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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, June 4, 2021, Vol. 22, No. 106

                           Headlines



B O L I V I A

BOLIVIA: Manufacturing Faces Triple Threat, Industry Group Says


B R A Z I L

GUACOLDA ENERGIA: S&P Lowers ICR to 'B+', On Watch Negative
PETROLEO BRASILEIRO: Brazil Probes Freepoint in Bribery Scheme


C A Y M A N   I S L A N D S

EAGLE HOSPITALITY: Court Rules Foreign Units Can Stay in Chap. 11


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: World Bank OKs US$43.5M Loan for Water Projects


J A M A I C A

JAMAICA: Production Costs Increase in April


M E X I C O

CEMEX SAB: Fitch Assigns B Rating on Perpetual Subordinated Notes


P A N A M A

ENA NORTE TRUST: Fitch Assigns BB- Rating on USD600MM Notes


P U E R T O   R I C O

MC TOURS: Seeks to Hire MRO Attorneys at Law as Legal Counsel


T R I N I D A D   A N D   T O B A G O

CL FINANCIAL: CLICO Remains Profitable


X X X X X X X X

[*] Political Risk Haunts LatAm Investors as Peru Election Nears

                           - - - - -


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B O L I V I A
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BOLIVIA: Manufacturing Faces Triple Threat, Industry Group Says
---------------------------------------------------------------
Gina Baldivieso at EFE News reports that running a manufacturing
operation in Bolivian regions like La Paz, a frequent site of
protests due to its status as the country's seat of government, is
fraught with difficulties due to high levels of social unrest,
economic losses from smuggled contraband, and recently the Covid-19
pandemic.

In 2020, that Andean nation's economy was battered by the health
emergency, with sales and profits from industrial operations down
12 percent and 84 percent, respectively, the president of the
National Chamber of Industries, Ibo Blazicevic, told Efe.

Exports of manufactured products fell 16 percent, while imports of
capital goods declined by 32 percent and 70,000 jobs were
eliminated, Blazicevic said, according to EFE News.

That means that for many enterprises there is an enormous lack of
liquidity and a high risk of insolvency, Blazicevic added.

But beyond the health crisis, there are two longstanding threats
facing Bolivian industry: social unrest and smuggled contraband,
the report notes.

The report relays that social conflicts are a constant feature of
life in Bolivia and flare up with particular intensity at different
times, including the so-called "gas war" of 2003, when La Paz and
neighboring El Alto were brought to a standstill by strikes and
roadblocks and many manufacturing operations migrated to the
eastern department of Santa Cruz, the country's most prosperous
region.

Others stayed in La Paz department, such as Laboratorios Vita, a
pharmaceutical company that was founded more than eight decades ago
in La Paz and moved to the nearby city of El Alto in 2002, the
report recalls.

Running a manufacturing enterprise in that region requires a
"titanic effort, but our appreciation for the city and the
department is great, and despite those negative circumstances there
have also been positive aspects that have helped us keep going
these 85 years," Vita's chief executive, Magna Cachi, added.

Laboratorios Crespal, which dates back 32 years, is another
manufacturing enterprise based in El Alto that experienced
particularly trying moments during the socio-political crisis of
2019, especially due to its location in a neighborhood - Senkata -
that was one of the focal points of the unrest, the report notes.

Crespal's top executive, Raul Crespo, recalled that the site of its
operations - and other nearby businesses - needed to be evacuated
due to fears of an explosion at the Senkata refinery, the report
relays.

"We couldn't work for 30 days. The company was closed and at the
mercy of the crime that existed at that moment in time," Crespo
told EFE.

Under normal circumstances, "El Alto is a city that's quite
friendly, accessible, where you can very calmly go about your
work," he said. However, "what makes things difficult here is the
political problems," the report discloses.

"Nearly always having problems with roadblocks, marches, social
demonstrations in the city and also in El Alto, on top of an
enormously high level of informal work" ranging from between 70
percent and 81 percent, generates a "state of chaos" that "makes it
difficult for formally established manufacturing enterprises to
operate," Blazicevic added.

Additionally, the problem of contraband goods - the eternal nemesis
of Bolivian industry - was exacerbated by the pandemic, the report
relays.

"The medications market is now dominated by smugglers," Crespo
said, while Cachi added that counterfeit medicine is an additional
concern. Both demanded greater action on the part of the
government, the report notes.

"To have strong industries, we need to work on (reducing social
conflict), improving logistics with more and better roads and
offering tax incentives," Blazicevic said, the report notes.

It is also important to combat contraband and promote the "Made in
Bolivia" label, he added.




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B R A Z I L
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GUACOLDA ENERGIA: S&P Lowers ICR to 'B+', On Watch Negative
-----------------------------------------------------------
S&P Global Ratings, on June 1, 2021, lowered its issuer credit and
issue-level ratings on Guacolda Energia S.A. to 'B+' from 'BB-',
and placed the ratings on CreditWatch with negative implications.

The CreditWatch placement indicates the 50% likelihood of a further
downgrade in the next three months once the Chilean private equity
fund Capital Advisors becomes Guacolda's new controlling entity.

Guacolda operates in dynamic and rapidly changing industry
conditions, given that Chile is implementing a plan to phase out
coal from its energy matrix by 2040, transitioning to cleaner
sources. As a result, S&P expects significant renewable capacity
entering the domestic electricity market in the short-to-medium
term. This trend will lower variable costs, which will reduce spot
prices and expose coal-fired power plants -- such as those that
Guacolda operates -- to less-favorable recontracting conditions. In
the past 18 months, the country's largest mining companies, which
represent most of Guacolda's unregulated off-takers, have
prioritized agreements with power generators that produce 100% of
output from renewable sources, pursuing a more
environmental-oriented approach.

S&P said, "Under these circumstances, we expect that some of
Guacolda's contracts might not be renewed at maturity or, if
renewed, would be under less-favorable conditions and would include
shorter tenors, lower prices, and no indexation to the coal price.
In fact, in 2020, Guacolda sold about 4.4 gigawatt hours (GWh)
under existing contracts and we expect that amount will decrease to
3.2 GWh by 2021 and 2.2 GWh by 2022. In addition, the current
contract average tenor is 3.3 years, compared with 4 in 2020.
Therefore, we expect the company will face weaker business
conditions that will lead to more volatile profitability and cash
flow generation in the next two years, resulting in our downward
revision of the business risk score to weak from fair."


