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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

          Wednesday, May 12, 2021, Vol. 22, No. 89

                           Headlines



B A H A M A S

BAHAMAS POWER: Facing Challenges due to Contaminated Fuel


B R A Z I L

B3 SA: Moody's Rates New BRL3 Billion Debenture Issuance 'Ba1'
BANCO VOTORANTIM: Moody's Withdraws (P)Ba2 Rating on MTN Program
LIGHT SA: Moody's Affirms Ba3 CFR, Alters Outlook to Positive


C H I L E

LATAM AIRLINES: Closes 1QA With US$2.6 Billion of Liquidity


C O S T A   R I C A

COSTA RICA: To Press Ahead With Fiscal Reforms With $500MM IDB Loan
INSTITUTO COSTARRICENSE: Fitch Affirms 'B' IDRs, Outlook Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: U.S. Urging Has Not Affected Tourism


P U E R T O   R I C O

BETTEROADS ASPHALT: Unsecureds to be Paid From Carve-Out


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: 2,744 Workers Laid Off in 2020

                           - - - - -


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B A H A M A S
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BAHAMAS POWER: Facing Challenges due to Contaminated Fuel
---------------------------------------------------------
RJR News reports that Bahamas's Deputy Prime Minister and Minister
of Public Works Desmond Bannister revealed that Bahamas Power and
Light (BPL) suspects it recently received a contaminated batch of
fuel that has caused challenges with its engines.

Speaking with reporters ahead of a Cabinet meeting, Mr. Bannister
said this was the issue at the centre of a notice posted by the
company, which indicated it was experiencing issues with fuel
logistics at its Blue Hills plant, according to RJR News.

BPL said its provider, Sun Oil, has assured that all necessary
steps are being taken to remedy the matter and it is working to
stabilise the power supply, the report notes.



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B R A Z I L
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B3 SA: Moody's Rates New BRL3 Billion Debenture Issuance 'Ba1'
--------------------------------------------------------------
Moody's America Latina has assigned a Ba1 global scale and Aaa.br
Brazilian national scale rating to B3 S.A. -- Brasil, Bolsa,
Balcao's ("B3") proposed local currency debenture issuance. The
debentures will be issued in Brazilian reals with a target issue
amount of BRL3.0 billion and the proceeds of the issue will be used
for general corporate purposes. The debentures will be issued in
two series with tenor of three and five years respectively.

Assignments:

B3 S.A. - Brasil, Bolsa, Balcao:

Global local currency unsecured debt rating of Ba1

Brazilian national scale local currency unsecured debt rating of
Aaa.br

RATINGS RATIONALE

B3 S.A. -- Brasil, Bolsa, Balcao's (B3) global scale and national
scale unsecured debt rating of Ba1 and Aaa.br respectively stem
from B3's long term senior unsecured and issuer ratings of Ba1.

B3's long term senior unsecured and issuer ratings incorporate the
benefits to creditors from its increasing earnings, high pretax
margins and cash flow generation, which will remain strong over the
next 12 -18 months. Moody's assessment also takes into
consideration B3's rising but manageable leverage and the company's
increased dividend payout targets which will be maintained in 2021.
B3's ratings are positioned one notch above Brazil's Ba2 sovereign
rating, reflecting B3's dominant market position, diverse revenue
base and resilient financial performance through Brazil`s last
recession, subsequent tepid economic recovery and since the onset
of the pandemic. However, B3 does have strong credit linkage to
Brazilian sovereign risk given that its cash position and the
majority of its settlement funds that safeguard it from
counterparty default are invested in Brazilian government bonds.

B3 reported revenue growth of 41.8% and pre-tax income of BRL5.5
billion (US$ 1.0 billion) in 2020, an increase of 65.8% versus a
year earlier, illustrating its increased scale. Pre-tax margin was
over 800 basis points above that in 2019 at 58.9% as calculated by
Moody's. Moody's expects B3 to continue to post strong financial
results in 2021 as Brazil's still low interest rate environment,
despite recent rises, will continue to make equity investments
attractive. Combined with increased market volatility in the wake
of coronavirus, B3's core businesses experienced record trading
volumes in 2020, including its second highest ever level of public
offerings . In the first quarter of 2021, volume has remained
strong at BRL36 billion, 26.5% above of 2020's total. Moody's also
said that B3 offers services for which it has no competition,
particularly in cash equities trading and post trading, and that
its business model enables it to generate increased revenue during
periods of market volatility, when equities and interest rate and
currency derivative volumes rise.

