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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, January 19, 2021, Vol. 22, No. 8

                           Headlines



B R A Z I L

ANDRE MAGGI: Fitch Assigns First-Time 'BB' LongTerm IDRs
ANDRE MAGGI: Moody's Assigns First Time 'Ba3' Corp. Family Rating
BANRISUL: Moody's Gives B2(hyb) Rating on New Tier 2 Sub. Notes
BRAZIL: Rate Outlook Rises, Even as Inflation Expectations Hold


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Pandemic Will Change Domingo Hotel Industry
DOMINICAN REPUBLIC: Remittances Jump 6% to US$8.2BB, Bank Says


J A M A I C A

JAMAICA: Aiming to Increase Coffee Production by 35% in Four Years


M E X I C O

SU CASITA TRUST: Fitch Affirms 'D(mex)vra' Rating on Class B Debt


P U E R T O   R I C O

ALM LLC: Seeks to Hire Jimenez Vazquez as Accountant


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Yacht Owners Appeals for Relaxed Borders


X X X X X X X X

LATAM: Junk Bond Issuance Gathers Momentum

                           - - - - -


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B R A Z I L
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ANDRE MAGGI: Fitch Assigns First-Time 'BB' LongTerm IDRs
--------------------------------------------------------
Fitch Ratings has assigned Andre Maggi Participacoes S.A. (Amaggi)
first-time Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) of 'BB', and a national rating of 'AA+(bra)'. The
Rating Outlook is Stable. In addition, Fitch has assigned a senior
unsecured debt rating of 'BB' to the senior unsecured bond to be
issued by Amaggi Luxembourg International S.a r.l and guaranteed by
Andre Maggi Participacoes S.A., Agropecuaria Maggi Ltda. and Amaggi
Exportacao e Importacao Ltda. Proceeds for the bond will be used to
refinance existing debt and for sustainable projects.

The company's ratings reflect Amaggi's strong business profile as a
leading vertically-integrated agribusiness company in Brazil. The
ratings also factor in Amaggi's moderate scale, and substantial
concentration of revenues in its agribusiness and commodity
segments.

KEY RATING DRIVERS

Integrated Business Profile: Amaggi has a regionally-integrated
agribusiness footprint with a leading position in the production,
origination, and commercialization of grains from Mato Grosso state
in Brazil. The company produces and commercializes agricultural
products that includes soybeans, corn, cotton, soybean meal and
fertilizers.

The company is self-sufficient in terms of energy and benefits from
its logistic segment, which includes the management of its own
hydro transportation system (Hermasa) and access to other
navigation routes, warehouses and terminals through JVs or
companies where the group has a minority interest.

Fitch forecasts Amaggi's less volatile energy and logistic segment
represented about 19% and 4% of EBITDA, respectively, at YE 2020.
The group's competitive advantages include its location,
vertical-integration and export-driven business model (11% of
Brazil soybean exports). Approximately 95% of revenues are
generated outside Brazil. The company also owns 300,284 hectares of
agricultural land, of which 166,474 hectares are farmable.

RMI-Adjusted Leverage Ratio: Fitch projects Amaggi's Rapidly
Marketable Inventory (RMI) adjusted total net debt to operating
EBITDA ratio will reach 2.6x in 2020 compared to 4.6x at YE 2019.
Fitch expects the company's EBITDA operating performance to improve
in fiscal 2020, with adjusted EBITDA of about USD450 million
(EBITDA of USD302 million at YE 2019), driven by a rebound of
profitability in Amaggi's Commodity and Agro divisions.

For credit purposes, Fitch considers RMI-adjusted leverage when
evaluating agricultural processors and calculates RMI-adjusted
leverage by first subtracting the structural inventory required to
operate a downstream processing facility on a steady state basis.
This inventory is generally not readily available for liquidation
purposes with a going-concern entity. A 10% discount is taken for
the remaining merchandisable inventory (25% of cotton) to account
for potential basis risk loss. Volatile operating margins and
seasonal working capital are characteristics of agricultural
commodity cycles.

Price and FX Risk Management: Amaggi and other agricultural
processors are subject to commodity price and margin call
variations affected by a wide range of unpredictable
macro-environmental conditions, and supply and demand imbalances
for commodities. These risks are mitigated by the company's
internal controls and risk management that aims to monitor and
limit commodity price and FX exposure through the implementation of
a hedging strategy with the use of financial instruments such as
futures, non-delivery forwards, swaps, and commodity and FX
options.

Origination and Counterparty Risks: Amaggi is subject to intense
competition with other large multinational grain companies (ADM,
LDC, Cargill, Bunge) in the acquisition of grains in Matto Grosso,
which is an abundant region for soy and corn. This risk is
mitigated by the group's capacity to process large volumes, thanks
to its logistics, ensuring significant market share among its peers
in the state.

