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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

          Friday, November 20, 2020, Vol. 21, No. 233

                           Headlines



A R G E N T I N A

ARGENTINA: Interest Rates Up as Inflation Spikes to Fastest Level


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Agro Sector Wants Review of Free Trade Pact
DOMINICAN REPUBLIC: Gov't. Submits Changes to 2021 Budget


E L   S A L V A D O R

AES EL SALVADOR II: Moody's Reviews B2 CFR for Downgrade


G U A T E M A L A

GUATEMALA: Fitch Puts BB- FC IDR on Rating Watch Negative


J A M A I C A

JAMAICA: BOJ Says Credit Conditions Eased in June Quarter


M E X I C O

CYDSA SAB: Fitch Affirms BB+ LT IDRs, Outlook Stable


S T .   L U C I A

ST. LUCIA: Plans to Introduce Tourism Levy


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Bar Owners Appeal Again for Reopening of Bars


X X X X X X X X

LATAM: Exports Fall Due to The Pandemic, Though Less Than Expected

                           - - - - -


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

ARGENTINA: Interest Rates Up as Inflation Spikes to Fastest Level
-----------------------------------------------------------------
Jorge Iorio and Adam Jourdan at Reuters report that Argentina hiked
interest rates after monthly inflation accelerated to the highest
level this year, a move aimed at bolstering peso savings and
reining in prices amid a wider economic crisis.

The central bank raised the benchmark Leliq rate to 38% from 36%
previously after the country’s statistics agency had revealed
October inflation speeding up to 3.8% and rolling 12-month
inflation had been clocked at 37.2% in the month, according to
Reuters.

The central bank also raised overnight and 7-day reverse repo
rates.

The consumer price rise, which comes as the country has eased
slowly out of its pandemic lockdown, was at the top end of analyst
expectations, who had forecast a 3.1% rise for the month, according
to a poll conducted by Reuters.

The Economy Ministry said the increase had been driven by price
rises of seasonal products, clothing, footwear, and food/beverages,
the report notes.  The ministry pointed out annual inflation was
set to be significantly lower than in 2019, the report relays.

A central bank source said that inflation had risen significantly
in the month, but added that high-frequency indicators suggested
that price rises in November would return to the lower levels of
months prior to October, the report relays.

Argentina is battling with a currency crisis amid low foreign
exchange reserves and is trying to keep the peso stable with strict
capital controls, the report discloses.  The country is also headed
for its third straight year of recession, the report relays.

The grains-producing nation emerged from a sovereign default in
recent months after restructuring over $100 billion in foreign
currency debt and now faces crunch talks with the International
Monetary Fund to strike a new deal, the report adds.


                      About Argentina

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

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.

Historically, however, its economic performance has been very
uneven, with high economic growth alternating with severe
recessions, income maldistribution and in the recent decades,
increasing poverty.

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

Fitch's credit rating for Argentina was last reported at CCC with
n/a outlook, a rating upgrade from CC on Sept. 11, 2020.  DBRS'
credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020.  Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.

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.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.



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

DOMINICAN REPUBLIC: Agro Sector Wants Review of Free Trade Pact
---------------------------------------------------------------
Dominican Today reports that the productive agro sectors such as
rice, poultry, pork, milk and beans expect the government will
include on its agenda the revision of the Free Trade Agreement
between the United States, Central America and the Dominican
Republic (DR-Cafta).  They warn that in 2019, it was appropriate to
meet and it did not happen, according to Dominican Today.

"The treaty itself in its Article 3.18 establishes that the
signatory countries had to meet to review it and that was not done
because that is not an issue of interest to the Americans," said
the president of the National Federation of Rice Producers
(Fenarroz), Mauricio Maria, the report notes.

He said that with the past authorities, they could not meet to
discuss this issue, but that with the new administration they have
already met several times, so he affirms that he feels hopeful that
the issue will be officially scheduled, the report relays.

"This afternoon we are meeting with Industry and Commerce raising
awareness to put this issue on the agenda and we will also meet
with the Minister of Agriculture with the aim of raising awareness
among Dominicans, both the government, businessmen, and free zones
because the point is to save Dominican rice," 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.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). 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).