The debentures will be issued in two series, with the first series
having a maximum maturity of three years and the second series of
five years. Both series will have floating rate coupons at a spread
over the interbank deposit rate. Based on 2020 results, Moody's
estimates that B3's leverage will rise from its current level of
1.03x EBITDA as of December 2020 to 1.5x, in line with the
company's leverage target for 2021.

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

The national scale debenture ratings are already at the highest
level on the national scale for Brazil. A downgrade in B3's global
and national scale ratings could be driven by a deterioration in
the company's financial profile, which, in turn, could be triggered
by a decrease in its operating margin that substantially reduces
the company's debt-service capacity and leads its leverage to
increase significantly. Negative pressure on the ratings could also
arise from a deterioration in the company's risk management
capabilities and execution effectiveness. A decline in Brazil's
creditworthiness could also result in B3's ratings being
downgraded.

The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.

BANCO VOTORANTIM: Moody's Withdraws (P)Ba2 Rating on MTN Program
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings and assessments
assigned to Banco Votorantim S.A. (Nassau Branch), including the
Senior Unsecured Medium-Term Note Program rating of (P)Ba2.

The following ratings were withdrawn:

Issuer: Banco Votorantim S.A. (Nassau Branch)

Long-term global local currency counterparty risk rating of Ba1

Short-term global local currency counterparty risk rating of Not
Prime

Long-term global foreign currency counterparty risk rating of Ba1

Short-term global foreign currency counterparty risk rating of Not
Prime

Long-term counterparty risk assessment of Ba1(cr)

Short-term counterparty risk assessment of Not Prime(cr)

Senior Unsecured Medium-Term Note Program of (P)Ba2

Other Short Term of (P)Not Prime

Outlook Actions:

Outlook, Changed to Rating Withdrawn from Stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

LIGHT SA: Moody's Affirms Ba3 CFR, Alters Outlook to Positive
-------------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating of
Light S.A. (Light) and the issuer ratings of its operating
subsidiaries Light Servicos de Eletricidade S.A. (Light SESA) and
Light Energia S.A. (Light Energia) at Ba3 on the global scale. At
the same time, the outlook changed to positive from stable for all
ratings.

LIST OF AFFECTED RATINGS

Issuer: Light S.A.

Affirmation:

Corporate Family Rating: Ba3 (global scale)

Issuer: Light Servicos de Eletricidade S.A.

Affirmation:

Issuer Rating: Ba3 (global scale)

Senior Unsecured Rating: Ba3 (global scale)

Issuer: Light Energia S.A.

Affirmation:

Issuer Rating: Ba3 (global scale)

Senior Unsecured Rating: Ba3 (global scale)

The outlook for all ratings changed to positive from stable.

RATING RATIONALE

The rating action reflects Moody's views on Light consolidated
credit profile amid the company's improved capital structure and
evolving credit metrics. Light performed a capital increase of
BRL1.3 billion, strengthening its Debt/Capitalization ratio to a
threshold of 45%-50% compared to the 60.7% average in the last
three years (as of FY2020). In addition, Light has been able to
reduce its debt cost leading its leverage ratio to approach Moody's
upgrade triggers in the next 12-18 months.

The positive trend considers a gradual improvement in credit
metrics so that Light's Cash Flow from Operation before Working
Capital changes (CFO pre-WC) to Debt and interest coverage ratios
should remain above 15% and 3.0x respectively in 2022. The
company's renewed corporate governance, following the appointment
of new executive officers and changes in the compensation structure
that are more closely aligned with the company's results, should
also contribute to the gradual improvement in operating
performance.

