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

          Wednesday, February 24, 2021, Vol. 22, No. 34

                           Headlines



B A R B A D O S

BARBADOS: Economy Won't Collapse During Extended Lockdown, Says PM


B E R M U D A

NABORS INDUSTRIES: Moody's Completes Review, Retains B3 CFR
WEATHERFORD INT'L: Moody's Completes Review, Retains B2 CFR


B R A Z I L

BRAZIL: 2021 Inflation Forecasts Revised Up
USINAS SIDERURGICAS: S&P Raises ICR to 'BB-', Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Crisis in Haiti Affects Dominican Trade
DOMINICAN REPUBLIC: Gov't. Gets Warning From Suppliers to Subsidize


P A R A G U A Y

PARAGUAY: IDB Approves $43MM Loan for National Statistics System


X X X X X X X X

LATAM: IDB and Google Partner to Strengthen Small Businesses

                           - - - - -


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B A R B A D O S
===============

BARBADOS: Economy Won't Collapse During Extended Lockdown, Says PM
------------------------------------------------------------------
Jamaica Observer reports that while Barbados is set to lose about
BD$150 million in economic activity for February due to the
extension of a national lockdown, the economy will not collapse,
says Prime Minister and Minister of Economic Affairs Mia Mottley.

In a recent address to the nation to announce the national pause
extension to February 28, 2021, Mottley, however, said some level
of aid would be given to business owners regarding retail and
commercial loans, as she has directed minister in the Ministry of
Finance, Ryan Straughn, to meet with the financial sector to have
these discussions, according to Jamaica Observer.

Similarly, he is to have a conversation with utility companies for
arrangements to be put in place for the next three to four months
for those who have cash flow problems, to help people to "keep
their head above water," the report notes.

The PM assured that a meeting will also be held with fisherfolk to
discuss the way forward, the report relays.

"The simple answer from the finance and economic team is yes, that
we will be hurt by any further extension, but it will not kill our
economy, and it will not collapse our economy . . . The advisors
have indicated to me that it is likely that we will come in at just
under [BD]$78 million for . . . . this first part of the lockdown
in terms of loss of economic activity," Mottley explained, the
report relays.

She added, "If we go for an additional period of time, just under
two weeks, then the most that will be is probably another [BD]$70
million or [BD]$75 million, so that we are potentially looking at a
loss of [BD]$150 million in economic activity for the month of
February. But by the same token, it is less than we would have
incurred last year," the report discloses.

At present, the Central Bank of Barbados has BD$2.6 billion in
foreign reserves, the equivalent of more than 30 weeks of imports,
the report notes.

Mottley further explained that the decision to extend the
restricting measures was consistent with the concerns raised by and
the best advice of her public health team that includes
representation from the Barbados Association of Medical
Practitioners (BAMP), the report relays.

The only adjustment after February 17 is the decision to allow
minimarts to reopen from Monday to Friday.

Tourism continues to feel the majority of the shocks, but the
Barbados Employment and Sustainable Transformation (BEST)
programme, conceptualised last September, will be refined, the
report discloses.

As the island works to reduce its COVID-19 case numbers, Mottley
outlined plans are afoot to help rebuild the country's economy,
including several capital works projects, stating these are ready
to go when the infection rate falls, the report adds.

                   About Barbados

Barbados is an eastern Caribbean island and an independent British
Commonwealth nation.  Standard & Poor's credit rating for Barbados
stands at B- with stable outlook (January 2020).  Moody's credit
rating for Barbados was last set at Caa1 with stable outlook (July
2019).  




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B E R M U D A
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NABORS INDUSTRIES: Moody's Completes Review, Retains B3 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Nabors Industries Ltd. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 17, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

Key rating considerations

Nabors Industries Ltd.'s B3 Corporate Family Rating reflects its
high financial leverage, residual refinancing risks following
recent maturity management efforts, and elevated contracting risks
due to weak land rig demand globally. While the recent strength in
oil prices may spur some incremental rig demand, Moody's believes
dayrates and fleet utilization will remain relatively weak in 2021
and at a level that will limit free cash flow generation and
meaningful deleveraging. Nabors' CFR is supported by its
diversified geographic footprint, high-quality rig fleet, and
contractual relationships with some of the biggest names in the oil
and gas industry, including the Saudi Arabian Oil Company (Saudi
Aramco, A1), which has a joint-venture operation with Nabors.

