2021, from a New York
federal judge for an order enforcing the Chapter 11
automatic stay that the debtor said it needed to pause actions
against it in foreign jurisdictions.

During a virtual first-day hearing, U.S. Bankruptcy Judge David S.
Jones said he was initially reluctant to approve such an order
because he didn't see an immediate need for it. But he agreed to do
it with certain caveats after hearing from MatlinPatterson Global
Opportunities Partners II LP about its concerns related to pending
Brazilian lawsuits.

                   About MatlinPatterson Global

MatlinPatterson Global Opportunities Partners II L.P. ("MP
Delaware") and MatlinPatterson Global Opportunities Partners
(Cayman) II L.P. ("MP Cayman") are private investment funds
structured as limited partnership entities organized  in  the
State  of  Delaware  and  the  Cayman Islands, respectively, which
together  comprise  MatlinPatterson Global  Opportunities Fund II.
The MP Funds (along with the other Debtors) are headquartered in
New York.

The MP Funds were formed in 2003 and together closed their capital
raising in 2004 with $1.65 billion in capital commitments.  The MP
Funds specialize in distressed investing.

The MP Funds have reached the end of their life and the time has
come for an orderly distribution of their remaining assets to their
investors after addressing all of their remaining legitimate
liabilities.  The Debtors' efforts, however, have been hamstrung by
several litigations filed abroad.

The Debtors accordingly have filed Chapter 11 cases to prevent
these meritless foreign litigations from undermining U.S. law in
respect of the Debtors' U.S. assets, and to  effect an orderly,
consolidated dissolution and distribution of those U.S. assets to
their legitimate stakeholders.

MP Delaware and MP Cayman sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No 21-11255) on July 6, 2021.  The cases are
handled by Honorable Judge David S. Jones.  Simpson Thacher &
Bartlett, LLP, is the Debtors' counsel.

As of June 30, 2021, the Debtors' assets are comprised principally
of $142 million in cash, all of which is held in bank accounts in
the United States.  The Debtors estimated liabilities of $10
million to $50 million as of the bankruptcy filing.


MC BRAZIL DOWNSTREAM: Moody's Rates New $1.8BB Secured Notes 'Ba3'
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Moody's Investors Service assigned a Ba3 rating to MC Brazil
Downstream Trading S.A.R.L.'s proposed $1.8 billion Reg S / 144 A
Senior Secured Notes due 2031. The outlook on the rating is stable.
This is the first time that Moody's assigns a rating to MC Brazil.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
nor does it anticipate changes in the main conditions that the
Notes will carry. Should issuance conditions and/or final
documentation of the debt deviate from the original ones submitted
and reviewed by the rating agency, Moody's will assess the impact
that these differences may have on the ratings and act
accordingly.

RATINGS RATIONALE

Proceeds from the Notes will be held in escrow until the
acquisition closing of the Landulpho Alves cluster (the "Notes
Guarantor" or "RLAM") by MC Brazil Downstream Participacoes
S.A.(the "Project Company"), an acquisition vehicle indirectly
owned, controlled and advised by Mubadala Capital (the "Sponsor" or
"Mubadala"), with target close in December 2021. After that,
proceeds from the issuance will be either used as cash collateral
for the acquisition funding bridge loan or to fund an export
prepayment facility ("EPF") with the Project Company. The Project
Company intends to use the proceeds received under the EPF for
general corporate purposes, including to finance its oil refining
business, to pay its debt, fund working capital needs.

The Ba3 rating reflects the strong competitive position of the RLAM
cluster, underpinned by its operating asset features and strategic
location in the state of Bahia, Northeast of Brazil. Supporting the
rating is Moody's currently positive industry outlook to the global
oil refining and marketing activities, driven by a rebound in
pent-up demand in 2021-2022, favorable price momentum and an
expectation for margin recovery with reduction in idle capacity.
The rating also considers the refinery's operating linkages to
Petroleo Brasileiro S.A.- PETROBRAS (Ba2 stable), as the main oil
supplier and logistic operator, and to the sovereign (Government of
Brazil, Ba2 stable) given the exposure to the local economic
trends, tax and regulations.

Weighing on the project's credit quality is its significant
exposure to merchant risk and low visibility into the future
offtake profile, leading to reduced predictability of future cash
flows. The rating also considers RLAM's historical performance
gaps, as reported by third party advisors, with moderate capital
investment needs during the life of the transaction. Moody's
acknowledges the Sponsor's profile with expertise on the oil & gas
industry and a value-creation investment strategy with more
frequent maintenance interventions during the life of the
transaction, but a shift in control is not insulated from ramp-up
risks and execution challenges.

The rating is not constrained by leverage with Moody's DSCRs, based
on the legal amortization schedule, yielding an average of 2.8x
during the life of the transaction, and a minimum Project CFO to
Debt ratio of 19% in 2023. The leverage profile provides for a
reasonable cushion to withstand debt service under different
scenarios of stress on the main assumptions. Considering the period
from 2023 through 2025, the breakeven scenario in the Moody's Base
Case financial model resulting in a 1.0x DSCR would need
utilization rates as low as 70% or oil price close to $37 per
barrel with reduced refined product margins.