DOMINICAN REPUBLIC: Gov't. Submits Changes to 2021 Budget
---------------------------------------------------------
Dominican Today reports that the Dominican Republic government
submitted changes to the 2021 budget. The president of the
bicameral commission that studies the General State Budget for
2021, Jose Santana Suriel, indicated that they received the
addendum from the Executive Power.

Santana Suriel said that some of the commission members want the
government's technical team to explain the changes that were made,
according to Dominican Today.

He said that last Nov. 18, the technical team of Congress was
summoned to study in depth the addendum sent by the Executive
Power, with the aim of seeing the modification structures
recommended by the General Budget Directorate, which originally
expected income of 746.3 billion pesos, or 12.9 billion dollars,
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.  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.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). 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).



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

AES EL SALVADOR II: Moody's Reviews B2 CFR for Downgrade
--------------------------------------------------------
Moody's Investors Service has placed the B2 ratings of AES El
Salvador Trust II bis under review for a possible downgrade.

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

On Review for Downgrade:

Issuer: AES El Salvador Trust II bis

Corporate Family Rating, Placed on Review for Downgrade, currently
B2

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B2

Outlook Actions:

Issuer: AES El Salvador Trust II bis

Outlook, Changed To Rating Under Review From Positive

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

Trustco II ratings were placed under review for a possible
downgrade reflecting the rating action of the sovereign bond rating
of the Government of El Salvador, in which the B3 rating was placed
under review for a possible downgrade. During the review, Moody's
will also closely follow the renewable of the committed $16.5
million line of credit, which supports Trustco II's liquidity.

Trustco II ratings factor in their strong combined credit metrics
including a ratio of cash flow pre-working capital changes (CFO
pre-W/C) to debt that exceeded 17% for 2019. The metrics are
underpinned by the constructive outcome of the 2018-2022 tariff
review, a timelier collection of the electric subsidies following
the changes implemented in 2017, and the guarantors' cash balance
of around $70 million end of June 2020.

In addition, the ratings also take into account that under the
terms of the Notes, the structure has a six-month interest only
debt service reserve account. It also considers AES' historical
track-record of reducing the dividend pressure on its El
Salvadorian subsidiaries amid the country's financial and liquidity
challenges.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Trustco II's outlook could be stabilized should the outlook of El
Salvador be changed to stable.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

A downgrade of Trustco II's B2 ratings is likely to follow a
downgrade of the sovereign ratings. Downward pressure on the
ratings is likely if Moody's perceives a deterioration in the
regulatory framework that reduces the predictability and
consistency in which the regulation is applied. Negative momentum
is also likely if the consolidated key credit metrics deteriorate
significantly; specifically, if the consolidated interest coverage
ratio and the CFO pre-W/C to debt fell below 2x and 5%,
respectively, for an extended period. If the committed line of
credit is nor renewed and Moody's concludes that the liquidity
profile is no longer appropriate to maintain the one-notch
difference between Trustco II's ratings and the sovereign rating
could also result in a downgrade.

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



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G U A T E M A L A
=================

GUATEMALA: Fitch Puts BB- FC IDR on Rating Watch Negative
---------------------------------------------------------
Fitch Ratings has placed Guatemala's Long-Term Foreign-Currency
Issuer Default Ratings (IDR) on Rating Watch Negative (RWN),
downgraded the issue rating on the Eurobond due 2026 to 'C' from
'BB-' and affirmed all other ratings.

KEY RATING DRIVERS

The RWN on Guatemala's Long-Term Foreign Currency IDR reflects the
missed coupon payment on its Eurobond due 2026 (ISIN 144A:
US401494AN97; Reg S: USP5015VAF33) as a result of an outstanding
commercial dispute with the U.S.-based electric distribution
company TECO Guatemala Holdings (TECO). The coupon payment has a
30-day grace period ending Dec. 3, 2020. Failure to make the
payment within the grace period would constitute an event of
default under Fitch's criteria and result in a downgrade of the
Foreign-Currency IDR to Restricted Default (RD). Also, in line with
its criteria, Fitch has downgraded the issue rating on the affected
bond to 'C' as it has entered the grace period.

