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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

          Thursday, June 3, 2021, Vol. 22, No. 105

                           Headlines



A R G E N T I N A

ARGENTINA: Beef Sector Wary of Export Ban Repercussions


B R A Z I L

BNDES: S&P Affirms 'BB-' LongTerm Global Scale Ratings
OURO PRETO: Moody's Rates New BRL100MM Secured Debentures 'Ba2'
PETRO RIO: Moody's Assigns First Time B1 Corporate Family Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Deputies Okays US$300MM Loan to Fight Pandemic
DOMINICAN REPUBLIC: Discloses Offers to Purchase Existing Notes
DOMINICAN REPUBLIC: Public Debt Tops US$58.8 Billion


M E X I C O

CEMEX SAB: S&P Rates New Subordinated Perpetual Notes 'B'


P E R U

PERU: IMF Completes Review of Performance Under Credit Line Deal


P U E R T O   R I C O

EAGLE HOSPITALITY TRUST: Court OKs $482MM Hotel Sale in Chapter 11

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Beef Sector Wary of Export Ban Repercussions
-------------------------------------------------------
The Latin American Herald reports that Argentine beef producers are
expressing alarm about the government's bid to lower domestic
prices through a ban on exports, warning of a repeat of the
scenario that played out in 2006.

The measure, which went into effect for a period of one month, has
been widely denounced by exporters, processing plants and unions in
that sector, which employs 400,000 people and generates export
revenue totaling roughly $3 billion annually, according to The
Latin American Herald.

Opposition also has come from governments in some beef-producing
provinces and from ranchers, who have protested the measure by
refraining from sending live cattle to Buenos Aires' Liniers
livestock market, Argentina's largest, until May 28, the report
notes.

That South American country is one of the world's largest beef
consumers per inhabitant (45 kilos annually), and the government
says the measure is aimed at bringing down prices for domestic
consumers, the report discloses.

Beef prices skyrocketed by 66.1 percent in April compared to the
same month of 2020, well above the 46.3 percent spike in overall
consumer prices, the report relays.

But the beef sector says an export ban will not help contain
inflation and will have multiple adverse economic effects on the
country, which has been in recession for the past three years, the
report says.

It also urged the government to learn from "past mistakes,"
referring to interventions in the beef supply chain between
2005-2010, including a months-long beef export ban in 2006, the
report discloses.

"It was a disaster. We lost 10 million head of cattle. We went from
a 10 percent global market share to less than 2 percent. And three
years (after that earlier ban was instituted) beef ended up costing
three times more in real terms," livestock consultant Victor
Tonelli told EFE.

What's worse, according to the expert, is that the government is
well aware of the impact because current President Alberto
Fernandez served as Cabinet chief from 2003-2008, the report
relays.

According to a report by the Mediterranean Foundation's Institute
for the Study of the Argentine and Latin American Reality, the 2006
beef export ban caused export losses totaling $1.5 billion
annually, production declines and an estimated $4.9 billion
reduction in the value of the nation's cattle stock, the report
relays.

The sector also says that measure led to the loss of 19,000 jobs.

Argentina is the world's fifth-largest beef producer and
fourth-largest beef exporter.

Roughly 30 percent of the sector's production is shipped abroad,
with export revenue coming in at around $2.72 billion in 2020.
Chinese importers account for about 75 percent of that foreign
demand, the report discloses.

Global beef prices rose by around 10 percent after Argentina
announced its latest export ban, Tonelli said, adding that the
South American country will lose out on export revenue totaling
around $250 million per month, the report says.

Although the ban excludes some shipments associated with export
quotas (including the European Union's Hilton quota for
high-quality beef) and preferential tariff arrangements, many
companies will be forced into non-compliance with their export
contracts, the report notes.

"Companies that don't fulfill their contract obligations clearly
are going to incur penalties. And worst of all Argentina loses
seriousness and credibility as a supplier," livestock consultant
Fernando Canosa said, the report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8, 2020.
Moody's credit rating for Argentina was last set at Ca on Sept.
28, 2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.




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B R A Z I L
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BNDES: S&P Affirms 'BB-' LongTerm Global Scale Ratings
------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term foreign and local
currency global scale ratings on Banco Nacional de Desenvolvimento
Economico e Social (BNDES). S&P also affirmed its 'brAAA' national
scale issuer credit rating on the bank. At the same time, S&P
affirmed its 'brAAA' issuer credit rating on BNDESPar-BNDES
Participacoes S.A. The outlook on both banks remains stable.