Moody's Base Case assumes a gradual ramp-up in utilization rates
from less than 80% historically to close to 90%, along with crude
prices at $55 per barrel in the medium term and EBITDA expanding
from $540 million in 2023 close to $800 million in 2026. It also
considers capital spending requirements amounting to $100 million
per year and increasing 30% to 50% during the major turnaround
events planned in 2025 and 2029.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

The oil refining sector is increasingly exposed to environmental
regulations for the transition to low-carbon energy, which will
lead to an eventual decline in demand for petroleum products in the
coming decades and incremental investment requirements.
Nonetheless, Moody's see the impact of carbon transition risk
increasing just gradually in Brazil during the life of the
transaction. The sector is also exposed to social risks as related
to safety controls and socially driven policy agendas related to
the control of fuel prices, with evidence of regional political
interference in recent years. Governance is a key credit
consideration given the expected change in control, which Moody's
view as not insulated from execution. However, the overall
governance risk is neutral-to-low given the project-finance highly
structured transaction that limits the ability of management to
execute decisions that negatively affect corporate strategy. The
limited transparency due to the lack of audited historical
financial statements is expected to be addressed with more frequent
disclosures after the closing of the transaction.

DEBT STUCTURE & SECURITY

The proposed debt is structured as a Senior Secured facility with a
10-year partially amortizing schedule. The legal amortization
payments amount to 36% of the total debt issuance with a $500
million target balloon payment. To mitigate the refinancing risk,
there are semiannual sweeps for 75% of the excess cash flow after
the closing, triggered when the Net Debt to EBITDA ratio reaches
above 3.0x with step-downs to a minimum 25% as the leverage
decreases below 2.5x.

The debt structure also considers a pre-funded, 6-month reserve
account for debt service at acquisition closing and there are no
provisions for O&M or Major Maintenance reserves, which compare
unfavorable with the liquidity arrangements that Moody's typically
see on project finance transactions without contracted cash flows.


Alternatively, the project company will have a minimum cash balance
of $300 million for unrestricted purposes at closing and a $300
million liquidity facility to secure RLAM's payables under the
Petrobras crude supply agreements.

Security includes a full collateral package customary for project
finance transactions, comprising all material assets, contracts and
accounts of the Issuer, the intermediary Project Company and its
relevant subsidiaries, as well as the Sponsor's ownership interests
on the project. There are also restrictions on acquisition and
asset disposals, limitations on indebtedness and covenant tests
ahead of cash distributions subject to a clearly defined cash
waterfall.

OUTLOOK

The stable outlook reflects Moody's expectation that the
transaction will close according to schedule and the operating
ramp-up after the change in control will result in a financial
performance that is at least in line with Moody's Base Case
Assumptions. It also considers that the Sponsor will pre-fund
interest and make whole payments, if needed, upon any delay in the
closing.

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

The rating could be upgraded should the issuer's operating and
financial performance exceed Moody's expectations, such that its
DSCRs average more than 3.5x and project CFO/debt remains above 25%
on a sustained basis. The rating could be downgraded if the
issuer's cash generation slows down, such that the average DSCR
trends below 2.5x or project CFO/debt remains below 15% on a
sustained basis.

ISSUER PROFILE

MC Brazil Downstream Trading S.A.R.L. (the "Issuer") is a private
limited liability company established under the laws of Luxembourg,
as part of the acquisition financing of the Landulpho Alves cluster
("RLAM") by MC Brazil Downstream Participacoes S.A. (the "Project
Company"), an acquisition vehicle indirectly owned, controlled and
advised by Mubadala Capital ("Mubadala", or the "Sponsor").

RLAM is a refinery cluster built in 1950, with current operating
processing capacity of 302,000 barrels per day (bpd) of crude and
storage capacity of 3.7 million for crude and 6.2 million for
refined products. The Project Company also encompasses a logistic
infrastructure including 679 kilometers of oil pipelines and the
TEMADRE marine terminal (three inland and one waterway.

METHODOLOGY

The principal methodology used in this rating was Generic Project
Finance Methodology published in June 2021.


PETROLEO BRASILEIRO: Raised $2.3BB in Fuel Distributor Stake Sale
-----------------------------------------------------------------
Vinicius Andrade, Rachel Gamarski, and Cristiane Lucchesi at
Bloomberg News report that Petroleo Brasileiro SA raised about $2.3
billion through the sale of its remaining stake in Brazil's largest
fuel distributor in the biggest equity transaction in Latin America
this year.

Petrobras, as the company is known, fully exited Petrobras
Distribuidora SA in an offering that priced at 26 reais ($5.23) a
piece, according to company filings, according to Bloomberg News.
The sale is part of a broader plan from the oil giant to exit
non-core businesses, cut debt and focus on deep-water projects,
Bloomberg News notes.

The downsizing is also part of the government's strategy to divest
state-run assets, Bloomberg News relays.  The privatization drive,
one of the main promises of Economy Minister Paulo Guedes when
taking office in 2019, has been on hold for most of the past year
after the pandemic upended the economy, Bloomberg News says.  The
government recently scored a victory after gaining congressional
approval to sell utility giant Eletrobras, stoking investor
optimism, Bloomberg News notes.

