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

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

          Tuesday, May 25, 2021, Vol. 22, No. 98

                           Headlines



B O L I V I A

BANCO FASSIL: Fitch Lowers IDRs to 'CCC+'
BCP BOLIVIA: Fitch Affirms 'B' LongTerm IDRs, Outlook Stable


B R A Z I L

BRAZIL: USDA Expects Lowest Coffee Crop in 4 Years


C H I L E

LATAM AIRLINES: Glenn Agre Tapped by Shareholders Group


C O L O M B I A

BANCO DAVIVIENDA: S&P Lowers LT ICR to 'BB+', Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Tax Reform An 'Uphill Battle", Abinader Says


J A M A I C A

GOODYEAR JAMAICA: Discloses Final Payment to Shareholders


P A N A M A

PANAMA: IDB Approves $150MM Loan to Strengthen MSMEs Sustainability


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: No Flour Shortage, NEM Says

                           - - - - -


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B O L I V I A
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BANCO FASSIL: Fitch Lowers IDRs to 'CCC+'
-----------------------------------------
Fitch Ratings has downgraded Banco Fassil S.A.'s (Fassil) Local and
Foreign Currency IDRs to 'CCC+' from 'B-'. Fitch has also
downgraded Fassil's Viability Rating (VR) to 'ccc+' from 'b-' and
short-term IDRs to 'C' from 'B'.

The downgrade of Fassil's VR and its IDRs is driven by the sharp
deterioration of the Fitch Core metric and sustained weak
profitability. Fitch's previous expectations considered that
capital injections in 2020 would result in an improvement of the
Fitch Core Capital ratio. However, the high asset growth in 2020
and particularly intangible assets resulted in a sharp
deterioration of the Fitch Core Capital ratio (FCC) to 6.5% as of
YE20 from 7.6% in 2019, well below the banking system average and
Fitch's trigger. Profitability reduced sharply due to higher credit
costs and according to Fitch's expectations will no longer be
consistent with a 'b-' VR in the foreseeable future. Current
capitalization and low profitability levels provide lower capacity
to absorb unexpected losses specially under the current challenging
operating conditions.

KEY RATING DRIVERS

IDRS and VR

Fassil's VR, or standalone creditworthiness, drives its IDRs. The
bank's VR is highly influenced by the challenging and deteriorated
operating environment within a highly regulated and interventionist
framework, its low profitability and weak capitalization. VR is
moderately influenced by sound specialized company profile, asset
quality, and adequate funding profile.

Fitch evaluation on capitalization recently deteriorated in 2020 as
the bank grew its loan portfolio in 22%, well above the financial
system average of 4.3%. The FCC declined to 6.5% of Risk weighted
assets at YE20 (2019: 7.6%) and is the weakest among its peers and
the Bolivian banking system average of 9.9% at the same date. The
increase in the regulatory capital ratio to 11.7% at YE20 (YE19:
10.5%) reflects the fresh capital injections in 2020 (BOB243
million) and the issuance of subordinated debt, not considered as
loss-absorbing capital as per Fitch's Rating Criteria. Fitch
believes that current metrics and loss absorption capacity will not
recover in the near term to a level commensurate with the 'b'
category due to the low internal capital generation of the entity
and the projected loan growth for 2021 (35%).

The operating profit-to-risk-weighted assets ratio decreased to
0.1% at YE20 from 0.2% at YE19, well below the Bolivian banking
system average (1.2%). Weak profitability reflects the significant
loan impairment charges explained by the risk of the microfinance
loan portfolio, high operating costs and decreasing margins due to
higher funding costs and current caps on lending rates. Fitch
expects that profitability will remain under pressure during 2021
reflecting increasing credit costs and lower margins.

Fassil's company profile reflects the bank's growth strategy, which
is characterized by an above-average risk appetite amid an economic
recession. The higher than peers credit expansion positioned Fassil
as the fourth largest bank in Bolivia by loans in 2020, while it
also maintains its position as the sixth largest bank in the system
by assets and deposits. The company profile evaluation also
reflects the bank business model that includes a relevant
proportion of microloans (25%) and SME lending (18%).