Advances in financing to farmers are provided under strict criteria
with the use of CPRs (rural credit notes) for collateral. No single
producer represents more than 1.6% of Amaggi's annual origination.
Working capital is seasonal, and part of its grain origination
requires some advances to suppliers. Working capital tends to peak
in the second quarter of each year. Exports are implemented based
on cash against documents limiting counterparty risks. The company
remains exposed to external risks such as weather, crop disease,
deforestation, environmental and trade-related wars. Net
derivatives exposure (FX, commodities, interest rates) was USD13.4
million and USD11.2 million, respectively, as of YE 2019 and Sept.
30, 2020.

Country ceiling: The Foreign Currency IDR is not capped by Brazil's
'BB' Country Ceiling Rating, due to the company's exports in hard
currency and cash abroad, which covers Foreign Currency interest
expenses. A multi-notch downgrade of Brazil's country ceiling could
lead to a downgrade to the company's ratings.

DERIVATION SUMMARY

Fitch views Amaggi's business risk profile as weaker relative to
its peers, Bunge Limited (BBB-/ Stable), Cargill Incorporated
(A/Stable), and Archer Daniels Midland Company (ADM) (A/Stable),
due to its smaller operational scale, lower diversification, and
substantial concentration in one region. Fitch expects Amaggi's
more stable transportation and energy business to represent 23% of
total adjusted EBITDA as of YE 2020.

Fitch also considers the risks related to the agribusiness industry
in Brazil, which includes the exposure to great supply and demand
imbalances, weather patterns, government policies, agricultural
crop breaks, and alternative usage of the land. Although Amaggi's
consolidated profitability is satisfactory, it remains exposed to
the strong competition within the industry, with the presence of
important international groups with strong credit profiles.

The company's operations are concentrated in Matto Grosso, Brazil,
which subjects the company to the Brazilian country ceiling of
'BB'. As most revenues are derived from export markets, Fitch
believes that the rating could be maintained should the Brazilian
country ceiling be downgraded by no more than one notch. When
combined with higher average leverage, these factors result in
lower ratings than its peers.

KEY ASSUMPTIONS

-- EBITDA after associates and minorities of about USD450
    million;

-- Relatively stable yoy RMI levels at about USD203 million;

-- RMI adjusted net leverage of about 2.6x by YE 2020.

RATING SENSITIVITIES

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

-- Improved scale and geographical diversification;

-- RMI-adjusted net leverage (RMI adjusted total net debt to
    operating EBITDA) below 2.5x range on a sustained basis;

-- Liquidity ratio (cash and marketable securities+RMI+account
    receivables/Total short-term liability) above 1x on a
    sustainable basis;

-- Secured debt/EBITDA below 1x.

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

-- Loss of business diversification;

-- RMI-adjusted net leverage (RMI adjusted total net debt to
    operating EBITDA) sustained above 3.5x range on a sustainable
    basis;

-- Liquidity ratio (cash and marketable securities+RMI+account
    receivables/Total short-term liability) below 0.8x at year
    end;

-- Secured debt/EBITDA above 2.5x;

-- A multi-notch downgrade of Brazil's country ceiling and
    inability to cover hard currency interest expenses by offshore
    cash and exports.

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

Adequate Liquidity: The diversified sources of external liquidity
used for short-term working capital financing, combined with cash,
short-term marketable securities and high levels of liquid RMI,
provide Amaggi with enough financial flexibility.

As of Sept. 30, 2020, Maggi reported consolidated cash and
marketable securities of USD918 million that covered by 0.9x the
USD1,048 million of short-term debt (1.1x at YE19). The company
also has access to several uncommitted bank lines. The company has
a minimum cash policy of USD400 million.

ESG CONSIDERATIONS

Andre Maggi Participacoes S.A has an ESG Relevance Score of '4' for
Governance Structure and Group Structure, due to lack of board
independence as the company is privately-controlled and
related-party transactions exist. The family's strong influence
upon management and the existence of related-party transactions
could result in decisions being made to the detriment of the
company's creditors, which would have a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.

Andre Maggi Participacoes S.A has an ESG Relevance Score of '4' for
Waste & Hazardous Material Management; ecological impact related to
land use and ecological impact as part of the volumes of grains
originated from the Amazon and Cerrado Biomes, which 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.