The divestment comes amid a rally in Brazilian assets, Bloomberg
News discloses.  The real is trading near its strongest level in a
year, the Ibovespa stock index hit a record earlier this month and
the government tapped the international bond market, Bloomberg News
relays. The South American nation, one of the world's biggest
exporters of raw commodities, is now expected to grow more than 5%
in 2021, Bloomberg News notes.

Bloomberg News discloses that the transaction -- the biggest in
Latin America so far this year -- raised about 11.4 billion reais.
The stake, 436,875,000 voting shares, was equivalent to 37.5% of
the company, Bloomberg News says.  It's also one of the
five-largest secondary offerings in the country since at least
1990, according to data compiled by Bloomberg.

Petrobras started divesting from BR Distribuidora in 2017 during
the company's initial public offering, Bloomberg News notes.  Two
years later, it sold control of the firm in a public equity
offering, raking in about $2.2 billion and ending government
control over the biggest player in the industry, Bloomberg News
relays.

Further divestment brings a significant contribution to Petrobras's
asset-sale program, while also cementing BR Distribuidora's
independence, BofA analyst Frank McGann wrote in a report dated
June 13, Bloomberg News notes.

BR Distribuidora, which owns over 8,000 gas stations and more than
1,000 convenience stores across Brazil, reported gains in the first
quarter and has recently embarked on cost cutting measures,
including staff reductions, Bloomberg News discloses.  Shares are
up 21% this year, outperforming the country's main stock gauge by
about 14 percentage points, Bloomberg News relays.

The stock is "set to continue to have a good run after the deal is
completed, as it removes the overhang that weighed on the shares,"
as well as risks tied to state-controlled firms, Credit Suisse
analysts led by Regis Cardoso wrote in a report dated June 29,
Bloomberg News notes.  Cardoso reaffirmed an outperform rating and
boosted his price target to 39 reais from 32, Bloomberg News says.

Petrobras accelerated efforts to divest non-essential assets under
former chief Roberto Castello Branco, who was replaced by former
general Joaquim Silva e Luna earlier this year, Bloomberg News
relays.

The shares, which account for about 10% of Brazil's Ibovespa Stock
Index, have trailed the benchmark's advance so far this year,
gaining about 4% in local currency terms compared with a nearly 7%
rise for the gauge, Bloomberg News notes.

Still, analysts are mostly positive on Petrobras's outlook after
the oil company posted a profit and cut debt in the first-quarter
results, boosting optimism for dividend payments under the
company's new direction, Bloomberg News discloses.  The preferred
stock has 10 buy recommendations, three holds and one sell,
Bloomberg data show, Bloomberg News adds.

The BR Distribuidora deal was led by Morgan Stanley, Bank of
America Corp., Citigroup Inc., Goldman Sachs Group Inc., Banco Itau
BBA, JPMorgan Chase & Co. and XP Inc.




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

BARRANQUILLA: Fitch Lowers LT IDRs to 'BB', Outlook Stable
----------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) for
Bogota, Medellin and Barranquilla. Long-Term Foreign Currency (FC)
and Local Currency (LC) IDRs for Bogota and Medellin were
downgraded to 'BB+' from 'BBB-'. The Rating Outlook is revised to
Stable from Negative. Barranquilla's FC and LC IDRs were downgraded
to 'BB' from 'BB+', Outlook Stable.

Fitch has also downgraded Bogota's senior unsecured Colombian-peso
denominated notes for USD300 million and fixed interest rate of
9.75% due 2028 to 'BB+' from 'BBB-'.

Fitch did not review the local governments' National Ratings.

KEY RATING DRIVERS

The downgrade is due to Fitch's recent rating action on the
Colombian sovereign rating on July 1, 2021. For further
information, please see Fitch's press release "Fitch Downgrades
Colombia's Rating to 'BB+'; Outlook Revised to Stable" at
https://www.fitchratings.com/site/pr/10168639.

Fitch lowered Bogota and Medellin's Standalone Credit Profiles
(SCPs) to 'bbb+' from 'a-', and to 'bb+' from 'bbb+', respectively.
This results from a reassessment of their risk profiles to 'Low
Midrange' from 'Midrange', which is, in turn, driven by a
reassessment of their 'Liabilities and Liquidity Flexibility' Key
Risk Factor (KRF 3b) to 'Weaker' from 'Midrange'. This leads both
issuers to now have a combination of KRFs with a majority of
'Midrange' (5) and some 'Weaker' (1).

The reassessment of KRF 3b for Bogota and Medellin is explained by
Fitch's view that the counterparty risk of potential liquidity
providers for both issuers will be mostly below investment grade,
given the new sovereign credit environment.

Barranquilla´s LC and FC IDR downgrade is explained by the
deterioration in the sovereign rating and the District´s position
relative to the strongest peers within the 'BB' category.
Therefore, the SCP was lowered to 'bb' from 'bb+'.

The risk profile for Barranquilla remains unchanged at 'Low
Midrange'. However, 'Revenue Robustness' (KRF 1a) was reassessed to
'Weaker' from 'Midrange' as a result of a deterioration in the
transfers to operating revenue ratio, leading to an expectation of
greater dependency to current transfers from a counterparty rated
below investment grade.

No changes were applied to the DS score of any of the issuers,
which remain at 'aa' for Bogota and at 'a' for Medellin and
Barranquilla.