S&P said, "As the coronavirus pandemic escalates in Brazil amid
rising credit stress, we believe that BNDES continues to play a
critical role for the government as one of the most important GREs
in the country, remaining very important to the government's
economic strategy. In this sense, since March 2020, BNDES started
helping the government face the dire economic effects and social
impacts of COVID-19 through several countercyclical actions.
Therefore, in our view, there's an almost certain likelihood of
government support to the bank in case of financial distress. As a
result, we align our local and foreign currency ratings on the bank
with those on the sovereign.

"BNDES's capital and earnings have been consistently strengthening,
prompting us revise our forecast RAC ratio to about 8.0% from 6.5%
for the next two years. This results from consistent sales of its
equity portfolio, low credit growth, and sound internal capital
generation. We also base the assessment on the bank's historically
strong regulatory capital metrics, as seen in its high Basel ratio
of 40.3% as of March 2021."

S&P's RAC forecast incorporates our base-case scenario assumptions,
which include:

-- Loan portfolio to grow 5%-10% in the next two years due to the
bank's still weak growth prospects despite support programs to
combat against the coronavirus pandemic;

-- Non-interest expense growth in line with inflation, while the
bank maintains sound efficiency metrics;

-- Credit losses to remain low with nonperforming loans (NPLs) and
charge-offs to approach or fall below 1.0%;

-- Strong profitability due to low credit losses and strong
earnings from the sale of its equity portfolio;

-- Dividend payments of up to 60% of net income, in the upper
range of the bank's dividend statutory policy;

-- Equity sales to continue following the success of BNDES's
divestments in the past two years;

-- S&P expects the bank to maintain about R$23 billion of its
hybrid instruments owed to the government, which we fully include
in our total adjusted capital, for the next two years. This
includes the payment of about R$13.5 billion of the existing
balance following the bank's proposal of repayment to the
government.

S&P said, "Despite the bank's high single-name concentration, given
its exposure to companies the government considers to be strategic
to the economy, we believe BNDES's focus on servicing its core
customer base through a strong guarantee policy that has kept its
asset quality metrics much stronger than the industry average,
mitigates the higher risk in the economy due to the pandemic. In
our opinion, BNDES has one of the best asset-quality indicators
among its regional peers, as well as among global peers that
operate with similar economic risk. We believe this reflects
BNDES's loan portfolio, which focuses on large corporations and
financial institutions, along with its strong guarantee
requirements. Moreover, BNDES's temporary suspension of the
amortizations of its loans enabled its corporate borrowers to
preserve their cash flows during the pandemic.

"We believe BNDES's funding base remains broadly stable and
long-term, with "Fundo de Amparo ao Trabalhador" (FAT) transfers
accounting for about 43.6% of its total funding base. Those credit
facilities are constitutionally mandated funds that are funded
through corporate taxes. According to the Brazilian constitution,
28% of the FAT's resources are reserved for BNDES to lend, and we
expect these lines to remain available to the bank given BNDES's
role as a long-term financing agent in the country."


OURO PRETO: Moody's Rates New BRL100MM Secured Debentures 'Ba2'
---------------------------------------------------------------
Moody's America Latina Ltda. has assigned a Ba2 rating on the
global scale and Aa3.br on Brazil's national scale to Ouro Preto
Servicos de Saneamento S.A. (Saneouro)'s proposed BRL100 million
senior secured debentures due 2040. The outlook is stable.

The assigned ratings are based on preliminary documentation.
Moody's does not anticipate changes in the main conditions that the
debentures will carry. Should issuance conditions and/or final
documentation deviate from the original ones submitted and reviewed
by the rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.

RATINGS RATIONALE

The Ba2/Aa3.br ratings reflect the terms of Saneouro's 35-year
concession agreement effective January 2020 for the provision of
water utility and sewage services in the municipality of Ouro
Preto, Minas Gerais, the early stage of execution of construction
works, and a highly leveraged capital structure. The debt tenor of
19 years is long for local standards and allows debt service
coverage ratios (DSCR) to range between 1.20x -- 1.25x throughout
the debt term, considering the full budget of capital expenses, but
translates to very slow deleveraging.

The ratings consider the low equity contribution of sponsors. The
collateral package includes security over the rights of the
concessions, the collection account, the 6-month debt service
reserve account, and other assets. The ratings also incorporate the
benefits of the corporate guarantee provided by Saneouro's
shareholders on a joint and several basis, and in particular its
majority shareholder, GS Inima Brasil Ltda. (GS Inima), for 100% of
the overall debt until it completes key milestones of the initial
capital investment program and achieves ramp-up of operations,
which will happen no earlier than 2025.

