/raid1/www/Hosts/bankrupt/TCRLA_Public/210325.mbx        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

          Thursday, March 25, 2021, Vol. 22, No. 55

                           Headlines



B R A Z I L

BRAZIL: Expected to Grow Below Latin America's Average Until 2023
BRAZIL: Oil Prices Drop 7% & Commodity Records Worst Session
VOLKSWAGEN: To Suspend Production for 12 Days in all Brazil Plants


C H I L E

ENJOY SA: Fitch Affirms CC Rating on USD16MM Tranche B Notes


M E X I C O

BANCO INVEX: Fitch Rates Proposed USD115MM CBFs Issuance 'BB+'
GRUPO KALTEX: Fitch Affirms 'CC' Rating on USD320MM Sr. Sec. Notes


P U E R T O   R I C O

LIBERTY COMMUNICATIONS: Fitch Raises LT Foreign-Currency IDR to BB-


T R I N I D A D   A N D   T O B A G O

APSARA: National Insurance Board Closes Restaurant
TRINIDAD & TOBAGO: Suffers Big Drop in Tourist Arrivals for 2020


X X X X X X X X

LATAM: IDB Announces Measures to Strengthen Global Trade Insertion

                           - - - - -


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B R A Z I L
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BRAZIL: Expected to Grow Below Latin America's Average Until 2023
-----------------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil is expected to
help push down Latin American growth, according to projections for
this year and the next two years made by the Inter-American
Development Bank (IDB).

While the Gross Domestic Product (GDP) growth scenario projected
for the average of Latin America and the Caribbean is 3.2% between
2021 and 2023, Brazil should grow 2.7% in the period, according to
Rio Times Online.

When excluding the Brazilians from the list of the so-called
Southern Cone countries (which includes Argentina, Chile, Paraguay
and Uruguay), the expectation is for GDP growth of 3.5%, the report
relays.

IDB's Chief Economic Adviser Andrew Powell ponders that Brazil will
have lower growth in 2021, in part because because it has come
through the recession better in 2020, 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.

BRAZIL: Oil Prices Drop 7% & Commodity Records Worst Session
------------------------------------------------------------
Richard Mann at Rio Times Online reports that in its worst trading
session since September, crude oil prices traded sharply lower
March 18, in the 5th consecutive down session, hitting two-week
lows due to a stronger dollar, a further increase in US fuel and
commodity stocks and news about Covid-19.

On the latter point, the impact comes mainly from suspended
vaccination in some European countries, according to Rio Times
Online.

WTI (West Texas International) futures contracts maturing in April
closed down 7.1%, at US$60 a barrel, while Brent crude was down
6.9%, at US$63.28 a barrel, 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.

VOLKSWAGEN: To Suspend Production for 12 Days in all Brazil Plants
------------------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazilian
marketleader Volkswagen will suspend production for 12 days,
starting Wednesday, March 24, in all its plants in Brazil because
of the worsening of the pandemic.

Activities will be suspended until April 4 in the automaker's
plants in Sao Bernardo do Campo, Taubate and Sao Carlos, in Sao
Paulo, and in the plant in Sao Jose dos Pinhais, Parana, according
to Rio Times Online.

"With the worsening of pandemic cases and the increase in the rate
of ICU bed occupancy in Brazilian states, the company has taken
this step," the report company said, the report relays.



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C H I L E
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ENJOY SA: Fitch Affirms CC Rating on USD16MM Tranche B Notes
------------------------------------------------------------
Fitch Ratings has affirmed Enjoy S.A. (Enjoy) ratings as follows:

-- Foreign Currency Long-Term Issuer Default Rating (IDR) at
    'CCC';

-- USD194 million tranche A notes due in 2027 at 'CCC+'/'RR3';

-- USD16 million tranche B notes due in 2027 at 'CC'/'RR6'.

The affirmation of Enjoy's 'CCC' rating reflects the uncertainty in
the timing and extent of the opening of the company's casinos and
hotels, expectations of low capacity utilization levels during the
next 12 to 18 months, the impact of the pandemic on customers'
spending behavior and weak capital structure.

KEY RATING DRIVERS

Casinos Still Facing Restrictions: Enjoy's casinos in Chile,
Uruguay and Mendoza are opening intermittently, and with
restrictions in terms of time, space and capacity. Moreover, travel
restrictions make access difficult to high value clients. Fitch
estimates that in a scenario of a total close down, the company
burns through approximately CLP5 billion a month. Enjoy posted LTM
EBITDAR of negative CLP21 billion as of Sept. 30, 2020 compared
with CLP39 billion as of Dec. 31, 2019. Fitch expects EBITDAR to
remain negative in 2020, and neutral to positive in 2021.

Debt Restructuring Process: Enjoy exchanged its existing bond for
new bonds with reduced coupons and an extended maturity profile
during August 2020. The company also exchanged its existing local
debt for new bonds, most of which will be converted into equity
starting in March 2021. As part of this process, Enjoy received
additional financing for CLP50 billion to cover its current
expenses. Fitch expects CLP175 billion of debt to be converted to
equity in 2021, and CLP50 billion in 2022. At the conclusion of the
restructuring process in February 2022, financial debt should be
reduced to approximately CLP180 billion from CLP341 billion in
2019.

Slow Recovery Expected: The casino business in Chile is mature,
with low-single-digit revenue growth, and as such, the recovery is
expected to be slow. Coupled with this, the regional economy has
been highly affected by the pandemic, increasing unemployment and
reducing GDP growth, which will hinder the company's ability to
return to 2018 cash flow generation figures, prior to the pandemic
and the social unrest that occurred at the end of 2019.

As a second wave of coronavirus hits the country, restrictions on
casinos are getting stricter than by the end of 2020. Enjoy's
growth strategy is focused on developing underdeveloped locations,
such as in Santiago and Chiloe, as its other casinos post modest
growth. Punta del Este is also affected by the travel restrictions,
as a material portion of its revenues come from high end
international players.

High Credit Risk: Enjoy's 'CCC' rating reflects its high leverage
and uncertainty regarding the shape of the industry recovery post
pandemic, as well as the uncertainty as to when the company will
open its casinos. Fitch projects that even after the restructuring
process is completed, Enjoy will maintain high total debt/EBITDAR
ratios of around 10x, based on Fitch's expectation that profit
margins will decrease, due to new safety regulations and start of
the new licensing agreements that impose a higher tax on the
company.