ANDRE MAGGI: Moody's Assigns First Time 'Ba3' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating to Andre Maggi Participacoes S.A. (Amaggi). At the
same time Moody's assigned a Ba3 rating to the proposed senior
unsecured notes to be issued by Amaggi Luxembourg International S.a
r.l., unconditionally and irrevocably guaranteed by Andre Maggi
Participacoes S.A., Agropecuaria Maggi Ltda. and Amaggi Exportacao
e Importacao Ltda. The outlook for the ratings is stable.

The use of proceeds will be to finance or refinance new or existing
eligible projects as part of a liability management initiative by
Amaggi. Eligible projects include the following categories:
renewable energy; environmentally sustainable management of living
natural resources and land use; preservation of natural resources
and biodiversity; socio-economic advancement and empowerment,
climate change mitigation, and employment generation; programs
designed to prevent and/or alleviate unemployment; and food
security and sustainable food systems.

The rating of the proposed notes assumes that the issuance will be
successfully completed and that the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date. It also assumes that these agreements
are legally valid, binding and enforceable.

Ratings assigned:

Andre Maggi Participacoes S.A.

Corporate family rating: Ba3

Amaggi Luxembourg International S.a r.l.

Proposed Gtd senior unsecured notes: Ba3

Outlooks:

Andre Maggi Participacoes S.A., outlook assigned at Stable

Amaggi Luxembourg International S.a r.l., outlook assigned at
Stable

RATINGS RATIONALE

Andre Maggi Participacoes S.A. (Amaggi)'s Ba3 corporate family
rating reflects its position as one of the largest commodity
trading companies in Brazil. The company is also one of the largest
agricultural producers in Brazil, with a large and diversified
domestic logistics footprint, and additional revenue from small
hydroelectric plants. The verticalization of the business mitigates
the volatile and low margins of the trading segment. The sustained
growth prospects for Brazilian agricultural crops will benefit
Amaggi because of its presence in the largest soybean, corn and
cotton producing state in Brazil, with favorable weather patterns
and stable yields. Amaggi has a conservative financial policy with
the use of derivatives tied directly to its physical positions.

Constraining the ratings is the geographical concentration of
Amaggi's production and origination in Brazil, which increases the
company's susceptibility to agricultural event risks, including
weather, policy and trade constraints, supply-demand imbalances and
highly volatile prices. The trading and agricultural businesses are
highly cyclical with strong working capital needs during harvest,
which require favorable access to export financing lines, usually
advance on foreign exchange contracts (ACC) and export prepayment
(PPE). The high working capital needs and extensive use of
derivatives require Amaggi to have a sound risk management and
conservative cash position. The company holds a minimal cash buffer
of $400 million in excess of its operational needs, which we
estimate at $100 million-$200 million.

Moody's adjusted consolidated EBITDA for Amaggi 2017 through 2019
was an average $403 million with an average margin of 8.7%. EBITDA
contribution in 2019 was 26.1% from trading, 38.5% farming, 28.7%
logistics and 6.8% energy. Moody's believes in 2020 EBITDA will
increase 30.1%, compared to 2019, to $480 million with a higher
contribution of the trading and farming segments. These segments
were specially benefited from record volumes of exports from
Brazil, higher commodity prices and export premiums which will
boost agricultural profitability and trading margins locally. The
core trading business has very low and volatile margins and Moody's
believes will average 2.5% to 3.5% in 2021 through 2024. The
farming business presents higher margins which we believe will
average 25% to 35%. The logistics and energy businesses generate a
stable EBITDA stream which Moody's expects to average $80 million
and $16 million, respectively. Moody's adjusted net leverage in the
last three years has averaged 3.5x, as measured by total adjusted
debt (minus 40% of readily marketable inventory) over EBITDA, and
Moody's expects it to range between 2.8x to 3.5x in the next 4
years.

Amaggi has a long operational track record and a commitment to
running a sustainable business, which is an important rating
consideration. The agriculture sector in Brazil is an activity with
relevant environmental impact and there are increasing concerns
regarding soybean production and origination in Brazil and its
possible links to deforestation. Amaggi has been working to
mitigate this risk at least since 2006 with its adherence to the
Soy Moratorium. Moody's expects Amaggi to continue to adhere to its
commitment to promote a grain supply-chain that is free from
deforestation, as stated in its "Global Sustainability Positioning
Towards a Deforestation and Conversion Free Grain Chain", updated
in 2019.