The ratings recognize the overall supportive regulatory framework
for Brazil electricity distribution sector and Moody's expectation
of continued timely compensation for energy costs through tariffs
increases. Further supporting the rating is Light's unregulated
generation business that responds for about 30-40% of the
consolidated EBITDA and provides for revenue diversification.
Despite adverse hydrology conditions in recent years, the
commercialization strategy has contributed to mitigate higher
energy cost with positive effect on Light's consolidated cash flow
generation.

Nonetheless, the still high level of energy losses in the
distribution segment (26% in December 2020) and the challenging
socioeconomic conditions of its concession area constrain the
ratings. The high unemployment rate and elevated electricity thefts
challenges the growth in consumption levels and cash flow
conversion rate as well as poses additional risk to affordability
within a social perspective.

The pace of deleveraging remains limited by the consolidated
capital spending of approximately BRL1.0 billion per year mainly
due to network expansion and improvement. The investment required
ahead of the upcoming cyclical tariff review process in 2022, may
support a revision of the regulatory asset base, which is not yet
reflected in Moody's current forecast

The Issuer Ratings assigned to Light SESA and Light Energia are in
line with the ratings assigned to its parent company, due to the
corporate guarantee provided by Light and the cross-default clauses
embedded in the debt issued within the group. Because of these
financial and structural linkages, Light SESA and Light Energia's
credit profile are best assessed through Light's consolidated
profile, as the holding company of the group.

RATINGS OUTLOOK

The positive outlook reflects Moody's expectations that Light's
consolidated credit metrics will continue to improve driven by
lower leverage and better operational results, leading Light's CFO
pre-WC to Debt and interest coverage ratios to remain above Moody's
upgrade thresholds form 2022 onwards.

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

A rating upgrade could be considered should the company demonstrate
sustained improvements in operating performance and reduce its
leverage position such that CFO pre WC / Debt exceeds 15% and CFO
pre WC Interest coverage reaches 3.5x on a sustainable basis. A
rating upgrade would also require a comfortable liquidity profile
ahead of the company's working capital needs and debt maturities in
the short term.

A rating downgrade could result from Light's failure to improve its
operating performance and cash flow generation or to reduce its
debt outstanding, such that CFO pre WC to Debt falls below 10% and
CFO pre-WC interest coverage remains sustainably below 2.5x.
Perception of a weakening liquidity profile could also exert
negative pressures on the ratings as well as Moody's perception of
less supportive regulatory framework and/or cost past-through
mechanism of the tariff reviews.

COMPANY PROFILE

Headquartered in Rio de Janeiro - Brazil, Light is an integrated
utility company with activities in generation, distribution and
commercialization of electricity. Light SESA and Light Energia are
wholly owned subsidiaries of Light. In 2020, Light reported BRL12.3
billion in consolidated net revenues (excluding construction
revenues) and BRL2.5 billion in EBITDA.

The principal methodology used in rating Light S.A., and Light
Servicos De Eletricidade S.A. was Regulated Electric and Gas
Utilities published in June 2017.



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C H I L E
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LATAM AIRLINES: Closes 1QA With US$2.6 Billion of Liquidity
-----------------------------------------------------------
Rio Times Online reports that LATAM Airlines Group, LATAM Airlines,
Latin America's largest air transport group, announced that despite
the severe travel restrictions and contraction in demand due to the
pandemic, it closed the first quarter of the year with US$2.6
billion of available liquidity.

"We have closed a difficult first quarter," said the company's
chief financial officer, Ramiro Alfonsin, according to Rio Times
Online.

The group managed to reduce its costs by 43.3% during this period,
efforts that, according to its executives, kept the company healthy
in the face of the crisis caused by the covid-19 pandemic, the
report notes.


                   About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.  It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

As reported in the Troubled Company Reporter - Latin America on May
6, 2021, S&P Global Ratings lowered the ratings on Latam Airlines
Group S.A.'s EETC-2015 1 Class A certificates to 'CCC-'(sf) from
'CCC'(sf) and on Class B certificates to 'CC'(sf) from 'CCC-'(sf).
Subsequently, S&P withdrew the ratings.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020.  Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor.  Ferro Castro Neves Daltro & Gomide Advogados,
is the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.



