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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, May 14, 2021, Vol. 22, No. 91

                           Headlines



B A R B A D O S

BARBADOS: Reaches Staff-level Deal with IMF re US$24MM Loan


B R A Z I L

AEGEA SANEAMENTO: Moody's Affirms Ba1 CFR, Alters Outlook to Neg.
BANCO BRADESCO: CEO Says Loan Defaults Under Control
BRASKEM SA: Fitch Affirms 'BB+' LT IDRs, Alters Outlook to Pos.
BRAZIL: Demand for Industrial Goods Down 1.2% in March, IPEA Says
IGUA SANEAMENTO: Moody's Cuts CFR to Ba3, Placed On Further Review

MANAUS AMBIENTAL: Moody's Affirms Ba2 GS Rating, Outlook Now Neg.


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: On Track to Become Post-Covid Benchmark


M E X I C O

ALMACENADORA ACCEL: Moody's Upgrades CFR to B1 on Improved Profit
INTERJET SA: Seeks Last-Gasp Revamp for $1.25 Billion Debt


P E R U

FENIX POWER: Moody's Withdraws Ba1 Senior Unsecured Rating


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Bank Says Almost 3K Retrenched due to Pandemic
TRINIDAD & TOBAGO: Business Groups Support New Covid Restrictions


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Needs $58BB to Restore Crude Output

                           - - - - -


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B A R B A D O S
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BARBADOS: Reaches Staff-level Deal with IMF re US$24MM Loan
-----------------------------------------------------------
At the request of the Government of Barbados, an International
Monetary Fund (IMF) team led by Bert van Selm conducted a virtual
mission between May 3-7, 2021 to discuss implementation of
Barbados' Economic Recovery and Transformation (BERT) plan,
supported by the IMF under the Extended Fund Facility (EFF). To
summarize the mission's findings, Mr. van Selm made the following
statement:

"Following productive discussions, the IMF team and the Barbadian
authorities reached staff-level agreement on the completion of the
fifth review under the EFF arrangement (Press Release 18/370). The
agreement is subject to approval by the IMF Executive Board, which
is expected to consider the review in June. Upon completion of the
review, SDR 17 million (or about US$24 million) will be made
available to Barbados.

"Barbados' economy remains severely depressed by the ongoing global
pandemic. Tourism came to a virtual standstill from April 2020
onwards and remains at a fraction of normal levels. Economic growth
for 2021 is premised on a modest recovery of tourism in the second
half of 2021. Risks remain elevated, including in light of the
impact of recent volcanic activity in neighboring St Vincent.

"In this very challenging environment, Barbados continues to make
good progress in implementing its ambitious and comprehensive
economic reform program. A new central bank law was adopted by
parliament in December 2020-a critical safeguard for continued
prudent macroeconomic policy. International reserves, which reached
a low of US$220 million (5-6 weeks of import coverage) in May 2018,
are now at a comfortable level of US$1.3 billion. Quantitative
targets for end-March under the EFF were met except for the
performance criterion on central government transfers and grants to
public institutions, which was exceeded owing to measures to
address the COVID-19 health crisis (including the vaccination
program executed by the national hospital).

"The Government of Barbados is targeting a zero percent of GDP
primary balance for FY2021/22 (compared to a deficit of 1 percent
of GDP in FY2020/21). This fiscal stance reflects a projected
modest recovery in tourism and facilitates COVID-related emergency
outlays on health facilities, medical supplies, and income support
to the most vulnerable. The authorities' long-term debt target of
60 percent of GDP will be pushed out by two years (from FY2033/34
to FY 2035/36) to reflect the impact of the pandemic on the
economy; the authorities remain firmly committed to reducing public
debt over time.

"The team would like to thank the authorities and the technical
team for their openness and candid discussions."



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B R A Z I L
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AEGEA SANEAMENTO: Moody's Affirms Ba1 CFR, Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service affirmed AEGEA Saneamento e Participacoes
S.A's ("Aegea") corporate family rating at Ba1. At the same time
Moody's affirmed the Ba2 rating assigned to Aegea Finance S.a
r.l.'s senior unsecured bonds, backed by Aegea. The outlook for all
ratings changed to negative from stable.

LIST OF AFFECTED RATINGS

Issuer: AEGEA Saneamento e Participacoes S.A

Affirmations:

Corporate Family Rating: Ba1 (global scale)

Issuer: Aegea Finance S.a r.l.

Affirmations:

Backed Senior Unsecured: Ba2 (global scale)

The outlook for all ratings changed to negative from stable.

RATINGS RATIONALE

The rating actions and outlook change to negative follow the
company's successful bid, on April 30th auction, for water and
sewage utility concession services in Sections One and Four of the
metropolitan area of the Municipality of Rio de Janeiro, currently
served by Companhia Estadual de Aguas e Esgotos do Rio de Janeiro
(CEDAE, not rated). The award is subject to a total concession fee
of BRL15.4 billion, of which 65% is to be paid over the next 60-90
days, 15% in 180 days and the remaining in 2025.

The rating action reflects a stronger appetite of Aegea and its
shareholders for continued growth in Brazil's sanitation sector
along with a more aggressive financial policy. Regardless of the
planned accounting of those investments as a minority ownership
interest of Aegea, the adjusted leverage, on an proforma basis for
this transaction, will increase considerably, as a result of
planned off-balance sheet agreements. This is reflected in the
ratings' governance considerations.

The investments for CEDAE's blocks One and Four will require up to
BRL24.3 billion over a 35-year term, but with some concentration in
the first 5-10 years, to be financed on a combination of debt and
equity from the shareholders. The acquisitions present execution
risks, typical of ramping up projects, while the planned financing
structure adds complexity for analysis of the group's credit
quality, as a whole. The service area currently encompasses high
delinquency rates and criminality, which also represent additional
social challenges for Aegea.

Supporting the rating affirmation is Aegea's adequate liquidity
sources within the company to fund the initial concession fee
payments in 2021, Aegea's history of successful ramping up of its
acquisitions further support the rating.

The credit quality is tempered by the continued expansion plan and
high-dividend payments. The company dependence on further
shareholders support and timely access to the banking and capital
markets are also embedded in Moody's analysis. Moody's projects an
additional BRL700-800 million in equity needs at AEGEA in order to
maintain credit metrics in line with the current rating category,
with a Net Debt/EBITDA below 3.0x through 2022. The Government of
Brazil's rating (Ba2 stable) is also a rating constraint, given the
domestic nature of the company's operations.