Saneouro takes over the service area previously served by an agency
of the municipality, Servico Municipal de Agua e Esgoto de Ouro
Preto (SEMAE-OP). A key challenge of the project is that water
consumption and sewage collection is not currently measured. Users
are charged a base rate base fee that is independent from
consumption. An integral part of Saneouro's investment program is
the installation of hydrometers in 90% of the households over the
first two years. The implementation of the hydrometers will provide
for a structural shift in the way users consume water, as they will
be charged a fixed fee for the volume they actually consume. In
return, the concessionaire is required to execute works to ensure
water supply, sewage collection, and sewage treatment improve to
serve more than 90% of households, reduce water loss rates from 50%
to 30% in 15 years, and reduce intermittency of water supply.

Tariffs are annually adjusted by a basket of inflation indexes that
is based on the costs structure of the operation -- labor costs
(44.2%), electricity costs (16.6%), and the local consumer price
index (39.2%). Should there be significant shifts in the cost
structure, the concession allows for a tariff review to preserve
the economic equilibrium. Water consumption volumes have been based
on the Municipality's Basic Sanitation Plan, in particular the
levels of population growth and estimated per capita consumption
rates per user class, which consider an average 180 liters per
capita per day, and is in line with the national average. Should
actual volumes deviate considerably from these amounts, a tariff
review will be called to preserve economic equilibrium of the
concession.

The rating reflects the exposure to droughts and rationing given
the lack of geographic diversification provided in single-project
financing structures and some level of regulatory risk given the
lack of experience in the oversight of concessions by the municipal
regulatory agency - Agencia Reguladora dos Servicos Publicos
Concedidos do Municipio de Ouro Preto- ARSEOP.

The project sponsors, GS Inima, with a 60% share, and MIP Holding
S.A. (MIP Holding), with a 40% share, have injected BRL10 million
in equity to complement the BRL100 million in debt to be issued in
support of the initial capital investment phase and cover operating
losses during the ramp-up phase. Moody's view the capital structure
as highly leveraged, with Debt/EBITDA of 9.6x in 2023, and
Debt/Capitalization of 118%. At the same time, the 19-year debt
maturity and back-loaded amortization schedule allow for average
debt service coverage ratios in the range of 1.20x-1.25x throughout
the debt term.

The debentures are senior secured and are assigned on a fiduciary
basis the shares of the issuer, all receivables, and concession
rights. The structure includes a covenant test for dividend
distribution of a DSCR being higher than 1.20x.

The stable outlook reflects Moody's expectation that the
construction works and the ramp-up of operations will proceed
according to schedule. It also considers that GS Inima and MIP
Holding, guarantee the debt on a joint and several basis until
project completion is achieved. Completion requires 90% of
hydrometers installed, 100% of the households in the urban section
of Ouro Preto with water connection, 100% of collected sewage
treated, water losses below 40%, and delinquency rates at or below
2% in the 12 months prior to the request date of project
completion, among other conditions.

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

The ratings could potentially be upgraded should construction works
evolve and operating and financial performance exceed expectations
such that DSCRs point to an average of above 1.35x on a sustainable
basis. Ratings can be downgraded upon frustration in revenue
generation such that DSCRs trend to below 1.20x on a sustainable
basis.

Saneouro is the company responsible for the operation of water and
sewage utility services in the city of Ouro Preto, State of Minas
Gerais, Brazil. The concession agreement was signed in October
2019, with the company taking over operations in January 2020, for
a period of 35 years. The concessionaire is 60% owned by GS Inima,
a company holding majority interest in 13 projects within
sanitation and treatment of water and of industrial waste in
Brazil, and a subsidiary of Korea based GS Group, and 40% owned by
MIP Holding, a family owned group based in Minas Gerais with
operations in heavy construction engineering, real estate, port
services, and infrastructure.

The principal methodology used in these ratings was Generic Project
Finance Methodology published in November 2019.


PETRO RIO: Moody's Assigns First Time B1 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating to
Petro Rio S.A. (PetroRio) and a B1 rating to PetroRio Luxemburg
S.a.r.l's (PetroLux, wholly owned subsidiary) proposed up to $500
million guaranteed senior secured notes due 2026. Proceeds from the
notes will be used to refinance existing debt and for general
corporate purposes. The ratings are based the successful closing of
the proposed transaction and on preliminary documentation revised
by Moody's. The outlook on the ratings is stable.

Assignments:

Issuer: Petro Rio S.A.

Corporate Family Rating, Assigned B1

Issuer: PetroRio Luxembourg S.a.r.l.

Gtd Senior Secured Regular Bond/Debenture, Assigned B1

Outlook Actions:

Issuer: Petro Rio S.A.

Outlook, Stable

Issuer: PetroRio Luxembourg S.a.r.l.