Amaggi has an adequate liquidity. As of September 2020, it had a
cash position of $918 million, with $146 million in debt coming due
in 2020 and $979 million in 2021, of which $936 million related to
export financing lines. Readily marketable inventory at cost was at
$497 million including corn, cotton lint and soy complex. Until the
end of January 2021, Moody's expect Amaggi to extend its average
debt maturity profile and diversify its funding sources by raising
at least $330 million in bank loans and additional resources
through its proposed bond issuance. Amaggi has a financial
guideline to sustain an indebtedness of around 70% in the long term
and 30% in the short term. Amaggi's debt totaled $2.4 billion in
2020, of which 85% was denominated in US dollars. In the nine first
months of 2020, 85% of its total revenue was generated in the
foreign market. Except for the energy segment, all of Amaggi's
companies have US dollar as their functional currency because their
revenue is denominated in US dollar.

Andre Maggi Participacoes S.A. is a holding company that directly
controls the operational companies, Agropecuaria Maggi Ltda. and
Amaggi Exportacao e Importacao Ltda, which in their turn hold the
participation of a series of subsidiaries, including those in the
logistics and energy segments. The proposed bond issuance will be
fully and unconditionally guaranteed on a general unsecured basis
by these three companies. Currently Moody's estimates that around
$400 million of the company's debt is secured by land. Moody's
estimates Amaggi's total land value at over $2 billion.

The stable outlook incorporates Moody's view that Amaggi will
maintain an adequate net leverage and liquidity profile even with
its organic growth projects and sector volatility. It also
considers that Amaggi will continue to rollover its exporting
financing lines maintaining a diverse funding availability and
adequate debt maturity profile.

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

A rating upgrade would require Amaggi to maintain a robust
liquidity profile through the harvest, with an adequate debt
maturity profile and a reduction in absolute debt levels. An
expansion of the company's business into other regions and segments
could also benefit the credit risk profile. Quantitatively, an
upgrade would require its total Moody's adjusted net debt/EBITDA to
remain below 3.5x and funds from operations/debt to remain above
12%.

A rating downgrade could result from Amaggi's inability to maintain
an adequate debt maturity schedule and liquidity profile. An
increase in leverage or deployment of large investments leading to
a deterioration of credit metrics and liquidity could pose negative
pressure on the rating. Quantitatively, a downgrade would happen if
total adjusted net debt/EBITDA remains above 4.0x and FFO/debt
remains below 7.5%.

The principal methodology used in these ratings was Trading
Companies published in June 2016.

Headquartered in Cuiaba, State of Mato Grosso, Amaggi is one of
Brazil's largest trading company and agricultural producer,
operating since 1977 when was founded as a soybean seed company.
Currently, the company operates in an integrated business model in
the agribusiness chain: agricultural production, river and road
transport, port operations, origination, processing and
commercialization of grains and inputs, generation and
commercialization of electricity. The company also operates two
crushing plants in Brazil and 1 in Norway for the production of
soybean meal and oil used in the food industry and animal feed
market. Andre Maggi Participacoes ("AMP") is a privately held
holding company, with its main operational subsidiaries being
Amaggi Importacao e Exportacao Ltda (AEI) and Agropecuaria Maggi
Ltda (Amaggi Agro). In a consolidated basis, AMP generated $4.8
billion of net revenue during the 12 months through September 2020,
with a EBITDA margin of 10.4%, including out standard adjustments.


BANRISUL: Moody's Gives B2(hyb) Rating on New Tier 2 Sub. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a B2(hyb) long term foreign
currency subordinated debt rating to Banco do Estado do Rio Grande
do Sul S.A.'s (Banrisul) proposed contractual non-viability Tier 2
subordinated notes issuance. The notes will be due in 2031 and
callable after five years.

The capital securities are Basel III-compliant, and their terms and
conditions have been defined so as to qualify the notes for
treatment as Tier 2 capital pursuant to Brazilian regulation.

The following rating was assigned to Banco do Estado do Rio Grande
do Sul S.A.:

Long term foreign currency subordinate debt rating of B2(hyb)

RATINGS RATIONALE

The B2(hyb) rating assigned to Banrisul's proposed Tier 2
subordinated notes is positioned two notches below Banrisul's ba3
adjusted baseline credit assessment (adjusted BCA), in line with
Moody's standard notching guidance for contractual non-viability
subordinated debt with full or partial principal write-down
triggered at or close to the point of non-viability.

The B2(hyb) assigned to the proposed Tier 2 notes reflects the risk
of a full or partial write-down of principal in the event that
Banrisul's common equity Tier 1 ratio falls below 4.5%, the bank
receives a capital injection from government funds, the Central
Bank of Brazil makes a discretionary determination that a
write-down is necessary, or the Central Bank of Brazil intervenes
in the bank or establishes a special administrative regime at
Banrisul.

Banrisul's ba3 baseline credit assessment reflects its challenged
asset risk and profitability, adequate capitalization as well as
its funding structure predominantly made up of low-cost core
deposits. The BCA also incorporates Banrisul's strong regional
franchise whereby a relevant share of its deposits and operations
are based within the state of Rio Grande do Sul (unrated) which,
however, continues to be under significant fiscal distress.