Fassil's asset quality is sound and better than its peers despite
the bank's microfinance orientation. The 90-day PDL ratio improved
to 0.35% at YE20 (YE19: 0.4%), driven by conservative underwriting
standards as evidenced by low restructured and refinanced loans
(0.4% and 0.7%, respectively, as of YE20), rapid portfolio
revolving, and high credit expansion. The loan loss allowance
coverage increased to a sound 289.7% of impaired loans at YE20,
above the Bolivian banking system average (209.4%). Deferred loans
are moderate and the lowest among universal banks at 7.2% at YE20.
Fitch expects asset quality to continue to be sound, resilient and
better than the Bolivian banking system.

Fassil's liquidity position is commensurate with its rating
category but is weaker than the banking system. The loan-to-deposit
ratio deteriorated to 106.5% at YE20 from 99.7% at YE19, reflecting
high loan growth. Funding concentration is high, as the top 20
depositors represented a relevant 67% of total deposits at YE20.
Furthermore, Fassil has lower liquid assets to cover short-term
obligations (18%) when compared with the system's average (33%) but
this is mitigated by the high revolving of the loan portfolio.

Fitch has revised its ESG Relevance Score for Management Strategy
to '4' from '3' due to the track record of high government
intervention in the Bolivian banking sector. Fitch has also revised
its ESG Relevance Score for the Governance Structure factor to '3'
from '4' as Fitch now considers that the negative impact on
Fassil's rating arising from government intervention is best
reflected in the 'Management Strategy' score.

Support Rating

Fassil's SR and Support Rating Floor (SRF) were affirmed at '5' and
'NF', respectively. In Fitch's view, sovereign support cannot be
relied upon for Fassil, as it is not considered a systemically
important bank.

RATING SENSITIVITIES

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

IDRs, VR and Support Rating

-- Sustained operating losses as well as additional pressures on
    FCC to RWA metrics to below 5% and/or a level close to the
    minimum regulatory capital ratio could also underpin a
    downgrade. A relevant deterioration of its access to funding
    or its liquidity profile could also have a negative effect on
    ratings.

-- There is no room for a downgrade of the SR or SRF.

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

IDRs, VR and Support Rating

-- Sustained increase on FCC to RWA metric to 8% as well as a
    strengthening on the profitability could underpin an upgrade.

-- There is little upside potential for Fassil's VR and IDRs in
    the foreseeable future given the unstable operating
    environment and considering Fitch's assessment of the bank's
    financial profile.

-- Upside potential for Fassil's SR and SRF is limited by its
    company profile.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Prepaid Expenses and Deferred Payments were included as other
intangibles and deducted from the FCC.

ESG CONSIDERATIONS

Fassil's Environmental, Social and Corporate Governance (ESG)
Relevance Score for Management Strategy has been revised to '4'
from '3'. This reflects a track record of high government
intervention in the Bolivian banking sector. Government
intervention in the country's banking regulatory framework
challenges Fassil's ability to define and execute its own strategy.
This has a negative impact on the rating.

Fassil's ESG Relevance Score for Governance Structure has been
revised to '3' from '4'. The bank's score is now in line with the
standard scoring for all banks globally. The score change reflects
a reassessment as Fitch now considers that the negative impact on
Fassil's rating arising from government intervention is best
reflected in the 'Management Strategy' score, as described above.

The ESG Relevance Score (ESG.RS) for Financial Transparency (GTR)
has changed to '3' from '2' to align Banco Fassil's score with GTR
scores assigned to banks globally. The minimum ESG.RS for all
governance-related issues is '3' because all banks have to actively
manage their governance practices and governance issues are
relevant to the credit ratings assigned by Fitch to all banks'.

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.