Outlook, assigned Stable

RATINGS RATIONALE

The B1 ratings on PetroRio and on PetroLux's proposed guaranteed
senior secured notes are supported by PetroRio's small asset base
and size of crude oil production; its high operating risk due to
geographic concentration and the mature nature of its oil and gas
assets; and the high risk related to the dependence on acquisitions
of oil and gas assets to sustain production or grow. These
challenges are mitigated by PetroRio's high operating efficiency
and cash generation, which supports low debt leverage and adequate
interest coverage ratios for its rating category; high capital
spending flexibility; favorable regulatory environment; and the
fact that the company's capital is listed in the Brazilian stock
exchange, which tends to strengthen corporate governance.

The company's operating risk is high since about 40% of production
and over 50% of income is concentrated in one oil field, Frade. In
addition, all of its producing fields are mature and have high
annual production decline rates, currently at close to 20%.
However, PetroRio's debt burden compared to the size of its
production and oil reserves is low and its breakeven price for
barrel of crude in 2021-22 will be at $22-18, bellow Moody's price
estimate for the barrel of Brent crude, which is currently at $50
for 2021 and 2022, and includes a range of $45-$65 for the medium
term. Strong operating margins will help PetroRio maintain low debt
leverage at above 50% retained cash flow/debt in 2021-22 and high
interest coverage of above 7 times in the same period.

PetroRio's growth strategy is based on the acquisition and
development of mature oil fields with potential to benefit from
operating efficiency initiatives and with a target ROI of about
15-20%. Acquisition opportunities so far have risen from assets
sold primarily by Petroleo Brasileiro S.A. - PETROBRAS (Petrobras,
Ba2 stable), the Brazilian national oil company.

Proforma for the proposed transaction, which will fund the payment
of $380 million in short-term debt, PetroRio has adequate
liquidity. As of March 31, 2021, the company had $592 million in
cash and marketable securities. This high cash position reflects
close to $370 million raised in equity in the Brazilian stock
exchange in January 2021. Over $500 million in addition to cash
from operations will cover PetroRio's capital spending, operating
expenses and other obligations in the following 18 months. However,
PetroRio does not have committed credit facilities and the
company's alternate liquidity is limited since its asset base is
small and it is largely encumbered. Moody's assumes that the
company will not pay dividends in the next couple of years.

The stable outlook on the ratings is based on Moody's view that
PetroRio's credit profile will not materially change in the next 12
to 18 months given expectations of relatively stable oil and gas
prices and the company's commitment to reduce leverage further
before it makes another large acquisition. PetroRio's maximum net
debt/EBITDA target ratio is 2.5 times, including in times of recent
asset acquisitions; this compares to a reported negative net
debt/EBITDA ratio of 0.9 times in March 2021.

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

PetroRio's B1 ratings could be upgraded if the company (1)
increases production closer to 100,000 barrels of oil equivalent
per day (boe/d); (2) sustains leveraged full-cycle ratio, which
measures an oil company's ability to generate cash after operating,
financial and reserve replacement costs, consistently above 2.5x;
(3) maintains E&P debt/proved developed reserves below $8.0, all of
which while maintaining an adequate liquidity profile.

PetroRio's B1 ratings could be downgraded if (1) retained cash flow
(cash from operations before working capital requirements less
dividends) to total debt declines below 25%, with limited prospects
of a quick turnaround; (2) if interest coverage, measured as
EBITDA/interest expense, falls below 4.0x, with limited prospects
of a quick turnaround and (3) if there is a deterioration of the
company's liquidity profile.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Founded in 2009, PetroRio is an independent oil and natural gas
production company focused on producing assets, mainly in the
Campos basin, in Rio de Janeiro, Brazil. Its portfolio of assets
encompasses production, development and appraisal properties in
four operating fields, both onshore and offshore. As of March 31,
2021, PetroRio's total assets amounted to $1.7 billion and its
production averaged 31.3 thousand barrels of oil equivalent per
day. The company had 121 million boe of proved reserves as of
December 30, 2020.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Deputies Okays US$300MM Loan to Fight Pandemic
------------------------------------------------------------------
Dominican Today reports that the Chamber of Deputies in the
Dominican Republic approved a new loan for US$300 million to
finance a program to support the emergency generated by the
COVID-19 pandemic.

The contract, signed on March 16, 2021 between the country and the
Andean Development Corporation (CAF), was hastily debated by the
Chamber of Deputies, to the point that there were complaints from
the opposition about how it was approved, according to Dominican
Today.

Due to the Chamber of Deputies' session being held in the National
Assembly hall, the vote was manual and the president of this body,
Alfredo Pacheco, carried out an abbreviated method to revalidate
the approval, 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).