PETROLEO BRASILEIRO: Brazil Probes Freepoint in Bribery Scheme
--------------------------------------------------------------
Sabrina Valle and Gram Slattery at Reuters report that authorities
in Brazil are investigating senior employees at Connecticut-based
trading house Freepoint Commodities for their alleged role in a
bribery scheme involving state-run oil company Petroleo Brasileiro
S.A..

The federal police suspect Freepoint, through an intermediary,
routed bribes to Petrobras employees for a roughly seven-year
period ending in 2018, according to Reuters.  Reuters pieced
together the purported kickback operation from three people close
to the investigation, who spoke on the condition of anonymity, and
hundreds of pages of previously unreported court documents filed by
Brazilian investigators.

At least two high-ranking Freepoint employees, including Robert
Peck, head of the company's global oil business, are suspected to
have participated in the purported scam, according to the sources
and court documents reviewed by Reuters, which Brazilian police
submitted last year to a federal judge overseeing the probe.  Those
documents include bank records, invoices, e-mails and WhatsApp
messages exchanged between alleged co-conspirators, including Peck,
the report notes.  In Brazil, judges routinely are involved in
criminal cases from the early stages of an investigation to the
sentencing phase, the report discloses.

The Brazilian investigation hasn't been previously reported.  No
charges have been filed, and it remains unclear whether any will
be.  As part of the probe, authorities are investigating Freepoint
itself, which could lead to potential fines or other civil
penalties if the company is found to have engaged in wrongdoing,
the report relays.

In response to questions about the Brazil probe from Reuters, a
Freepoint spokesperson said in an email the company "is strongly
committed to following the laws everywhere we do business." It
declined further comment.

Freepoint declined requests to make Peck available for an
interview.  Peck did not respond to questions sent to him by
Reuters via LinkedIn.  A woman who answered the telephone at his
home declined to comment.

Petrobras said in an e-mail it has "zero tolerance in relation to
fraud and corruption" and that employees involved in wrongdoing in
its trading unit "were immediately fired for just cause in 2018."
It added that it has aided Brazilian authorities extensively with
various corruption-related probes, the report relays.

Brazil's federal police force did not respond to requests for
comment.  The U.S. Department of Justice declined to comment on
whether it is investigating the Freepoint matter.

The Freepoint investigation comes amid a broader law enforcement
crackdown on commodity trading firms engaged in alleged corruption,
particularly in resource-rich Latin America, the report discloses.

In December, a U.S. subsidiary of Switzerland's Vitol SA, the
world's top independent oil trader, agreed to pay $164 million to
resolve allegations by U.S. and Brazilian authorities that it paid
bribes in Brazil and other Latin American countries between 2005
and 2020 to boost its trading business, the report relays.  In
November, Brazilian prosecutors filed a civil lawsuit against
Trafigura AG, alleging the Geneva-based trader and at least two
subsidiaries paid Petrobras employees more than $1.5 million in
bribes in 2012 and 2013, the report recalls.

A spokeswoman for Vitol wrote in an e-mail that the company is
"pleased the matter has been resolved."

Trafigura, in an emailed statement, said it "strongly denies" the
allegations leveled by Brazilian authorities and that it has a
zero-tolerance policy on bribery and corruption, the report notes.
The company said outside counsel it hired to investigate "found no
basis to conclude that Trafigura's current management were involved
in, or had knowledge of, alleged improper payments to Petrobras,"
the report adds

Freepoint is the first major U.S. energy trader to come under
recent scrutiny in Brazil.  The Stamford-headquartered firm buys
and sells all types of fuel through operations on three continents
and employs more than 500 people worldwide.

                       Alleged Scheme

The Freepoint probe is part of a larger investigation by Brazilian
authorities known as Operation Car Wash.  Begun in 2014, Car Wash
centered on contracting graft at Petrobras, formally known as
Petroleo Brasileiro SA, the report recalls.

Car Wash officially ended in February, but some remaining
investigations in advanced stages -- including that of Freepoint --
have continued, according to two people with knowledge of the
probes, the report relays.

At the center of the Freepoint investigation is an ex-Petrobras
employee named Rodrigo Berkowitz, who formerly worked as a fuel
trader for the Brazilian oil giant in Houston, the report
discloses.

In February 2019, Berkowitz agreed to plead guilty to U.S. charges
of conspiracy to commit money laundering for accepting kickbacks
from fuel trading firms doing business with Petrobras, the report
recalls.  The identities of those companies were not revealed as
part of the plea. Berkowitz, who still lives in Houston, is
awaiting sentencing, the report notes.

He is now collaborating with U.S. and Brazilian authorities in
ongoing investigations into the commodities trading industry,
according to his lawyer Jorge Camara, who declined further
comment.

Berkowitz described the alleged Freepoint kickback scheme in the
presence of both U.S. and Brazilian investigators in December 2019,
according to court filings summarizing his testimony that were
submitted by Brazilian police in March 2020 and October 2020 to the
judge overseeing the probe, the report says.

Petrobras, the world's seventh-largest oil producer, routinely
auctions large shipments of various fuels to ensure it gets the
best price possible for its products, the report notes.  According
to Berkowitz's testimony, the former fuel trader tipped off
Freepoint about the amounts competitors bid in those auctions, the
report relays.  That knowledge allowed Freepoint to edge out
competitors, while still allowing Freepoint to pay less than it
otherwise might have bid, Berkowitz added.

In exchange for that information, according to Berkowitz's plea
bargain testimony and invoices obtained by Brazilian police and
seen by Reuters, the fuel trader received bribes from Freepoint
through a middleman - a businessman named Eduardo Innecco.  Innecco
performed consulting work for Freepoint from roughly 2012 until
late 2018, when he abruptly left South America over concerns that
investigators were closing in, Brazilian police allege in the court
filings reviewed by Reuters.

Innecco, through a representative, declined to comment.  He has not
been charged with a crime. Innecco currently resides in southern
Europe, the representative said.

Freepoint allegedly compensated Innecco with commissions that were
inflated to cover the cost of the bribes, according to Berkowitz's
testimony, bank records obtained by police and seen by Reuters, and
the people familiar with the investigation.  Innecco, in turn,
passed those kickbacks to Petrobras employees, including Berkowitz,
according to the people and documents, the report discloses.
Freepoint funneled nearly $500,000 in bribes through Innecco
between August 2017 and November 2018 alone, Berkowitz said in his
testimony, the report says.