The principal methodology used for this review was Global Oilfield
Services Industry Rating Methodology published in May 2017.


WEATHERFORD INT'L: Moody's Completes Review, Retains B2 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Weatherford International Ltd. (Weatherford, a Bermuda
incorporated entity) and other ratings that are associated with the
same analytical unit. The review was conducted through a portfolio
review discussion held on February 17, 2021 in which Moody's
reassessed the appropriateness of the ratings in the context of the
relevant principal methodology(ies), recent developments, and a
comparison of the financial and operating profile to similarly
rated peers. The review did not involve a rating committee. Since
January 1, 2019, Moody's practice has been to issue a press release
following each periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

Key rating considerations

Weatherford International Ltd.'s B2 Corporate Family Rating
reflects its high financial leverage, weak interest coverage,
negative free cash flow prospects in 2021 as well as the weak
demand and pricing conditions in the oilfield services (OFS)
industry that will pose elevated execution risks. The CFR is
supported by Weatherford's large scale and leading market position
in several product categories; broad geographic and customer
diversification internationally that provides a degree of
stability; numerous patented products and technologies that are
well-known and widely used in the OFS industry; and good
liquidity.

The principal methodology used for this review was Global Oilfield
Services Industry Rating Methodology published in May 2017.




===========
B R A Z I L
===========

BRAZIL: 2021 Inflation Forecasts Revised Up
-------------------------------------------
Rio Times Online reports that inflation expectations are rising in
Brazil, with a growing number of economists raising their 2021
forecasts above the central bank's target as strong commodity
prices and the persistently weak exchange rate show little sign of
turning.

Brazil's real remains under heavy pressure, its 4% fall against the
dollar so far this year and 30% slump last year both among the
steepest of any currency in the world, pushing up the prices of
imports and foodstuffs in particular, according to Rio Times
Online.

                          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.


USINAS SIDERURGICAS: S&P Raises ICR to 'BB-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings, on Feb. 19, 2021, raised all its issuer credit
and issue-level ratings on Brazil-based integrated steel producer,
Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) to 'BB-' from
'B+' on the global scale and to 'brAA+' from 'brAA' on the national
scale. S&P also affirmed the '3' recovery rating on the issue
ratings, which reflects an estimated recovery of about 60%.

S&P said, "The stable outlook reflects our expectation that
Usiminas will benefit from favorable business conditions and its
financial flexibility to support higher investments to improve
operating efficiency. Even with expected lower FOCF, we think
Usiminas will maintain an ample cushion on credit metrics, with
adjusted gross debt to EBITDA close to 2.0x and FFO to debt close
to 45%."

Usiminas' mining division will compose slightly more than half of
its total consolidated forecasted EBITDA in 2021, assuming an
average iron ore price of $117 per ton for 2021, which is about 30%
lower than current spot prices (above $160 per ton). The steel
segment in Brazil is also enjoying favorable headwinds, stemming
from recovering demand in the country, high international steel
prices, and a depreciated FX rate allowing for significant price
adjustments for Usiminas' main clients, distributors and
automakers. In addition, the restocking of the value chain will
warrant strong demand for at least the next few months. S&P said,
"Using our more conservative estimate for iron ore prices, we
forecast Usiminas' consolidated EBITDA will reach close to R$4.0
billion in 2021. It would then lower to about R$3.0 billion in
2022, assuming iron ore price down to $85 per ton, so we think
there are potential upsides."