The LC and FC IDRs of Bogota are capped by the sovereign rating
(BB+/Stable), reflecting Fitch's view that a subnational in
Colombia cannot be rated above the sovereign, in recognition of a
certain degree of interdependence between subnational finances,
given the centralized framework in Colombia.

DERIVATION SUMMARY

Bogota's SCP is assessed at 'bbb+', reflecting a combination of a
'Low Midrange' risk profile and debt sustainability metrics
assessed in the 'aa' category. Bogota's IDRs are capped by
Colombia's sovereign rating of 'BB+'.

Medellin and Barranquilla's IDRs are based on their SCPs, which are
assessed at 'bb+' and 'bb', respectively, reflecting a combination
of a 'Low Midrange' risk profile and debt sustainability metrics
assessed in the 'a' category. In addition, their SCPs reflect a
peer analysis. No other factors affect the ratings.

RATING SENSITIVITIES

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

For Bogota & Medellin:

-- IDRs are constrained by the sovereign rating. Colombia's IDR
    upgrade would lead to a corresponding rating action on the
    entities.

Barranquilla:

-- Payback ratios sustainably below 9.0x and debt service
    coverage ratio (DSCR) above 1.5x;

-- Payback ratios sustainably below 5.0x on the scenario horizon,
    as a result of an improvement in operating balance and
    decreasing tendency in long-term debt.

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

For Bogota:

-- If the payback ratio is close to 9.0x coupled with a synthetic
    DSCR below 1.5x, under Fitch's rating case;

-- A downgrade of Colombia's IDR.

For Medellin:

-- If the enhanced payback ratio is close to 9.0x coupled with an
    enhanced synthetic DSCR below 1.5x, under Fitch's rating case;

-- A downgrade of Colombia's IDR.

For Barranquilla:

-- Payback ratios sustainably exceeding 9.0x under Fitch's rating
    case;

-- Coverage ratios sustainably below 1.0x;

-- A further deterioration in the RP; Fitch will continue
    monitoring the entity's compliance with local regulation
    indicators considering a legal implication could negatively
    impact the assessment of the corresponding KRF.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Bogota and Medellin ratings are affected by the sovereign ratings.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


[*] Fitch Takes Action on Colombia Cos. After Sovereign Downgrade
-----------------------------------------------------------------
Fitch Ratings has downgraded Ecopetrol S.A., Oleoducto Central S.A.
(OCENSA), A.I. Candelaria (Spain), S.A., Isagen S.A. E.S.P., UNE
EPM Telecomunicaciones S.A. (TIGO UNE) and Interconexion Electrica
S.A E.S.P. (ISA) following the previous downgrade of Colombia's
sovereign rating.

The downgrade of Ecopetrol's, OCENSA's and A.I. Candelaria's
foreign currency (FC) and local currency (LC) Issuer Default
Ratings (IDRs) reflects the direct and indirect linkage of these
companies to the sovereign rating of Colombia, which Fitch
downgraded last week to 'BB+' from 'BBB-' with a Stable Outlook.

The downgrade of Isagen's and TIGO UNE's FC IDRs reflects the cap
imposed by the country ceiling of Colombia ('BBB-'), as these
companies do not have substantial assets, offshore credit
facilities, or cash held or generated abroad to reduce transfer and
convertibility risk. Fitch affirmed their LC IDRs, which remain one
notch above Colombia's country ceiling. The downgrade of ISA's FC
and LC IDRs reflect its linkage with the Republic of Colombia,
which owns 51.4% of the company. Fitch considers ISA's two-notch
differential above its parent appropriate.

KEY RATING DRIVERS

The sovereign downgrade reflects the deterioration of the public
finances with large fiscal deficits in 2020-2022, a rising
government debt level, and reduced confidence around the capacity
of the government to credibly place debt on a downward path in the
coming years. Colombia's gross general government debt (GGGD) to
GDP is forecast to reach 60.8% in 2021, more than double the 30%
level when Fitch upgraded Colombia back to the 'BBB' category in
2011. Fitch expects debt to continue to rise through 2022 and does
not expect significant debt reduction over the medium term, leaving
Colombia vulnerable to shocks. Fitch sees significant risks to the
government's fiscal consolidation plan, given the reliance on tax
administration efforts and divestments, as well as the uncertainty
of the impact of the pending tax reform.

RATING SENSITIVITIES

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

-- Public Finances: Achieving sustained primary fiscal balances
    consistent with a steadily declining GGGD to GDP ratio that
    enhances fiscal policy credibility;

-- Macro: Higher sustained medium-term economic growth above
    Colombia's historical averages of about 3.5%;

-- Structural: Steady improvement in governance indicators that
    leads to improved social cohesion and reform momentum,
    improving Colombia's structural fiscal position as well as
    medium term growth prospects.

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

-- Public Finances: A failure to achieve fiscal consolidation
    that leads to a significant deterioration in Colombia's
    general government debt to GDP ratio relative to the 'BB' peer
    median;

-- Macro: Diminished medium-term growth prospects well below
    Colombia's historical potential of 3.5%, leading to continued
    high unemployment and poverty levels with social
    ramifications;

-- External Finances: Sharp further increase in net external debt
    to GDP, raising external vulnerabilities.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating actions are linked to the recent downgrade of Colombia's
sovereign and the corresponding Country Ceiling.