Innecco's principal contact at Freepoint was Glenn Oztemel,
according to hundreds of WhatsApp messages exchanged between the
men obtained by police and seen by Reuters.  According to publicly
listed business intelligence platform ZoomInfo, Oztemel held the
title of Fuel Oil Book Head for Freepoint's U.S. operations, the
report relays.

Oztemel didn't respond to multiple requests for comment. Freepoint
said Oztemel retired in late 2020. He has not been charged with a
crime.

He and Peck, head of Freepoint's global oil business, knew of the
illicit nature of Innecco's dealings with Petrobras, Brazilian
police allege in the court filings, the report notes.

In WhatsApp messages exchanged between the three men obtained by
law enforcement and viewed by Reuters, Innecco frequently told
Oztemel and Peck precise details of competitors' bids on Petrobras
fuel and said the information came from Berkowitz, the report
relates.

According to Berkowitz's testimony, he met with Peck and Innecco in
London in February 2015 to pass sensitive commercial information
about Petrobras' fuel business to Peck, the report notes.

                            The Downfall

Those involved in the suspected Freepoint scam were aware of the
risks they were taking as the Car Wash dragnet widened, police
allege, the report notes.

On Sept. 1, 2018, Innecco sent a WhatsApp message to Berkowitz,
suggesting the fuel trader transfer his wealth offshore to shield
it from authorities in the event their scheme was discovered,
according to Berkowitz's testimony and a copy of the message
reviewed by Reuters.

Innecco later expressed contrition for stoking panic.

"I want to apologize for perhaps for going too far with my
suggestions about how to proceed in case things get complicated,"
Innecco wrote to Berkowitz via WhatsApp on Sept. 11, 2018. "It's
just that I got very worried."

Three months later, on Dec. 5, 2018, Brazilian authorities issued
an arrest warrant for Berkowitz for accepting bribes from commodity
trading firms, the report relates.  He would plead guilty to
parallel charges in the United States in February 2019.  Freepoint
was not mentioned by Brazilian authorities in that warrant or by
U.S. authorities in Berkowitz's plea agreement, the report relays.

On Dec. 6, 2018, Innecco flew from his home in Uruguay to Madrid,
according to travel records obtained by Brazilian police and seen
by Reuters.

No arrest warrant was issued for Innecco.  Still, Brazilian
investigators believe he fled out of fear that his arrest was
imminent, according to filings they submitted in October 2020 to
the federal judge overseeing the Freepoint investigation, the
report discloses.

Police allege Innecco dispatched an associate to purchase him a
burner phone, made hurried arrangements to sell his real estate
holdings in Uruguay, and applied for Italian passports for himself
and his family, the report notes.  Brazilian authorities now
consider him a fugitive, the filings show.

Headquartered in Rio de Janeiro, State of Rio de Janeiro, Brazil,
Petroleo Brasileiro S.A. - Petrobras explores for and produces oil
and natural gas.  As reported in the Troubled Company
Reporter-Latin America on  April 6, 2021, Egan-Jones Ratings
Company, on March 22, 2021, maintained its 'B-' foreign currency
and local currency senior unsecured ratings on debt issued by
Petroleo Brasileiro S.A.  EJR also maintained its 'B' rating on
commercial paper issued by the Company.




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C A Y M A N   I S L A N D S
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EAGLE HOSPITALITY: Court Rules Foreign Units Can Stay in Chap. 11
-----------------------------------------------------------------
Law360 reports that a Delaware bankruptcy judge denied
Bank of America's bid to dismiss the Chapter 11 cases of Eagle
Hospitality's Singapore real estate investment trust, finding it
was eligible to file for bankruptcy under Singapore law.  In his
opinion, U.S. Bankruptcy Judge Christopher Sontchi said EHT's
expert witness had persuaded him that the Singapore trust was an
entity capable of filing for bankruptcy and that the Singapore
courts had granted the REIT trustee the authority to do so.

                      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.




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

DOMINICAN REPUBLIC: World Bank OKs US$43.5M Loan for Water Projects
-------------------------------------------------------------------
Dominican Today reports that the World Bank has approved a loan of
US$43.5 million to expand and improve the drinking water and
sanitation service in the municipalities of Moca and Gaspar
Hernandez of the Espaillat province (north), particularly in the
most vulnerable areas.

"The Dominican Republic made the water sector one of the pillars to
rebuild better after the COVID-19 pandemic," said Alexandria
Valerio, World Bank representative in the Dominican Republic,
according to Dominican Today.

In a statement, Valerio said the project will provide access to
wastewater treatment service to 90,000 people and new sewerage
connections to 47,000 people, "it will also allow 105,000 people to
access an uninterrupted and affordable drinking water service,
12,700 of which will have a water connection for the first time,"
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
=============

JAMAICA: Production Costs Increase in April
-------------------------------------------
RJR News reports that it cost more for players in Jamaica in
various industries to produce goods for April.

In the latest Producer Price Index, the Statistical Institute of
Jamaica said output prices for the manufacturing sector went up by
half a per cent, according to RJR News.

The cost for production outputs for the mining and quarrying sector
went up by 4.6 per cent, the report notes.
  
The increase for the mining and quarrying industry was bouyed
mainly by an uptick in the cost for bauxite mining & alumina
processing, while an increase in the index 'food, beverages &
tobacco', as well as 'chemicals and chemical products', impacted
the manufacturing index, the report adds.

                      About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

As reported in the Troubled Company Reporter-Latin America in March
2021, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+', with a stable
outlook. Standard & Poor's credit rating for Jamaica stands at B+
with negative outlook (April 2020). Moody's credit rating for
Jamaica was last set at B2 with stable outlook (December 2019).  

According to Fitch, Jamaica 'B+' rating is supported by World Bank
Governance Indicators that are substantially stronger than the 'B'
and 'BB' medians, a favorable business climate according to the
World Bank Doing Business Survey, moderate inflation and moderate
commodity dependence. These strengths are balanced by vulnerability
to external shocks, a high public debt level and a debt composition
that makes the sovereign vulnerable to exchange rate fluctuations.

The Stable Outlook is supported by Fitch's expectation that the
public debt level will return to a firm downward path
post-pandemic, which is underpinned by political consensus to
maintain a high primary surplus, the resilience of external
finances, and stronger economic policy institutions.