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C O S T A   R I C A
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COSTA RICA: To Press Ahead With Fiscal Reforms With $500MM IDB Loan
-------------------------------------------------------------------
Costa Rica will press ahead with its structural fiscal reforms
program aimed at boosting fiscal management efficiency and equity
and promoting sustainable economic recovery with two loans totaling
$500 million approved by the Inter-American Development Bank (IDB).


The operations will provide budget support to the country and
support policy reforms to ensure fiscal sustainability and uphold
short- and medium-term macroeconomic stability.

One of the loans includes contingency measures to raise sanitary
emergency spending and assistance for households and businesses
affected by the COVID-19 crisis. It also contemplates a structural
increase in spending on social programs focused on the most
vulnerable communities to reduce poverty and inequality, and moves
to protect public investment in productive infrastructure.

The second loan provides support to structural reforms aimed at
boosting the efficacy of the institutional macro-fiscal framework,
increasing the efficiency and progressiveness of the tax system,
and improving public spending effectiveness and equity. All these
measures will contribute to strengthening public finances and
fostering solid economic recovery in the post-pandemic stage.

The loans are for $250 million each, with an interest rate based on
LIBOR. The first loan, which complements the economic program that
the country has agreed with the International Monetary Fund, is for
a 7-year term, with a 3-year grace period. The second credit, under
the programmatic policy-based loan modality, has a repayment term
of 20 years, with a period of grace of 5.5-years.

As reported in the Troubled Company Reporter-Latin America on
March 30, 2021, S&P Global Ratings affirmed its 'B' long-term
foreign and local currency sovereign credit ratings on Costa Rica.
The outlook remains negative. At the same time, S&P affirmed its
'B' short-term sovereign credit ratings. The transfer and
convertibility assessment remains 'BB-'.

INSTITUTO COSTARRICENSE: Fitch Affirms 'B' IDRs, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (ICE) Foreign- and Local-Currency Issuer Default
Ratings (FC/LC IDRs) at 'B' with a Negative Outlook. In addition,
Fitch assessed ICE's consolidated Standalone Credit Profile (SCP)
at 'b+'. Simultaneously, Fitch affirmed ICE's national scale
long-term rating at 'AA+(cri)' with a Stable Rating Outlook.

The ratings reflect ICE's strong linkage to the sovereign of Costa
Rica (B/Negative), given its strategic importance to the country
and the potentially significant negative socio-political and
financial implications of any financial distress at the company
level. Additionally, the ratings incorporate the company's
diversified asset portfolio, moderate capex program and its strong
market share position in the telecommunications business.

KEY RATING DRIVERS

Strong Linkage to the Sovereign: ICE's ratings reflect ICE's strong
linkage with the sovereign of Costa Rica, as ICE is an autonomous
entity owned by the Costa Rican State. As per Fitch's Government
Related Entity Criteria (GRE Criteria), ICE's IDRs are equalized
with Costa Rica's sovereign rating, given that ICE is a strategic
asset to the country due to its essential role in the Costa Rican
electricity market and is the incumbent participant in the
telecommunications sector, which is an incentive for the government
to support the company if necessary. Furthermore, the agency
evaluates that an event of default at ICE would have a very strong
negative impact for the sovereign on the availability and cost of
funding.

The Sovereigns' Negative Outlook reflects downside risks to fiscal
consolidation and debt stabilization due to political uncertainty
amidst a long-standing inability to reach consensus on how to
address the fiscal imbalances created by high fiscal deficits,
rising interest payments and a steep amortization schedule.

Pandemic Impact Manageable: ICE's revenue decreased around 8% in
2020 according to preliminary fiscal 2020 results, as
coronavirus-necessitated lockdown measures drove Costa Rica's
electricity demand to decline 2.8% in 2020 compared with 2019. In
terms of profitability, ICE's EBITDA (pre-IFRS 16) was CRC473
billion with a margin close to 39% as the company managed to reduce
operating costs by 6.9% and expenses by 18.6%, mainly related to
the electricity business. For 2021, Fitch estimates a 4% increase
in revenues, mostly reflecting a moderate improvement from
telecommunications, and EBITDA close to CRC408 billion with a
margin close to 32%. The reduction in EBITDA and EBITDA margin
reflects lower tariffs approved by the regulator (Autoridad
Reguladora de los Servicios Públicos - ARESEP).