The negative outlook reflects the downside risks to Moody's
projections given the potential deterioration of leverage and
metrics as a result of the execution risk and capital needs of
CEDAE as well as Moody's view of AEGEA's dependence on additional
equity from its shareholders.

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

A rating upgrade is unlikely at this time. But rating stabilization
could be triggered by more visibility into the capital structure to
support the new concessions, such that it contributes to the
adjusted FFO interest coverage to stay above 3.0x and
debt/capitalization stays below 75% on a sustained basis.

On the other hand, lower than anticipated financial support from
the shareholders, higher capital spending or operating costs or
sustainable deterioration in the liquidity profile, could all exert
downward pressure on AEGEA's ratings. The ratings could also be
downgraded if there is a significant and sustained deterioration in
its subsidiaries' performance or ability to upstream dividends for
debt service at the level of the holding company.

Quantitatively, the ratings could be downgraded if the adjusted FFO
interest coverage ratio stays below 2.0x and debt/capitalization
remains above 75% on a sustained basis.

AEGEA has cross-default clauses within the group and operates
through a centralized cash management system. In light of that,
ratings could be revised downwards if there are material delays or
cost overruns in its capital investment program that hurt its
revenue or lead to non-compliance with contractual targets. Moody's
perception of deteriorated stability and transparency of the
regulatory regime, or a deterioration in the credit quality of the
sovereign, could also exert downward pressure on the ratings.

COMPANY PROFILE

AEGEA is one of the largest private water and sewage players in
Brazil, with 39% market share of the private sector. The company is
present in 153 municipalities in 12 states, through 42 concessions,
6 public-private-partnerships (PPPs) and 1 sub-concession, with 28
years of average remaining concession period. In December 2020, the
company serviced 1.3 million active households in the sewage
segment and 1.9 million in the water segment, representing a 21.4%
and 8.0% increase from the previous year, respectively. In 2020,
AEGEA posted net revenue of BRL2.3 billion and EBITDA of BRL1.4
billion according to Moody's standard adjustments. The company's
performance has been overall in line with Moody's projections in
spite the COVID pandemic. Also, in 2020 FFO interest coverage was
2.1x and Debt to Capitalization 74%, as per Moody's standard
adjustments.

AEGEA's shareholding structure after Itausa's transaction is
concluded (the operation is subject to regular conditions precedent
in this type of operations) will be Equipav (63.3% stake), the
Government of Singapore Investment Corporation (GIC, 28.2% stake)
and Itausa S.A. (Itausa, Ba3 stable, 8.5% stake).

The principal methodology used in rating AEGEA Saneamento e
Participacoes S.A was Regulated Water Utilities published in June
2018.

BANCO BRADESCO: CEO Says Loan Defaults Under Control
----------------------------------------------------
Carolina Mandl at Reuters reports that Banco Bradesco's loan
defaults are under control despite the Brazilian lender's decision
to set aside an extra 1 billion reais ($185.31 million) in the
first quarter to blunt the impact of the coronavirus pandemic,
Chief Executive Octavio de Lazari said.

The CEO told analysts the bank is likely to end 2021 with between
15-16 billion reais in loan-loss provisions, roughly the mid-point
of the annual outlook it unveiled in February, according to
Reuters.

"I am very positive about Brazil's economic recovery in the coming
months," he said after repeatedly being questioned about the
quality of the bank's assets amid a brutal second wave of the
pandemic in Latin America's largest economy, the report notes.

Bradesco, the country's second-biggest private lender, reported a
73.6% rise in first-quarter profit, beating estimates, as its
loan-loss provisions fell 41.8% from a year earlier, the report
relays.  With many lenders failing to pay down debts in
forbearance, the bank decided to increase its cushion for bad loans
by 1 billion reais, the report notes.

Bradesco's 90-day default ratio rose 0.3 percentage point to 2.5%
in the first quarter from the previous three months, mainly driven
by small companies and individuals, the report discloses.

The indicator is likely to rise by the end of 2021 but to
pre-pandemic levels, Lazari added, as forbearances are keeping
delinquencies at abnormally low levels, the report relays.  He said
the provisions set aside last year should be enough to cover for
the expected increase, the report notes.

In a note to clients, analysts at XP Inc said the performance of
bad loans at Bradesco still needs clarification, the report
discloses.

With lower traffic to its branches due to the pandemic and
competition with financial startups weighing on Bradesco's fee
income, Lazari said the bank will work to reduce operating costs by
at least 5%, the report says.

The closure or resizing of between 300 to 400 branches this year
are among the measures to be taken to reach this goal, Lazari said.
Bradesco ended March with 3,312 branches, more than 1,000 units
less than a year ago, the report adds.

As reported in the Troubled Company Reporter-Latin America on Feb.
18, 2021, Moody's Investors Service has completed a periodic review
of the ratings of Banco Bradesco S.A. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 10, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

Prior to this, the TCR-LA reported that as of December 23, 2020,
Moody's long-term global foreign currency deposit rating for Banco
Bradesco S.A. was upgraded to Ba2 from Ba3, with a stable outlook.



BRASKEM SA: Fitch Affirms 'BB+' LT IDRs, Alters Outlook to Pos.
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings (LT FC/LC IDRs) of Braskem S.A. (Braskem) at
'BB+'. At same time, Fitch has affirmed Braskem's National Scale
rating at 'AAA(bra)'/Stable. The Rating Outlook for the IDRs has
been Revised to Positive from Stable.

The Positive Outlook reflects Braskem's stronger than expected
operating cash flow generation during the 2020-21 period, primarily
as a result of tax credit monetization, strong sales volumes and
record high petrochemical spreads. Braskem's commitment to
effectively use this non-recurring cash flow generation to retire
debt should drive a sustainable deleverage trend for the 2022-2023
period, which would be in line with the investment-grade rating
level.

KEY RATING DRIVERS

Favorable Backdrop: The combination of weather-related production
disruptions, logistic constrains, strong demand for resins, and a
weak Brazilian real have resulted in strong petrochemical spreads
for Braskem during the second half of 2020 and record levels
throughout the first half of 2021. The company's efforts to reduce
fixed costs, capex and dividends levels due to expectation of
weakness related to the pandemic, as well as the monetization of
BRL1.8 billion in tax credits, have further bolstered Braskem's FCF
generation.