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M E X I C O
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CEMEX SAB: Fitch Assigns B Rating on Perpetual Subordinated Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to the benchmark sized
perpetual subordinated notes of CEMEX, S.A.B. de C.V. (BB-/Stable).
The proposed notes qualify for 50% equity credit. Proceeds from the
issuance will be used to pay USD441 million of perpetual
securities, which currently do not receive equity credit, and the
remainder for general corporate purposes including other debt
repayment.

The proposed securities meet Fitch's criteria with regards 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 and therefore qualify
for 50% equity credit. The proposed issuance is rated two notches
below CEMEX's Issuer Default Rating (IDR) to reflect higher loss
severity and heightened risk of non-performance relative to senior
obligations. This approach is in accordance with Fitch's
Non-financial Corporates Hybrids Treatment and Notching Criteria.

KEY RATING DRIVERS

Equity Treatment Rationale: The hybrid notes are expected to be
subordinated and rank senior only to CEMEX's share capital, coupon
payments can be deferred at the discretion of the issuer, and there
are limited events of default and absence of material covenants and
look back provisions. Coupon payment deferrals are cumulative, and
the company will be obliged to make a mandatory settlement of
deferred interest payments under certain circumstances, including a
declaration or payment of a cash dividend.

Effective Maturity: The notes have no formal maturity date, and the
issuer has a call option to redeem them after five years of the
issue date. There will be a coupon step-up of 25bp after 5.25 years
(the initial step up date) and additional step-up of 75bp after 15
years (the second step up date). The second step up date will be
pushed back five years if CEMEX is assigned an investment-grade
rating. The first call date and the coupon step-up date are not
treated as effective maturity dates under Fitch's criteria due to
the cumulative amount of the step-ups being lower than or equal to
1% throughout the life of the instruments.

Limited Effect on Credit Metrics: The effect on CEMEX's credit
metrics will not be material. Net leverage should decline by
approximately 0.2x after including the 50% equity credit, based on
Fitch's estimates. Coverage metrics will be slightly weaker as 100%
of the proposed subordinated debt coupon payments, which should be
higher compared with that of senior debt, will be included in
Fitch's cash flow forecasts.

Mexican Market Remains Key: Cement consumption is rising at a pace
of 5% per year in Mexico. This growth rate follows a strong year in
2020 in which home improvement boosted demand shortly after the
beginning of the pandemic, as consumers remodeled their homes,
overcompensating for weak formal construction. However, as homes
get upgraded, consumers will likely shift focus to other spending,
making a rise in investment and business confidence necessary to
sustain demand.

U.S. Market Growing Modestly: Strong residential demand has a been
a supportive driver of cement demand and longer-term demand drivers
remain favorable. Housing starts will increase slightly this year,
with single-family housing starts growing mid-single digits. Cement
demand in the U.S. should face modest pressure in 2021 due to the
steep contraction in commercial and industrial construction starts
during 2020 and in 1Q21. However, recovering economic growth should
support increasing investment toward 2023. Highway and street
spending is forecast to grow modestly.

EBITDA Should Strengthen: CEMEX's cash flow was weak prior to the
pandemic, with EBITDA declining to USD2.0 billion in 2019 from
around USD2.5 billion in both 2017 and 2018. Steep volume declines
in Mexico accounted for about USD250 million of this drop. EBITDA
increased to USD2.1 billion in 2020 as consumers spent more time at
home boosting home improvement and residential construction in
several of CEMEX's markets. This trend has continued in 2021
leading to expectations of EBITDA of USD2.6 billion for this year.

Positive FCF: CEMEX managed to generate positive FCF of USD674
million in 2020 compared with USD71 million in 2019, mainly through
capex reduction, foregone dividends and higher EBITDA cash
conversion. FCF is forecast at around USD500 million in 2021 as
capex normalizes. The company increased its stake in indirect
subsidiary CEMEX Latam Holdings S.A. to 93% from 73% during 2020
for approximately USD100 million. This subsidiary generated USD175
million of EBITDA in 2020.

Leverage Should Decline: CEMEX's net debt is projected to decline
to USD8.3 billion in 2021 from USD9.4 billion in 2020 mainly driven
by the sale of carbon credits for approximately USD600 million, FCF
and the notes' equity credit. Gross debt reduction of a similar
magnitude is forecast this year. Lower net debt combined with
forecast EBITDA growth should result in leverage declining below
3.5x in 2021 from 4.5x in 2020. Debt reduction in line with these
expectations, combined with prospects of stable or growing EBITDA
in subsequent years would likely result in an upgrade.

Strong Business Position: CEMEX is one of the world's largest
cement producers, selling 63.8 million metric tons of cement during
2020. The company is the leading cement producer in Mexico and one
of the top producers in the U.S. CEMEX also has a large global
presence in ready-mix and aggregates, with 2020 sales of 47 million
cubic meters of ready-mix and 132.8 million metric tons of
aggregates. CEMEX's main geographic markets, in terms of EBITDA,
include Mexico at 35%, the U.S. at 28%, Europe at 14%, Central and
South America at 14%, and Asia, the Middle East and Africa at 9%.

DERIVATION SUMMARY

CEMEX's ratings reflect its diversified business position across
several large markets, notably Mexico, the U.S. and some European
countries; its vertical integration and economies of scale; and
positive FCF generation. The company is the leading cement producer
in Mexico and one of the top producers in the U.S. and the largest
in Spain.

CEMEX's closest peers are large global cement producers, such as
LafargeHolcim Ltd (BBB/Stable), which CEMEX competes with in
several markets. LafargeHolcim has broader geographic
diversification, with operations spanning Europe at 25% of EBITDA,
North America at 25%, the Middle East and Africa at 12%, Latin
America at 16% and Asia at 27%. Latin America is CEMEX's largest
region, representing about 50% of EBITDA, of which about 35% is
generated in Mexico. The U.S. represented about 30% of CEMEX's
EBITDA, with the remainder from Europe at about 15% and, to a
lesser extent, Israel and the Philippines.

CEMEX's broader geographic diversification and larger scale compare
well with regional building materials companies, such as Martin
Marietta Materials, Inc. (BBB/Stable) and cement producers
Votorantim Cimentos S.A. (VCSA; BBB-/Stable) and InterCement
Participacoes S.A. (CCC).

VCSA, which has a dominant position in Brazil and operations in the
U.S., Canada and throughout the world, is not a direct peer, as the
rating is tied to Votorantim S.A. (BBB-/Stable), which includes
mining, utilities and financial services subsidiaries. Martin
Marrietta is focused in the U.S. and the Caribbean. InterCement's
portfolio is weighted heavily toward volatile emerging market
countries, such as Brazil, Argentina and Mozambique, which creates
cash flow uncertainty and higher exposure to foreign currency risk,
when compared with CEMEX.