Gradual Deleveraging Expected: ICE's leverage, calculated as total
debt/EBITDA (pre-IFRS 16), as of December 2020 was 5.3x according
to preliminary numbers, compared with 5.8x in 2019. In previous
years, the company's indebtedness was driven by aggressive capex in
the electricity sector. However, adjustments in expansion plans
have led to a reduction in investment requirements and less
pressure on the leverage metric. Fitch's base case considers that
ICE's leverage will be close to 5.6x in 2021, reflecting lower
EBITDA as 2021 tariff adjustment excluded CRC92 billion in
operating cost and expenses; then strengthens to 4.8x in 2022 on
pre-approved tariffs adjustments. Fitch estimates that capex levels
for the years 2021 to 2024 will be around CRC160 billion annually
on average, which is equivalent to about 13% of revenues, and will
be funded with a combination of internally generated cash and debt
on a lesser extent.

High Exposure to Regulatory and Political Interference: ICE is
exposed to the risk of regulatory interference due to the lack of
transparency and clarity in the processes for determining tariffs
adjustment schemes in previous years. The company proposes
electricity tariffs for end-users to the regulator annually.
Electricity tariffs are set using two mechanisms: through the
quarterly adjustment of variable costs of electric generation
(energy imports and fuel), and the ordinary tariff review that
considers the company's operating costs. For 2021, the regulator
approved a reduction of 17.86% and 14.05% on generation and
distribution tariffs respectively, and an increase of 1.48% on
transmission services; partially reflecting ICE's lower operating
costs in 2020.

Diversified Asset Portfolio: ICE is a vertically integrated
monopoly in the electricity industry and an incumbent player in the
telecommunications industry in Costa Rica. As of December 2020, ICE
accounted for 73% of the National Electric System's installed
capacity and produced 86% of the total electricity consumed in
Costa Rica. ICE's mobile market share in terms of subscribers was
approximately 51% (3.1 million users) according to most recent data
from Superintendencia de Telecomunicaciones (SUTEL). The ratings
reflect the company's low business risk resulting from its business
diversification and positive characteristics as a utility service
provider.

DERIVATION SUMMARY

ICE's linkage to the sovereign is similar to peers such as Comision
Federal de Electricidad (CFE) (BBB/Stable) and Centrais Eletricas
Brasileiras S.A. (Eletrobras) (BB-/Negative). These companies have
strong linkages to their respective sovereigns given their
strategic importance to each country and the potentially
significant negative socio-political and financial implications of
any financial distress at these companies.

ICE's ratings reflect its strong linkage to Costa Rica's Sovereign
Rating, which stems from the company's government ownership and the
implicit and explicit expectation of government support. The
ratings reflect the company's diversified asset portfolio, moderate
capex program, and its monopoly position in the electricity
industry and strong market share position in the telecommunications
business. ICE has a relatively lower scale of operations compared
with its peers. Adjusted leverage as of December 2020 of 5.3x was
higher than CFE's 3.2x but lower than Eletrobras' 7.9x.

KEY ASSUMPTIONS

-- ICE remains important to the government as a strategic asset
    for the country;

-- In 2021, electricity tariff reduced by average of 14.05%;

-- Electricity demand grows by 2.0% in 2021;

-- Leverage close to 5.6x in 2021; then strengthens to 4.8x in
    2022 on pre-approved tariffs adjustments;

-- ICE's Telco market share remains strong;

-- The recovery analysis assumes that under a hypothetical
    bankruptcy or debt restructuring process ICE would be a going
    concern and Fitch has assumed a 10% administrative claim with
    a going-concern EBITDA close to CRC400 billion an EV multiple
    of 5.0x;

-- The Recovery Rating is limited, however, to 'B'/'RR4' as Costa
    Rica is categorized as Group D, per Fitch's Country-Specific
    Treatment of Recovery Ratings Criteria, which caps the
    Recovery Ratings at 'RR4'.