BCP BOLIVIA: Fitch Affirms 'B' LongTerm IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Banco de Credito de Bolivia S.A.'s (BCP
Bolivia) Long-Term Issuer Default Ratings (IDRs) and Viability
Rating (VR) at 'B' and 'b-', respectively. The Rating Outlook
remains Stable.

KEY RATING DRIVERS

IDRs and Support Rating

BCP Bolivia's IDRs reflect the support it would receive from its
parent, Credicorp Ltd., if required. Fitch believes BCP Bolivia is
a strategically important subsidiary for its parent company as it
is considered integral part of the group, since it contributes to
the global expansion of Credicorp and due to the fact that Bolivia
is considered a strategic market for the holding. Also, there is a
high degree of integration between BCP Bolivia and its parent.
Nevertheless, the FC IDRs are constrained by Bolivia's Country
Ceiling of 'B', which, according to Fitch's criteria, captures
transfer and convertibility risks.

BCP Bolivia's support rating (SR) of '4' reflects a limited
probability of support due to uncertainties about Credicorp's
ability to provide support, which arise from high transfer and
convertibility risks in the country.

The Stable Rating Outlook on BCP Bolivia's support-driven IDRs
reflect the Stable Rating Outlook on the Sovereign, as the parent
Credicorp Ltd. is rated several notches above (BBB+/Negative).

VR

BCP Bolivia's VR is highly influenced by the challenging and
deteriorated operating environment within a highly regulated and
interventionist framework, and company profile as the bank's solid
franchise benefits from belonging to the Credicorp group. The VR
also considers as a high importance factor the pressured
profitability, which will likely deteriorate in the near term. The
bank's sound asset quality and modest capital metrics moderately
influence the ratings as Fitch believes will still be tested under
the current crisis.

As of March 2021, BCP Bolivia was the sixth largest bank in its
market as measured by total assets, with a market share of 9.4%.
The entity is 100% owned by Credicorp Ltd., the largest financial
group in Peru. BCP Bolivia benefits significantly from the
reputation, synergies, technological developments and strategies of
its shareholder; however, this has not materialized yet into a
stronger business size in the country. Historically, the bank's
branch expansion in the country has not been aggressive, as its
strategy has focused on a higher market presence with ATMs and bank
agents.

BCP Bolivia impaired loans ratio improved in 2020 to 1.05% from
1.76% in 2019 driven by the regulatory and compulsory relief
measures for all the banking system. As of December 2020, the
bank's deferred loan capital represented 7% of total loans, and
restructured loans represented 0.6%. Loans loss allowances over
impaired loans ratio stood at 277% as of YE20, significantly higher
than the 127% at YE19, driven by the bank's decision to
conservative increase its coverage to address the impact of the
pandemic. Fitch expects that asset quality might have some pressure
in 2021 due to the season of the deferred portfolio amid the
gradual process of economic recovery. Top 20 concentrations were
high at 2.5x of FCC as of December 2020.

The Operating Profit to RWA ratio decreased to 1.0% at YE20 from
1.9% at YE19, driven by the lower Net Interest Income (NIM) and
higher impairment charges. The reduction in the NIM was driven by
the moderate loan growth (2.12%) and the reduction of accrued
interests due to the deferred portfolio. Therefore, some of the
recognized but not collected income was reversed in December and
became a nonperforming asset. Pressure on profitability is also the
result of the precautionary increase of 49% in loan impairment
charges to absorb any potential loss. Fitch expects profitability
metrics to remain under pressure in 2021 due to lower income
generation and high credit costs.

The FCC ratio deteriorated to 8.97% at YE20 from 9.92% at YE19
reflecting lower retained earnings and higher intangible assets
particularly deferred payments. BCP's capitalization ratios compare
adequately among its peers and the system. Regulatory capital ratio
improved to 11.93% in YE20 from 11.24% due to the subordinated
bonds issuance, which is not viewed as loss absorbing capital as
Fitch's criteria. Fitch believes that current metrics and loss
absorption capacity will be tested under the less benign operating
environment.