Record Results: Braskem's consolidated recurring EBITDA, cash flow
from operation (CFFO) and FCF is projected to be BRL19.8 billion,
BRL12.3 billion and BRL4 billion, respectively, during 2021. These
figures are projected to fall during 2022 to BRL13.1 billion of
recurring EBITDA, BRL7.8 billion of CFFO and BRL1.2 billion of
negative FCF, after BRL612 million of dividends, due to tightening
petrochemical spreads.

Alagoas Liability: Braskem has around BRL8.5 billion in provision
related to damage caused by its salt mines in the state of Alagoas.
Disbursements related to these provisions are expected to total
BRL4.1 billion in 2021 and BRL4.4 billion between 2022 and 2025.
The largest of these provisions relate to relocation and
compensation expenses (BRL4.8 billion) and the closing and
monitoring of salt mines (BRL1.5 billion). Any material deviation
on these amounts could be a rating concern.

Improving Credit Metrics: Fitch estimates consolidated net leverage
will reach 1.7x in 2021; or 1.3x when excluding the operations in
Mexico. These ratios should weaken to 2.5x and 2.3x, respectively,
during 2022 due to a tightening of petrochemical spreads. Fitch
expects Braskem to remain commitment to a strong credit profile and
to take advantage of the stronger FCF during 2021 to reduce debt at
least by USD1 billion. The company also has a conservative dividend
policy that sets payouts within the net leverage ratios of 2.5x of
the current year and the next two years.

Solid Business Diversification: Braskem's ratings are underpinned
by its strong geographic and feedstock diversification, and its
leading market positions in PE and PP. The company's operations in
the U.S., Germany and Mexico represented around 34% of its
consolidated EBITDA over the past five years, while its Brazilian
operation accounts for the balance. Braskem's feedstock is mainly
balanced between naptha 38%, 34% propylene and 22% ethane
considering its joint venture in Mexico, Braskem Idesa SAPI
(B+/Rating Watch Negative). The company's strategy of diversifying
its feedstock matrix has reduced its exposure to one feedstock
while decreasing its production cost and improving its long-term
competitiveness.

Rating Above Country Ceiling: Braskem's ratings are not constrained
by Brazil's 'BB' Country Ceiling, in accordance with Fitch's
'Rating Non-Financial Corporates Above the Country Ceiling Rating
Criteria'. Braskem has a strong operating cash flow generation from
assets abroad in the U.S., Germany and Mexico (around 34% of its
EBITDA over time). Other considerations include cash generated
abroad by exports, cash held abroad and track record of having
undrawn standby credit lines.

Exposure to PEMEX: Fitch's base case does not incorporate any
material cash in-flow from its Mexican operation - where Braskem
Idesa has a long-term raw-material supply agreement with Petroleos
Mexicanos (PEMEX; BB-/Stable). The signature of a memorandum of
understanding (MoU) agreement may indicate that the discussions
between PEMEX and Braskem Idesa are moving in the right direction.
Nevertheless, the ongoing tension and disputes between the parties,
as well as the complex structure of the project finance loan that
requires approval from lenders for changes in the ethane supply
agreement, remain as negative headwinds. Fitch did not incorporate
the construction of a new import terminal for ethane into the
analysis. Braskem only has as formal obligation USD208 million of
contingent equity.

Change in Control: Fitch rates Braskem on a standalone basis and
thus, a change in control event would not automatically lead to a
rating action. Braskem is owned by Novonor Group (Formerly called
Odebrecht), which owns 38.3% of its total capital and 50.1% of its
voting capital, and Petroleo Brasileiro S.A. (Petrobras;
BB-/Negative), which owns 36.1% of its total capital and 47.0% of
its voting capital. Novonor has offered its Braskem shares as
collateral for some of its debt to a group of Brazilian banks.
These shares are under the control of Novonor's creditors, given
the default by Odebrecht on its financial obligations, which could
trigger a change of control at Braskem.

DERIVATION SUMMARY

Braskem's leading position in the Americas in its core products, PE
and PP, is a key credit strength, mitigating the commodity nature
of its products, which are characterized by volatile raw material
prices and price-driven competition. Braskem has a medium-size
scale compared with global chemical peers, such as Dow Chemical
Company (BBB+/Stable), yet is well positioned relative to Latin
America peers, such as Orbia Advance Corporation, S.A.B de C.V.
(BBB/Stable) and Alpek, S.A.B. de C.V. (BBB-/Stable), in terms of
scale, profitability and geographic diversification.

Around 34% of Braskem's EBITDA is generated outside of Brazil. Its
thermoplastic resin operations in Brazil are integrated, which
reduces cash flow volatility. The company's strong 60%-65% market
share in Brazil is also a competitive advantage, as it allows
Braskem to better withstand higher raw material prices and
pass-through strategies.

Braskem's current leverage compares well with the 2.5x of Orbia and
Alpek and is higher than the 2.0x leverage of Dow Chemical Company.
All three Latin America players maintain strong cash position,
long-term debt amortization profile and strong access to local and
international debt market.

KEY ASSUMPTIONS

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

-- Healthy volumes during 2021 and 2022;

-- For 2021 and 2022, PE spreads around USD969 and USD620 and for
    PP at USD598 and USD530, respectively.

-- Average capex of around USD730 million in 2021 and 2022;

-- No dividends from Braskem Idesa in 2021-2022;

-- No dividends payments during 2021 and 25% payout on net income
    from 2022 on.

RATING SENSITIVITIES

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

-- No major additional contingent claims for Alagoas incident;

-- Maintenance of net debt/EBITDA at 2.5x, excluding Braskem, on
    a sustainable basis through the cycle;

-- Positive FCF generation across the cycle;

-- Maintenance of a strong liquidity position with no exposure to
    refinancing risk.

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

-- Net debt/EBITDA at 3.5x, excluding Braskem Idesa, on average
    through the cycle;

-- Higher than expected request of dividends by the shareholder;

-- A change in Braskem's management strategy that alters its
    adequate financial profile with a robust liquidity position
    and long-term debt schedule.

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

Robust Liquidity: Braskem adopts a conservative and proactive
financial strategy to limit the risks associated with exposure to
the cyclical and capital-intensive nature of its business. The
company has a strong cash position, with BRL15.4 billion of readily
available cash and marketable securities as of March 31, 2021,
excluding Braskem Idesa (BRL1 billion). Braskem has a USD208
contingent equity commitment to Braskem Idesa's project finance
structure that it could be required to make under certain
circumstances. At March 31 2021, Braskem had BRL55.3 billion of
total debt, including BRL13.1 billion of debt at Braskem Idesa.
Braskem had BRL1.1 billion of short-term debt as of March 31, 2021,
while Braskem Idesa had BRL8.3 billion, which mainly relates to its
project finance debt that has been allocated in the short term as
certain non-monetary obligation established in the contracts
remained unfulfilled.