In terms of asset quality, Banrisul's loan book is predominantly
focused on low-risk payroll loans to state and federal employees,
which accounted for 46% of total loans as of September 2020.
Another 30% are loans to small and mid-sized enterprises and
unsecured consumer loans. Moody's notes that the bank restructured
and renegotiated loan installments of BRL 745 million,
approximately 17% of its interest income from lending in the first
nine months of 2020. As a result of the coronavirus pandemic. As
the grace periods on these renegotiations end, the bank could face
latent delinquency pressures. Banrisul's problem loan ratio as
calculated by Moody's in the third quarter of 2020 was 3.89%, up
from 2.66% in 2019. The bank's loan loss reserves were 7.76% of
total loans, providing a buffer against asset risk given that they
cover problem loans by almost 200%, as calculated by Moody's.

The challenges Banrisul' faces in recovering its profitability in
2021 to historical levels are also reflected in its BCA. Moody's
notes that constrained business volumes as Brazil posts only a
moderate economic recovery following 2020's contraction, higher
loan loss provisions from asset risk pressures and the low interest
rate environment will continue to strain margins and the bank's
profitability. Banrisul's net income to tangible assets was 0.74%
as of September 2020, down from 1.3% in 2019, driven by these
factors as well as the effects of the rate cap on overdrafts, which
lowered its net interest margin. In addition, because Banrisul is a
state-owned bank, it has limited flexibility in reducing operating
costs to counter margin pressures or to invest in products and
technology, in line with that of its private bank peers.

Banrisul's capitalization, as measured by Moody's preferred ratio
of tangible common equity relative to risk weighted assets, remains
adequate at 8.6% as of September 2020, in line with 2019 levels.
Following the issuance of the Tier 2 notes, the bank's regulatory
capital will rise to around 20%, from 16.2% as of September 2020.

With over 50% of the bank's tangible assets currently invested in
sovereign government bonds, Banrisul has a strong liquidity buffer,
in addition to limited reliance on market funding, at modest 13% of
its tangible assets. However, these investments are now yielding a
lot less in Brazil's low rate environment, also negative for the
bank's profitability.

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

The ratings of the Tier 2 notes are notched from Banrisul's
adjusted BCA. As such, the ratings of the securities will move in
tandem with Banrisul's adjusted BCA, which does not incorporate
affiliate support and is at the same level as the BCA. Banrisul's
BCA could be upgraded if its asset quality exhibits significant
improvement, combined with a sustained rise in its recurring
profitability and capitalization.

A downgrade in the BCA could result from greater than expected
deterioration in asset risk and profitability, or further declines
in adjusted capitalization.

The principal methodology used in this rating was Banks Methodology
published in November 2019.

BRAZIL: Rate Outlook Rises, Even as Inflation Expectations Hold
---------------------------------------------------------------
Rio Times Online reports that the outlook for Brazilian interest
rates over the next two years rose to their highest in several
months, a central bank survey of economists, even as exchange rate
and inflation expectations held steady.

The average forecast of the benchmark Selic rate at the end of this
year rose to 3.25% from 3.00%, and the end-2022 forecast rose to
4.75% from 4.50%, according to the latest weekly 'FOCUS' survey of
around 100 economists, according to Rio Times Online.

The 2021 outlook is the highest since last June, the report notes.

                           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.

S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B'
long-and short-term foreign and local currency sovereign credit
ratings on Brazil. The outlook on the long-term ratings remains
stable.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 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).

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Pandemic Will Change Domingo Hotel Industry
---------------------------------------------------------------
Dominican Today reports that the coronavirus pandemic will bring
changes in hotel rates in Santo Domingo and in the time of stay or
permanence of tourists, said Yudit Garcia, president of the Santo
Domingo Hotel Association (AHSD).

Garcia explained that the pandemic's effect impacts the decrease in
the rate or the cost of the room because hotels are creating
offers, according to Dominican Today.

While their stays, which in previous years averaged two to four
nights, could be extended, that is, stay more days because there is
less frequency of flights at those times, the report notes.  Also,
additional requirements or confinements may arise from other
countries that prevent tourists from flying quickly or taking more
time to adapt, the report relays.

"The flow of tourists to the city will come from national and
international companies that will move their employees or partners,
but in less volume than previous years," she said, the report
discloses.

Also, she said that the tourism sector's perspective is not yet in
sight in January, since starting the year with the new strain of
the virus detected in the United Kingdom, that country decreed
total confinement, the report relays.  And although the country
does not represent an important market for the city, it reveals how
the outlook is still uncertain and unpredictable, the report
relays.