From a financial perspective, CEMEX's ratings reflect its weaker
credit metrics when compared with higher rated global peers. CEMEX
net debt/EBITDA ratio was 4.5x in 2020 compared with LafargeHolcim
at 2.2x and Votorantim below 2.0x. CEMEX's global scale, business
position and funding access are all positive factors, as is the
company's record of reducing debt. CEMEX's FFO interest coverage
was 2.7x in 2020, which is quite low for a 'BB' category building
materials issuer. However, coverage is projected to rise in 2021
and beyond.

KEY ASSUMPTIONS

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

-- Mexican cement sales volumes rise mid-single digits in 2021
    and contract low-single digits in 2022;

-- U.S. cement sales volumes rise by low-single digits in 2021
    and 2022;

-- Capex of about USD1.3 billion in 2021 in line with management
    guidance and a similar level in 2022;

-- An exchange rate of the Mexican peso to the U.S. dollar at
    around MXN20/USD1 or lower.

RATING SENSITIVITIES

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

-- Net debt/EBITDA sustainably below 4.0x;

-- Continued growth in the U.S. market coupled with sustained
    cash flows in Mexico and rebound in other key markets leading
    to more stable cash flow generation;

-- A strengthening of CEMEX's business position in markets
    outside Mexico that leads to expectations of higher operating
    cash flow generation;

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

-- A weakening of operating cash flow and FCF expectations so
    that net debt/EBITDA is forecast above 5.0x;

-- Expectations of a pronounced deterioration of Mexico's
    economic environment that weakens EBITDA prospects.

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

Sound Liquidity: CEMEX's liquidity is solid. The company does not
face meaningful maturities until 2024 when approximately USD1.5
billion of debt is due. In addition to USD1.3 billion of cash,
CEMEX had undrawn committed credit facilities for USD1.1 billion
with a 2025 maturity as of 1Q21, which further support its
liquidity. The company should be able to generate USD500 million in
positive FCF. CEMEX issued USD1.75 billion in 10-year notes during
January 2021 and used the proceeds to refinance notes maturing 2025
and 2026 for a similar combined amount.

ESG CONSIDERATIONS

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




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

ENA NORTE TRUST: Fitch Assigns BB- Rating on USD600MM Notes
-----------------------------------------------------------
Fitch Ratings has affirmed the long-term rating on ENA Norte
Trust's (ENA Norte) USD600 million notes at 'BB-' and the national
long term rating at 'A(pan)'. The Rating Outlook is Negative. The
Standalone Credit Profile (SCP) is assessed at 'b+'.

RATING RATIONALE

ENA Norte's ratings reflect a strong and mature asset with a long
operational track record. The project has the contractual ability
to adjust tolls according to inflation. However, given tolls have
not been increased since the issuance of the notes, Fitch continues
to assume that tolls will remain unchanged over the life of the
notes. ENA Norte's debt structure is robust as the totality of the
toll revenue is dedicated to cover operational and financial
obligations and has allowed for the project's gradual deleverage.

Under Fitch's Rating Case, minimum LLCR is 0.9x in 2028, which
indicates the debt is not fully repaid at maturity, although the
projected unpaid amount is negligible. This metric level is deemed
weak with respect to indicative levels provided by Fitch's
applicable criteria for the SCP rating category. The government's
ability to implement credit protection measures and the ability
refinance the debt in the medium term supports the current rating.

ENA Norte's SCP continues to be the primary driver of the ratings,
according to Fitch's Government-Related Entity criteria (GRE),
which factors Fitch's moderate assessments for both the strength of
the link between the Panamanian government and the project, and the
perceived incentive of government support when needed. ENA Norte's
rating of 'BB-' reflects a one-notch uplift from its SCP of 'b+',
which is four notches away from the Panamanian sovereign
(BBB-/Negative).

The Negative Outlook continues to reflect concerns about the
possibility of a lengthier recovery to pre-pandemic traffic levels
not only because of the pandemic but also of the increased
competition from free alternative routes and means of
transportation, which could be exacerbated by a sluggish economic
environment in the country, brought up by the coronavirus
pandemic.

The national scale rating of 'A(pan)' with a Negative Rating
Outlook reflects ENA Norte's credit quality relative to other rated
issuers and issuances within Panama.

KEY RATING DRIVERS

Limited Volume Risk - Revenue Risk (Volume): Midrange

The corridor represents a critical link for commuters and
commercial traffic in the city of Panama, with a long track record
of traffic. Given the recent infrastructure changes in the city,
the assets face competition from free alternatives and other
transportation modes.

Fixed Toll Rates - Revenue Risk (Price): Weaker

The concessionaire is entitled to annually adjust toll rates at
inflationary levels, but toll rates have not been increased by
inflation and are not expected to be updated in the medium term.
Toll rates are structurally protected with a covenant that
prohibits toll rate reductions if the debt service coverage ratio
(DSCR) does not meet a minimum threshold.

Suitable Infrastructure Plan - Infrastructure Development and
Renewal: Midrange

Sound contractual requirements to fund capex costs are in place for
the corridor. According to the independent engineer, the physical
condition of the corridor is not at its best and requires immediate
major maintenance. The concessionaire already has short- and
medium-term maintenance plans in place to perform the work required
in certain sections of the corridors. The capital investment
program is internally funded.

Conservative Debt Structure - Debt Structure: Stronger

ENA Norte Trust's debt structure has fixed interest rate, is flow
zero and has a six-month debt service reserve account for interest
payments.

Financial Summary

Under Fitch's rating case, ENA Norte's minimum LLCR in the rating
case is 0.9x and is weak according to the applicable criteria for
the SCP rating. Debt is not repaid at its maturity in 2028.

PEER GROUP

ENA Norte is comparable with Autopistas del Sol (AdS; B/Negative).
Both projects provide critical connectivity within their respective
areas and are subject to increasing competition from free
alternatives. Apart from Price Risk, which Fitch assesses as Weaker
for ENA Norte, the projects share Midrange assessments for the rest
of the key rating drivers. AdS's average DSCR is higher at 1.1x, in
line with Fitch's applicable criteria for the assigned rating,
while ENA Norte's rating are supported by the government's ability
to implement credit protection measures and the ability refinance
the debt in the medium term.