ESG CONSIDERATIONS

Ecopetrol has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to multiple attacks to its pipelines, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Ecopetrol has ESG Relevance Score of '4' for Governance Structure,
due to its nature as a majority government-owned entity and the
inherent governance risk that arise with a dominant state
shareholder. This has a negative impact on the credit profile and
is relevant to the ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Though Sluggish, Tourist Arrivals Climb
-----------------------------------------------------------
Dominican Today reports that the number of tourists who arrived in
June to the different Dominican destinations is still below the
record for that month of 2019, the Tourism Ministry (Mitur) said.

Last month, 468,367 tourists entered, a lower number than the
587,143 non-resident foreigners who visited the country in June
2019, prior to the impact of the pandemic, highlighted the head of
Mitur, David Collado, according to Dominican Today.

In June last year, when the borders were still closed, 1,021
tourists visited the country, according to data from the Central
Bank, the report notes.

Collado added that in the first half of 2021, the national
destinations received 1,903,474 visitors, an amount that is
equivalent to 53.2% of the tourists who arrived in the same period
of 2019, the report adds.

               About Dominican Republic

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

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

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

Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).




=============
J A M A I C A
=============

JAMAICA DIVERSIFIED: Fitch Gives 'BB' Rating to Series 2020-1 Debt
------------------------------------------------------------------
Fitch Ratings has affirmed the issue-specific ratings assigned to
all outstanding series of notes issued by Jamaica Merchant Voucher
Receivables Limited and Jamaica Diversified Payment Rights Company
at 'BB+' and 'BB', respectively. The Rating Outlook on the notes is
Stable.

      DEBT              RATING        PRIOR
      ----              ------        -----
Jamaica Merchant Voucher Receivables Limited

2015-1 470170AB7   LT  BB+  Affirmed   BB+
2016-1 470170AD3   LT  BB+  Affirmed   BB+

Jamaica Diversified Payment Rights Company (DPR) (NCB)

2020-1 47015PAD0   LT  BB  Affirmed    BB

TRANSACTION SUMMARY

Jamaica Merchant Voucher Receivables Limited's notes are backed by
future flows due from Visa International Service Association (Visa)
and MasterCard International Incorporated (MasterCard) related to
international merchant vouchers (MV) acquired by National
Commercial Bank Jamaica Limited (NCBJ) in Jamaica.

Jamaica Diversified Payment Rights Company's notes are backed by
existing and future U.S. dollar-denominated diversified payment
rights (DPRs) originated by NCBJ. The majority of DPRs are
processed by designated depository banks (DDBs) that have signed
Acknowledgement Agreements (AAs), irrevocably obligating them to
make payments to an account controlled by the transaction trustee.

Fitch's ratings address timely payment of principal and interest on
a quarterly basis.

KEY RATING DRIVERS

Future Flow Ratings Driven by Originator's Credit Quality: On Jan.
29, 2021, Fitch affirmed NCBJ's Long-Term (LT) Local Currency (LC)
Issuer Default Rating (IDR) at 'B+'/Outlook Negative and its
Viability Rating (VR) at 'b+'. NCBJ's LT LC IDR is driven by its
VR, which reflects its stand-alone creditworthiness and is highly
influenced by Jamaica's operating environment.

The Negative Outlook on NCBJ reflects that downside risks remain
for the bank's credit profile, given the economic implications of
the coronavirus pandemic, reflected in the Negative Outlook for the
operating environment score.

Strong Going Concern Assessment (GCA): Fitch uses a GCA score to
gauge the likelihood that the originator of a future flow
transaction will stay in operation through the transaction's life.
NCBJ's GCA score of 'GC1' reflects its systemic importance as
Jamaica's largest bank.

Several Factors Limit Notching Differential: The 'GC1' score allows
for a maximum rating uplift of six notches from the bank's IDR,
pursuant to Fitch's future flow methodology. However, the rating
uplift is tempered three notches for the MV program and two notches
for the DPR program due to factors mentioned below, including Fitch
reserving the maximum uplift for originators rated at the lower end
of the rating scale.

Moderate Future Flow Debt Size: NCBJ's total future flow debt
represents 8.4% of the bank's total funding and 20.5% of
non-deposit funding when considering the current outstanding
balance on both programs ($450.7 million) as of April 2021 and
utilizing YTD March 2021 consolidated financials. Although Fitch
considers these ratios to be moderate, yet small enough to allow
for the maximum uplift, Fitch expects the future flow programs will
continue to remain the main source of long-term funding for NCBJ,
limiting the notes' rating uplift.

MV Program Coronavirus Impact and Containment Measures Pressure
Transaction Flows: While flows benefit from NCBJ's market-leading
and dominant credit card franchise and diversification from the two
top credit card brands, global events including the coronavirus
crisis severely disrupted travel and tourism to Jamaica, which in
turn negatively affected transaction flows. In aggregate, $456.9
million in MV flows were generated in 2020, a decrease of 24% when
compared to 2019. Flows through the first four months of 2021 have
started to recover reported at $173.5 million, but remain slightly
below the $180.2 million in flows generated through the first four
months of 2020. Although recovering, MV flows remain pressured,
thus making this a limiting factor.