Guatemala missed the USD15.75 million coupon payment due November 3
because its fiscal agent did not remit the payment to bondholders
as a New York court received a restraining notice directed at the
government's account at the Bank of New York Mellon. Earlier, a
Washington D.C. court had ruled in favor of the company and ordered
the government of Guatemala to pay the company USD35.4 million for
an arbitration which started in 2009. The government has upcoming
coupon payments totaling USD55 million on other global bonds due by
November 30 and USD31 million by December 5.

The claim by TECO originated as a commercial dispute regarding
electricity tariffs on the basis of the Central America-United
States Free Trade Agreement (CAFTA). Guatemala's General
Electricity Law and subsequent regulation adopted in 1996
introduced a tariff review system, which was to be recalculated
every five years. The dispute arose from the setting of the tariff
in the 2008-2013 period. TECO claims Guatemala's government refused
to increase electricity prices for political reasons.

The government is exploring options for lifting the embargo on its
bank account and disbursing the payment. The bank account has
sufficient funds to cover the USD15.75 million missed coupon
payment. In order to have the embargo lifted, the government would
need to reach an agreement with TECO for a payment plan to settle
the suit or otherwise reach terms that would allow Bank of New York
Mellon to make the payment.

Guatemala's ratings are supported by a track record of prudent
monetary and fiscal policies, macroeconomic stability, low public
debt-to-GDP and sound external liquidity. These strengths are
counterbalanced by a narrow tax base that constrains policy
flexibility and limits debt tolerance. Additional constraints
include the high reliance on remittances inflows to offset large
trade deficits and weak governance, investment levels and human
development indicators.

ESG - Governance: Guatemala has an ESG Relevance Score (RS) of 5
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. Theses scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in
Fitch's proprietary Sovereign Rating Model. Guatemala has an
average WBGI ranking at 27.9 percentile driven by a weak rule of
law and a high level of corruption.

RATING SENSITIVITIES

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

  -- Failure to create and communicate a credible plan to address
the missed coupon payment on the bond well within the grace period
ending December 3;

  -- Failure to pay the coupon payment on the bond within the grace
period.

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

As the LT FC IDR is on RWN, Fitch's sensitivity analysis does not
anticipate developments with a high likelihood of leading to a
positive rating change. However, the main factors that could
individually or collectively lead to the removal of the RWN
include:

  -- Payment of the coupon on the affected bond within the grace
period and assurance that the commercial dispute does not put the
payment of other debt obligations at risk.

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

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

Structural: -1 notch, to reflect political tension and
congressional gridlock that limits the government's ability to pass
reforms, including the approval of the budget.

The committee removed the -1 notch in Public Finances which had
reflected continued deterioration of tax collection levels,
limiting the government's investment capacity in a context of large
social and infrastructure needs. The deterioration of the public
finance variables is now being reflected by the data included in
the SRM.

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

KEY ASSUMPTIONS

Fitch assumes that the global economy evolves in line with its most
recent update of the Global Economic Outlook published on Nov. 6,
2020.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Guatemala has an ESG Relevance Score of 5 for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are relevant to the rating and a key
rating driver with a high weight.

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

Guatemala 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 a
rating driver.

Guatemala 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, as for all sovereigns.

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



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

JAMAICA: BOJ Says Credit Conditions Eased in June Quarter
---------------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ), is reporting that
credit conditions eased in the June quarter compared to the
previous three months.

This was outlined in the Central Bank's quarterly credit condition
report, according to RJR News.

The BOJ said the easing was recognizable in both lending terms for
secured and unsecured loans, the report relays.

There was an overall decline in the availability of credit during
the June quarter, as evidenced by the Credit Supply Index, the
report discloses.

The BOJ says this contraction was evident in the supply of credit
to businesses but there was also no growth in the supply to
individuals, the report says.

Some lenders indicated that the increased risk posed by the
COVID-19 pandemic forced them to reduce available credit, the
report notes.

However, they indicated that they plan to increase credit
availability for the September and December quarter, the report
adds.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its main sources of
foreign currency revenues: tourism, remittances and alumina
exports.



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

CYDSA SAB: Fitch Affirms BB+ LT IDRs, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Cydsa, S.A.B. de C.V.'s Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) and senior
unsecured debt at 'BB+'. The Rating Outlook is Stable.