RATING SENSITIVITIES

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

-- Upgrade on the sovereign's ratings.

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

-- A sovereign downgrade;

-- A perception of reduced linkage between ICE and the sovereign
    and a material weakening of ICE's operating and financial
    profile;

-- Regulatory intervention that negatively affects the company.

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: ICE's liquidity position is adequate with a
cash and equivalents balance of CRC351 billion as of December 2020
and debt of CRC2,485 billion. ICE has historically financed capex
with owned resources and new debt, where debt related to
electricity projects represents approximately 90% and the rest to
the Telco segment. The moderation of the capital investment plan,
mainly in the electricity sector, plus no dividend distributions
should derive in positive FCF generation through the cycle.

ICE is a government-owned, vertically integrated monopoly in the
electricity industry, in charge of developing, constructing and
operating an electric power generation, transmission and
distribution system and the incumbent player in the
telecommunications industry.

ESG CONSIDERATIONS

ICE has an ESG Relevance Score of '4' for Governance Structure and
Group Structure due to ownership concentration, as a majority
government-owned entity and due to the inherent governance risks,
that arise with a dominant state shareholder.

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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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: U.S. Urging Has Not Affected Tourism
--------------------------------------------------------
Dominican Today reports that the Minister of Tourism, David
Collado, assured that the urging of the United States to its
citizens not to travel to the country because of the "high level of
covid-19," has had "no affect at all in the sector."

"The rhythm continued as normal. The projections ended as we
announced at the beginning of the month and that warning did not
affect us at all," said Collado, according to Dominican Today.

He recalled that according to international organizations in the
sector, the Dominican Republic is a safe country, so much so that
it has been set as an example, the report notes.

Regarding the recovery of employment in the sector, the Minister of
Tourism pointed out that 50 thousand workers have recovered their
jobs, the report relays.  Collado reported that in addition to the
recovery of jobs, 19 thousand new jobs had been created, the report
relays.

"That is to say, we have around 70 thousand Dominicans who are
directly working in the tourism sector," he added.

Collado offered these statements after announcing that the country
will host the Meeting of Tourism Ministers, a regional event
organized by the World Tourism Organization, the report discloses.
A post-covid recovery plan will be ensured, the report adds.

                  About Dominican Republic

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

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

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

Fitch Ratings on Jan. 18, 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 U E R T O   R I C O
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BETTEROADS ASPHALT: Unsecureds to be Paid From Carve-Out
--------------------------------------------------------
Betteroads Asphalt LLC filed a First Amended Disclosure Statement.

As part of the Settlement and Release Agreement, the Debtor and
Betterecycling and Betteroads have agreed to deliver to the Lenders
and the Lenders have agreed to accept, a fixed settlement payment
resulting from the sale of operating assets as further detailed in
the Asset Purchase Agreement entered with Puerto Rico Asphalt, LLC,
(the "APA") and the sale or transfer of other additional Collateral
and payment of additional distributions as detailed in the
Settlement and Release Agreement, all to occur on or before certain
closing deadlines and subject to other conditions to closing, this
in complete satisfaction of all obligations and as a final
settlement of all litigation.

In furtherance of the Settlement and Release Agreement, the Debtor
and Betterecycling will receive the Cash Collateral Carve-Out and
the Account Receivable Carve-Out as these terms are defined in the
agreement and subject to the conditions set forth therein, by way
of agreed carve out distributions which are to be distributed under
the terms of the Plan proposed.

The Plan will treat claims as follows:

    * Class 1: The Secured Claims of the Lenders totaling
$94,306,956 and Class 2: The Secured Claim of Banco Popular (BPPR
Direct Loan) totaling $19,098,906.  Each Holder of classes 1 and 2
thereof shall receive the Settlement Payment as payment in full of
the secured portion of this amount subject to the terms and
conditions provided in the Settlement and Release Agreement.
Classes 1 and  2 are impaired.