Coverage Levels Commensurate with Assigned Rating: When considering
average rolling quarterly flows over the last five years (April
2016 - April 2021) and the maximum periodic debt service over the
life of the program, Fitch's projected quarterly debt service
coverage ratio (DSCR) is 6.5x. Moreover, the transaction can
withstand a drop in flows of approximately 84.5% and still cover
the maximum quarterly debt service obligation. Nevertheless, Fitch
will monitor the performance of the flows as potential pressures
could negatively impact the assigned rating.

DPR Program Coronavirus Impact and Containment Measures Pressure
Transaction Flows: Similar to the MV program, global events
including the coronavirus crisis negatively affected DPR
transaction flows. In aggregate, NCBJ processed $2.68 billion in
USD DPR flows in 2020, down 19% yoy when compared to 2019. Flows
through the first four months of 2021 remain pressured when
compared to prior year, reported at $835.1 million versus $1.0
billion, thus making this a limiting factor. Additionally, the DPR
program involves top beneficiaries that are NCBJ affiliates as well
as entities with high domestically originated, government-related
and/or capital flows (which Fitch sees as more volatile than
export-related payments and remittances). Therefore, the potential
volatility of the DPR flows also limits the notching differential
of the transaction.

Coverage Levels Commensurate with Assigned Rating: When considering
average rolling quarterly DDB flows over the last five years (April
2016 - April 2021) and the maximum periodic debt service over the
life of the program, Fitch's projected quarterly DSCR is 65.1x.
Moreover, the transaction can withstand a drop in flows of
approximately 98.5% and still cover the maximum quarterly debt
service obligation. Nevertheless, Fitch will monitor the
performance of the flows as potential pressures could negatively
impact the assigned rating.

Sovereign/Diversion Risk Reduce: The structure mitigates certain
sovereign risks by collecting cash flows offshore until collection
of periodic debt service amount. Fitch believes diversion risk is
partially mitigated by the consent & agreements or acknowledgments
signed by Visa and MasterCard (in the case of the MV program) or
designated depositary banks (in the case of the DPR program).

The KRDs listed in the applicable sector criteria, but not
mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

-- Fitch does not anticipate developments with a high likelihood
    of triggering an upgrade. However, the main constraint to the
    program ratings is the originator's rating and NCBJ's
    operating environment. If upgraded, Fitch will consider
    whether the same uplift could be maintained or if it should be
    further tempered in accordance with criteria.

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

-- The transaction ratings are sensitive to changes in the credit
    quality of NCBJ. A deterioration of the credit quality of the
    sovereign and/or NCBJ by multiple notches is likely to pose a
    constraint to the rating of the outstanding series of notes
    for both programs from their current level.

-- The transaction ratings are sensitive to the performance of
    the securitized business lines. The expected quarterly DSCR is
    approximately 6.5x for the MV program should be able to
    withstand a decline in cash flows. Additionally, Fitch's base
    case for the DPR program is 65.1 and should be able to
    withstand a decline in cash flows. Nevertheless, a significant
    decline in DPR flows could lead to a negative rating action.

-- The transaction's ratings are sensitive to the ability of the
    credit card acquiring and DPR business line to continue
    operating, as reflected by the GCA score, and changes in the
    sovereign environment and ratings assigned to the Jamaican
    sovereign. Changes in Fitch's view of the bank's GCA score can
    lead to a change in the transaction's rating. Additionally,
    the MV program could also be sensitive to significant changes
    in the credit quality of Visa or Mastercard to a lesser
    extent.

-- Any changes in these variables will be analyzed in a rating
    committee to assess the possible impact on the transaction
    ratings.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The future flow ratings are driven by the credit risk of National
Commercial Bank of Jamaica Limited as measured by its LT LC IDR.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




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

GRUPO AEROMEXICO: Says Shareholders to Buy New Chapter 11 Equity
----------------------------------------------------------------
Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) said in a July 9,
2021 statement that it was informed by an existing group of Mexican
shareholders that they have the intention to participate in the new
equity to be issued by Aeromexico as part of its reorganization
plan under the current Chapter 11 voluntary financial restructuring
process, for which they have carried out initial conversations with
various creditors and potential investors of Aeromexico.

Aeromexico said that no formal agreement has so far been executed
and, in due course, it will inform on the execution of any
agreement that might be formalized.  The foregoing is expected to
be a material, controlling and long-term, investment, in full
compliance with the applicable provisions of the Mexican foreign
investment law.

                       About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport. Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as
counsel to the Debtors.


GRUPO GICSA: S&P Lowers ICR to 'B-', On CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings lowered its long-term global issuer credit
rating on Mexico-based real estate developer and operator Grupo
GICSA S.A.B. de C.V. (GICSA) to 'B-' from 'B+' and its national
scale issuer credit rating to 'mxB' from 'mxBBB-'. S&P also lowered
its issue-level rating to 'mxB' from 'mxBBB-' on the company's
senior unsecured notes GICSA 15, GICSA 17, and GICSA 19. At the
same time, S&P placed the ratings on CreditWatch with negative
implications.