The ratings reflect Cydsa's diversified business profile, low cost
position and business resilience of some of its operations,
vertical integration and strong domestic brand recognition in table
salt. The ratings are tempered by Cydsa's limited geographic
diversification, price volatility of its chlorine and caustic soda
business and track record of moderate leverage.

Cydsa's current rating leverage headroom is limited. The company
has the challenge of completing a new capex plan, aiming to replace
one of its caustic soda facilities, while it faces a downturn in
caustic soda prices. Fitch expects Cydsa to manage its business
growth strategy and dividend distributions conservatively, and hold
consolidated net adjusted debt/EBITDA below 3.5x in the medium to
long term.

KEY RATING DRIVERS

Diversified Business Profile: Cydsa is a mid-scale domestically
focused chemical company in Mexico (BBB-/Stable) with a diversified
portfolio of products and services. The company operates in the
table salt business, where it has a strong brand and market
position, and in the chlorine-caustic soda, refrigerant gases and
underground hydrocarbon storage businesses. Fitch estimates that
around 36% and 26% of Cydsa's EBITDA is in the Energy Processing
and Logistics and salt segments, respectively. These more resilient
operations add important stability to the company's originally more
volatile chemicals portfolio and is a key rating differentiator
compared with pure chemical peers in the region.

Vertical Integration: Cydsa controls a good portion of its
feedstock matrix: salt and energy. This vertical integration allows
the company to better withstand the volatility of the chemical
cycle and support its good margins compared to peers. The company
owns salt mines, providing the key raw material for its Consumer,
Salt and Chlorine-Caustic Soda segments. Energy cogeneration assets
supply a majority of electricity, reducing the volatility of price
fluctuations common in Mexico's electricity market.

Domestic Player: The company derives around 92% of its revenue
domestically, with most of its assets located in Mexico.
Consequently, Cydsa's financial performance is tied to Mexico's
political and economic development. The company has limited ability
to influence prices of chlorine and caustic soda, which are
volatile and significantly influenced by global supply and demand
dynamics. These products represent about 37% of Cydsa's EBITDA
portfolio on average during the last five years and to some extent
are influenced by demand for polyvinyl chloride (PVC) resin, which
is widely used in construction and infrastructure and is subject to
demand volatility.

Exposure to Pemex: Cydsa provides liquefied petroleum gas (LPG)
underground storage to a subsidiary of Petroleos Mexicanos (PEMEX;
BB-/Stable) at its salt caverns under a 20-year contract agreement.
This business unit's operating performance has been in line with
expectations and with no payment delays. Any changes in the
contract or relationship with Pemex could bring volatility to
Cydsa's cash flow and pressure its credit profile. This segment
adds an important source of stable cash flow to Cydsa, partially
offsetting the current deterioration of the caustic soda prices.
Fitch's rating case scenario does not incorporate any additional
investment for developing new caverns. Depending on the speed of
the investment or funding strategy, it could pressure the company's
ratings.

New Capex to Maintain FCF Pressured: The current scenario of lower
caustic soda prices has been driving a drop in Cydsa's EBITDA
generation. For 2020 and 2021, Fitch expects Cydsa to generate
EBITDA of MXN2.8 billion and MXN2.9 billion, with EBITDA margins in
the range of 26%-28%. After having completed its capex for the
cogeneration asset, Cydsa is now in the process of investing to
increase operating efficiency at its caustic soda facility and to
comply with the Minamata Convention, which bans the use of mercury
by 2025. This capex is estimated around USD120 million over a
period of three years. Due to the uncertainties related to the
COVID-19 pandemic, the company decided to preserve cash and
postponed this investment. In a scenario this investment starts in
2021, Fitch estimates Cydsa's FCF to remain around MXN100
million-MXN200 million pesos in the next three years.

Limited Leverage Headroom: Fitch forecasts Cydsa's consolidated net
adjusted debt to EBITDA to move toward 3.6x by YE 2020, reflecting
weaker chemical prices, still high capex and the impact of USD
appreciation on its debt denominated debt. For 2021-2022 net
leverage ratio is expected to decline to around 3.0x-3.3x to depend
on the timing of new capex for the caustic soda plant. Cydsa's
consolidated net leverage was 2.8x in fiscal 2019 and 2.2x in
fiscal 2018. Considering only the restricted group leverage (salt,
caustic soda, refrigerant gases and cogeneration), total leverage
is projected to be around 3.6x in fiscal 2020.