Committed Capex: Enjoy has committed capex related to municipal
licenses of approximately CLP 60 billion between 2020 and 2022, for
casinos in Viña del Mar, Coquimbo, Pucon and Puerto Varas. This
timeframe was extended due to the lockdowns and Enjoy's inability
to continue its construction projects.

Recently the Chilean government presented a proposal to postpone
for a year the bidding process for licenses expiring in 2023
(Antofagasta) and 2024 (Santiago), of which Enjoy operates two. The
bill is still under discussion in the parliament, but Enjoy's
participation in this bidding process, and the possibility of
applying for more licenses, will add to its capex requirements,
further reducing the company's deleverage capacity during the
rating horizon. An extension of the current licenses would help the
company improve its capital structure ahead of new investments.

DERIVATION SUMMARY

Enjoy's 'CCC' IDR is lower than other small casino operators in the
Americas. Enjoy's leverage ratio is expected to exceed 10x even
after the pandemic and debt restructuring. The company has lower
profit margins than much larger operators, such as Boyd Gaming
Corporation, MGM Resorts International (BB/Stable) and Wynn Resorts
Ltd. Enjoy's business was disrupted by the pandemic, and it is
uncertain how the operational metrics will behave once the casinos
are reopened.

Enjoy derives 70% of its EBITDA from Chile, and is present only in
Latin America. Additionally, after continuous years of financial
stress, the company needs to devote capex to revitalize its asset
base. Enjoy owns all of its underlying real estate, with the
exception of Vina del Mar, Chile, which may provide additional
financial flexibility if required, either as collateral or asset
sales.

KEY ASSUMPTIONS

-- Casinos continue opening intermittently and with restrictions
    during 2021;

-- Total capex of CLP86 bn over the period 2021-2023, including
    mandatory investments in municipal licenses;

-- Slow growth in demand for 2021 and 2022, due to the additional
    restrictions to avoid contagion and the affected economic
    environment;

-- New municipal licenses openings' postponed until August 2021
    (Viña del Mar), December 2021 (Coquimbo) and January 2022
    (Pucon and Puerto Varas).

RATING SENSITIVITIES

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

-- Adjusted debt/EBITDA below 6.0x on a consistent basis;

-- FFO fixed-charge coverage above 1.5x.

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

-- Continued business interruption;

-- Liquidity ratio consistently below 1x.

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

Liquidity Strengthened with Restructure: As part of the
restructuring deal, Enjoy secured new financing for CLP50 billion,
which should suffice to finance its operations and commitments for
the most part of 2021. In addition, it reduced the financial burden
for the next two years and extended the maturity profile of the
debt, leaving it with no significant maturity for the next five
years. As of September 2020, Enjoy had CLP67 billion of readily
available cash, with CLP10 billion of short-term commitments.

ESG CONSIDERATIONS

Enjoy has an ESG Relevance Score of '4' for Management Strategy due
to the challenges the company has faced in executing its strategy,
meeting its projections and reducing its leverage, that resulted in
it being unprepared to face the impact of the pandemic. Enjoy's
below-average execution of its strategy has contributed to a
materially weaker operational performance and capital structure in
comparison with its peers. This has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

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



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M E X I C O
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BANCO INVEX: Fitch Rates Proposed USD115MM CBFs Issuance 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned a Long-Term rating of 'BB+' to Banco
Invex, S.A. Fideicomiso F/2157 (Fibra MTY's) proposed USD115
million senior unsecured Certificados Bursatiles Fiduciarios (CBFs)
issuance FMTY 21D due 2031. Fitch has also assigned a National
Scale rating to the proposed issuance at 'AA(mex)'.

Fibra MTY's ratings are based on the company's good asset quality,
and strong financial profile characterized by high EBITDA margins,
expected medium-term net leverage ratios (measured as net debt to
EBITDA) of 4.5x and adequate liquidity.

The ratings are limited by a certain degree of revenue
concentration by property, tenant and region; factors that mitigate
this risk include the good tenant quality and corporate guarantees
that back lease contracts. Fibra MTY's growth strategy is aimed at
segments and regions with favorable prospects on profitability,
which will allow for the dilution of concentrations in the medium
to long term.

The proposed CBF issuance corresponds to an instrument issued in
the local bond market denominated in U.S. dollars. The proceeds
obtained from this issuance will be used to amortize existing debt
and other general corporate purposes.

KEY RATING DRIVERS

Good Portfolio Quality: Fibra MTY's rent price per square meter (sq
m) compares favorably with average local market prices. Its tenant
base comprised mainly of institutional companies with long-term
lease contracts are the result of the fibra's good asset quality.
The company owned and operated 59 properties, equivalent to
713,925sq m of gross leasable area (GLA) as of YE 2020, an increase
compared with the 22 properties and 220,300sq m at YE 2015. Fibra
MTY's property portfolio is made up of 18 office properties, 35
industrial properties and six commercial properties.

Low Risk Rental Income: High asset quality, good property location
and long-term relationships with tenants allow Fibra MTY to
maintain high occupancy rates. The total portfolio occupancy rate
in terms of GLA was 94.4% as of Dec. 31, 2020. Fitch considers that
Fibra MTY's lease contracts, with an average remaining life of five
years, provide predictability on the company's future revenue.
Fibra MTY had a laddered lease expiration schedule with 21.8% of
lease contracts expiring within one year, 10.9% in two years, 4.3%
in three years, 4.8% in four years and 58.2% thereafter as of YE
2020. Fitch expects total occupancy to be around 95%.

Rental Income with Low Diversification: In Fitch's opinion, Fibra
MTY presents concentration by property, tenant and region. As of
Dec. 31, 2020, Fibra MTY had 108 tenants;the top 10 tenants during
2020 generated approximately 50.2% of rental income, which is
considered a high concentration. The most relevant tenant,
Industrias Acros Whirlpool S.A. de C.V., accounted for
approximately 20.0% of rental income, while none of the other
tenants accounted for more than 4.3% of rental income. Fitch
considers the fact that Fibra MTY maintains a diversified portfolio
of tenants by industry as positive for the rating. The contribution
from consumer durable goods, capital goods and the automotive
sector accounted for 54.7% of revenues as of Dec. 31, 2020.