    * Class 3: The Secured Claim of First Bank (FirstBank Direct
Loan) totaling $2,923,033. FirstBank shall receive a payment in
cash and in full in the amount of $200,000, which is to be
delivered on the effective date of the Plan, or such other
treatment as may otherwise be agreed to by such Holder and the
Debtor. The funds to pay this class shall be obtained from the sale
of the machinery, equipment and vehicles which serve as collateral
to this claim. Class 3 is impaired.

   * Class 4: The Secured Claim of Western Surety Company totaling
$12,853,074.  The Debtor has reached an agreement with Western
Surety Company (CNA), in full and final satisfaction, compromise,
settlement, release, and discharge of and in exchange for its
entire claim, to provide a payment in cash and in full in the
amount of $1,497,337, amount which is to be delivered on the
effective date of the Plan, or (ii) such other treatment as may
otherwise be agreed to by such Holder and the Debtor. The funds to
pay this class shall be obtained by way of a "Carve- Out" upon
approval of the Settlement and Release Agreement entered to with
the Lenders.

   * Class 6: General Unsecured Claims. Each Allowed General
Unsecured Claim, each such Holder shall be paid as follows:

    -- Carve-Out Pro-Rata Dividend" On the effective date of the
plan allowed claimants shall receive from the Debtor a lump sum
payment in the aggregate amount of $250,000 to be paid pro-rata
among all allowed claimants under this Class. The funds to pay this
class shall be obtained from a "Carve-Out" to be obtained upon
approval of the Asset and Release Agreement entered to with the
Lenders. This pro-rata distribution will be paid to each allowed
general unsecured claim.

    -- Free and Clear Assets Pro-Rata Dividend " Six Months after
the effective date of the plan, allowed claimants shall receive
from the Debtor quarterly distributions on the aggregate amount of
free and clear assets, mainly on the collections of Account
Receivable Carve-Out, which may be realized after completing the
distribution provisions detailed in the Settlement and Release
Agreement entered to with the Lenders. Upon full payment of the
dividends provided to the Lenders, any amounts realized or
collected by the Debtor will be paid pro-rata among all allowed
claimants under this Class up to the full amount of principal
owed.
Class 6 is impaired.

   * Class 8: Equity Holders' Interest. On the Effective Date, or
as soon thereafter as reasonably practicable, all Betteroads
Interests will be extinguished, and the Holders of Betteroads
Interests shall not receive or retain any distribution, property,
or other value on account of their Betteroads Interests. Class 8 is
impaired.

On the Effective Date, or as soon as reasonably practicable
thereafter, the Reorganized Debtor, with the consent of the Lenders
and subject to the conditions to Closing set forth in the
Settlement and Release Agreement, shall undertake the restructuring
transactions, including: (1) the execution and delivery of any
appropriate agreements or other documents of conversion,
disposition, transfer, dissolution, or liquidation containing terms
that are consistent with the terms of the Plan, the Settlement and
Release Agreement and the APA executed in connection therewith, and
that satisfy the requirements of applicable law and any other terms
to which the applicable entities may agree; (2) the execution and
delivery of appropriate instruments of transfer, assignment,
assumption, or delegation of any asset, property, right, liability,
debt, or obligation on terms consistent with the terms of the Plan,
the Settlement and Release Agreement and the APA executed in
connection therewith and having other terms for which the
applicable entities agree; (3) all transactions necessary to
provide for PRA for the purchase of the Sale Assets (as that term
is defined in the Settlement Agreement, which transactions shall be
structured in the most tax efficient manner, as determined by the
Debtor and the Lenders; (4) the execution and delivery of any Exit
Credit Facility Documents; (5) the execution and delivery of
Definitive Documentation not otherwise included in the foregoing,
if any; and (6) all other actions that the Debtor, the Reorganized
Debtor, or the Lenders determine to be necessary or appropriate,
including making filings or recordings that may be required by
applicable law.