DERIVATION SUMMARY

Cydsa is well positioned against small scale chemical producers
with limited regional diversification, which are typically rated in
the low 'BB' or below rating categories. Cydsa's business profile
is more diversified and its cash flows are more stable than
companies such as Unigel Participacoes (B+/Stable). Cydsa's
diversified business profile is supported by the strong brand
recognition of its household salt products and its cost position in
its chlorine-alkali chain segment benefits from important
investments in technology and the operations in the energy
processing and logistic segment. Larger and more diversified
chemical companies with lower leverage such as Orbia Advance
Corporations, S.A.B. de C.V. (BBB/Negative) or Alpek (BBB-/Stable)
are typically rated in the low to mid 'BBB' category due to their
stronger financial market access and broader geographic
diversification. Chemical companies rated in the 'BBB' category
tend to be product leaders across broader regions, often spanning
several continents.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  -- Cydsa generates annual EBITDA in the range of MXN2.7
billion-MXN2.9 billion over the next two to three years;

  -- Deterioration of caustic soda price to continue during 2021
and mid-2022 and stable margins for most of the other business;

  -- Fitch incorporates potential capex of around USD120 million in
the next two to three years;

  -- Fitch estimates dividends around USD12 million 2020-2022, in
line with average of past five years.

RATING SENSITIVITIES

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

  -- A rating upgrade is unlikely in the medium term, considering
the company's business and financial profiles.

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

  -- Expectation of sustained Fitch-adjusted net debt/EBITDA above
3.5x on a consolidated basis;

  -- A further steep decline of chlorine and caustic soda prices
that erodes Cydsa's EBITDA or competitive dynamics, weakening
Cydsa's caustic soda business;

  -- Any change or disruption in the contract with Pemex for the
underground storage business could pressure the ratings;

  -- Large debt-financed acquisitions or investments.

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity: Cydsa has strong liquidity position with no
refinancing risks in the short to medium term. As of Sept. 30,
2020, the company held cash of MXN6.1 billion and around MXN75
million of short-term debt. During May 2020, in a scenario of
uncertainties related to the COVID-19 pandemic, Cydsa withdrew
MXN2.5 billion of undrawn committed credit facilities. This line
has a bullet maturity in 2023 (renewable for additional for two
years). Cydsa's total consolidated debt was MXN15.2 billion as of
Sept. 30, 2020, and mostly reflects the USD450 million unsecured
notes due 2027 (MXN9.6 billion), MXN2.5 billion of the stand-by and
MXN3.1 billion of secured loans due 2036 that relates to its
underground storage business. This secured loan has non-recourse
clauses to Cydsa.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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.



=================
S T .   L U C I A
=================

ST. LUCIA: Plans to Introduce Tourism Levy
------------------------------------------
RJR News reports that the St. Lucia government has signaled its
intention to introduce a tourism levy that it said will help
finance the marketing and development of the industry.

The government said it has been holding extensive consultation over
the last two years with key stakeholders in the tourism industry,
according to RJR News.

As of December 15 this year, guests staying at registered
accommodation service providers will be required to pay a
prescribed nightly levy on their stay, the report notes.

The fee will not apply to children under 12 years, the report adds.



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

TRINIDAD & TOBAGO: Bar Owners Appeal Again for Reopening of Bars
----------------------------------------------------------------
Carolyn Kissoon at Trinidad Express reports that the Barkeepers and
Operators Association of Trinidad and Tobago (BOATT) has made
another appeal to Prime Minister Dr Keith Rowley to fully reopen
bars and to lead the 20,000 employees and 5,000 owners in the bar
industry out of a local crisis as a result of the Covid-19
coronavirus restrictions.

In a statement, BOATT stated that members were deeply concerned
that the continued extensions of restrictions will further
exacerbate their financial strain, according to Trinidad Express.