The company also has geographic concentration. During 2020, 64.5%
of revenues were generated in the state of Nuevo Leon. Fitch's
analysis considers the historical growth in GDP for the states
where Fibra MTY has presence relative to the national average.
Fitch estimates this concentration will decrease as the company
executes its growth plan in the next 12-24 months. The plan is
focused on states with positive growth prospects in the
manufacturing sector in both the North and Bajio regions in central
Mexico.

Coronavirus Impact Manageable: During 2020, Fibra MTY's management
implemented series of measures to cope with the challenges
presented by the health contingency which included decreased
acquisition activity, the creation of an account receivables
reserve and tenant rent support. Tenant support measures included
agreements to apply tenants' rent deposits toward rent payment --
with the tenants' commitment to replenish these deposits in the
following 12-24 months -- and deferrals in rent payments, which
will be recovered during 2021.

Fitch will continue to monitor Fibra MTY's revenue and portfolio
performance. The retention rate in the office segment was 80%
despite the uncertainty regarding the duration of government
restrictions on activities deemed nonessential. In its base case
projections, the agency considers lower occupancy rates for the
office segment and longer vacancy periods once a contract expires
and a new contract is formalized. The results of this analysis
indicate Fibra MTY's profitability and its main credit metrics will
remain in adequate ranges.

Positive Momentum in Profitability: Fibra MTY's incorporation of
new properties to its initial portfolio has been efficient. Its
fixed-cost structure has allowed the company to strengthen EBITDA
margins. Management and advisory activities for Fibra MTY are
carried out internally, which allow it to maintain a mainly
fixed-cost structure, and generate efficiencies and economies of
scale. Its EBITDA margin as of YE 2020 was 79.6% according to
reported numbers and calculated according to Fitch's criteria,
which compares favorably with the 72.4% EBITDA margin registered at
the end of 2015. Fitch anticipates the EBITDA margin will remain
around 81% in the following years.

Adequate Leverage: Fitch expects Fibra MTY's net leverage
(calculated according to Fitch's Criteria) to be 4.5x in the medium
term while it executes its growth strategy. The base case
projections consider the deployment of the resources obtained from
the December 2019 equity follow-on and the cash flows generated by
current and new properties. The ratings consider a growth strategy
financed with a combination of debt and equity that allows the
company to maintain a net loan-to-value metric (LTV, net
debt/investment properties) equal to or below 35%.

During 4Q20, Fibra MTY prepaid guaranteed debt; with this the
Fibra's total debt balance at YE 2020 was MXN4,135.4 million
(USD210 million), fully denominated in U.S. dollars. The company
has a natural hedge from exchange rate volatility because contracts
denominated in this currency represent around 71.2% of its
revenues. Fitch considers in the ratings the proposed CBF issuance
and the prepayment of the outstanding syndicated loan of USD110
million. After refinancing, the average debt maturity on a pro
forma basis would increase from 5.3 years to 8.6 years. Also, on a
pro-forma basis, the prepayment of the syndicated loan would free
up around 32.3% of the encumbered assets. The base case projected
by Fitch estimates that at YE 2021, 68% of the investment
properties will be unencumbered. The unencumbered asset pool could
provide additional financial flexibility to the company in an
environment of low economic activity and limited access to
different sources of funding.

DERIVATION SUMMARY

Fibra MTY's good asset quality and successful integration of past
acquisitions to its portfolio allowed it to achieve a long-term,
solid operating performance and reduce to some extent its rental
income risk. However, the scale of its portfolio and its low tenant
and property granularity limit the ratings due to a higher
concentration of income per property and tenant, and lower
geographic diversification.

As of Dec. 31, 2020, Fibra MTY's real estate portfolio is composed
of 59 properties equivalent to 713,925sq m of GLA. During 2020, the
office segment accounted for 47.3% of revenues, industrial 49.7%
and commercial 2.9%. During the same period, CIBANCO, S.A.
Institución de Banca Multiple, F/00939 (Fibra Terrafina,
BBB-/Stable) had 289 properties and an approximate GLA of 3.9
million sq m, focused entirely on the industrial segment. The
latter's larger scale reduces property and tenant concentration,
and allows for greater geographic diversification. Terrafina's
client portfolio consists of 298 tenants, the top 10 of which
represented around 18.6% of revenues. None of the other tenants
accounted for more than 3.9% of rental income.

Fitch believes Terrafina's focus in the industrial segment provides
greater predictability of cash flows and stability in occupancy
rates as lease term contracts tend to be longer. Fitch views the
industrial real estate segment as better positioned to have a
faster recovery process during the reopening of the economy.
Furthermore, the industrial segment's business fundamentals remain
robust over the medium term due to the country's economic
competitive advantages, which include its strategic location and
lower labor costs relative to other manufacturing hubs.

Fibra MTY's weaker business profile relative to its regional real
estate peers in the low range of the 'BBB' rating category is
partially mitigated by a strong financial profile. Fibra MTY's
EBITDA margin is higher than Fideicomiso Fibra Uno's
(BBB/Negative), due in part to its fixed costs and scalable
internal management structure. Fitch expects Fibra Uno's
profitability to be around 74%. Fitch views Fibra MTY's financial
structure as credit positive and believes it is well positioned
relative to its peers. Fitch expects Fibra MTY's net leverage to be
4.5x in the medium term, while Fitch's expects Corporación
Inmobiliaria Vesta, S.A.B. de C.V.'s (Vesta, BBB-/Stable) and
Terrafina's net leverage to be around 5.5x. However, in Fitch's
opinion, Vesta's stronger business profile and greater financial
flexibility measured in terms of a higher ratio of unencumbered
assets to unsecured debt and a lower FX exposure mitigates its
higher leverage ratios.

With respect to Fibra MTY's National Scale rating peers, its
portfolio is comparable in terms of scale to that of Fideicomiso
2870 Fibra Nova (Fibra Nova, AA-[mex]/Stable), which manages a
portfolio with 99 properties in the industrial, commercial and
office segment equivalent to a total of 350,210sq m of GLA and
Banamex Fibra Danhos, Fideicomiso 17416-3 (Fibra Danhos,
AAA[mex]/Stable), which operates 14 properties and 891,700sq m of
GLA.

