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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, July 8, 2021, Vol. 22, No. 130

                           Headlines



A R G E N T I N A

SALTA: Fitch Assigns CC Rating on $357.4MM Unsecured 2027 Notes


B A H A M A S

BAHAMAS: Central Bank to End Restrictions on Forex Outflows


B R A Z I L

SAO PAULO: Fitch Affirms 'BB-' LT IDRs, Outlook Negative
TUPY SA: S&P Alters Outlook to Positive & Affirms 'BB' ICR


C A Y M A N   I S L A N D S

VANTAGE DRILLING: Names Linda Ibrahim as Chief Accounting Officer


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Meat Traders Halt Sales Over Electricity Hike
[*] DOMINICAN REPUBLIC: Central Bank Suggests Salary Readjustment


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: NIB Contributors Fell by 112,000 Since 2015

                           - - - - -


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A R G E N T I N A
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SALTA: Fitch Assigns CC Rating on $357.4MM Unsecured 2027 Notes
---------------------------------------------------------------
Fitch Ratings has assigned the province of Salta's amended USD357.4
million senior unsecured step-up notes due in 2027 at 'CC'. The
notes were recently rated by Fitch, but the rating was withdrawn
since the notes were subject to a distressed debt exchange (DDE)
process. The notes are rated at the same level as the Salta's 'CC'
Long-Term Foreign Currency Issuer Default Rating.

KEY RATING DRIVERS

The bond is a direct, unconditional, unsubordinated and unsecured
obligation of the Province of Salta governed by the laws of the
state of New York and is denominated in U.S dollars. The notes were
authorized by Law 7931 and Decree 798 and were issued in July 7,
2016 for USD300 million and were then reopened in August of the
same year for an additional USD50 million consolidating into a
single series bond for USD350 million.

During 2020, amid the sovereign debt restructuring context and
coronavirus pandemic, the province announced its intention to
restructure its debt concerning the adverse macroeconomic and
public financial conditions faced by the country, that limited its
ability to meet its debt service. The province of Salta completed
its DDE on February 2021. The province received and accepted a
total of USD334.2 million of its USD350 million 9.125% senior
unsecured notes due 2024 or 95.51% of acceptance on its consent
solicitation to amend the notes, which was above the threshold set
in the collective action clauses (CACs) of the transaction
documents.

The main amendments to these notes included an extension to the
notes maturity (from July 7, 2024 to Dec. 1, 2027), a modification
of the amortization profile to 10 semi-annual capital installments
beginning in June 1, 2023 from an original three annual capital
payments due in July 7, 2022, 2023 and 2024 (smooth out principal
repayments throughout the life of the amended notes, with payments
in December and June), and easing of the interest rate conditions
(step-up at (i) 4% per year from settlement date to but excluding
June 1, 2021; (ii) 5% per year between June 1, 2021 to but
excluding June 1, 2022; and (iii) 8.5% thereafter) from an original
9.125% coupon. The bond's current outstanding is now at USD357.4
million considering the additional notes issued as part of the
province's agreed consent consideration payment.

The province´s rating was recently upgraded to 'CC' from 'RD' as
of March 4, 2021, reflecting the completion of the DDE on its
senior unsecured notes for USD350 million after the formalization
and operation of the respective agreements that amendments the
original terms and conditions of these debt instruments that in
Fitch's view cured the restricted default situation of the
province. Salta's rating is derived from a 'Vulnerable' Risk
profile and 'b' debt sustainability score and reflects the recent
external debt restructuring process, continued refinancing risk,
its exposure to Argentina's challenging macro and public finance
environment, sharp fiscal challenges that have deteriorated its
operating margin, and its weak liquidity metrics.

Salta has an ESG Relevance Score of '5' for Creditor Rights.
Salta's recent DDE and breach of a formal agreement, which impeded
the payment of debt service to bondholders, and Fitch's view that
access to the external market will remain curtail weigh on Salta's
ability to repay its debt obligations. This expectation has
resulted in an implicitly lower rating assignment as creditor
rights remains a key rating driver.