Braskem's strong cash position and its extended debt amortization
profile lead to low refinancing risks in the medium term, excluding
Braskem Idesa. Braskem's readily available cash, excluding the
stand-by facility, is sufficient to cover debt amortization until
mid-2025. Between 2021-2023 period, the company faces debt
amortization on average of BRL1.9 billion per year, in 2024 it has
a larger maturity of BRL5.9 billion. As of March 31, 2021, about
96% of the company's total debt was denominated in U.S. dollars.

Braskem has a record of strong access to local and international
debt markets. The company's financial flexibility is enhanced by a
USD1 billion unused stand-by credit facility due 2023. Braskem is
expected to take opportunity of the strong industry fundamentals to
enhance its capital structure, aiming to reduce total debt level
during 2021. Fitch's base case scenario considers that the company
will pay down around USD1 billion of debt, of which USD700 million
has been already done during 1Q21.

During July 2020, Braskem issued USD600 million in hybrid bond. The
securities qualified for 50% equity credit as they meet Fitch's
criteria with regard to subordination, cross defaults, no material
covenants, effective maturity of at least five years, ability to
defer coupons for at least five years, and no look-back provisions.
As a result of these features, the issuance rating is two notches
below Braskem's Issuer Default Rating (IDR) as they reflect the
deep subordination and consequently, the higher loss severity and
heightened risk of non-performance relative to senior obligations
of the issuer and guarantor.

ESG CONSIDERATIONS

Braskem S.A. has an ESG Relevance Score of '4' for Waste &
Hazardous Materials Management; Ecological Impacts due to the
geological event in Alagoas that affected its salt mining
operations, which has a negative impact on the credit profile, and
is relevant to the rating[s] in conjunction with other factors.

Braskem S.A. has an ESG Relevance Score of '4' for Governance
Structure due to a past history of corruption scandals and
shareholders' financial stress, which has a negative impact on the
credit profile, and is relevant to the rating[s] 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.

BRAZIL: Demand for Industrial Goods Down 1.2% in March, IPEA Says
-----------------------------------------------------------------
The Rio Times reports that the demand for industrial goods in the
Brazilian economy dropped 1.2% in March, compared to February,
according to an indicator released May 6, by the Institute for
Applied Economic Research (IPEA).

The IPEA Indicator of Apparent Consumption of Industrial Goods is
updated monthly and measures the consumption of manufactured goods
in Brazil, be they produced by local industry or imported,
according to The Rio Times.

According to the survey, both domestic production and imports fell
in March, the report notes.  The domestic production of industrial
goods for the domestic market fell by 3.9%, the report relays.

                         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.


IGUA SANEAMENTO: Moody's Cuts CFR to Ba3, Placed On Further Review
------------------------------------------------------------------
Moody's America Latina Ltda. has downgraded the Corporate Family
Ratings assigned to Igua Saneamento S.A. to Ba3 from Ba2 on the
global scale and to A2.br from Aa3.br on Brazil's National Scale.
The ratings have been placed under review for further downgrade.
The outlook was changed to ratings under review from stable.

RATINGS RATIONALE

The rating action follows the company's succesful bid, on April
30th, in the auction for the rights to operate the concession for
water and sewage utility services in Section Two of the area
currently served by Companhia Estadual de Aguas e Esgotos do Rio de
Janeiro (CEDAE), encompassing 20 neighborhoods located in the
western zone of the Municipality of Rio de Janeiro and the towns of
Miguel Pereira and Paty do Alferes. The award is subject to a
concession fee of BRL7.3 billion, of which 65% is to be paid over
the next 60-90 days, and 15% in 180 days, and for which Moody's
estimate will lead to consolidated debt at Igua to more than
double. Moody's recognize there are certain conditions that need to
be met prior to the actual signing of the concession agreement, but
the rating action reflects Moody's expectation of a very high
probability the transaction will move forward given equity and debt
financing commitments in place.

The rating action recognizes the long-term nature of the new
concession and the strategic importance to Igua and its
shareholders given substantial equity expected to be contributed
and already contributed. Nonetheless, this event also demonstrates
a stronger appetite of the shareholders for continued growth amid
lower than expected financial performance in its existing
operations, reflective of a more aggressive financial policy.

Moody's now expect consolidated leverage will increase considerably
from December 2020 levels (Moody's-adjusted pro-forma Net
Debt/EBITDA of 3.1x considering the BRL596 million equity injection
in April 2021), and that it will take long to recover. Moody's
anticipate Net Debt/EBITDA levels may sustainably exceed 6.0x and
FFO/Net Debt may remain below 6.0% until at least 2025 as the
company ramps-up its existing operations in a post-pandemic
environment and takes over the concession for Section Two around
mid-2022. This scenario contrasts with Moody's previous expectation
that Igua's Net Debt/EBITDA would be below 4.0x and FFO/Net Debt
would be above 12% as of year-end 2021.

The operation of CEDAE's Section Two may also introduce
complexities which may pose certain challenges for the company to
ramp-up its existing operations, which have already been frustrated
during the pandemic in light of restrictions to complete
investments, delays in tariff readjustments, and lower than
expected volumes, with some of these issues already surpassed. The
new concession will increase the company's size more than two-fold.


The new concession is somewhat distinct to other concessions
operated by Igua in the fact that CEDAE, which has a history of
poor management of water quality, remains responsible for
production and treatment of the water, which is then sold to the
concessionaire; Moody's recognize low water quality is grounds for
contractual rebalancing. Moody's also believe the operation
hightens exposure to social risks due to the fact that some
sections of the service area are controlled by criminal factions.
Another potential source of risk is the low existing capacity of
the Agencia Reguladora de Energia e Saneamento Basico do Estado do
Rio de Janeiro (Agenersa), the state's regulatory agency, to
inspect operating activities, although the recent passing of the
new regulatory framework for water and services in Brazil is credit
positive and may alleviate concerns related to regulatory risks.