Fibra Nova's portfolio shows some concentration by tenant when
tenants are grouped by affiliated companies. The largest group
represents around 40% of annual revenues. These contracts include
corporate guarantees which mitigates concentration risk. Fibra
Danhos' portfolios exhibit higher levels of income concentration
per property as they have a lower number of properties than Fibra
MTY. In terms of tenant profile, Fibra Danhos is diversified in the
commercial, office and lodging segments. Fibra MTY's and Fibra
Nova's industrial portfolio is considered positive for their
ratings as industrial contracts allows greater cash flow
predictability because of longer term lease-contracts.

Fitch estimates that Fibra MTY's EBITDA margin will remain close to
81% in the following years. Fitch's base case projections estimate
that Fibra Danhos' profitability to be around 64%. Fibra MTY's
EBITDA margin is higher in part due to its lean cost structure and
internally managed structure, characteristics that it shares with
Fibra Nova, whose EBITDA margin reached 90.7% in 2020.

Fibra MTY's net leverage is expected to be 4.5x in the medium term.
Similarly, the base case scenario for Fibra Nova's rating estimates
that the net leverage will be around 4.5x, taking into
consideration its growth strategy financed mainly by debt. Fibra
Danhos' expected gross leverage (total debt-to-EBITDA) in the
medium and long term is less than 2.0x.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Rent prices per sq m increase in line with inflation;

-- Portfolio occupancy rates continue at around 95%;

-- EBITDA margin strengthens to around 81%;

-- Acquisitions financed with a mix of debt and equity;

-- Issuance of CBF for USD115 million and prepayment of the
    USD110million syndicated loan;

-- Net leverage between 4.0x and 5.0x;

-- LTV tends to be below 35%.

RATING SENSITIVITIES

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

-- Successful execution of the acquisition plan during the rating
    horizon, increasing the scale of the portfolio and reducing
    the concentration of income and NOI per tenant and property;

-- EBITDA margin consistently higher than 80%;

-- Maintaining a net leverage metric below 4.0x on a sustained
    basis, throughout investment periods;

-- Significant reduction in the proportion of encumbered assets.

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

-- Increase in the concentration of income per tenant and/or
    property;

-- Deterioration in profitability that results in an EBITDA
    margin below 70% on a sustained basis;

-- Increase of net leverage in ranges above 5.0x on a sustained
    basis, as a result of a deterioration in profitability and/or
    acquisitions financed mainly with debt;

-- Dividend payments consistently higher than 100% of FFO,
    resulting in a weaker capital structure;

-- Weakening liquidity profile;

-- Operating EBITDA coverage to interest paid of 2.5x or less;

-- Ratio of unencumbered assets to unsecured debt equal to or
    less than 2.0x.

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

Ample Liquidity: Fibra MTY's liquidity is supported by the
availability of committed credit lines of up to MXN1,638.0 million
as of YE 2020. The available credit lines are made up of undisposed
revolving credit facilities for MXN1,040 million and USD30 million.
As of Dec. 31, 2020, cash and equivalents amounted to MXN2,367.8
million; The forecast cash balance is around MXN400 million.

Fibra MTY's current debt is secured by 58.1% of its investment
properties. The proceeds from the proposed unsecured CBF issuance
will be used to amortize secured debt. Considering the above and
the reported value of investment properties as of YE 2020, Fitch
estimates the pro-forma coverage of unencumbered assets to
unsecured debt would be 2.3x from 2.9x as of Dec. 31, 2020. In
addition, upon the completion of this issuance, Fibra MTY would
extend average debt maturities and will not face significant debt
payments until October 2027.

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.

GRUPO KALTEX: Fitch Affirms 'CC' Rating on USD320MM Sr. Sec. Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Grupo Kaltex, S.A. de C.V.'s Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'CC'.
Fitch has also affirmed the company's USD320 million senior secured
notes due 2022 at 'CC'/'RR4'.

The rating action reflects Kaltex's continued tight liquidity
compared to debt service and heightened refinancing risk given the
maturity of the senior notes in April 2022. Fitch sees an
increasing likelihood the company will need to secure alternative
sources of financing in the short term. It also reflects the
challenging operating environment created by the pandemic.

Fitch assumes Kaltex will meet interest payments in April and
remain reliant on the completion of either more asset sales or
shareholders' support, absent improved operating cash flow to
strengthen its liquidity position. Any indication of risks related
to debt service payment that leads into a default or default-like
process will result in a rating downgrade.

The ratings also reflect the company's exposure to the cyclicality
of the textile industry, consumer demand, input cost price
volatility, limitation of transferring cost increases into prices
in a rapid manner and absence of long-term customer contracts. In
addition, the ratings consider Kaltex's revenue diversification,
good commercial relations with top-quality customers, and position
as the world's fourth-largest denim player based on installed
capacity.

KEY RATING DRIVERS

Deleveraging depends on External Sources: Kaltex recently announced
the sale of the Milano stores business for an undisclosed amount;
Fitch assumes the proceeds from the asset sales will be used to pay
down debt. Fitch's base case projections for 2021 anticipate debt
reduction in the range of USD50 million-USD70 million. This could
alleviate pressure on the company's debt service for the current
year but refinancing the outstanding balance of the senior notes
before maturity is still required.

Weak FCF Generation: Shareholders' support allows the company to
face working capital requirements and capex, resulting in weak FCF
generation. Positive FCF generation is the key factor in
strengthening the company's liquidity position, which Fitch
believes is critical to the business as a going concern. The
company's exposure to volatile commodity-related input costs limits
its ability to transfer the full impact of price variation along
the cycle. However, the company is currently benefiting from lower
input costs, which will be offset by the depreciation of the
Mexican peso.

Coronavirus Impacted Profitability: The pandemic has affected
Kaltex's operations through the temporary closures of retail stores
during most of the year and limitations imposed in different
countries. Kaltex's EBITDA margin dropped to 5.3% compared to the
previous year (7.5%), mainly because of the extended closure of
operations to non-essential companies in Mexico and low demand in
the national market. Fitch expects Kaltex's operations to
stabilize, with EBITDA margins of approximately 7.0%. Fitch
estimates that EBITDA margins of approximately 11% could allow the
company to register adjusted leverage levels below 4.5x and
interest coverage level above 2.0x.