RATING SENSITIVITIES

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

-- Given the uncertain future path of traffic recovery, an
    Upgrade is unlikely in the short term;

-- The Outlook may stabilize following a stabilization of the
    Panama's sovereign Outlook rating along with sustained signals
    of a traffic recovery in line with Fitch's rating case
    expectations.

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

-- Traffic performance worse than Fitch's severe downside case
    projection in a sustained basis;

-- The use of available liquidity to face operating and financial
    obligations in a continued basis;

-- Multi-notch downgrade on Panama's sovereign rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

CREDIT UPDATE

ENA Norte's actual AADT reached 90,456 vehicles in 2020, which
represented a decline of 45.4% from 2019, due to the measures
applied by the Panamanian government to contain the coronavirus
pandemic since March 2020. Actual traffic level was close to
Fitch's base case expectations of a decline of 43%. Toll revenues
also decreased 43.1%, in line with traffic performance reaching
USD47.1 million, and also close to Fitch's rating case projection
of USD46.6 million.

A quarantine in Panama was imposed with a night curfew for all
Panamanian residents, while a gradual re-opening of the economy has
taken place since June, and all mobility restrictions were lifted
on Oct. 12, 2020, including the opening of national and
international borders. The latter reflected in a traffic recovery
of the corridor in the fourth quarter of 2020, at an average of 66%
compared with the same period of 2019.

Beginning on Dec. 23, 2020, until the end of January 2021, the
national government imposed new mobility restrictions in Panama,
including a night curfew from Monday to Friday and total quarantine
on weekends in Panama and Panama West provinces. There's been a
gradual reopening from Feb. 1 subject to analysis of the epidemic
situation, which resulted in a traffic decline of 38% in the first
quarter of 2021 compared to 2019, while Fitch expected a decline of
15%. Toll revenues during the first quarter of 2021 reached USD13.4
million and were also below Fitch's rating case projection of
USD18.4 million.

Total outflows in 2020 reached USD17 million and were below
expected (USD22 million), mainly because of lower income taxes. The
latter resulted in an actual debt service coverage ratio (DSCR),
that only considers interest payments of 1.8x. Debt prepayments in
2020 were USD19.6 million, while Fitch expected USD11.3 million,
due to lower cash outflows.

FINANCIAL ANALYSIS

At present, Fitch is not differentiating between its base and
rating case assumptions, given the level of uncertainty about
future traffic performance. Fitch has revised several assumptions
under its rating case as to reflect the actual status of the
project. Regarding traffic, assumption for 2021 now is a recovery
for the remaining of the year, with respect to the equivalent
period in 2019, as follows: 70% in the second quarter, 75% in the
third quarter and 80% in the fourth quarter. As a result, this
scenario assumes traffic in 2021 will reach 72% of the levels
observed in 2019. Traffic is assumed to recover in 2022 and 2023 at
85% and 95% of the 2019 level, respectively. In 2024, Fitch assumes
traffic will achieve full recovery to 2019 levels, followed by a
traffic compounded annual growth rate (CAGR) of 2.0%. Toll rates
are assumed to remain fixed for the term of the debt.

Inflation was projected at 1.0% every year. Operating expenses
(opex) were adjusted to assume a gradual increase from its actual
level in 2020 of USD9.7 million, to reach around USD13 million in
2024. The latter is the closest level to the amount observed in
2019 in a real basis (year in which a full traffic recovery is
expected), plus a stress of 7.5%. From 2025 onwards, opex was
adjusted by inflation plus 7.5% for every year. Major maintenance
expenses were also increased by inflation plus 7.5% above the
concessionaire's budget every year.

Under this scenario, LLCR is 0.9x and debt is not paid at maturity,
with a remaining 1% balance of the original debt amount in 2028.

Fitch also ran a severe downside case scenario, which assumed an
extended traffic recovery compared with the rating case. It
reflects a quarterly recovery for the remaining of the year, with
respect to the equivalent period in 2019, as follows: 60% in the
second and third quarter, and 65% in the fourth quarter. As a
result, this scenario assumes traffic in 2021 will reach 62% of the
2019 levels observed. Then, traffic was assumed to recover in 2022,
2023 and 2024 at 75%, 85% and 95% of 2019 levels, respectively. In
2025, Fitch assumes traffic will recover to 2019 levels, followed
by a traffic CAGR of 2.0%. The rest of the variables remain as in
the rating case.

Under this scenario, minimum LLCR decreases to 0.3x and debt is not
paid at maturity, with a remaining 8% balance of the original
amount in 2028. No further negative rating action is anticipated if
future actual performance approaches this scenario. The GRE rating
would remain at the same level due to the current bottom-up
approach of allowing up to three notches from the SCPs and a cap of
Panama's rating minus three notches.

SECURITY

The Panama-Madden Segment (corridor Norte) is a 13.5-kilometer
(8.4-mile) toll road that intersects Phase I on the eastern end and
runs northwest, connecting to the Interstate Colon Highway. ENA
Norte operates the toll road concession of Corridor Norte and has
no other significant commercial activities. ENA Norte is a
subsidiary of Empresa Nacional de Autopista S.A. (ENA). ENA is an
entity wholly owned by the government of Panama, with the purpose
of acquiring companies that have been granted concessions for the
construction, maintenance and operation of toll roads.

ESG CONSIDERATIONS

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




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

MC TOURS: Seeks to Hire MRO Attorneys at Law as Legal Counsel
-------------------------------------------------------------
MC Tours Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire MRO Attorneys at Law, LLC to handle
its Chapter 11 case.

Myrna Ruiz-Olmo, Esq., the firm's attorney who will work primarily
in the case, will be paid at her hourly rate of $300 and will be
reimbursed for work-related expenses incurred.

The firm receive a retainer in the amount of $10,0000.

Ms. Ruiz-Olmo disclosed in a court filing that she is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Myrna L. Ruiz-Olmo, Esq.
     MRO Attorneys at Law LLC
     PO Box 367819
     San Juan, PR 00936-7819
     Tel. 787-404-2204
     Email: mro@prbankruptcy.com

                        About MC Tours Inc.

Toa Baja, P.R.-based MC Tours Inc. filed its voluntary petition
for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case
No. 21-01609) on May 24, 2021. At the time of the filing, the
Debtor disclosed $591,707 in assets and $1,482,592 in liabilities.
Myrna L. Ruiz Olmo, Esq., at MRO Attorneys at Law LLC, represents
the Debtor as legal counsel.