DOMINICAN REPUBLIC: Discloses Offers to Purchase Existing Notes
---------------------------------------------------------------
The Dominican Republic (the "Republic") disclosed the commencement
of an offer to purchase for cash (the "Offer") from each holder or
beneficial owner (each, a "Holder" and, collectively, the
"Holders") of outstanding DOP-denominated, Dominican law-governed
notes of each series listed in the table below (collectively, the
"Existing Local Notes" and each a "series" of Existing Local
Notes), including Existing Local Notes in the form of Global
Depositary Notes (the "Existing GDNs" and, together with the
Existing Local Notes, the "Existing Notes" and each, a "series" of
Existing GDNs or Existing Notes, as applicable), issued by
Citibank, N.A., as GDN depositary (the "GDN Depositary"), such that
the total Purchase Price (as defined below) to be paid by the
Republic for the outstanding principal amount of Existing Notes
validly tendered and accepted for purchase by the Republic pursuant
to the Offer, excluding interest accrued and unpaid thereon, does
not exceed a maximum amount to be determined by the Republic in its
sole discretion (the "Maximum Purchase Price"). The terms and
conditions of the Offer are set forth in the offer document dated
May 26, 2021 (the "Offer Document").

The Offer is not conditioned upon any minimum participation of any
series of Existing Notes but is conditioned, among other things, on
the concurrent (or earlier) closing of an issuance by the Republic
of a new series of DOP-denominated, Dominican law-governed notes
(the "New Local Notes"), in an aggregate principal amount, with
pricing and on terms and conditions acceptable to the Republic in
its sole discretion (the "New Notes Offering"). The New Notes
Offering will be made solely by means of an offering memorandum
relating to the offering of the New Local Notes, and neither this
announcement nor the Offer Document constitutes an offer to sell or
the solicitation of an offer to buy such notes.

The Republic reserves the right, in its sole discretion, not to
accept any valid orders to tender Existing Notes in accordance with
the terms and conditions of the Offer ("Tenders"), to modify the
fixed price per original DOP1,000 or US$1,000 principal amount, as
applicable, indicated in the rightmost column in the table below
(the "Purchase Price") for any or all series of Existing Notes, or
to terminate the Offer for any reason. In the event of a
termination of the Offer, the tendered Existing Notes will be
returned to the tendering Holder.

The Purchase Price plus the accrued and unpaid interest up to, but
excluding, the Settlement Date (the "Accrued Interest") for the
applicable series of Existing GDNs will be payable in U.S. dollars
by converting the applicable DOP amounts to U.S. dollars based on
the Representative Market Rate at the Expiration Time.

If the Purchase Price for all validly tendered Existing Notes (the
"Tendered Aggregate Purchase Price") would exceed the Maximum
Purchase Price, then the Republic will, in its sole discretion,
select one or more series of Existing Notes to be prorated on the
basis of the same or different proration factors.

Title of                 Outstanding Aggregate Purchase Price(1)
Existing Notes           Principal Amount
                          as of May 25, 2021
-------------            --------------------- -----------------
16.950% DOP-Denominated
Notes due February 2022   
                           DOP12,000,000,000.00   DOP1,082.44
GDNs representing 16.950%
DOP-Denominated Notes
due February 2022(2)

10.375% DOP-Denominated
Notes due March 2022     
                           DOP13,500,000,000.00   DOP1,042.08
GDNs representing 10.375%
DOP-Denominated Notes
due March 2022(2)

14.500% DOP-Denominated
Notes due February 2023
                           DOP9,648,000,000.00    DOP1,127.94
GDNs representing 14.500%
DOP-Denominated Notes due
February 2023(2)

10.500% DOP-Denominated
Notes due April 2023
                           DOP31,871,300,000.00   DOP1,079.48
GDNs representing 10.500%
DOP-Denominated Notes due
April 2023(2)

10.250% DOP-Denominated
Notes due January 2024
                           DOP10,900,000,000.00   DOP1,088.64
GDNs representing 10.250%
DOP-Denominated Notes
due January 2024(2)

11.500% DOP-Denominated
Notes due May 2024
                          DOP20,614,000,000.00  DOP1,133.86
GDNs representing 11.500%
DOP-Denominated Notes
due May 2024(2)

10.875% DOP-Denominated
Notes due January 2026
                          DOP20,000,000,000.00  DOP1,169.87
GDNs representing 10.875%
DOP-Denominated Notes
due January 2026(2)

10.375% DOP-Denominated
Notes due March 2026
                          DOP12,000,000,000.00  DOP1,132.45
GDNs representing 10.375%
DOP-Denominated Notes due
March 2026(2)

11.000% DOP-Denominated
Notes due November 2026
                          DOP20,000,000,000.00  DOP1,182.63
GDNs representing 11.000%
DOP-Denominated Notes due
November 2026(2)