High Leverage Reduces Flexibility: Current and estimated adjusted
leverage levels are higher than the bond financial covenant and
prevent Kaltex from incurring additional indebtedness. At Dec. 31,
2020, the company recorded a consolidated leverage level, measured
as total debt/EBITDA of 9.2x in Mexican pesos. Fitch projects this
ratio will reach 7.1x at YE 2021 and remain around 7.0x for YE
2022.

Exposure to Cyclical Industry and FX: The ratings reflect the
company's exposure to the cyclicality of the textile industry,
level of consumer demand, input cost price volatility, low
bargaining power to transfer cost increases into prices rapidly and
absence of long-term customer contracts.

The company's operations depend on variables affecting
discretionary consumer spending, including general economic
conditions, consumer confidence, unemployment, consumer debt,
interest rates and political conditions. A decline in discretionary
spending may cause volatility in sales volume. Kaltex is exposed to
input cost price volatility and has limited ability to rapidly
transfer cost increases into consumer prices. The company also
exhibits customer concentration, which increases operational risk,
as customers may experience weak performance or shift to a
different supplier.

The depreciation of the Mexican peso affects Kaltex's operations
since the company has approximately 58% of costs and 62% of debt
(after hedge) in U.S. dollars, and only 52% of revenues in that
same currency. In Fitch´s opinion, this will continue to squeeze
the company's operating cash flow and liquidity.

Business Diversification: Kaltex's cash flow and profitability are
supported by a diversified revenue base, operating vertical
integration and product offerings. The company has diversified
revenue by product type and geographic market, which reduces the
risk of concentration in one segment of the textile industry, and
mitigates adverse economic cycles in a particular region. At Dec.
31, 2020, 45% of Kaltex's total revenues were generated in Mexican
pesos, 52% in U.S. dollars, and 3% in Euros and Colombian pesos.

DERIVATION SUMMARY

Kaltex's business position is limited by its exposure to cost
increases and sales volume sensitivity to price upturns; this
exposure results in higher cash flow volatility. The company's
obligations are met with lower raw material prices and shareholder
support. Its liquidity position is tight compared with debt service
and short-term debt.

Fitch views the company's financial and liquidity metrics as in
line with the 'CC' category. Kaltex's scale of operations,
financial profile, profitability, leverage and liquidity levels
compare unfavorably to denim companies in the 'BB' category, such
as Levi Strauss & Co (BB/Negative).

KEY ASSUMPTIONS

-- Revenue decline in 2021 of around 10% (Including the sale of
    Milano stores) and an expected increase of 3% for the
    following years;

-- EBITDA Margin stabilizes around 7%;

-- Capex of approximately 3% of sales;

-- Interest payments are met;

-- Debt reduction between USD50 million-USD70 million in 2021.

RECOVERY ASSUMPTIONS

For issuers with IDRs of 'B+' and below, Fitch performs a recovery
analysis for each class of obligations. The issue rating is derived
from the IDR and the relevant Recovery Rating (RR) and notching,
based on the going concern enterprise value of a distressed
scenario or the company's liquidation value. The recovery analysis
assumes that Grupo Kaltex would be considered a going concern in
bankruptcy and that it would be reorganized rather than
liquidated.

Fitch has assumed a 10% administrative claim. Fitch's recovery
analysis for Grupo Kaltex places a going concern value under a
distressed scenario of approximately MXN2.2 billion, based on
going-concern EBITDA of MXN800 million and a 3.0x multiple. The
going-concern EBITDA estimate reflects Fitch's view of a
sustainable post-reorganization EBITDA level, upon which the agency
bases the valuation of the company.

The MXN800 million going-concern EBITDA assumption reflects an
approximated 10% discount from the Fitch's expected annual EBITDA
during 2021, which should be sufficient to cover its interest
expense. A 3.0x enterprise value multiple is used to calculate a
post-reorganization valuation and reflects the Mexican operating
environment and a mid-cycle multiple.

Fitch calculates the recovery prospects for the senior unsecured
debtholders in the 31%‒50% range based on a waterfall approach
after covering the company's available credit facility. This level
of recovery results in the senior unsecured notes being rated in
line with its IDR at 'CC'/'RR4'.

RATING SENSITIVITIES

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

-- Improved liquidity profile in the form of significant and
    steady operating recovery, equity injections or asset sales;

-- FFO and EBIT margins above 5%, EBITDA margin improvement to
    above 10%, expansion of positive FCF margin above 1%, and
    stable operating results through industry and economic cycles
    resulting in a comfortable liquidity position, interest
    coverage above 2.0x and total debt/EBITDA consistently below
    4.5x.

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

-- Failure to improve liquidity and complete asset sales or
    equity injections;

-- Perception of risks on meeting interest payments that leads
    into a default or default-like process;

-- Continued operational pressures resulting in EBITDA/interest
    paid below 1.0x.

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

Tight Liquidity Position: Grupo Kaltex has a challenging liquidity
position given the maturity of the senior notes in April 2022. The
company's available cash balance was USD12 million at YE 2020, with
senior notes interest payments of USD14.2 million in April 11,
2021, and USD14.2 million in Oct. 11, 2021; along with
approximately USD9 million of short-term debt due during 2021. The
recent sale of Milano store business is going to support the
company's financial position by reducing debt.

Kaltex reported total debt of USD328 million at YE 2020, of which
99% was denominated in U.S. dollars and the rest in Mexican pesos.
The debt consists mainly of USD320 million in senior secured notes
due April 2022, with the rest in bank loans. As of YE 2020, the
issuer and the subsidiary guarantors collectively accounted for
about 98.2% of Kaltex's consolidated assets, 100.0% of consolidated
EBITDA and 60.3% of consolidated sales.

In addition, the notes are secured by mortgages that include
Mexican plants in Tepeji del Rio, Hidalgo and Altamira, Tamaulipas;
a non-possessory pledge agreement that includes machinery and
equipment owned by Manufacturas Kaltex, S.A. de C.V.; and a
non-possessory pledge agreement covering machinery and equipment
owned by Kaltex Fibers, S.A. de C.V. Based on company information,
the approximate value of the collateral at YE 2020 was MXN1,917
million (approximately USD95 million).