BOATT stated that the industry has not been able to sustain
operations and the day-to-day lives of employees and owners were
adversely affected, the report notes.  It stated that businesses
continue to shut their doors and that the mental state and health
of employees and owners continue to deteriorate with disorders of
severe anxiety and chronic depression, the report relays.

BOATT stated, "While this sector continues to be ridiculed and
decimated, citizens are allowed to congregate at the beaches,
roadways and pavements in droves, consume alcohol at free will with
no health protocols being observed, whilst the bars which are
licensed to consume alcohol and has implemented all the necessary
health protocols remain deserted," the report discloses.

The association noted that bar owners have implemented Ministry of
Health safety protocols and recommendations for "living in the new
normal" but that too seemed to be irrelevant, the report says.

"If we continue along this path, we would be forced down a slippery
slope, steering towards an abyss of economic nothingness," it
stated, the report notes.

In March, the prime minister announced that bars would be closed as
a precaution against the Covid-19 coronavirus, the report relays.

Three months later the bars were reopened and patrons allowed to
dine-in, the report notes.

But that was short-lived as the country recorded a spike in
Covid-19 positive cases and the prime minister ordered that bars
provide only takeaway service, the report discloses.

Many bar owners, however, opted to remain closed.

BOATT stated that several bars have closed down following the
revised lockdown measures, the report adds.



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

LATAM: Exports Fall Due to The Pandemic, Though Less Than Expected
------------------------------------------------------------------
After a drop in the value of exports by 16 percent in the first
half of 2020, the recovery of trade in Latin America and the
Caribbean is still uncertain due to the new outbreaks of COVID-19
and the economic impact caused by the pandemic, according to a
study by the Inter-American Development Bank.

The 2020 edition of the Trade and Integration Monitor, which
analyzes trade flows in the region, says the downturn was mainly
caused by a drop in export volumes, which in turn were driven by
the economic impact of the pandemic.

The value of exports from Latin America and the Caribbean
contracted more than global trade, which dropped by 13.3 percent
year-on-year in the first half of 2020.

The pandemic affected international trade in services more severely
than trade in goods. Service exports from Latin America and the
Caribbean entered negative ground for the first time since 2015,
contracting at an estimated rate of 29.5 percent year-on-year in
the first half of 2020.

"So far, the trade shock has been less intense than was initially
predicted, and we are beginning to see some signs of recovery,"
said Paolo Giordano, Principal Economist at the IDB's Integration
and Trade Sector, who coordinated the report. "However, new
outbreaks and lockdown measures may affect the recovery of global
trade, which had already weakened even before the health crisis
hit."

Latin America and the Caribbean's trade performance was
particularly affected in the first half of 2020 by the downturn in
exports to large markets such as the United States (-19.5 percent),
the European Union (-18.6 percent), and China (-1.0 percent).

However, the drop in intraregional trade was sharper. These flows
fell by 30.3 percent in the Andean Community, 24.6 percent in
MERCOSUR, 24.0 percent in the Pacific Alliance, and by 8.8 percent
in Central America and the Dominican Republic. As a result, the
share of intraregional flows in total trade from Latin America and
the Caribbean continued to shrink, accounting for just 12.8 percent
of the total.

Although the downturn affected the entire region, it was felt the
most in Mexico and the South American energy-exporting countries,
largely in response to oil prices, which plummeted by 29.2 percent
between January and August 2020.

Imports from Latin America and the Caribbean fell 17.1 percent
year-on-year in the first half of 2020, mainly impacting Mexico
(-19.5 percent), Central America (-17.4 percent), and South America
(-15 percent).

The report concludes that countries should adopt an ambitious
international integration agenda and consolidate the regional value
chains to attract new investments and take advantage of nearshoring
opportunities in both goods and services. Priorities include
strengthening export promotion and investment attraction agencies,
improving trade facilitation and modernizing customs facilities,
diversifying the services sectors, and promoting trade
digitalization, among others.

The report also notes that pragmatic initiatives to reduce
transportation costs will be critical if Latin American and
Caribbean economies hope to compete in the global production
networks of the future. It also recommends strengthening regional
integration and cooperation initiatives to ensure the region’s
economies are operating in an efficient, reliable, regulatory space
that is attractive for investors.


                           *********


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

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

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

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