The bank's loans to deposit ratio of 93.3% is commensurate with its
rating category. Although Fitch recognizes that funding
concentration is a systemic issue, in the agency's view, the bank's
high funding concentration is one of its main weaknesses. BCP
Bolivia's 20 largest clients represented approximately 63% of total
deposits at YE20. This risk is partially offset by the bank's solid
liquidity, as illustrated by the maintenance of its Liquidity
Coverage Ratio and Net Stable Funding Ratio in excess of 100%. As a
result of the coronavirus crisis, liquidity risks may arise from
reduced cash flows, as well as longer term effects on the asset
quality and recognition of losses remain a risk for banks.

Fitch has revised its ESG Relevance Score for Management Strategy
to '4' from '3' due to the track record of high government
intervention in the Bolivian banking sector. Fitch has also revised
its ESG Relevance Score for the Governance Structure factor to '3'
from '4' as Fitch now considers that the negative impact on BCP
Bolivia´s rating arising from government intervention is best
reflected in the 'Management Strategy' score.

Support Rating

BCP Bolivia's support rating (SR) of '4' reflects a limited
probability of support due to uncertainties about Credicorp's
ability or propensity to provide support.

RATING SENSITIVITIES

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

-- Rating actions on the bank's IDRs would mirror those of the
    sovereign. BCP Bolivia's FC IDRs are constrained by the
    Country Ceiling;

-- BCP's VR upside potential is limited given the sovereign's
    current rating and unstable operating environment. Over the
    medium term, ratings could be upgraded by the confluence of
    improvements in the operating environment and the financial
    profile of the bank;

-- BCP Bolivia's support rating is constrained and an upgrade
    could occur if there is an upgrade of the sovereign rating,
    which is not likely as its Rating Outlook is currently Stable.

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

-- BCP's VR could be negatively affected if the bank's operating
    profit to risk weighted assets is consistently negative or
    near to zero, if its FCC ratio falls below 7%, or from a
    relevant deterioration of its access to funding or its
    liquidity profile.

-- IDRs and VR are also sensitive to changes in the sovereign
    rating, or further deterioration on the local operating
    environment. Negative rating actions on the bank's IDR will
    mirror those of the sovereign. The bank´s FC IDRs are
    constrained by the Country Ceiling. IDRs are also sensitive to
    a change in Fitch views about the parent's willingness to
    support the bank.

-- Should Bolivia's sovereign rating be downgraded, the SR will
    also be downgraded.

Support Rating

BCP Bolivia's support rating is constrained and an upgrade is not
likely. If Bolivia's sovereign rating is downgraded, the support
rating will also be downgraded.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Intangible asset calculation was revised to factor in some accounts
by Bolivian GAAP that were classified under other assets and other
accounts receivable. The bank cannot rely on these assets in case
of a liquidation process to pay for financial obligations.
Therefore, prepaid and deferred expenses were classified as
intangibles and deducted from Fitch Core Capital calculation.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BCP Bolivia' ratings are support driven from Credicorp Limited.

ESG CONSIDERATIONS

BCP Bolivia's Environmental, Social and Corporate Governance (ESG)
Relevance Score for Management Strategy has been revised to '4'
from '3'. This reflects a track record of high government
intervention in the Bolivian banking sector. Government
intervention in the country's banking regulatory framework
challenges BCP Bolivia's ability to define and execute its own
strategy. This has a negative impact on the rating.

BCP Bolivia's ESG Relevance Score for Governance Structure has been
revised to '3' from '4'. The bank's score is now in line with the
standard scoring for all banks globally. The score change reflects
a reassessment as Fitch now considers that the negative impact on
BCP Bolivia's rating arising from government intervention is best
reflected in the 'Management Strategy' score.