Regarding the reduction in occupancy, Garcia explained that during
2020, about 70% of the hotel rooms in Santo Domingo were always
open, although with very low occupancies, the report notes.  Garcia
stated that in 2019 the average occupancy was between 55% and 60%,
and in 2020 it was between 15 and 20%, although in November, there
was an increase to 30%, the report says.

According to El Hoy, she indicated that the hotels in SD are 80%
international chains and have five thousand regulated hotel rooms
that are members of the entity, the report discloses.

Garcia further stressed that Santo Domingo is a corporate segment
that receives business travelers who carry out commercial
activities in other nearby areas, the report says.

The main emitting countries are the United States, Central America,
Mexico , among others, the report notes.

She also explained that Santo Domingo hotels do not focus on
national tourists, although they do use their rooms for events
throughout the year, the report discloses.

                  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, 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).


DOMINICAN REPUBLIC: Remittances Jump 6% to US$8.2BB, Bank Says
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic received last
year US$8.2 billion in remittances, a 6% jump compared to 2019, its
highest growth in the last 10 years, the Central Bank said Sun.

"In December 2020, the flow of remittances that entered the country
reached US$872.3 million, or US$215.6 million (32.8%) more than
that registered in the same month of 2019, when it was US$656.7
million, according to Dominican Today.

The institution said the continuous recovery of economic conditions
in the United States (USA) after the reopening, the country where
83.8% of the flows in the last eight months came from, "was a
determining factor in the behavior of the remittances received,"
the report relays.

                  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, 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: Aiming to Increase Coffee Production by 35% in Four Years
------------------------------------------------------------------
RJR News reports that the government is looking to increase coffee
production by 35 per cent over the next four years.

Agriculture Minister Floyd Green says the target can be achieved by
2025, noting that production rose by 12 per cent in 2020, according
to RJR News.

Mr. Green says the long term goal of his ministry is to boost
output to meet market demand for Jamaican Blue Mountain coffee, the
report notes.

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

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.




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

SU CASITA TRUST: Fitch Affirms 'D(mex)vra' Rating on Class B Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Su Casita Trust's class A
and class B residential mortgage backed securities (RMBS):

-- Su Casita Trust Class A on an International Scale at 'CCsf';

-- Su Casita Trust Class A on a National Scale at 'CC(mex)vra';

-- Su Casita Trust Class B 'D(mex)vra'.

KEY RATING DRIVERS

Coronavirus Economic Impact: According to the last Global Economic
Outlook published on Dec. 7, 2020, the Mexican economy is assumed
to slide into a severe recession with a negative GDP growth of
-8.9% in 2020 and an expected recovery in 2021 of 4.2% due to the
macroeconomic disruptions caused by the coronavirus pandemic. As a
downside (sensitivity) scenario in the Rating Sensitivities section
below, Fitch takes into consideration a more severe period of
stress that leads to a prolonged period of below-trend economic
activity with recovery to pre-crisis GDP levels delayed until
around the middle of the decade.

Transaction Coronavirus-Related Impact: Fitch expects the health
restrictions put in place to control the spread of the virus and
the direct impact of the pandemic on household income affect the
performance of mortgage loans, collection and monetization of
nonproductive assets like REO properties. On Oct. 8, 2020, Fitch
increased its base case default rate assumptions and applied an
increase of 1.37x to Mexican mortgage UDI loans. However, to ensure
Fitch’s approach of rating through-the-cycle, the stress scenario
at the highest rating in national scale 'AAA(mex)' is maintained,
resulting in a stress default multiple compression.

Asset Quality Deteriorated: At the end of November 2020, defaulted
loans +90 days as a percentage of the original balance stand at
15.1% and 14.5% for +180 days defaulted loans (16.3% and 15.6% in
December 2019, respectively). Outstanding balance portfolio
continues polarized with 62.7% of the actual portfolio exhibiting
+180 days delinquency. Servicer continues restructuring and
monetizing non-productive assets; even some UDI loans are being
denominated to MXN. In Fitch's view, the notes are highly exposed
to the monetization of its non-productive assets.

As of November 2020, 589 properties were REO, during 2020, there
were 60 repossessed assets up to November 2020 and for 2019 there
were 142, the evident decrease in repossessions is mainly due to
the closure of non-essential activities during the coronavirus
pandemic, which include government offices, notaries and court
houses, which are essential in special collection activities. Fitch
calculated the average net recovery rate for November 2020 and it
shows a 30.7% as a percentage of the initial appraisal value.
Considering the reported portfolio characteristics as of the end of
November 2020, Fitch used its internal model to calculate the total
portfolio weighted average frequency (WAFF; of foreclosure) and
loss given default (LGD). For an expected-case, the WAFF of the
total outstanding loan portfolio is 82.0% and the loss given
default is 34.1%, while for a scenario with adjusted assumptions
due to coronavirus the WAFF is 82.8% and the LGD 33.8%.