The review process will focus on the capital structure of the new
concession and its impact on the overall consolidated financial
profile of Igua, in particular the amount of additional equity to
be contributed by Igua's shareholders and the amount of debt that
will be raised to fund concession fees and ramp-up of operations,
and the resulting impact in leverage at transaction closing and
over the next three to five years.

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

The ratings could potentially be stabilized should the proposed
capital structure include equity contributions from Igua's
shareholders or minority partners such that consolidated Net
Debt/EBITDA remains below 7.0x and FFO/Net Debt remains above 6% on
a sustainable basis. Ratings may be downgraded further should the
envisioned capital structure lead to consolidated Net Debt/EBITDA
above 7.0x and FFO/Net Debt below 6% on a sustainable basis.

Igua Saneamento is a leading private water utility company in
Brazil by population served, operating 18 long-term water and
wastewater assets with an average 20 years remaining concession
period, 14 of which through concession agreements and four through
public-private partnerships (PPP). The company serves an area of
six million people in 37 municipalities across five states. As of
April 2021, the company is indirectly owned by Canada Pension Plan
Investment Board (CPPIB, 45%), Alberta Investment Management Corp.
(AIMCo, 44%) and BNDES Participacoes S.A. - BNDESPAR (11%), through
direct and indirect stakes in funds managed by the IG4 group, which
retains management responsibility. In 2020 the company generated
BRL527 million in net revenue and BRL210 million in EBITDA
according to Moody's standard adjustments, reporting Net
Debt/EBITDA of 5.9x and FFO/Net Debt of -1.5%, considering Moody's
standard adjustments.

The principal methodology used in these ratings was Regulated Water
Utilities published in June 2018.

MANAUS AMBIENTAL: Moody's Affirms Ba2 GS Rating, Outlook Now Neg.
-----------------------------------------------------------------
Moody's America Latina Ltda. downgraded AEGEA Saneamento e
Participacoes S.A's senior unsecured and Manaus Ambiental S.A.
backed senior unsecured ratings to Aa2.br from Aa1.br on the
national scale. At the same time, Moody's affirmed Aegea's
corporate family rating at Aaa.br on the national scale. The
outlook for all ratings changed to negative from stable.

LIST OF AFFECTED RATINGS

Issuer: AEGEA Saneamento e Participacoes S.A

Affirmations:

Corporate Family Rating: Aaa.br (National Scale Rating)

Senior Unsecured Rating: Ba2 (Global Scale Rating)

Rating downgraded:

Senior Unsecured Rating: downgraded to Aa2.br from Aa1.br
(National Scale Rating)

Issuer: Manaus Ambiental S.A.

Affirmations:

Backed Senior Unsecured Rating: Ba2 (Global Scale Rating)

Rating downgraded:

Backed Senior Unsecured: downgraded to Aa2.br from Aa1.br
(National Scale Rating)

The outlook for all ratings changed to negative from stable.

RATINGS RATIONALE

The rating actions and outlook change to negative follow the
company's successful bid, on April 30th auction, for water and
sewage utility concession services in Sections One and Four of the
metropolitan area of the Municipality of Rio de Janeiro, currently
served by Companhia Estadual de Aguas e Esgotos do Rio de Janeiro
(CEDAE, not rated). The award is subject to a total concession fee
of BRL15.4 billion, of which 65% is to be paid over the next 60-90
days, 15% in 180 days and the remaining in 2025.

The rating action reflects a stronger appetite of Aegea and its
shareholders for continued growth in Brazil's sanitation sector
along with a more aggressive financial policy. Regardless of the
planned accounting of those investments as a minority ownership
interest of Aegea, the adjusted leverage, on an proforma basis for
this transaction, will increase considerably as a result of planned
off-balance sheet agreements. This is reflected in the ratings'
governance considerations.

The investments for CEDAE's blocks One and Four will require up to
BRL24.3 billion over a 35-year term, but with some concentration in
the first 5-10 years, to be financed on a combination of debt and
equity from the shareholders. The acquisitions present execution
risks, typical of ramping up projects, while the planned financing
structure adds complexity for the analysis of the group's credit
quality, as a whole. The service area currently encompasses high
delinquency rates and criminality, which also represent additional
social challenges for Aegea.

Supporting the rating affirmation is Aegea's adequate liquidity
sources within the company to fund the initial concession fee
payments in 2021. Aegea's history of successful ramping up of its
acquisitions further support the rating.

The credit quality is tempered by the continued expansion plan and
high-dividend payments. The company dependence on further
shareholders support and timely access to the banking and capital
markets are also embedded in Moody's analysis. Moody's projects an
additional BRL700-800 million in equity needs at AEGEA in order to
maintain credit metrics in line with the current rating category,
with a Net Debt/EBITDA below 3.0x through 2022. The Government of
Brazil's rating (Ba2 stable) is also a rating constraint, given the
domestic nature of the company's operations.

The negative outlook reflects the downside risks to Moody's
projections given the potential deterioration of leverage and
metrics as a result of the execution risk and capital needs of
CEDAE as well as Moody's view of AEGEA's dependence on additional
equity from its shareholders.

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

A rating upgrade is unlikely at this time. But rating stabilization
could be triggered by more visibility into the capital structure to
support the new concessions, such that it contributes to the
adjusted FFO interest coverage to stay above 3.0x and
debt/capitalization stays below 75% on a sustained basis.

On the other hand, lower than anticipated financial support from
the shareholders, higher capital spending or operating costs or
sustainable deterioration in the liquidity profile, could all exert
downward pressure on AEGEA's ratings. The ratings could also be
downgraded if there is a significant and sustained deterioration in
its subsidiaries' performance or ability to upstream dividends for
debt service at the level of the holding company.

Quantitatively, the ratings could be downgraded if the adjusted FFO
interest coverage ratio stays below 2.0x and debt/capitalization
remains above 75% on a sustained basis.

AEGEA has cross-default clauses within the group and operates
through a centralized cash management system. In light of that,
ratings could be revised downwards if there are material delays or
cost overruns in its capital investment program that hurt its
revenue or lead to non-compliance with contractual targets. Moody's
perception of deteriorated stability and transparency of the
regulatory regime, or a deterioration in the credit quality of the
sovereign, could also exert downward pressure on the ratings.