S&P said, "After many years of subdued investments barely covering
depreciation rates because of an unclear industry outlook, we
estimate Usiminas will gradually increase capital expenditures
(capex) to improve efficiency of its operations and gradually
increase volume capacity. We estimate investments will increase to
R$1.5 billion per year in the next two years, mainly including a
large reform of blast furnace #3 in Ipatinga, which will also
result in higher working capital needs to build up slab inventories
to sustain rolling mill capacity while the furnace is stopped." In
this scenario, gross adjusted debt to EBITDA would remain close to
2.0x in the next few years.

With no relevant debt maturities until the end of 2023, Usiminas
will continue to build up cash to cushion it from industry
volatility and increase financial flexibility to meet its larger
investments, including potential sizable investments in its mining
business from 2023 onward to increase the life of its mine. S&P
believes Usiminas will maintain a conservative remuneration policy,
using the minimal dividend payout of 25% of net income to focus on
improving its business, which will help sustain rating headroom
even amid less favorable economic conditions.




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

DOMINICAN REPUBLIC: Crisis in Haiti Affects Dominican Trade
-----------------------------------------------------------
Dominican Today reports that Haiti's current political and social
crisis has created a "paralysis" in some commercial sectors in the
Dominican Republic, as that nation is one of the leading partners
of the Dominican Republic.

The statement was made by Sandy Filpo, president of the Santiago
Association of Merchants and Industrialists (Acis), who stated that
Haiti is one of the few countries with which the government has a
positive balance of payment, according to Dominican Today.

"We export more to Haiti than we import," he declared.

The business leader assured that it is impossible to calculate the
amount of money that Dominican commerce has stopped receiving due
to the problems that the neighboring nation is experiencing, the
report notes.

"It is challenging to quantify the effect of a crisis like the one
Haiti is going through," Filpo added.

                  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, 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).


DOMINICAN REPUBLIC: Gov't. Gets Warning From Suppliers to Subsidize
-------------------------------------------------------------------
Dominican Today reports that the Dominican Federation of Provisions
Retailers (Fedepro) and the Business Front of Retail Merchants
(Fremco) warned that if the Dominican Republic Government doesn't
subsidize the agro sector, the price of a pound of rice could soar
to RD$40 (US$ 90 cents).

"If Dominican agricultural articles are not subsidized, we may see
a pound of rice cost RD$40 in the Dominican Republic (. . . .) When
in 2008 the price of rice was subsidized, which was around RD$20,
it began to be sold at RD$12 and the trade complied with offering
rice at that price, but it was subsidized at that time," said the
president of Fremco, Agustin Penalo in a press conference,
according to Dominican Today.

In addition, the representatives asked president, Luis Abinader,
and the Minister of Agriculture, Limber Curz, to create a zero-rate
loan fund through Banreservas to support the national retail trade,
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.

Fitch Ratings on Jan. 18, 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).




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

PARAGUAY: IDB Approves $43MM Loan for National Statistics System
----------------------------------------------------------------
The Inter-American Development Bank (IDB) noted in a press release
that it has approved a $43 million loan to help improve the quality
of official statistics in Paraguay.

Boosting the ability to produce timely, reliable and accessible
statistics is crucial in order to provide adequately inform the
activities of the government, the private sector, and all citizens,
particularly in the current context of the COVID-19 pandemic.
Paraguay's 2030 National Development Plan underscores the
importance of official statistics as a key tool for the design,
monitoring, and evaluation of public policies.

The program will support a series of key activities, including
conducting the 2022 National Population and Housing Census (CNPV,
after its Spanish initials) and the Indigenous Census. It will also
contribute to fully use administrative records for statistical
purposes and strengthen the technical, operational, and
organizational capabilities of the National Statistics Institute
(INE, after its Spanish acronym). This will help INE improve the
quality of official statistical information, underpin its efforts
to monitor Sustainable Development Goals' progress, produce
high-quality data, and encourage more and better access to
statistical information by both the public and the private
sectors.