The CreditWatch placement reflects greater risk of another
downgrade by one or more notches over the next 90 days if GICSA
does not implement a refinancing plan or significantly increase its
cash balance through proceeds from asset disposals to alleviate its
liquidity position. It also reflects the uncertainty about the plan
that the company will implement following its recent announcement
it was exploring alternatives to strengthen its capital structure
and overall liquidity position.

S&P continues to expect a modest improvement in the company's cash
balance over the next 12 months, spurred by a gradual recovery in
operations and rent collections. At the end of March 2021, GICSA
reported MXN566 million in unrestricted cash and equivalents;
however, the company faces debt maturities of about MXN2.7 billion
and MXN1.6 billion in the next 12 and 24 months, respectively. As
short-term debt maturities are approaching, S&P believes the
company's liquidity position is tightening and will remain under
pressure unless new funding sources are found or debt maturities
are refinanced over the next few months.

S&P said, "We still expect double-digit growth in the company's
consolidated revenues, after the dip in 2020. This will be mostly
underpinned by a modest rise in rental income due to the
stabilization of Explanada Pachuca and Explanada Culiacan, and the
company's plan to accelerate the sale of its residential project,
Cero5Cien. However, economic weakness could undermine demand and
slow progress. Therefore, there's risk that the costs to develop
this project will significantly surpass potential income, causing
GICSA's EBITDA to decrease in 2021. Therefore, we still expect debt
to EBITDA will remain above 9.5x in 2021 and EBITDA interest
coverage within 1.0x-1.3x."




===============
P A R A G U A Y
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FRIGORIFICO CONCEPCION: Fitch Assigns 'B+' LT IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating to Frigorifico Concepcion
S.A.'s initial public Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs). Fitch has also assigned a 'B+'/'RR4' rating
to Frigorifico Concepcion's new senior secured bond. The Rating
Outlook is Stable.

The senior secured bond will be secured by a first-ranking security
interest from certain real estate property and equipment located in
Paraguay, as well as the capitol stock it owns in its subsidiary
Frigorifico BFC S.A. in Bolivia, comprising 51% of that company's
outstanding shares. Frigorifico BFC is also a guarantor of the
transaction. The new notes will refinance the 10.25% USD161 million
senior secured notes due in 2025; the balance of the proceed will
be used for expansionary capex (organic and inorganic) including
the acquisition of strategic assets, if opportunities arise. There
will be a collateral release from the notes if company achieves
'BB-' ratings by two rating agencies subject to a ratings
reaffirmation in relation to the collateral release.

The ratings reflect the company's leading position in the beef
industry in Paraguay, strong performance and moderate leverage.
Strong profitability is underpinned by its export platform while
benefiting from relatively low cattle cost due to abundant cattle
supply where the company operates. Frigorifico Concepcion is also
expanding in Bolivia, which diversifies its geographical exposure
and provides the company access to the Chinese market.
Frigorifico's ratings are constrained to the 'B+' rating level due
to its limited scale, product and geographic diversification, and
governance structure associated with shareholder concentration. The
new secured bond will improve the debt amortization profile.

KEY RATING DRIVERS

Export Business Model: Frigorifico Concepcion's export beef
platform enables the group to benefit from strong international
demand; 90% of its revenues come from exports. Its key export
markets are Russia, Chile and Brazil from its operations in
Paraguay, while its most important export market from operations in
Bolivia is China. Russia, Brazil and Asia are expected to represent
about 26%, 23%, and 22% of sales, respectively, in 2021. Paraguay
accounts for around two-thirds of the company's projected 2021
EBITDA with its operations in Bolivia accounting for the balance.

Strong Growth: Fitch forecasts EBITDA to increase to about USD88
million in 2021 from USD70 million during the LTM ended March 31,
2021. The increase in operating cash flow is due to increased sales
driven by increased capacity utilization plus higher output from
its Bolivian operations following USD15 million in expansion capex.
Exports prices are expected to continue to be strong supported by
the overall economic recovery, which also bolsters revenues. The
company has been expanding its slaughtering capacity and should
reach approximately 3,700 heads per days in 2022, an increase from
2,700 heads per day in 2019.

Conservative Capital Structure: Net leverage is expected to remain
low for the rating category at approximately 2.0x in 2021 versus
2.5x (pro forma) in 1Q21, while Frigorifico Concepcion's Total
Debt/EBITDA ratio is expected to be below 4.0x versus 4.5x
(pro-forma) in 1Q21, assuming the successful issuance of the USD300
million senior secured notes. The company's growth strategy
includes organic and inorganic expansion in the future, while
maintaining a net leverage of no more than 3.0x. FCF is expected to
remain negative due to strong growth and working capital needs to
fund the cash conversion cycle, including livestock purchased with
cash.

Favorable Beef Demand: Global beef fundamentals are expected to
remain positive over the next couple of years due to increased
protein demand and strong international prices. USDA projects beef
production in Paraguay to grow by 4% yoy in 2021. The company is
able to export to China through its 51% controlled subsidiary in
Bolivia, as meatpackers in Paraguay are not allowed to export to
China. The group benefits from solid cattle availability in the
domestic market and strong international prices (notably in China),
which explains its stronger operating margin compared to its peers.
Fitch anticipates EBITDA margin to remain strong at about 13% in
2021 as a result of stronger profitability of the Bolivian
operations.