11.000% DOP-Denominated
Notes due December 2026
                          DOP16,000,000,000.00  DOP1,176.84
GDNs representing 11.000%
DOP-Denominated Notes due
December 2026(2)

11.250% DOP-Denominated
Notes due February 2027
                          DOP27,705,000,000.00  DOP1,184.23
GDNs representing 11.250%
DOP-Denominated Notes
due February 2027(2)
***************
(1) Per DOP1,000 principal amount of the Existing Local Notes and
Existing GDNs, in each case, validly tendered and accepted for
purchase. Holders whose Existing Notes are validly tendered and
accepted for purchase pursuant to the Offer will also receive
Accrued Interest. Holders whose Existing Local Notes are validly
tendered and accepted for purchase pursuant to the Offer will be
paid in Dominican pesos and Holders whose Existing GDNs are validly
tendered and accepted for purchase pursuant to the Offer will be
paid in U.S. dollars as described in the Offer Document.
(2) Issued by the GDN Depositary, and which, if accepted for
purchase pursuant to the Offer, will be payable in U.S. dollars as
described herein. Each Existing GDN represents DOP100,000 nominal
amount of the corresponding Existing Local Notes.

Holders tendering Existing Local Notes through CEVALDOM, Deposito
Centralizado de Valores, S.A. ("CEVALDOM") may obtain a priority
allocation code (the "Priority Allocation Code") from CEVALDOM.
Holders tendering Existing GDNs may obtain a Priority Allocation
Code by contacting either of the Dealer Managers, and should
include their Priority Allocation Code in their ATOP or Electronic
Acceptance Instruction (in each case, as defined herein). Tendering
Holders who wish to subscribe for New Local Notes (including in the
form of new GDNs) should include their Priority Allocation Code
when subscribing for New Local Notes. The Republic will review
Tenders received on or prior to the Expiration Time and may give
priority to those investors tendering with Priority Allocation Code
in connection with the allocation of New Local Notes. However, no
assurances can be given that any Holder that tenders Existing Notes
will be given an allocation of New Local Notes at the levels it may
subscribe for, or at all.

If the Republic accepts all or a portion of a Holder's Tender, the
Holder will be entitled to receive for such Existing Notes the
applicable Purchase Price plus Accrued Interest, which will be paid
on the Settlement Date, if the conditions of the Offer are met.

The Offer will commence May 26, 2021 and the Offer and withdrawal
rights will expire at 5:00 p.m. (New York City time) June 7, 2021
(the "Expiration Time") unless extended or earlier terminated by
the Republic in its sole discretion. Existing Notes may be validly
withdrawn at any time at or prior to the Expiration Time. The
settlement of validly tendered and accepted Existing Notes is
expected to occur on Friday, June 11, 2021, subject to change
without notice (the "Settlement Date").

At or about 9:00 a.m. (New York City time) on Tuesday, June 8,
2021, subject to change without notice, the Republic expects to
announce the aggregate principal amount of Tenders of each series
of Existing Notes that has been received on or prior to the
Expiration Time and the Representative Market Rate on the
Expiration Time.

In addition, at or about 9:00 a.m. (New York City time) on
Wednesday, June 9, 2021, subject to change without notice, the
Republic expects to announce (i) the Maximum Purchase Price; (ii)
the Tendered Aggregate Purchase Price, (iii) the aggregate
principal amount of Tenders of each series of Existing Notes that
has been accepted; and (iv) any proration of Tenders of any series
of Existing Notes.

Tenders for Existing Local Notes must be submitted through a direct
participant in CEVALDOM. Holders of Existing GDNs must tender
Existing GDNs by requesting that the direct participant through
which the Holder holds its Existing GDNs submit, at or prior to the
Expiration Time, such Holder's Tender by properly instructing The
Depository Trust Company ("DTC"), Euroclear Bank SA/NV, as operator
of the Euroclear System ("Euroclear"), or Clearstream Banking, S.A.
("Clearstream"), as applicable, in accordance with the procedures
and deadlines established by each such clearing system. Any Holder
that holds Existing Notes through a custodian cannot submit an
Offer directly and should instead contact its custodian to instruct
the direct participant to submit a Tender on its behalf. There is
no letter of transmittal or guaranteed delivery for the Offer. The
acceptance of any Tenders forwarded to DTC from Euroclear or
Clearstream after the Expiration Time will be in the sole
discretion of the Republic.