The CNPV 2022 will be aligned with the digital transformation
challenges and demands for demographic information for the next ten
years. It will feature technological innovations such as satellite
imaging to help collect mapping data, electronic tablets to gather
data from collective households, and the development of software to
recruit and train operational staff online. The program also
contemplates creating a virtual platform (Geoportal) that will
allow users to access georeferenced statistical information to help
academia and the public and private sectors to familiarize
themselves with its use.

The CNPV 2022's success will depend to a large extent on ensuring
optimal technical and operational conditions to offer a wider
population coverage and finer geographical granularity. The
enhanced results will help better analyze living conditions and
access to services for specific segments of the population,
including women, indigenous groups, and persons with disabilities.

This initiative builds on progress made in Paraguay such as the
December 2020 enactment of Law No. 6670 commanding the
modernization of the National Statistics System (SISEN, after its
Spanish acronym) and creation of the INE.

The IDB's $43 million loan is for a 25 year term, with a 5.5-year
grace period and an interest rate based on LIBOR.




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

LATAM: IDB and Google Partner to Strengthen Small Businesses
------------------------------------------------------------
The current COVID-19 crisis poses an unprecedented challenge to the
continuity of microfinance institutions (MFIs), especially small-
and medium-sized ones, in a context where financial services are
needed more than ever for small businesses. As the effects of
COVID-19 crisis impact the economy of the Latin American and
Caribbean (LAC) region, small and medium microfinance institutions
face serious liquidity problems and currency mismatches as their
loan portfolio quality deteriorates, their funding sources dry up,
and volatile currencies enhance their foreign exchange (FX) risks.

To ensure that microfinance institutions can continue to provide
essential financial products and services in the short term, but
also to accelerate the post-COVID-19 economic recovery process in
Latin America and the Caribbean, Google is supporting Locfund
Next—the first permanent regional vehicle, managed by local
managers, dedicated to providing financing in local currency and
supporting digital transformation to MFIs. The $8 million in
funding from Google, provided through the Inter-American
Development Bank's innovation lab IDB Lab, complements $4.5 million
provided by IDB Lab.

This initiative is being launched as part of an announcement made
by Sundar Pichai, CEO of Google, on the creation of a $200 million
fund that seeks to support non-governmental organizations (NGOs)
and financial institutions around the world to strengthen their
access to credit initiatives for SMEs. It is the only initiative of
its kind for the LAC region.

"We are enormously proud to have been selected by Google to manage
its economic recovery resources in the face of the pandemic," said
Irene Arias, CEO of the IDB Lab. "This joint investment will allow
IDB Lab to accelerate its work in financial inclusion by creating
permanent solutions that facilitate access to financing and support
the digitization of financial intermediaries. "

Adriana Noreña, VP for Latin America at Google, stated that "for
Google, supporting small and medium-sized businesses has always
been a fundamental part of our philosophy. For this reason, we feel
a deep responsibility to work with SMEs in their recovery process
from the COVID-19 crisis. This initiative with IDB Lab increases
the capital available so that SMEs can access formal microcredits
and, based on this, strengthen their economic recovery and resume a
path of growth and prosperity. We are very proud of this
partnership with the Inter-American Development Bank, with whom we
have a long history of working together to promote economic
development in Latin America. "

"With this new collaboration, we are demonstrating how high social
impact can be achieved with investments in public-private
partnerships by large companies," added Bernardo Guillamon, manager
of the IDB's Office of Outreach and Partnerships. "It is a very
innovative complement to the achievements obtained in the more than
10 years of partnership between Google and the IDB."

Examples of this historic partnership between Google and the IDB
include: ConnectAmericas , an initiative that helps SMEs strengthen
their businesses by providing them access to clients, suppliers,
and investors in the region and around the world; an IT
certification program to enhance employment opportunities for
vulnerable young people in Brazil and Panama, with a focus on
women, thereby creating a sustainable and inclusive model for
training and labor force insertion; and FAIr LAC , an alliance
between the public sector, private sector, and civil society which
strives to influence public policy and the entrepreneurial
ecosystem, with the ultimate goal of promoting the responsible and
ethical use of artificial intelligence.



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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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