Limited Diversification: Frigorifico Concepcion operates solely in
the beef business in Paraguay and Bolivia, making it less
diversified from a product and geographical standpoint than
Brazilian-based protein company JBS S.A. (BBB-/Stable) or Minerva
S.A. (BB/Stable), which operate in more countries and are much
larger in terms of size. As a beef producer, the company is exposed
to sanitary, environmental, climatic change and export restriction
risks, which explains its historically volatile performance.

DERIVATION SUMMARY

Frigorifico Concepcion's ratings reflect its solid business profile
as a pure-play company in the beef industry, as the second largest
beef producer in Paraguay and a leading producer in Bolivia. The
company has developed an export-oriented business model, similar to
Minerva, whereas Marfrig Global foods S.A. (BB/Stable) has a strong
presence in the U.S. domestic market through its subsidiary
National Beef. About 90% of Frigorifico's revenues are derived from
exports in 2020.

The company has been able to maintain high operating margins over
the years despite facing several challenges in 2018 due to export
restrictions from Russia that lasted until 2019. Since then, the
group has been investing in Bolivia to mitigate geographical
concentration risk. From a financial standpoint, the ratings are
supported by Frigorifico Concepcion's low net leverage, good
liquidity, favorable debt amortization profile, post-bond issuance,
and high profitability for the sector due to exports. FCF remains
limited resulting from growth and working capital needs. The
ratings also consider the lack of diversification across other
proteins, limited scale and geographical footprint compared to its
international peers, which exposes the company to potential import
restrictions.

KEY ASSUMPTIONS

-- Sales driven by higher slaughtering capacity and the ramp-up
    of the Bolivian operations;

-- No dividends paid in 2021;

-- USD300 million of new debt refinancing existing bonds;

-- Net debt/ EBITDA below 2x in 2021.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes Frigorifico Concepcion would be
reorganized as a going-concern in bankruptcy rather than be
liquidated. Fitch has assumed a 10% administrative claim. The GC
EBITDA assumption of about USD49 million reflects the volatility of
the protein industry, potential sanitary risks or temporary
shutdown of any export markets. An EV multiple of 5x EBITDA is
applied to the GC EBITDA to calculate a post-reorganization
enterprise value. Fitch uses a multiple of 5 due to the company's
small size, strong market position, high protein demand and strong
operating margin. The above assumption result in a recovery rate
assumption within the 'RR3' range for the new senior secured notes.
Due to the 'RR4' cap for Paraguay Corporates, Fitch limits the
recovery for the senior secured bond at 'RR4' despite a higher
projected recovery.

RATING SENSITIVITIES

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

-- Greater scale and geographical diversification in higher rated
    countries;

-- Improved group's structure and governance;

-- Debt/ EBITDA below 3.0x on a sustained basis;

-- Sustainable positive FCF.

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

-- Failure to refinance most of the secured debt by the new bond;

-- Deterioration of liquidity;

-- Debt/ EBITDA above 4.0x or Net debt/ EBITDA above 3.0x on a
    sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity: Cash and cash equivalents was USD31 million and
short-term debt totalled about USD15 million as of YE 2020. Total
debt was USD188 million, comprised of about USD164 million of
secured notes that the company intends to refinance with a new
USD300 million secured notes. Fitch understands that excess cash
will be used for liquidity, working capital and future organic and
inorganic capex driven by expansion in line with the group's
expansion strategy. The company does not hedge as revenues and
costs are mainly in US dollars.

ISSUER PROFILE

Frigorifico Concepcion S.A. is a leading beef exporter from
Paraguay accounting for 22.2% of Paraguay's beef processing in
2020. The company has a 51% ownership interest in a Bolivian beef
processing facility and most of the company's sales are made to the
international market, with exports to 37 countries.

ESG Considerations

Frigorifico Concepcion has an ESG Relevance Score of '4' for
Governance Structure and Group Structure due to ownership
concentration and the existence of related-party transaction which
have a negative impact on the credit profile, and is relevant to
the rating in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




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

FADYRO DISTRIBUTORS: Seeks Court Approval to Hire Accountant
------------------------------------------------------------
Fadyro Distributors, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Joel Rodriguez
Fernandez, an accountant practicing in San Lorenzo, P.R.

The Debtor requires an accountant to properly administer its
bankruptcy proceeding and comply with the post-petition tax returns
accounting and reporting requirements including, but not limited
to, monthly operating reports and financial analysis.

Mr. Fernandez will be paid at $450 per month.

Mr. Fernandez disclosed in court filings that he is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

The accountant can be reached through:
   
     Joel Rodriguez Fernandez
     Urb. Aponte, Calle Abanico 3-P-1
     San Lorenzo, PR 00754
     Telephone: (787) 736-5020
     
                     About Fadyro Distributors

Fadyro Distributors, Inc. filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
21-00029) on Jan. 5, 2021.  At the time of the filing, the Debtor
disclosed assets of between $1 million and $10 million and
liabilities of the same range.  

The Debtor tapped Landrau Rivera & Assoc. as its legal counsel and
Joel Rodriguez Fernandez, an accountant practicing in San Lorenzo,
P.R.



                           *********


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 2021.  All rights reserved.  ISSN 1529-2746.

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