You are advised to consult with the broker, dealer, bank,
custodian, trust company, or other nominee through which you hold
your Existing Notes as to the deadlines by which such intermediary
would require receipt of instruction from you to participate in the
Offer in accordance with the terms and conditions of the Offer as
described in the Offer Document in order to meet the deadlines set
out in the Offer Document. The deadlines set by CEVALDOM,
Euroclear, Clearstream, DTC or any such intermediary for the
submission of Existing Notes may be earlier than the relevant
deadlines specified in the Offer Document. In particular, CEVALDOM
has indicated that the deadline for tendering through its system is
4:00 p.m. (New York City time) on Monday, June 7, 2021.

                    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).


DOMINICAN REPUBLIC: Public Debt Tops US$58.8 Billion
----------------------------------------------------
Dominican Today reports that Dominican Republic's consolidated
public debt topped US$58.8 billion at the end of the first quarter
of this year, equivalent to 70.5% of everything that the national
economy produces in a year.

The rise, anticipated in the face of the tax revenue crisis caused
by the pandemic, has been US$10 billion in the last twelve months,
the largest year-on-year jump recorded in public debt in the
country, according to Dominican Today.

Data from the Public Credit Directorate of the Ministry of Finance
indicate that a year ago, just when the pandemic was declared
worldwide and borders were closed to stop the spread of the new
coronavirus, the country already owed approximately US$48.1
billion, 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).




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

CEMEX SAB: S&P Rates New Subordinated Perpetual Notes 'B'
---------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to
Mexican cement company CEMEX S.A.B de C.V.'s (CEMEX; global scale
BB/Negative/--; national scale mxA/Negative/mxA-1) proposed
perpetual, optionally deferrable, and subordinated hybrid capital
instrument. The company intends to use the proceeds for general
corporate purposes, including repaying existing debt.

S&P said, "We arrive at our 'B' issue rating on the proposed
instrument by notching down from our 'BB' issuer credit rating
(ICR) on CEMEX. The three-notch difference reflects our notching
methodology, which deducts two notches for subordination because
our long-term ICR on CEMEX isn't investment grade (that is, it's
below 'BBB-'); and an additional notch for payment flexibility to
reflect that the deferral of interest is optional. The notching on
the proposed instrument reflects our view that there is a
relatively low likelihood that the issuer will defer interest.

"We consider the proposed instrument to have intermediate equity
content until its first reset date because it meets our criteria in
terms of subordination, permanence, and deferability at the
company's discretion during that period. Consequently, we will
classify 50% of the instrument's principal outstanding and accrued
interest under the proposed securities as debt, and 50% of the
related payments on these securities as an interest expense.

"After this issuance, we expect CEMEX's ratio of outstanding
hybrids to adjusted capitalization to remain below the 15%
threshold for us to view hybrid leverage as having intermediate
equity content."

Key Factors In S&P's Assessment Of The Instrument's Permanence
Feature

The proposed notes are perpetual, and CEMEX can redeem the
instrument during the period commencing on the first call date,
which falls five years after the issuance, and ends on the first
reset date and on any interest payment date after that.

In addition, CEMEX has the ability to call the instrument any time
prior to the first call date at a premium through a make-whole
redemption option. S&P said, "In our view, CEMEX doesn't intend to
redeem the instrument prior to the redemption window of the first
reset date, and we don't think this type of make-whole clause
creates an expectation that CEMEX will redeem the issue before
then. Accordingly, we don't view it as a call feature in our hybrid
analysis, even if it is referred to as a make-whole option clause
in the hybrid instrument's documentation." CEMEX can also redeem
the instrument at any time due to a rating methodology, tax,
repurchase, accounting, or change-of-control event.

Interest to be paid on the proposed securities will increase by 25
basis points (bps) on the first step-up date, which should take
place 5.25 years after the issue date, and by a further 75 bps 15
years after the first reset date. S&P said, "We view the cumulative
100 bps as a moderate step-up, which in our view creates an
incentive for CEMEX to redeem the instrument. Therefore,
considering CEMEX's current non-investment grade status, we would
consider the instrument's effective maturity date to be 20 years
after the issue date, and we would no longer recognize the
instrument as having intermediate equity content after its first
reset date, because the remaining period until its effective
maturity would be 15 years."

S&P said, "If we were to raise our issuer credit rating on CEMEX to
the 'BBB' rating category, the instrument's second step-up date
would change and take place 20 years after the first reset date.
Under such a scenario, the instrument's effective maturity would be
25 years after the issue date, and we would maintain the
intermediate equity credit only until the first reset date. Per our
criteria, entities rated in the 'BBB' rating category or above
require subordinated bonds to have 20 years or longer to effective
maturity for us to categorize them as having intermediate equity
content."

Key Factors In S&P's Assessment Of The Instrument's Subordination

The proposed instrument and coupons will constitute the issuer's
direct, unconditional, unsecured, and subordinated obligations,
ranking junior to all existing and future unsubordinated debt, and
pari passu among themselves and any future similar instruments.
They are senior only to all existing and future common equity and
preferred stock.