ESG CONSIDERATIONS

Grupo Kaltex has an ESG Relevance Score of '4' for Management
Strategy due to challenges that the company faces to implement its
strategy. This has a negative impact on the credit profile, and is
relevant to the rating in conjunction with other factors.

Grupo Kaltex has an ESG Relevance Score of '4' for Group Structure
due to ownership concentration and key man risk. This has a
negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

Grupo Kaltex has an ESG Relevance Score of '4' for Financial
Transparency due to the absence of clearance of intercompany
operations and details in operations breakdown. This has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.

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



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

LIBERTY COMMUNICATIONS: Fitch Raises LT Foreign-Currency IDR to BB-
-------------------------------------------------------------------
Fitch Ratings has upgraded Liberty Communications of Puerto Rico
LLC's (LCPR) Long-Term Foreign Currency Issuer Default Rating (IDR)
to 'BB-' from 'B+'. Fitch has also upgraded LCPR's revolving credit
facility (RCF), LCPR Loan Financing LLC's 2026 term loan, and LCPR
Senior Secured Financing Designated Activity Company's 2027 notes
to 'BB'/'RR3' from 'BB-'/'RR3'.

In addition, Fitch has assigned 'BB'/'RR3' ratings to LCPR Senior
Secured Financing Designated Activity Company's new USD820 million
senior secured bonds due 2029 and LCPR Loan Financing LLC's new
USD500 million term loan. Fitch expects the proceeds to be used
primarily for the full repayment of LCPR Loan Financing LLC's
current USD1 billion Term Loan B due 2026, and general corporate
purposes including a USD250 million cash upstream to parent Liberty
Latin America Ltd (LLA, NR).

The upgrade reflects the merged entity's greater scale and
diversified product portfolio following LCPR's acquisition of AT&T
Inc.'s (AT&T, BBB+/Stable) assets in Puerto Rico and the U.S.
Virgin Islands. The upgrade also reflects the company's strong
operating performance in 2020 despite the pandemic. The Stable
Outlook reflects Fitch's expectation that LCPR, along with LLA and
sister companies VTR Finance N.V. (BB-/Stable) and Cable & Wireless
Communications Ltd. (C&W, BB-/Stable) will have net leverage around
4.0x - 4.5x.

KEY RATING DRIVERS

Improved Scale and Diversification: LCPR's ratings benefit from its
increased diversification and size. The acquisition helped triple
the size of LCPR's operations. Fitch expects revenues in the
USD1.4-1.5 billion range, with EBITDA generation in the USD530-560
million range over the rating horizon. The combined entity should
benefit from economies of scale, as well as enhanced product
offerings across both fixed and mobile, which should contribute
about one-third and two-thirds of the company's revenues,
respectively.

Stronger Market Position: The combined entity boasts strong market
shares in both wireless (#2) and broadband (#1) in Puerto Rico.
LCPR stands to benefit from increased bundling of products.
T-Mobile has the #1 mobile position in mobile on the island but
does not have a significant broadband or fixed line presence.
America Movil S.A.B. de C.V.'s Claro has the #2 position in
broadband, and #3 in mobile, although AT&T's mobile subscriber base
is weighted towards postpaid, while America Movil's is more heavily
weighted towards prepaid. Puerto Rico's mobile base comprises
mostly 4G postpaid customers, which compares favorably to other
markets in Latin America and the Caribbean.

Moderate Leverage Expected: Fitch expects the combined company to
be managed with net leverage of around 4.0-4.5x over the longer
term. The transaction should add approximately USD300 million of
net debt at the LCPR level, increasing leverage by approximately
0.5x. Fitch expects net leverage of around 4.7x, and gross leverage
of around 5.0x for the combined entity on a pro forma basis as of
Dec. 31, 2020. Fitch forecasts LCPR will generate healthy free cash
flow before distributions to LLA. The company's had strong
performances in both mobile and fixed in a tough year.
Stable-to-growing ARPUs should contribute to modest deleveraging
potential.

Linkages with Liberty Latin America: Fitch forecasts leverage of
around 4.5x - 5.0x on a consolidated LLA basis, based on USD9.0
billion in debt, cash of USD800 million and EBITDA of USD1.8
billion. LLA issued around USD350 million in equity to support an
acquisition of mobile assets in Costa Rica, which should close in
1H2021. LLA's financial management strategy targets leverage around
4.0x across its operating subsidiaries. While the credit pools are
legally separate, LLA has a history of moving cash around the group
for investments and acquisitions. This approach improves financial
flexibility and supports a linkage of the ratings; however, it also
limits prospects for material deleveraging at the subsidiaries.

Cash Flow Expected to Improve: Fitch expects the combined company
to have EBITDA margins around 40%, increasing over time as LCPR
realizes synergies. Consolidation of shared functions should drive
modest efficiencies in both costs and capex, improving FCF. The
company's strong market position and the limited size of the mature
island markets both act as natural barriers to entry, which
supports EBITDA margins above 40%. Capital intensity has moderated
since network restoration which was largely completed in 2H 2018.
Fitch expects capex of 14-16% of revenues.

Mixed Operating Environment Trends: LCPR benefits from a dollarized
economy with relatively high GDP per capita within the region and
favorable systemic governance characteristics. Unfortunately, GDP
growth and population growth trends have been largely negative for
the island for a number of years. The restructuring of Puerto
Rico's debt, and the expected federal stimulus measures, and
telecom-specific grants, should all benefit LCPR.

DERIVATION SUMMARY

Following the completion of the acquisition, LCPR's credit profile
should be in line with CWC and VTR's. Each is expected to maintain
EBITDA net leverage at or above 4.0x, and each has a strong
competitive position in their respective markets, which is offset
by their lack of geographic diversification on an individual basis.
LLA's financial management strategy targets net leverage around
4.0x and moving cash around the group to fund acquisitions and
investments supports the equalization of ratings across the three
credit pools.

Compared with Caribbean peer Digicel International Finance Limited
(CCC+), LCPR has a more diversified product portfolio, which is
more subscription based, and a less leveraged capital structure.
Furthermore, consolidated leverage at the parent is much lower at
LLA (NR) than at Digicel Group Holdings Limited (CCC).