COMPANY PROFILE

AEGEA is one of the largest private water and sewage players in
Brazil, with 39% market share of the private sector. The company is
present in 153 municipalities in 12 states, through 42 concessions,
6 public-private-partnerships (PPPs) and 1 sub-concession, with 28
years of average remaining concession period. In December 2020, the
company serviced 1.3 million active households in the sewage
segment and 1.9 million in the water segment, representing a 21.4%
and 8.0% increase from the previous year, respectively. In 2020,
AEGEA posted net revenue of BRL2.3 billion and EBITDA of BRL1.4
billion according to Moody's standard adjustments. The company´s
performance has been overall in line with Moody's projections in
spite the COVID pandemic. Also, in 2020 FFO interest coverage was
2.1x and Debt to Capitalization 74%, as per Moody's standard
adjustments.

AEGEA's shareholding structure after Itausa's transaction is
concluded (the operation is subject to regular conditions precedent
in this type of operations) will be Equipav (63.3% stake), the
Government of Singapore Investment Corporation (GIC, 28.2% stake)
and Itausa S.A. (Itausa, Ba3 stable, 8.5% stake).

The principal methodology used in rating AEGEA Saneamento e
Participacoes S.A was Regulated Water Utilities published in June
2018.



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

[*] DOMINICAN REPUBLIC: On Track to Become Post-Covid Benchmark
---------------------------------------------------------------
Dominican Today reports that the Minister of Industry, Commerce and
Mipymes, Victor -Ito- Bisono, valued the performance of the
Dominican economy as a post-pandemic referent, regarding the report
of the International Monetary Fund (IMF), which places the country
on a path of recovery in 2021.

Bisono affirmed that "what we have been saying is reaffirmed by
multilateral organizations such as the IMF; the Dominican Republic
is one of the most dynamic economies in the region and the economic
policies implemented by President Luis Abinader are leading the
country to become a post-pandemic reference," according to
Dominican Today

He added: "The vaccination plan, the industrialization table, and
other initiatives lay the foundations for an unprecedented economic
take-off. Economic reactivation is a reality!

On the "determined support" highlighted by the IMF in its report
that the Dominican government has given to the productive sectors,
Minister Bisono understands that the "management of confidence in
times of global economic uncertainty led by President Abinader have
been key to turn the country into a recipient of short-term
investments," the report notes.

"This can be seen in each of the indicators already published by
the Central Bank, which have turned this IMF report into the
chronicle of an expected and unstoppable economic recovery," the
report relays.

In this sense, he explained: "more than 45 companies installed in
less than eight months, exceeding 245 million dollars of
investment, in addition to a growth of seven consecutive months in
the free trade zones and a local manufacturing sector that
experienced an increase of 50% in March, according to the Central
Bank, already warned us about the certain results of this
management in economic matters," 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).




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

ALMACENADORA ACCEL: Moody's Upgrades CFR to B1 on Improved Profit
-----------------------------------------------------------------
Moody's de Mexico has upgraded Almacenadora Accel, S.A.'s ("Accel")
both long-term global scale corporate family rating and issuer
ratings in local currency to B1, from B2. Accel's national scale
long term issuer rating in local currency was also upgraded to
Baa3.mx, from Ba1.mx, as well as its short-term national scale
issuer rating to MX-3, from MX-4. Moody's affirmed Accel's
short-term global scale local currency issuer rating of Not Prime.
The ratings outlook remains stable.

The following ratings assigned to Almacenadora Accel, S.A.
(807769824) were upgraded:

Long-term global scale local currency Corporate Family Rating, to
B1 from B2.

Long-term global scale local currency issuer rating, to B1 from
B2.

Long-term Mexican National Scale issuer rating, to Baa3.mx from
Ba1.mx.

Short-term Mexican National Scale issuer rating, to MX-3 from
MX-4.

The following ratings were affirmed:

Short-term global scale local currency issuer rating, of Not
Prime

Outlook, remains stable

RATINGS RATIONALE

Moody's noted that the upgrade of Accel's ratings incorporates the
improvement and stabilization of the company's profitability
metrics in the past two years, as well as the absence of leverage
and robust capitalization, which further enhances Accel's financial
profile. These positives are partially offset by the firm's small
scale and limited business diversification.

Accel's pre-tax income has improved over the past two years,
reaching MXN43.9 million ($2.1 million) for the full year of 2020.
For the first quarter of 2021, pre-tax income fell 62% from the
prior year to MXN 3.6 million ($183,000), resulting from unusual
agribusiness flows which are expected to rebound in Q2. Accel's
focused business strategy allows the company to manage through this
type of volatility.

Accel has focused on lowering its cost structure, a strategy that
allowed the company to reduce operating expenses to income to 85%
at the end of 2020, down from a 90% average over the past four
years. The ability to continue to invest in technology to compete
with larger warehouses and to protect its established position in
the market will be important for future earnings generation.

Accel's sizable capitalization and unlevered balance sheet are
credit positives and a competitive advantage vis-a-vis highly
leveraged competitors that are more exposed to market volatility
and institutional investors' confidence. Accel has historically
funded its operations with very strong capital buffers, which have
been preserved by low dividend payouts that mitigate the company's
modest earnings and cash-flow generation.

The stable outlook reflects Accel's strong niche position where it
can take advantage of higher trade flows between Mexico and the
United States, that will be boosted in 2021 by the economic
recovery. However, Moody's notes Accel's limited business scope and
focus on warehousing of agricultural products, food and beverages,
will likely limit further upside in the next 12 to 18 months.

Accel's Baa3.mx Mexican national scale issuer ratings maps from its
global scale local currency issuer rating of B1.

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

Upward pressure on Accel's rating would arise if profitability
improves further and stabilizes at higher levels. Earnings
diversification and maintaining low leverage metrics would be
positive drivers to a further upgrade.

Conversely, Accel's ratings could be downgraded if profitability
deteriorates sustainably pressured by earnings volatility or if the
company leverage increases substantially.

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

INTERJET SA: Seeks Last-Gasp Revamp for $1.25 Billion Debt
----------------------------------------------------------
Cyntia Aurora and Barrera Diaz at Bloomberg News report that the
new management of Mexican airline Interjet has hired a
restructuring firm to help overcome its $1.25 billion of inherited
debt as the company looks to restart operations.

The airline, now controlled by businessman Alejandro del Valle, has
brought on Mexico City-based Argoss Partners to help resolve issues
with creditors via a prepackaged bankruptcy and obtain
debtor-in-possession financing, according to Bloomberg News.
Interjet plans to submit a restructuring plan to Mexico's
bankruptcy regulator for review in the coming weeks.