Attorneys for the Debtor:

     Wigberto Lugo Mender
     USDC-PR 212304
     wlugo@lugomender.com

     Alexis A. Betancourt Vincenty
     USDC-PR 301304
     a_betancourt@lugomender.com

     LUGO MENDER GROUP, LLC
     Betteroads Asphalt, LLC
     100 Carr 165 Suite 501
     Guaynabo, P.R. 00968-8052
     Tel.: (787) 707-0404
     Fax: (787) 707-0412

A copy of the First Amended Disclosure Statement is available at
https://bit.ly/3nXDZT9 from PacerMonitor.com.

                     About Betteroads Asphalt
                      and Betterecycling Corp

Betteroads Asphalt LLC produces warm mix asphalt, which is used in
airports, highways, neighborhoods, and environmental projects.
Betterecycling Corporation produces gasoline, kerosene, distillate
fuel oils, residual fuel oils, and lubricants.  Both companies are
based in San Juan, P.R.

On June 9, 2017, creditors commenced involuntary bankruptcy
petitions under Chapter 11 of the Bankruptcy Code against
Betteroads Asphalt LLC (Bankr. D.P.R. Case No. 17-04156) and
Betterecycling Corporation (Bankr. D.P.R. Case No. 17-04157).

On Oct. 11, 2019, the court entered the "order for relief" after
finding that the involuntary petitions were not filed for an
improper bankruptcy purpose or with bad faith.  Judge Enrique S.
Lamoutte oversees the cases.  The Debtors are represented by Lugo
Mender Group, LLC.



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

TRINIDAD & TOBAGO: 2,744 Workers Laid Off in 2020
-------------------------------------------------
Trinidad Express reports that more than 2,700 workers were
retrenched in 2020 compared to 1,528 people let go in 2019, the
Central Bank said.

In its annual economic survey for 2020, the bank said the data on
retrenchment notices filed at the Ministry of Labor counted 2,744
retrenchments for last year, according to Trinidad Express.

The finance, insurance, real estate and other business services
served the most notices, with 879 people getting sent home, the
report notes.

Distribution, restaurants and hotels also let go 527 people, while
the manufacturing sector lost 562 people, the report discloses.

The Central Bank indicated that the number of job advertisements
published in the print media declined by 41.0 per cent during 2020,
the report relays.

"Labour market slack was also evident by fewer man-hours worked
during the first three quarters of 2020. The Index of Hours Worked,
inclusive of both the energy and non-energy sectors, declined by
2.5 per cent year-on-year over the period," the survey said, the
report relates.

It noted that since the onset of the first confirmed positive case
of Covid-19 on March 12, 2020 and the Government's continued
measures to curb the spread of the virus, the energy,
manufacturing, construction, transportation and other business
services (hospitality, entertainment, and tourism) sectors were
hardest hit by these public health restrictions, the report
discloses.

The Energy Commodity Price Index fell to an average of 61.4 in 2020
representing an overall decline of 26.2 per cent.

This was attributed to the ongoing pandemic which was the main
driving force behind sharp fall-offs in crude oil and natural gas
prices, which in turn were transmitted further downstream to other
commodities, the Bank noted, the report notes.

Natural gas prices also declined last year on account of increased
shale gas supply and a downturn in demand in light of the pandemic,
the report relays.

"Natural gas prices averaged US$2.21 per million British Thermal
Units (mmbtu) over the course of the year, compared with US$2.40
per mmbtu in 2019," the bank said, the report notes.

                        Public Sector Debt

Gross public sector debt outstanding as at the end of September
2020 amounted to $133.4 billion, compared to $121.0 billion
recorded at end-September 2019, the survey indicated, the report
notes.

The bank noted that during 2020, the public sector depended heavily
on domestic and external sources of funds for budgetary support and
refinancing, the report discloses.

Also, Government domestic debt, excluding sterilized securities,
increased to $56.5 billion in September 2020 from $47 billion in
September 2019 and under the Development Loans Act, Government
borrowed $8.8 billion for budgetary support and refinancing, a $2.5
billion increase over the financial year of 2018/19, the report
says.

Food inflation measured 2.8 per cent in 2020 compared to 0.6 per
cent in 2019 and this was predominantly driven by increased
international food prices and supply disruptions brought about by
lockdown measures associated with the Covid-19 pandemic, the Bank
stated, the report adds.


                           *********


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

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