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B R A Z I L
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BRAZIL: USDA Expects Lowest Coffee Crop in 4 Years
--------------------------------------------------
Rio Times Online reports that the Brazilian coffee production for
the 2021/22 (July-June) crop was estimated at 56.3 million 60-kilo
bags, a 19% reduction compared to last cycle's revised record of
69.9 million bags, the US Department of Agriculture (USDA) pointed
out.

Production in 2021/22 will be the lowest since the 2017/18 season,
when it totaled 52.10 million bags, the USDA noted, according to
Rio Times Online.

"Adverse weather conditions in arabica growing regions and the
mainly in-season trees of the biennial production cycle explain the
projected decline," USDA commented, 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.




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C H I L E
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LATAM AIRLINES: Glenn Agre Tapped by Shareholders Group
-------------------------------------------------------
Glenn Agre Bergman & Fuentes, LLP disclosed that managing partner
Andrew Glenn and partner Shai Schmidt have been retained as counsel
to the Ad Hoc Committee of Shareholders in the LATAM Airlines
Chapter 11 bankruptcy case.  LATAM Airlines filed for Chapter 11
bankruptcy protection in May of 2020, after the coronavirus
pandemic halted air travel.

Most recently, Mr. Glenn led the team in an extremely rare
shareholder victory in the bankruptcy recovery of Hertz Global
Holdings Inc.  In the matter, he represented the winning ad hoc
equity group, structuring a deal inclusive of a widely available
rights offering where shareholders -- who are notoriously last in
line -- will see 28% of reorganized equity.  In addition, the deal
will allow Hertz to exit bankruptcy by the end of June.

                 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.

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 L O M B I A
===============

BANCO DAVIVIENDA: S&P Lowers LT ICR to 'BB+', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered the long-term ratings on one commercial
bank -- Banco Davivienda S.A. -- and on two government-owned
lenders -- Financiera de Desarrollo Nacional S.A. (FDN) and
Financiera de Desarrollo Territorial S.A. FINDETER (Findeter) -- to
'BB+' from 'BBB-' after the same rating action on the sovereign.
Additionally, S&P lowered its short-term rating on Banco Davivienda
and Findeter to 'B' from 'A-3'.

The stable outlook on these banks continues mirroring that on
Colombia. At the same, time S&P lowered its issue-level rating on
Findeter's senior unsecured notes to 'BB+' from 'BBB-'.

The downgrade of the sovereign follows the withdrawal of a fiscal
reform introduced to Congress in a context of high spending
pressures, which has resulted in a significantly lower likelihood
of Colombia improving its fiscal position following a recent and
marked deterioration. Given the country's high external
vulnerability and moderate economic profile (balanced by adequate
institutions and monetary credibility), Colombia's debt,
stabilizing at about 60% of GDP during 2021-2024, and relatively
large fiscal deficits are no longer consistent with an
investment-grade ('BBB-' or higher) foreign currency rating.

The downgrade of the two government-owned banks reflects their
economic roles and very important links to the government.
Similarly, the ratings on the sovereign cap those on Banco
Davivienda, given its large exposure to country risk and the highly
sensitive nature of its businesses to sovereign stress. Finally,
the rating actions don't reflect a deterioration in the entities'
stand-alone credit profiles (SACPs).




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

DOMINICAN REPUBLIC: Tax Reform An 'Uphill Battle", Abinader Says
----------------------------------------------------------------
Dominican Today reports that President Luis Abinader, said that a
tax reform would be an "uphill battle" in 2021 and that the key
date will be agreed with society.

Interviewed by the journalists Alicia Ortega and Huchi Lora, the
head of state indicated that the Government is working on the
reform, but it will be debated before it's enacted, according to
Dominican Today.

"What we are going to spend on is as important as how we are going
to collect; Obviously, it is not to be applied in this year. There
are no conditions right now for a tax reform. That is already
agreed to see when is the best time to implement it," the report
notes.