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

CL FINANCIAL: CLICO Remains Profitable
--------------------------------------
Anthony Wilson at Trinidad Express reports that more than 12 years
after its collapse in early 2009, insurance company CLICO remains a
profitable enterprise, generating an after-tax profit of $119.23
million for its 2020 financial year, down by 3.6 per cent from the
$123.69 million the company recorded in 2019.

CLICO stopped writing new business with limited exceptions on
September 1, 2014, following "advice" from the Central Bank, which
had taken control of the insurance company on February 13, 2009,
according to Trinidad Express.

The cessation of new business resulted in the company's net
insurance premium being stuck at $210 million in 2020, the report
relays.  That resulted in CLICO reporting negative results from
insurance activities of $145.41 million for 2020, compared with
negative $178.73 million for 2019, the report discloses.

The insurer's results were boosted by its $118.05 million net
results from investing activities, compared with $223.45 million in
2019, the report recalls.

While CLICO recorded an operating loss before taxation of $214.54
million in 2020, that loss became an after-tax profit of $119.23
million as a result of profits from the sale of assets of $316.15
million, the report notes.

In its audited financial statement for 2020, which was posted on
CLICO's website, the insurance company showed positive net worth of
$3.23 billion, with its assets totaling $13.55 billion and its
liabilities $10.31 billion, the report relays.

Included on its balance sheet, CLICO has $7.30 billion in assets
held for sale and $7.72 billion in "liabilities directly associated
with assets held for sale," the report notes.

Those assets and liabilities relate to the sale and purchase
agreement CLICO executed with the preferred bidder Sagicor Life Inc
on September 30, 2019, the report recalls.  Sagicor was chosen by
the Central Bank following a bidding process for the sale and
transfer of CLICO's traditional insurance portfolio, as well as the
traditional portfolio of British American Trinidad, the report
relays.

Maritime Life (Caribbean), which was involved in the bidding
process but was not chosen as the preferred bidder, is challenging
the selection process that resulted in Sagicor Life being chosen as
the preferred bidder, the report relates.

Maritime received a draft order of the High Court in April 2020,
granting the insurance company leave to file a claim for judicial
review as well as an interim injunction stopping the Central Bank
from transferring the insurance portfolios to Sagicor pending the
hearing and final determination of the matter, according to Note 1
of CLICO's financial statement, the report says.

In May 2020, the Central Bank appealed the Court's decision to
grant Maritime leave for judicial review, the report relays.  The
Court granted the interim injunction in July 2020, the report
notes.  The Central Bank appealed the court order granting leave
for Maritime to file for judicial review, the report notes.  On
February 17, 2021, the Court of Appeal dismissed the Central Bank's
appeal by a two to one margin, the report discloses.

"The Central Bank has taken steps to appeal this decision," Note 1
indicates.

                          Going Concern

Although CLICO has been operating under the Central Bank's control
since February 2009, its 2020 financial statement makes it clear
that the company is still a going concern, which is an accounting
term that means CLICO has the resources needed to continue in
business for the foreseeable future, the report relays.

In Note 1 of the 2020 financial statement, the insurance company
states: "CLICO continues to be cash flow positive and profitable on
an operating recurring basis (after removing non-recurring and
non-operating items) from its existing insurance policies and
portfolio of investments, the report says.

Due to the nature of the policies historically underwritten, CLICO
continues to achieve a high degree of matching between its valuable
assets and its insurance and investment contract liabilities, the
report discloses.

"Further, as detailed in Note 21, the Company has the ability to
exercise its discretion in repaying its debt security obligations
and has the ability to be able to meet all of its obligations as
they fall due.

"Given that the Company has the ability to continue as a going
concern and has no plans to cease operations despite the run-off of
its ongoing policies in the next 18 months, the directors have
concluded that the financial statements should be prepared on a
going concern basis.

"The financial statements for December 31, 2020 were approved for
issue on May 20, 2021, by the board of directors of the company,"
the report relays.

CLICO was also deemed to be a going concern in 2017, 2018 and
2019.

From 2013 to 2015, CLICO's accounts were not prepared on a
going-concern basis because of plans to sell the traditional
insurance portfolio and the cessation of new business, a company
source told Business Sunday, the report notes.

The accounts were prepared on a going concern basis between 2009
and 2012.

                       Government's Bailout

News of CLICO's collapse was officially disclosed at the press
conference at the Central Bank on January 30, 2009, the report
recalls.  But the Central Bank assumed control of CLICO, effective
February 13, 2009, under the emergency powers available to the
regulator of financial institutions set out at section 44 D of the
Central Bank Act, the report discloses.

In September 2009, the Government injected $5 billion in additional
capital into CLICO. Government acquired 49 per cent of the
insurance company's $14.75 million in share capital and created a
new class of preference shares for the insurer that had a face
value of $4.99 billion, the report relays.  CL Financial, CLICO's
parent, still "owns" 51 per cent of the insurance company, the
report notes.

On September 20, 2011, section 44 E of the Central Bank Act was
amended to provide a stay of all legal proceedings against CLICO,
the report relates.  A new section 44E(7) was added to the Central
Bank Act, which requires the Central Bank to report quarterly to
the High Court and the Parliament on the progress of proposals to
restructure CLICO, the report says.

As at December 31, 2020, the Central Bank has sent 37 quarterly
reports to the High Court and the Parliament.

The report notes that the Central Bank's 37th report to the High
Court and Parliament indicates that apart from the acquisition of
$5 billion in CLICO's share capital, the Government also bailed out
26,805 individual CLICO policyholders and 172 credit unions and
trade unions to the tune of $12.49 billion:

* Some 11,126 holders of what became known as STIPs (Short-Term
Investment Products) with investments less than $75,000 received
$335.6 million;

* Some 637 STIP holders, who applied under the Compassionate Relief
Programme for cash payments up to $250,000, received a total of
$128.4 million.

* Some 15,042 STIP holders who had investments over $75,000
received a total of $11.3 billion with the first $75,000 being paid
in cash and the balance being paid in equal instalments by 20 year
zero coupon bonds. Half of the zero-coupon bonds were available to
be converted into units in the CLICO Investment Fund.

* Some 172 credit unions and trade unions received a total of
$732.4 million.