As reported at the end of November 2020, the portfolio is highly
pulverized, out of the 2,639 outstanding loans, 1,779 are UDI
denominated loans and 860 are MXN-denominated. Weighted average
seasoning is 153 months with a remaining term of 105 months and
annual interest rate of 10.3%. Reported current loan to value
(CLTV) is 63.9% (70.6% as of December 2019). Main geographical
concentration levels by state are 24% in Baja California, 14% in
Estado de Mexico and in Nuevo León and Chihuahua with 10% each,
same levels seen at the end of 2019.

Financial Structure Pressured: As of November 2020, the credit
protection (OC) level stands at -119.7% and -191.07% for Class A
and Class B, respectively (-112.9% and -177.98% as of January 2020,
respectively). Senior bond balance decreased to 22.3% as of
November 2020 from a 23.9% on December 2019; Class B bond has not
received principal payments since February 2009 and the bond
balance represents a high 82.4% of the original amount. Transaction
structure considers a dual waterfall mechanism, where interest
collections are used after expenses to pay interest. The portfolio
is mostly UDI denominated (76%), and the remaining 24% of the
portfolio is MXN denominated. There is a swap agreement in place
that allows the transaction to pay interest coupons at a fixed real
interest rate and a cross-currency swap for the Class A notes.
Considering the fixed rate interest coupons payable to the swap
provider, during the last 12 months, interest coverage ratio was on
average 0.44x, incomplete interest payments are made by an unrated
third-party guarantor. Interest and principal payment for Class A
notes continues depending on this unrated third-party guarantor.
The current rating on Class B reflects the shortfall as well as
subordination to Class A.

Operational Risk: The portfolio has had three primary servicers
since its origination, Adamantine Servicios S.A. de C.V.
(Adamantine) is the current primary servicer rated 'AAF3+(mex)'
with Stable Outlook by Fitch. OC deterioration has been a
continuous trend for the transaction since 2011, slightly
recovering after each servicer change but rapidly deteriorating in
spite of the currents servicer's active role on special
collections. Commingling risk for this transaction is considered
immaterial since collections are received in a bank account opened
on behalf of the issuing trust at CI Banco S.A., Institución de
Banca Multiple rated 'A(mex)'/Rating Watch Negative by Fitch.
Ratings reflect the transaction's exposure to payment interruption
risk as there are no cash reserves. Fitch considers the servicing
fee structure to be adequate enough, thus the possibility of a
servicer substitution is considered remote, in the foreseeable
future.

Assumptions Subject to Mexico's IDR: The current assumptions have
been derived considering the current macroeconomic conditions of
Mexico rated Local Currency Long-Term Issuer Default Rating (LC LT
IDR) at 'BBB-' with a Stable Outlook. A change in the country LC LT
IDR could produce a recalibration of assumptions related to
mortgage portfolios in this country according to the Latin America
RMBS Rating Criteria.

RATING SENSITIVITIES

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

-- Class A's rating exhibits limited upgrade potential
    considering the portfolio performance thus it's currently
    dependence on the third-party guarantor. As for Class B notes,
    the rating may be upgraded if past due interest were paid in
    full and the transaction exhibits further payment capacity.

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

-- Class A notes, could be downgraded if the third-party
    guarantee stops making payments to the swap provider since
    Class A's interest payment have become more dependent on such
    external credit protection, as well as principal at maturity.

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.

DATA ADEQUACY

The sources of information used to assess these ratings were
monthly collection and distribution reports provided by Adamantine
Servicios, S.A. de C.V. and The Bank of New York Mellon.

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.




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

ALM LLC: Seeks to Hire Jimenez Vazquez as Accountant
----------------------------------------------------
ALM, LLC, has filed an amended application with the U.S. Bankruptcy
Court for the District of Puerto Rico seeking approval to hire
Jimenez Vazquez & Associates, PSC as accountant.

Mr. Jimenez will render these services to the Debtor:

   (a) assist the Debtor in gathering and compiling the necessary
       information required to file the Chapter 11 Petition and
       court required information and schedules;

   (b) provide consulting services and assist the Debtor and its
       attorney in documenting the reorganization plan to be
       filled in the case;

   (c) prepare monthly operating reports;

   (d) prepare financial projections and other relevant
       information as required and necessary;

   (e) prepare all necessary tax returns to ascertain Debtor is
       in full compliance with its fiscal responsibilities; and

   (f) assist the Debtor and its attorney in all matters related
       to court instructions, transactions, and or information
       requests of an accounting or financial nature;

Mr. Jimenez will be paid at these hourly rates:

     Jose V. Jimenez Vazquez, CPA           $155
     Senior Staff Consultant                $85
     Staff Accountant                       $65

A retainer in the amount of $5,000 has been required in this case
and was paid by the Debtor.