Salta has an ESG Relevance Score of '4' for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption
reflecting the negative impact the weak regulatory framework and
national policies of the sovereign have over Salta's rating in
conjunction with other factors.

DERIVATION SUMMARY

Salta's amended USD357.4 million senior unsecured step-up notes due
2027 are rated at the same level as the province.

RATING SENSITIVITIES

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

-- Salta's senior unsecured step-up notes due 2027 rating is
    aligned with the province´s rating and, therefore, could be
    upgraded if Salta´s rating is upgraded.

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

-- Salta's senior unsecured step-up notes due 2027 rating is
    aligned with the province's rating and, therefore, could be
    downgraded if Salta's rating is downgraded.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The bond is linked to the Province of Salta's rating.

ESG CONSIDERATIONS

Salta, Province of has an ESG Relevance Score of '5' for Creditor
Rights due to Salta's recent DDE and breach of a formal agreement,
which impeded the payment of debt service to bondholders, and
Fitch's view that access to the external market will remain curtail
weigh on Salta's ability to repay its debt obligations, which has a
negative impact on the credit profile and is highly relevant to the
rating, resulting in an implicitly lower rating.

Salta, Province of has an ESG Relevance Score of '4' for Rule of
Law, Institutional & Regulatory Quality, Control of Corruption due
to the negative impact the weak regulatory framework and national
policies of the sovereign have over Salta's rating in conjunction
with other factors, which has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.

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




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B A H A M A S
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BAHAMAS: Central Bank to End Restrictions on Forex Outflows
-----------------------------------------------------------
RJR News reports that the Central Bank of The Bahamas (CBOB) says
the restrictions placed on foreign exchange outflows at the onset
of the economic crisis caused by the coronavirus (COVID-19)
pandemic will end soon.

In a statement, the CBOB said it will revert to a maximum of US$5
million on both net long and short exposures, ending the long
Bahamian dollar open position limit on foreign exchange
transactions, which was implemented in April 2020, according to RJR
News.

It said the limit for other transactions at Tier 1 Capital
commercial banks would be fixed at five per cent, the report
notes.




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B R A Z I L
===========

SAO PAULO: Fitch Affirms 'BB-' LT IDRs, Outlook Negative
--------------------------------------------------------
Fitch Ratings has affirmed the Brazilian state of Sao Paulo's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'BB-' with a Negative Rating Outlook and its Short-Term Foreign-
and Local-Currency IDR at 'B'. The Outlook reflects that of the
sovereign. Fitch also affirmed Sao Paulo's National Long-Term
Rating at 'AA(bra)' with a Stable Outlook and National Short-Term
rating at 'F1+'.

The State of Sao Paulo's ratings reflect the combination of its
'Low Midrange' risk profile and 'bb' debt sustainability under
Fitch's rating case scenario. Sao Paulo's IDRs benefit from an
uplift from the state's SCP due to the fact that the Federal
Government is a relevant creditor of the state. As of December
2020, intergovernmental debt represented 83% of total debt.

KEY RATING DRIVERS

Risk Profile: Low Midrange

The 'Low Midrange' risk profile assessment reflects a moderately
high risk relative to international peers that the issuer´s
ability to cover debt service with the operating balance may weaken
unexpectedly over the forecast horizon (2021-2025) either because
of lower-than-expected revenue or expenditure above expectations,
or because of an unanticipated rise in liabilities or debt service
requirements.

Revenue Robustness: 'Midrange'

The Brazilian tax collection framework transfers to LRGs a large
share of the responsibility to collect taxes. Constitutional
transfers exist as a mechanism to compensate lower-income entities
and a high dependency toward transfers is considered a weak feature
for a Brazilian LRG. Transfers represent only 8.8% of the state´s
operating revenues.