The 37th report of the Central Bank to the High Court and
Parliament also indicates: "Of the approximately $18 billion
(inclusive of preference interest due) provided by the Government
in respect of CLICO, some $16.16 billion has been repaid by CLICO,
leaving a balance of $2.07 billion as at November 30, 2020."

The document also states: "As at November 30, 2020, the remaining
interest on the ($4.99 billion) preference shares amounted to
approximately $8.6 million," the report adds.

                    About CL Financial/CLICO

CL Financial was one of the largest privately held conglomerate in
Trinidad and Tobago. It was originally founded as an insurance
company and has since expanded to be the holding company for a
diverse group of companies and subsidiaries.

CL Financial is the parent company of Colonial Life Insurance
Company (Trinidad) Limited (Clico).  CLICO is now the Company's
insurance division.

CL Financial however experienced a liquidity crisis in 2009 that
resulted in a "bail out" agreement by which the government of
Trinidad and Tobago loaned the company funds ($7.3 billion as of
December 2010) to maintain its ability to operate, and obtained a
majority of seats on the company's board of directors.

The companies to be bailed out were: CL Financial Ltd (CLF);
Colonial Life Insurance Company Ltd (CLICO); Caribbean Money Market
Brokers Ltd (CMMB); Clico Investment Bank (CIB) and British
American Insurance Company (Trinidad) Ltd (BAICO).

As reported in the Troubled Company Reporter-Latin America in July
2017, CL Financial Limited shareholders vowed to pay back a TT$15
billion (US$2.2 billion) debt to the Trinidad Government.




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

[*] Political Risk Haunts LatAm Investors as Peru Election Nears
----------------------------------------------------------------
Rodrigo Campos at Reuters report that Peru's closely watched
presidential election race between two polarized candidates is the
latest in a string of political risk events haunting investors in
Latin America, a region struggling to keep up with its global peers
despite a commodities boom.

Latin America was engulfed in social unrest before the COVID-19
pandemic hit, according to Reuters.  Now a string of elections that
continues into 2022, protests in Colombia and upheaval over Chile's
constitution have investors bracing for a new wave of uncertainty
over policy making, the report notes.

On top of that, the coronavirus is still ravaging the region, with
Argentina, Colombia, Brazil and Chile recording far more confirmed
cases per million people than India, the report relays.

"The market, and investors in general, are very nervous about Latin
America," said Ricardo Adrogue, head of the global sovereign debt
and currencies group at Barings.

"Latin America is at a very difficult juncture. It is having
elections at a time when (COVID-19) has been so painful, so deadly
and so widespread in so many countries in the region, which makes
for a potential change in economic and policy direction," the
report discloses.

Latin America's economy shrank 7% last year, the sharpest
contraction of all emerging regions, according to the International
Monetary Fund, the report relays.

Rising global inflation pressures and yields hit the region
disproportionately with hard-currency and local bonds (.JGEGDLA)
lagging in 2021 and many of its currencies underperforming, the
report relays.

Booming commodity prices failed to provide much relief in a region
dominated by resource exporters, the report notes.  This year's
4.7% growth forecast hinges on the recovery staying on track
despite sluggish vaccination progress, the report discloses.

"Heightened political volatility has taken the shine off a lot of
the positive things with respect to the commodity price impact on
the region," said Angus Bell at Goldman Sachs Asset Management, the
report says.

"There's obviously been news flow in Peru, there's things going on
in Chile, we're also coming into an election cycle in Brazil where
the former president is back in the picture," the report relays.

Peru's sol has been on a rollercoaster as polls show socialist
Pedro Castillo - pushing for more taxes and royalties on the mining
sector - leading right-wing Keiko Fujimori ahead of the June 6
presidential vote, the report relays.

Gustavo Petro, a former insurgent whose once closeness with late
Venezuelan President Hugo Chavez and social spending proposals
raise fiscal discipline eyebrows, leads early polling in Colombia's
presidential 2022 election, the report relates.

Former leftist President Luis Inacio Lula da Silva seems to have a
shot at unseating far-right President Jair Bolsonaro next year in
Brazil and Chile's vote this month for a constitutional assembly
dealt a blow to the governing center-right coalition ahead of
November presidential elections, the report notes.

In Ecuador, Guillermo Lasso's surprise victory in April's
presidential election marked a rare win for the right in the
current election cycle, the report discloses.

Despite a perceived default rejection to leftist politics among
market participants, the rise of left wing politics far from
equates to a negative fallout for markets, as Ecuador's President
Lenin Moreno or Mexico's Andres Manuel Lopez Obrador show, the
report relays.

But some investors are wary of sharp policy shifts putting the key
mining sector into the crosshairs, or economies going the way of
Venezuela, where a long economic downturn developed into a
humanitarian crisis, or even just Argentina, hobbled by an
inflation and debt chokehold, the report relays.

"Political cycles tend to go in waves and I think we are in the
earlier stages of a left-leaning political wave in Latin America,"
said Peter Gillespie, equities portfolio manager at Lazard Asset
Management invested mainly in Mexico, Brazil, Peru and Colombia,
the report notes.

Mexico holds mid-term elections on June 6. At stake is control of
the budget for the rest of Lopez Obrador's term, and possible
changes to the constitution if he follows through on threats to
defy courts that have hampered his objective to broaden the state's
role in the economy, the report says.

Latin American stocks lag other regions by at least 18 percentage
points since the start of 2020 as the region struggles to recover
from the crisis, the report relays.

Rising unemployment and inequality have sparked fresh unrest. In
Colombia deadly protests are in their fourth week following a push
on tax and health reforms, the report relates.

"We remember the social movements of 2019 - some countries are
seeing resurgences in 2021, reflecting circumstances that need to
be corrected in many Latin American countries," said Alejandro
Werner, IMF director for the Western Hemisphere, the report notes.

Colombia's peso, down over 8% this year versus the dollar, is among
the worst-performing currencies globally in 2021.

The fallout has been swift, with no let up in sight.

S&P Global cut Colombia's credit rating to junk with more
downgrades expected.

An S&P analysis of credit default swaps implies a two-notch
downgrade in the credit rating of Peru and Chile and a one-notch
cut in Mexico, barely keeping it in investment grade, the report
relates.

"COVID, just as it does in the human body, exposes pre existing
conditions. And there was a kind of erosion in the faith of the
ability of democracy to deliver in an increasing number of
countries across the region," said Dan Restrepo, senior fellow at
the Center for American Progress, the report relays.

"We're in for some rocky times politically and as a result
economically in a number of these countries in the region," 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

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