Interjet, which halted flights in December, faces numerous hurdles
to restarting operations, from unpaid taxes and back salaries to a
lack of airplanes -- lessors have repossessed most of the company's
jets except for a handful of Russian Sukhois that have been
cannibalized for parts, the report relays.

"We want a prepackaged bankruptcy and to work out the main issues
with creditors," said Carlos Ortiz-Canavate, a partner at Argoss,
the report discloses.  Another partner, Igor Marzo, said the new
Interjet may be much smaller in size and scope than it was
previously, when it operated flights across Mexico and the
Americas, the report says.

An important part of Interjet's debt, which is being examined by
the company's new management, stems from taxes that weren't paid to
the Mexican government in the years before it changed ownership.
Ortiz-Canavate said that while Del Valle was aware that money was
owed when he bought the company, he was not thoroughly informed
about the actual tax "tangle" dragging on Interjet, the report
notes.

He said that at least three tax remediation proposals have been
submitted to Mexico's tax authority but have been rejected, the
report relates.  The company will continue talks to seek a
solution.

                          Tax Crackdown

The administration of President Andres Manuel Lopez Obrador has
cracked down on what it says is corporate tax evasion, the report
notes.  Audits of major companies operating in Mexico, like BBVA
Bancomer and Walmart de Mexico, have resulted in settlements that
helped bolster public coffers, the report discloses.

Del Valle took a 90% stake in Interjet last year.  The company's
shareholders, including founders Miguel Aleman Velasco and son
Miguel Aleman Magnani who now hold under 10%, unanimously approved
a measure to file for bankruptcy protection, the report relays.
Interjet becomes the second Mexican airline to file in under a
year, joining Aeromexico.

The pandemic has upended airlines across the world, with Latin
American carriers hit particularly hard while their counterparts in
the U.S. and Europe got billions of dollars in government aid, the
report notes.  Avianca and Latam Airlines have also filed for
bankruptcy.

Ten years ago, Interjet was Mexico's No. 2 airline. But its
business model -- operating in the space between low-cost and
full-service carriers -- and its high levels of debt caused it to
fall behind competitors, the report relays.  The company, which
scrapped plans for a public offering at the last minute in 2011,
said it was in talks to sell a stake to a U.S. airline in 2016, but
no deal materialized, the report adds.

                         About Interjet

Interjet is an international airline based in Mexico City carrying
almost 14 million passengers annually within Mexico and between
Mexico, the United States, Canada, Central, and South America.  In
all, it provides air service to 54 destinations in 10 countries
offering its passengers greater connections and travel options
through agreements with major airlines such as Alitalia, All Nippon
Airways (ANA), American Airlines, British Airways, Emirates, Air
Canada, LATAM Group, EVA Air, Iberia, Lufthansa, Hainan
Airlines,Hahn Air, Qatar Airlines and Japan Airlines.

As reported in the Troubled Company Reporter-Latin America on April
29, 2021, Interjet SA's board voted on April 26, 2021, to seek
bankruptcy protection in Mexico and is considering whether or not
to also file for Chapter 11 in the U.S., a company spokesman told
Bloomberg News. Interjet stopped flying on December 11, 2020. Prior
to the COVID-19 pandemic, the Mexican airline had three years of
continuous net losses. Then, the worldwide crisis served as the
final nail in the coffin, and Interjet lost its fleet, its market
share, and even its reputation.



=======
P E R U
=======

FENIX POWER: Moody's Withdraws Ba1 Senior Unsecured Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn Fenix Power Peru S.A.'s Ba1
senior unsecured rating and stable outlook.

RATINGS RATIONALE

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

Headquartered in the Municipality of Lima, Fenix Power Peru S.A.
(Fenix) is a 565 megawatt (MW) natural gas combined cycle plant
that started operations in 2014. Since December 2015, Fenix's
indirect shareholders are the Chilean power generation company,
Colbun S.A. (51%); Blue Bolt A 2015 Limited (36%), a wholly owned
subsidiary of the Abu Dhabi Investment Authority, an investment
institution established by the Government of Abu Dhabi; and the
investment fund Sigma Safi S.A. (13%).



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

TRINIDAD & TOBAGO: Bank Says Almost 3K Retrenched due to Pandemic
-----------------------------------------------------------------
RJR News reports that Trinidad and Tobago Central Bank has said
nearly 3,000 people were retrenched last year due to the economic
fallout brought on by the COVID-19 pandemic.

The Bank's 2020/2021 Annual Economic Survey said this was a result
of businesses having to adjust by using a variety of strategies to
manage their wage bill through temporary layoffs, reduced working
hours, salary cuts or retrenchments, according to RJR News.

The survey noted that within the sectoral distribution of
employment, most of the retrenchments occurred in the finance,
insurance, and real estate and other business services, the
manufacturing and distribution sectors, and the restaurant and
hotel sectors, the report notes.


TRINIDAD & TOBAGO: Business Groups Support New Covid Restrictions
-----------------------------------------------------------------
Trinidad Express reports the Trinidad and Tobago Chamber of
Industry and Commerce (T&T Chamber) is urging the Government to
combine the tightening of borders with strong enforcement of the
Covid-19 regulations in order to bring down the number of
infections in this country.

The Chamber's response came after Prime Minister Dr. Keith Rowley
announced enhanced health regulations, including the closure of all
food establishments last week, according to Trinidad Express.  This
includes street and itinerant vendors. He also announced the
closure of all non-essential retail outlets, the report notes.

In a statement, the T&T Chamber said it is concerned about the
impact these latest restrictions will have on the business
community and the economy, the report relates.  But acknowledged
that the current infection trend and potential impact on the health
system is sobering, the report notes.

The statement said while the Chamber understands the concern about
the movement of people, takeaway and delivery services make sense
and such business operations should not have to be closed entirely,
the report discloses.

"Many businesses have invested and developed their digital
infrastructure to facilitate servicing their customers through
kerbside pick-up and delivery services.  Also, many entrepreneurs
have established delivery services.  These services are extremely
safe and, in many instances, contactless," the chamber stated, the
report relays.

Additionally, the business group said increased testing and contact
tracing must be done, especially in the high-risk communities where
the spread of the virus has escalated, as there is urgent need to
specifically monitor the spread of the Brazilian variant, the
report relays.

"We must continue to aggressively pursue the procurement of
vaccines. We must halt the spread at all costs. In the final
analysis, the cost of continued lockdowns to the economy will be
significantly more than whatever we have to pay for vaccines. These
efforts must also be accompanied by an educational campaign to
address vaccine hesitancy," the Chamber said, the report
discloses.