LLA has a business profile similar to Millicom International
Cellular SA's (MIC; BB+/Stable), a holding company whose
subsidiaries have leading positions in several markets. LLA's
revenue base has a higher proportion of dollars and subscription
revenues, while Millicom's revenues are primarily local currency
denominated. Both have seen leverage increase as a result of
acquisitions. However, LLA's leverage remains higher than MIC's,
which Fitch expects to decline to 2.5x-3.0x over the medium term.

LCPR's business profile and diversified service offering in Puerto
Rico is similar to Cable Onda's (BBB-/Stable) in Panama. Cable
Onda's benefits from lower leverage and supports the multi notch
difference in ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

Fixed Operations:

-- Fixed RGUs to grow by about 1% overall, as growing broadband
    penetration offsets flat to declining Pay TV and telephone
    over the medium term;

-- Blended Fixed ARPU to remain in the USD38-40 range as
    increases in broadband offset decreasing Pay TV and telephone
    over the medium term.

Mobile Operations:

-- Overall RGUs declining slightly and by 1%-2% per year, with
    ARPUs growing by approximately 1%-2% as the company focuses on
    the higher-end market;

-- Blended EBITDA margins of 39%-41% over the medium term,
    equivalent to USD530million-560 million;

-- Capex of around USD220 million, or approximately 14%-16% of
    revenues;

-- Excess cash upstreamed to LLA.

RATING SENSITIVITIES

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

-- Fitch does not anticipate an upgrade as likely in the near
    term, given the company's and the larger group's elevated
    leverage profiles.

-- Longer-term positive rating actions are possible to the extent
    that Total Debt / EBITDA and Net Debt / EBITDA sustained below
    4.5x and 4.25x, respectively, at both LCPR and LLA.

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

-- Total Debt / EBITDA and Net Debt / EBITDA at LCPR sustained
    above 5.25x and 5.0x, respectively, due to a combination of
    organic cash flow deterioration or M&A.

-- While the three credit pools are legally separate, LLA Net
    Debt / EBITDA sustained above 5.0x could result in negative
    rating actions for one or more rated entities in the group.

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: LCPR had USD79 million in readily available
cash and equivalents as of Dec. 31, 2020 and no short-term
maturities, along with USD22 million in accrued interest. The
company benefits from its long-dated maturity profile, and the
financial flexibility that LLA enables by moving cash between the
three credit pools. The company also has access to a USD167.5
million revolving credit facility, which further bolsters
liquidity.

The recent USD1.32 billion transaction further improves LCPR's debt
profile and amortization schedule. Fitch expects the majority of
the proceeds to be used for the repayment of the and Term Loan B,
as well as for general corporate purposes including a cash upstream
to LLA.

Fitch expects that the combined entity will be managed similar to
LLA's other operating subsidiaries, with moderately high levels of
leverage, and excess cash being used for dividends and M&A.

SUMMARY OF FINANCIAL ADJUSTMENTS

LCPR has an ESG Relevance Score of '4' for Exposure to
Environmental Impacts due to its presence in a hurricane-prone
region. LCPR has an ESG Relevance score of '4' for Financial
Transparency because LLA's financial disclosures are somewhat
opaque relative to peers in the region. These factors have a
negative impact on the credit profile and are relevant to the
rating in conjunction with other factors.

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



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

APSARA: National Insurance Board Closes Restaurant
--------------------------------------------------
Trinidad Express reports that fine dining restaurants Apsara and
Tamnak Thai and the Siam nightclub have been closed, following the
National Insurance Board of Trinidad and Tobago (NIB) entering and
taking possession of the property, which is located at 13 Queen's
Park East, Port of Spain.

In a statement, NIB said in it took possession of the compound as
the owner and landlord of the property, according to Trinidad
Express.  The State's national insurance provider took the action
on March 3. On March 6, the Facebook page of Apsara and Tamnak Thai
restaurants announced that they would be closed temporarily, "due
to unforeseen circumstances," the report relays.

The restaurant owners apologised for the inconvenience caused by
the closure, indicating that the restaurants "will reopen soon,"
Trinidad Express discloses.

The report relays that the NIB statement said it took possession of
the property as a result of the lease between NIB and R&M Property
Holdings Ltd, which is owned by Sharif Mohammed and Marie
Kavanagh.

An NIB official refused to speculate on the amount of the
outstanding lease rental R&M Property Holdings owes the NIB, the
report notes.

The 2014 lease between NIB and R&M Property Holdings Ltd has
attracted considerable media attention, the report says.

R&M sold the property to NIB in 2014 for $37 million, with an
obligation that the seller would continue renovation works
amounting to $5 million, the report relays.

After selling the property to NIB, R&M leased it back from the
national insurance provider for ten years, initially at $96,000 a
month ($1,152,000 a year) for four years and then $125,000 a month
($1.5 million a year) for six years, the report discloses.

A February 10, 2019 Sunday Express story reported that R&M's lease
rental payments should have increased from $96,000 a month to
$125,000 a month in April 2018, the report notes.  That article
indicated that R&M paid the smaller sum of $96,000 a month between
April 2018 and February 2019, as a result of a dispute over the
availability of parking, the report relays.

Speaking with the Express last night, former finance minister,
Selby Wilson, who represented R&M in their negotiations with NIB in
2014, said the leasors of the property have made several attempts
to fulfill their contracted lease payments, the report says.

Wilson said the owners made overtures to NIB to pay $400,000 at the
beginning of March and to pay off all of the arrears owed to NIB,
amounting to about $4 million, by March 31, the report relays.  The
$4 million sum represents 32 months (two years and eight months) at
the $125,000 lease rental, the report notes.

Wilson said that R&M's only condition was that it be allowed to
continue with the lease arrangement with the NIB, the report notes.
The former parliamentarian said NIB has not acquiesced to R&M's
overtures to pay what is owed and recently refused to accept a
cheque for $281,000, the report discloses.

In its statement issued, the NIB said people with an interest in
this property are directed to the public notices affixed at the
entrances to this property at Queen's Park East or can contact the
NIBTT, the report adds.

TRINIDAD & TOBAGO: Suffers Big Drop in Tourist Arrivals for 2020
----------------------------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that across the
Caribbean, the impact of the Covid-19 pandemic on the travel and
tourism industry has been very apparent and Trinidad and Tobago is
no different as from January to August 2020, there was a 65.2 per
cent decrease in tourists' arrivals, due to the closure of the
borders.