                  About Dominican Republic

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

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

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

Fitch Ratings on Jan. 18, 2021, 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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J A M A I C A
=============

GOODYEAR JAMAICA: Discloses Final Payment to Shareholders
---------------------------------------------------------
RJR News reports that Goodyear Jamaica disclosed a final payment of
65 cents per share that will be made to shareholders on record as
at December 19, 2008.

This payment will be made on May 21, subject to a two per cent
transfer tax, according to RJR News.

In late 2008, Goodyear Jamaica ceased operations after four
decades, the report notes.

The move came eleven years after the company stopped making tyres
at its plant in St. Thomas, the report adds.




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P A N A M A
===========

PANAMA: IDB Approves $150MM Loan to Strengthen MSMEs Sustainability
-------------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $150
million loan to support the sustainability of Panama's micro-,
small- and mid-sized enterprises (MSMEs) amid the COVID-19 pandemic
and promote employment by providing access to financing. This
operation is part of IDB's efforts to uphold Panama's productive
fabric with a total $300 million in funding, of which an initial
tranche of $150 million was approved in June 2020.

The assistance will provide MSMEs with access to mid-term financing
in order to help Panama restore its productive capacity and
implement production restructuring measures to deal with the
impacts of the pandemic. The program's resources will be executed
by a trust managed by the Banco Nacional de Panamá (BNP) and will
be channeled through eligible financial institutions.

This operation is aligned with the five main lines of action of
Vision 2020-2025, the IDB Group's plan to promote economic and
social development in Latin America and the Caribbean. At the IDB
we are supporting MSMEs through policies and regulatory frameworks
aimed and fostering productive financing and value chains as well
as financial inclusion, and funding second-floor banking and
guarantee funds to leverage private financial systems such as those
present in Panama, among other actions.   

There are an estimated 200,000 MSMEs in Panama, representing 96.3
percent of all enterprises and accounting for 49 percent of formal
employment. According to 2016 figures, MSMEs generate $6.5 billion
in revenues, of which 41.6 percent is provided by small
enterprises, 40.9 percent by mid-sized enterprises, and 17.5
percent by microenterprises.

This operation's resources will particularly target MSMEs affected
by the COVID-19 crisis and their agrifood value chains, including
agricultural production and food-processing and trade activities.
It is expected to have a positive impact on job creation and
economic activity in general, benefiting more than 1,600 MSMEs. In
addition, it is expected to have a helpful effect on other priority
IDB Group Vision 2020-2025 areas by providing financing to
women-led MSMEs as well as enterprises that play a role in climate
change impact reduction.

The IDB's $150 million loan is for a 25-year term, with a 5.5-year
grace period and an interest rate based on LIBOR.




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

TRINIDAD & TOBAGO: No Flour Shortage, NEM Says
-----------------------------------------------
Trinidad Express reports that state-owned National Flour Mills
(NFM) said rumors of a flour shortage in the country are false.

The ministry said in a statement that it met with NFM on the issue,
according to Trinidad Express.

The reports indicate that an unidentified voice note on social
media claimed there was a flour shortage in the country.

In a statement, NFM said it was aware of the social media message
being shared, claiming it was closed, the report relays.

The company said this post was false.

"People are advised to disregard this erroneous message.  NFM is
open from Monday to Friday and our business hours remain the same,"
it said, the report discloses.

In an earlier statement, NFM said despite increasing global demand
for wheat, rice, soybean meal and corn, it was modifying its
strategies to meet the challenges, the report relays.

It said even in the face of price increases of 26 per cent, 60 per
cent and 45 per cent for wheat, yellow corn and soybean meal, it
was working to absorb costs as much as possible, the report
relays.

"Despite these realities, we are continually working to improve
productivity levels and operational efficiencies to absorb new cost
increases as much as possible, and will diligently monitor the
global grain situation and evaluate our options to ensure we can
continue to do so profitably," NFM said, the report notes.

The Port of Spain producer noted that it remains open for business
even during the state of emergency, the report adds.



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

Troubled Company Reporter-Latin America is a daily newsletter
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