Revenue Adjustability: 'Weaker'

Fitch considers Brazilian LRGs to have a low capacity level for
revenue increase in response to a downturn. There is low
affordability of additional taxation given that tax tariffs are
close to the constitutional national ceiling and a small number of
taxpayers represent a large share of tax collection.

Expenditure Sustainability: 'Midrange'

Responsibilities for states are moderately countercyclical. Sao
Paulo presents moderate control over expenditure growth, with
operating expenditure increasing at a slightly lower rate than
operating revenues in the last years. The state also has a history
of prudent pension management and does not present aggressive
off-loading of investments and borrowings.

Expenditure Adjustability: 'Weaker'

As per the Brazilian Constitution, there is low affordability of
expenditure reduction. As a result, whenever there is an
unpredictable reduction in revenues, operating expenditure does not
follow automatically. In addition, there is high share of
inflexible costs since there is more than a 90% share of mandatory
and committed expenditures. Consequently, capex represents less
than 10% of the state's total expenditures.

Liabilities and Liquidity Robustness: 'Midrange'

There is a moderate national framework for debt and liquidity
management and the federal government guarantees all U.S.
dollar-denominated debt of the state. As of December 2020, external
debt represented 10% of total debt with no significant maturity
concentration. Debt directly owed to the Federal Government
represented 83% of total debt.

Liabilities and Liquidity Flexibility: 'Midrange'

There is a framework of providing emergency liquidity support from
the federal government via the granting of extended maturity over
the prevalent federal debt portion. Moreover, Sao Paulo has
satisfactory liquidity levels: short-term financial obligations
represented less than 78% of free cash positions, as calculated by
the Brazilian national treasury (CAPAG liquidity ratio).

Debt sustainability: 'bb' category

Debt sustainability is assessed at 'bb'. Fitch´s rating case,
forward-looking scenario indicates the payback ratio (net direct
risk to operating balance) - the primary metric of debt
sustainability assessment - will reach 17.8x by 2025, which is
borderline between a 'bbb' and a 'bb' assessment. Fitch then
applies an override given debt service coverage ratio below 1.

DERIVATION SUMMARY

The State of Sao Paulo´s ratings reflect the combination of a 'Low
Midrange' risk profile and a 'bb' debt sustainability assessment
under Fitch´s rating case scenario. The state´s Standalone Credit
Profile (SCP) is 'b+' and factors in the state's comparison with
international and national peers in the same rating category. Sao
Paulo´s IDR of 'BB-' benefits from an uplift from the state´s SCP
considering the support derived from the fact that the Federal
Government is Sao Paulo´s most relevant creditor. The Negative
Outlook reflects the sovereign´s Outlook.

KEY ASSUMPTIONS

Quantitative Assumptions - Issuer Specific

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on the 2016-2020 figures and 2021-2025
projected ratios. The key assumptions for the scenario include:

-- Income tax & fees fines and other operating revenues linked to
    inflation;

-- Transfers linked to nominal GDP growth;

-- Operating expenditures also linked to inflation;

-- Long-term debt increase based on estimates of new credits.

RATING SENSITIVITIES

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

-- Positive rating action on Sao Paulo's IDR could result from an
    improvement from Sovereign's rating or an improvement of its
    SCP in conjunction with a sovereign's action of upgrade. An
    increase in SCP should derive from improvement in operating
    balance, with payback ratio lower than 13x and actual DSCR
    higher than 1.5x.

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

-- Sao Paulo's Long-Term IDRs could be downgraded if its enhanced
    payback ratio deteriorates on a sustained basis in Fitch's
    rating case scenario to higher than 9x, combined with a debt
    service coverage ratio below 1.5. This could happen if its
    operating balance deteriorates significantly or turns
    negative.

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.

ISSUER PROFILE

State of Sao Paulo, Brazil, is classified by Fitch as a Type B LRG,
which is required to cover debt service from cash flow on an annual
basis. Sao Paulo is the most populous Brazilian state with
approximately 45 million people. Its revenue sources are mostly
based on taxation with a low dependence on federal transfers and ad
hoc sources. Sao Paulo has the right to borrow on the domestic
market and externally, subject to national government approval.