While there has been mention of some social support, the T&T
Chamber calls on the Government to provide financial support for
the business sectors that have been impacted, the report notes.

"Based on Government's limited ability to provide support, would it
not be better to allow the established businesses which have a
track record of operating safely to operate with reduced capacities
so they can sustain operations even at a lower level?" the business
group asked, says Trinidad Express.

The American Chamber of Commerce of T&T (AMCHAMTT) chief executive
officer Nirad Tewarie said the further restrictions imposed were
necessary, as this country is in a precarious position regarding
the spread of the virus, the report relays.

Tewarie said the Chamber appreciates that the Government is
attempting to balance several difficult factors, the report
discloses.

Moving forward, AMCHAM believes the acquisition of vaccines has be
the number one priority, the report says.

The Downtown Owners and Merchants Association (DOMA) president
Gregory Aboud told the Express, it's obvious that the country is
facing a crisis, the report relays.  He is urging people to cease
the finger-pointing or recriminations but instead support
constructively these new measures and pledge cooperation in all
aspects, the report notes.

Aboud is encouraging the business community, wherever possible, to
renew their commitment to assisting those in their employ in
whatever way can be done to support them during this new period of
restriction, the report relates.

"We want to propose again a concerted national effort to
accelerate, exponentially, the vaccination drive and inoculation of
the population. Those societies which are experiencing a rapid
return to normalcy have pointed to the importance of their Covid
vaccination programme in facilitating their ability to reopen and
we wish to encourage a constructive, urgent, multi-sectoral
approach to increased vaccinations," the report quoted Mr. Aboudas
saying.

President of the Arima Business Association Reval Chattergoon said
the offer of social support to the tune of $5 million for those in
need is applauded, the report relates.

Chattergoon said while the Prime Minister indicated that he has to
speak with the Finance Minister, perhaps consideration could be
given to offering businesses relief in the form of tax breaks, tax
subsidies, cheaper moratoriums as well as the possibility of paying
residential rates for utilities as opposed to commercial rates
given that there is no added benefit to paying the higher
commercial rates, the report discloses.

"We eagerly await the outcome of this consultation with the
Ministry of Finance as the financial obligations to financial
institutions continue to run even during the physical closure of
businesses. The association also awaits clarification and/or the
list of essential businesses including those in the construction
sector that would remain operational during these new
restrictions," the report relates

He added these new restrictions are definitely a necessary evil
which must be implemented to preserve the future of citizens and
businesses alike, the report adds.



=================
V E N E Z U E L A
=================

PETROLEOS DE VENEZUELA: Needs $58BB to Restore Crude Output
-----------------------------------------------------------
Luc Cohen, citing a document, at Reuters reports that Venezuelan
state oil company Petroleos de Venezuela, S.A. (PDVSA) would need
$58 billion in investment to revive its crude production to the
levels of 1998 before ex-President Hugo Chavez came to power,
equivalent to 3.4 million barrels per day (bpd).

In the February 2021 document entitled "Investment Opportunities,"
Petroleos de Venezuela's (PDVSA.UL) planning and engineering
division said it was seeking capital investment from Venezuelan and
foreign partners, mostly to recover and upgrade oil production
infrastructure "under new business models," according to Reuters.

The report relays that the main new partnership model PDVSA
detailed in the document was the use of production services
agreements (ASPs).

Under these deals, contractors would finance 100% of operations in
the oilfields and in return would receive a portion of the
project's free cash flow as payment, the report relays.  The
Venezuelan state would remain the full owner of the fields and the
associated infrastructure, the report notes.

The crisis-stricken South American nation produced just 578,000 bpd
of crude in March, according to figures the country provided to
OPEC, well below the 2021 goal set in the document of 1.28 million
bpd, the report discloses.

The proposal comes as President Nicolas Maduro is seeking to mend
ties with the private sector to attract investment to rebuild the
OPEC nation's collapsing economy, in a reversal of tightening state
control under Chavez's socialist model, the report relays.

Venezuelan oil industry's top three goals, according to the
document, are to "stabilize and recover crude and gas output,"
"restore reliability, safety and quality of operations," and "fully
supply the domestic market with fuels," the report relays.

Washington imposed sanctions on PDVSA in a bid to oust Maduro, whom
it brands a dictator, the report notes.  Venezuela's Socialist
government has accused the United States of seeking to control its
oil resources, the report says.

A toughening of sanctions in 2019 under former U.S. President
Donald Trump complicated the company's ability to attract
investment, given the risks that its partners could themselves be
blacklisted, the report notes.

In addition, even state-owned companies from countries that are
staunch Maduro allies, like Russia and China, are wary of boosting
cooperation with PDVSA after years of corruption and operational
inefficiency blurred projects' lofty goals, the report relays.

In total, PDVSA identified a total of 152 "opportunities" requiring
$77.6 billion in investment including crude and gas production,
midstream operations such as transport and storage, and refining
and commercialization operations, the report discloses.

The lion's share of the required investment, or over $69 billion,
would go to crude and gas production infrastructure, the report
relays.

Of that, $58 billion is needed to return crude output from joint
ventures and PDVSA's own oilfields to their 1998 levels, while
another $11.3 billion would go to onshore and offshore gas fields,
the report notes.

PDVSA also estimated that $7.65 billion is needed for reviving
pipelines, projects for gas injection to oilfields, terminals and
refineries that are idled or underperforming due to lack of
maintenance, the report says.

Neither PDVSA nor Venezuela's oil ministry replied to requests for
comment.

Venezuela is home to some of the largest crude reserves on earth,
but its oil industry is operating well below capacity after years
of underinvestment.

The report relays that the country's opposition has been developing
its own plan to restructure the industry and attract investment
following a potential change in government.

A technical committee working with the opposition has set different
goals: the country would require around $78 billion for oil and gas
projects so output would increase to 3.1 million bpd of crude and
14.5 billion cubic feet per day of gas in about 8 years, according
to the most recent version of the plan, the report notes.

In addition to the production services agreements (ASPs), the PDVSA
document also advertised investment opportunities in its joint
ventures with private partners, though it did not specify what, if
anything, would change in the business model for those projects,
the report relays.

Venezuelan law requires PDVSA to have a majority stake in all joint
ventures, the report adds.


                         About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the
time of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.



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

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