According to the latest tourism performance report, released by the
Caribbean Tourism Organsation (CTO), 93,147 tourists visited T&T
between January to August as compared to the same in 2019, which
saw 388,576 stop-over tourists from January to December, the report
notes.

Some 45,580 visitors arrived in T&T on cruise ships last year
compared to 91,423 visitors in 2019, according to Trinidad
Express.

Arrivals from the United States for the period January to August
amounted to 43,111, which represents a 65.2 per cent decrease, the
report relays.

The report notes that while arrivals from Canada stood at 14,417,
representing a 67.6 per cent decline.

Tourists from other markets stood at 20,728, a decline of 71.5 per
cent, the report relays.

The report further stated that tourist arrivals in the Caribbean
fell by 65.5 per cent in 2020, the report says.

The CTO said the impact of the pandemic on the travel and tourism
industry was particularly evident during the period of April to
mid-June, when there was literally no activity in some
destinations, the report discloses.

"This was characterised by empty hotels and restaurants, deserted
attractions, shut borders, laid-off workers, grounded airlines and
crippled cruise lines.  While we saw some fluctuations in the
levels of visitors for the remaining months of 2020, the influx of
visitors has not reached levels even closely comparable to those
being experienced prior to March 2020," it said, the report
relays.

"In fact, some destinations remain closed to visitors, with limited
airlift primarily for repatriation of locals and cargo," the report
discloses.

The CTO noted that with government restrictions both in the
Caribbean and globally reducing and, in many cases, preventing
travel for large periods of time, tourist arrivals to the region in
2020 fell to just over 11 million, a decline of 65.5 per cent when
compared to the record 32 million tourist visits in 2019, the
report says.

The CTO report indicated that a period of virtually no tourism
began in mid-March, and the second quarter was the worst-performing
with arrivals down by 97.3 per cent, the report relays.

Tourists began visiting again in June as the sector began to
reopen, the report notes.

"The fall-off in stayover arrivals continued through to
September-when a gradual reversal began-and continued right up to
December. Destination initiatives such as the long-stay work
programs, other promotional activities and efforts of regional
organisations such as the CTO, the Caribbean Hotel and Tourism
Association and the Caribbean Public Health Agency, contributed to
the gradual rise in arrivals," the report said, Trinidad Express
relays.

Like stayover arrivals, cruise was buoyed by the performance in the
first three months of 2020, particularly the month of February,
when there was a 4.2 per cent rise in visits, the report says.

However, a 20.1 per cent fall in the first quarter was followed by
no activity for the remainder of the year as ships remained
non-operational, the report notes.

The overall result was a 72 per cent slide to 8.5 million cruise
visits, when compared to the 30 million visits in 2019, the report
recalls.

The limited travel beyond the first three months of the year,
resulted in difficulties in compiling visitor expenditure numbers
in 2020, the report notes.

In its forecast, the CTO noted that the Caribbean's performance in
2021 will depend largely on the success of the authorities in the
marketplace and the region in combatting, containing and
controlling the virus, the report says.

"Already, there are some encouraging signs like the vaccine
roll-out taking place in North America, Europe and the Caribbean,"
it said, the report adds.



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

LATAM: IDB Announces Measures to Strengthen Global Trade Insertion
------------------------------------------------------------------
The Inter-American Development Bank will make available a series of
financial and non-financial tools to Latin American and Caribbean
countries and companies to support their international insertion
and boost their economic recovery after the pandemic, IDB President
Mauricio Claver-Carone announced today.

The package includes loans, with and without sovereign guarantees,
non-reimbursable financing for technical cooperation programs, and
financial advisory services.

The announcement was made in a seminar on regional value chains at
the IDB's Annual Meeting, being held in a virtual format in
Barranquilla, Colombia.

"Latin America and the Caribbean must strive to achieve greater
regional integration, which will then allow it to insert itself
more efficiently into the global economy," Claver-Carone said.
"Colombia is already a destination for the relocation of activities
in technology services, food and beverages, and plastics and
resins, and has a great potential in the pharmaceutical,
manufacturing, and supplies for footwear, apparel and textiles, and
the automotive sectors."

"The IDB will act as a strategic partner to provide support for
Colombia and the rest of Latin America to integrate further into
regional and global value chains and create the opportunities and
employment that our citizens need," he added.

The seminar, "Investment and strengthening of Regional Value Chains
as an Engine for Economic Recovery, " was also attended by the
President of Colombia, Ivan Duque; the Secretary-General of the
Organization for Economic Co-operation and Development (OECD),
Angel Gurría; Colombia's Minister for Trade, Industry, and
Tourism, Jose Manuel Restrepo; the manager of the IDB's Integration
and Trade Sector, Fabrizio Opertti; and private-sector executives.

Latin America and the Caribbean have low participation in global
value chains, both in their percentage share and in the stages in
which they are involved - mainly concentrated in exporting raw
materials or derivatives. For example, the foreign value-added
included in exports from countries of the region has fluctuated
between 18 and 19 percent over the last 30 years, compared to 33
percent for Asia and 43 percent for the European Union countries.

This low level of participation is due to several factors,
including the persistence of restrictive trade policies, high
transportation costs and lags in logistics performance, high
information costs, and poor connectivity infrastructure. Limited
access to financing also influences the lack of insertion of
companies in regional and global value chains.

Significant participation is critical as countries seek out paths
to economic recovery that generate high-quality jobs in the
aftermath of the COVID-19 pandemic. The IDB estimates that by
strengthening its regional value chains in the hemisphere, Latin
America and the Caribbean could increase their exports to the
United States by US$ 70 billion through gradual increases in
sectors such as textiles, medical products, and automotive.

The tools developed by the IDB seek to strengthen Investment
Promotion Agencies, improve the physical and digital infrastructure
of trade, and make progress toward the pending agenda of
modernization and harmonization of trade agreements and regulatory
and normative frameworks.

Every dollar invested in export promotion programs generates up to
US$ 45 in additional exports. IDB studies indicate that a 10
percent reduction in international freight costs from Latin America
and the Caribbean would boost export values by at least 30 percent
and increase exported products by 25 percent within the region and
to the United States.


                           *********


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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