Mr. Jimenez disclosed in court filings that Jimenez Vazquez &
Associates, PSC and its employees represent no interest adverse to
the Debtor's estate and "disinterested persons" as that term is
defined in section 101(14) of the Bankruptcy Code.

The accountant can be reached at:

     Jose Victor Jimenez, CPA
     JIMENEZ VAZQUEZ & ASSOCIATES, PSC
     P.O. Box 3774
     Bayamon, PR 00958
     Telephone: (787) 447-0098
     Facsimile: (939) 338-2362

                    About ALM LLC

ALM, LLC, a/k/a Agua La Montana, is the owner of fee simple title
to a property located in Trujillo Alto, Puerto Rico having a
current value of $860,943.

ALM, LLC filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 20-04571) on November
25, 2020. The petition was signed by Kristian E. Riefkohl Bravo,
president. At the time of the filing, the Debtor disclosed total
assets of $1,083,384 and total liabilities of $2,919,967. The
Debtor tapped Gandia Fabian Law Office as counsel and Jose Victor
Jimenez, CPA, of Jimenez Vazquez & Associates, PSC as accountant.




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

TRINIDAD & TOBAGO: Yacht Owners Appeals for Relaxed Borders
-----------------------------------------------------------
Trinidad Express reports that two foreign yacht owners are
appealing to the Government to relax its border restrictions and
allow the entry of international yachts, as the economy is losing
out on thousands of foreign exchange.

The Yacht Services Association of Trinidad and Tobago (YSATT) urged
government to reopen T&T to international yacht arrivals, as there
have been no reported cases of Covid-19 infection or transmission
among 'yachties' reported globally, according to Trinidad Express.

In a letter to the Express, Mark Haskins from the United States
stated that for the past ten years, he has been sailing to Trinidad
and has relied on the excellent services provided to him by the
skilled workers and world-class facilities in Chaguaramas, the
report relates.

"We spend an average of US$20,000 on boat work, supplies, dockage,
eating, entertainment, and sightseeing.

"Like us, a large community of cruising yachts spend months each
year in Trinidad getting serviced, while their crews enjoy your
beautiful country and the hospitality of your people. The economic
loss of the infusion of foreign currency to Trinidad via the
yachting industry has to be devastating," the report discloses.

Haskins noted that in response to the pandemic, sailors could
safely arrive with negative Covid tests, and quarantine upon
arrival, as quarantining on board a boat in an unpopulated area
such as Chacachacare or Scotland Bay, would be easy and safe, the
report notes.

"For many years, Trinidad has been a destination of choice for
yachts arriving from foreign ports.  Not being able to go to
Trinidad is a loss to us as well as an economic loss to the
yachting industry.  We hope the citizens of Trinidad will support
YSATT and urge the government to allow the entry of foreign yachts,
with appropriate safely considerations," Haskins added.

And, Dr. Karl Heinz Lung from Germany in his letter said that his
yacht has been at the Peake's boatyard in Chaguaramas, for nearly a
year and he urgently wanted to come to Trinidad to get access to
his catamaran, the report relays.

"I support YSATT's effort in trying to get the government to reopen
the borders and I hope those in authority wake up soon," Lung
added.

The association in its statement said a proposal for a safe
reopening was submitted to the Chief Medical Officer (CMO) last
year and representatives also met with National Security Minister
Stuart Young and Finance Minister Colm Imbert in June 2020, the
report notes.

Both ministers were sensitive to the plight of the industry and its
many suffering labourers and gave assurances to revisit the
situation, the association said, adding that to date it has been
unable to secure any more meeting with the ministers, the report
adds.




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

LATAM: Junk Bond Issuance Gathers Momentum
------------------------------------------
Richard Mann at Rio Times Online reports that Latin American
companies are preparing a large volume of speculative grade bond
issues to capitalize on investor demand in one of the few regions
that is still offering yields.

At least three high-yield bond issuers are preparing sales, with
potential issues from companies such as Marfrig Global Foods and
WOM Chilean mobile operator.

Companies are seeking refinancing after Latin American debt bond
yields fell to 4.35% from last May's high of 13%, while investors
are seeking higher returns than offered in other emerging markets.



                           *********


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

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

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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