Key Factors In S&P's Assessment Of The Instrument's Deferability

CEMEX's option to defer payment on the proposed instrument is
discretionary, meaning that it may elect not to pay accrued
interest on an interest payment date because it has no obligation
to do so. If CEMEX elects to defer an interest payment, it won't
have any obligation to make such a payment, but may thereafter
elect to pay deferred interest. S&P views this condition as
acceptable because once CEMEX has settled the deferred amount, it
can still choose to defer the next interest payment date. Interest
on deferred amounts will accrue from the deferred date, and arrears
of interest will be compounded on subsequent interest payment
dates.

Any outstanding deferred interest payment, plus interest accrued
thereafter, will have to be settled if the company declares or pays
a cash dividend or interest on equally ranking securities, and if
it redeems or repurchases shares of equally ranking securities, or
under insolvency or liquidation.

  Ratings List

  NEW RATING

  CEMEX S.A.B. de C.V.
   Subordinated             B




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

PERU: IMF Completes Review of Performance Under Credit Line Deal
----------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed the mid-term review of Peru's qualification under the
Flexible Credit Line (FCL) arrangement. The Executive Board
reaffirmed that Peru's very strong macroeconomic policies and
institutional policy frameworks, sound economic fundamentals, and
track record continue to warrant access to FCL resources.

The two-year arrangement was approved on May 28, 2020 for an amount
of SDR8.007 billion (about US$11 billion or 600 percent of quota).
The Peruvian authorities have reiterated their intention to treat
the arrangement as precautionary.

The FCL was established on March 24, 2009 as part of a major reform
of the Fund's lending framework (see Press Release No. 09/85). The
FCL is designed for crisis prevention purposes as it provides the
flexibility to draw on the credit line at any time during the
period of the arrangement (one or two years), and subject to a
mid-term review in two-year FCL arrangements. Disbursements are not
phased nor conditioned on compliance with policy targets as in
traditional IMF-supported programs. This large, upfront access with
no ongoing conditions is justified by the very strong track records
of countries that qualify for the FCL, which gives confidence that
their economic policies will remain strong.

Following the Executive Board's discussion on Peru, Mr. Mitsuhiro
Furusawa, Deputy Managing Director, made the following statement:

"Peru's very strong macroeconomic policies and institutional policy
frameworks and solid track record of prudent policy settings have
underpinned strong growth and stability over the past several years
and helped the country navigate the challenges posed by the
COVID-19 pandemic. A sound inflation-targeting regime, a credible
fiscal framework and low public debt, and sound financial sector
supervision and regulation have allowed the country to deploy a
robust policy response to mitigate the socio-economic impact of the
pandemic while maintaining strong access to international capital
markets.

"Following the worst economic contraction in 30 years, economic
activity is expected to rebound this year as COVID-19 vaccines are
rolled-out, and the pandemic is gradually brought under control.
Nevertheless, the economic outlook remains highly uncertain.
Despite the rapid recovery in some large economies, and improved
commodity prices, external risks remain elevated. The Flexible
Credit Line (FCL) arrangement, along with sizable international
reserves, low public debt, anchored inflation, and a sound
financial system have provided the authorities with valuable
insurance in a period of unprecedented uncertainty and volatility.

"The FCL will continue to play an important role in supporting the
authorities' macroeconomic strategy, by sustaining market
confidence and providing a valuable buffer against tail risks. The
authorities intend to continue to treat the arrangement as
precautionary and to phase out its use as external conditions
allow. An appropriate communication strategy will be important to
prepare markets for this step."




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

EAGLE HOSPITALITY TRUST: Court OKs $482MM Hotel Sale in Chapter 11
------------------------------------------------------------------
Law360 reports that a Delaware bankruptcy judge has approved Eagle
Hospitality's $481. 9 million Chapter 11 sale of 14 of its hotels,
rejecting calls by a failed bidder for more time to
solidify a new last-minute offer.  Following a virtual hearing,
Judge Christopher Sontchi denied the requests of Constellation
Hospitality Group and a group of Eagle's equity holders to delay
the sale to give Constellation more time to secure funding for its
newly submitted bid, saying Constellation's offer wouldn't be ready
in the immediate future and didn't appear to be a better deal.

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP as bankruptcy counsel; FTI
Consulting, Inc., as restructuring advisor; and Moelis & Company
LLC, as investment banker.  Cole Schotz P.C. is the Delaware
counsel.  Rajah & Tann Singapore LLP is Singapore Law counsel, and
Walkers is Cayman Law counsel.  Donlin, Recano & Company Inc. is
the claims agent.



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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