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.


TUPY SA: S&P Alters Outlook to Positive & Affirms 'BB' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on Brazil-based auto
supplier Tupy S.A. to positive from stable and affirmed its 'BB'
issuer credit and issue-level ratings. S&P also affirmed its
national scale rating at 'brAAA' and kept the recovery rating of
'3' (65%) unchanged.

The positive outlook on the global scale ratings indicates a
possible upgrade in the next 12-18 months if the company is
successful in the integration of the assets, increasing the scale
and profitability of the acquired operations, allowing to maintain
gross leverage at about 2.0x.

The final transaction has a more limited scope than the original
terms announced in December 2019, following adverse reviews by the
U.S. antitrust authorities related to the Mexican operations. The
company then decided to reduce the scope, also leaving Teksid's
operations in Poland and China and other commercial offices out of
the transaction. Still, the two acquired plants in Brazil and
Portugal will increase Tupy's installed capacity by about 40%.
Also, the acquisition expands company's reach to Europe and Africa,
mitigating potential future cash flow volatility from weaker
economic and industry trends in certain countries. In addition,
Tupy will likely benefit from supply and operational synergies,
that should allow it to increase cash flows over the next few
years. S&P expects the company to post gross debt to EBITDA at
2.0x-2.5x and net debt to EBITDA below 1.0x in 2022, given a full
year of the consolidated assets and only minor synergies in the
first year.

S&P said, "Prior to the acquisition, we were expecting Tupy's
revenue to jump above 50% in 2021 due to higher volumes and prices,
followed by more stable growth of 4%-5% in the following years. The
acquisition brings additional inorganic revenue growth of about 20%
in the first year. Still, the new assets come with much lower
EBITDA margins than Tupy's 14.2% in 2020. If the integration is
relatively fast and successful, the company might still maintain
solid consolidated profitability about or above 13%. This would
mean that leverage wouldn't deviate materially from our previous
expectation, with gross debt to EBITDA falling below 2x in about
one year after the initial leverage increase.

"The positive outlook reflects our expectation that Tupy will
successfully integrate the acquired assets, increasing its
geographic footprint while absorbing synergies. The outlook also
incorporates our view that cost-reduction initiatives and the
company's larger exposure to heavy vehicle should mitigate risks
from the semiconductor shortage, clearing way for Tupy's higher
cash flows in the next 12 months. We expect the company to continue
diversifying its product base to a higher value-added portfolio
that should support next years' cash flows, coupled with the
potential for new contracts.

"We could raise the ratings in the next 12-18 months if we have a
clear view that the integration of acquired assets and synergy
gains in the short to medium term will allow the company to
generate R$8 billion - R$9 billion in revenue in 2022 and 2023,
while maintaining consolidated EBITDA margin at 13%-14% and gross
debt to EBITDA trending below 2x in 2023."




===========================
C A Y M A N   I S L A N D S
===========================

VANTAGE DRILLING: Names Linda Ibrahim as Chief Accounting Officer
-----------------------------------------------------------------
The Board of Directors of Vantage Drilling International has
appointed Linda J. Ibrahim to the role of chief accounting officer
of the Company, effective as of July 1, 2021.  Along with this
role, Ms. Ibrahim will continue to serve as the Company's vice
president of tax, a role she has held since February 2015, and she
has served the Company in various tax and compliance roles since
2010.

Prior to joining the Company, Ms. Ibrahim was employed by Pride
International, Inc., a former publicly traded offshore drilling
company, from 2006 to 2010, and PricewaterhouseCoopers LLP from
1999 to 2006, serving clients in the energy industry.  Ms. Ibrahim
holds a Bachelor of Business Administration - Accounting from the
University of Houston and is a certified public accountant licensed
in the state of Texas.

Mr. Ibrahim's employment agreement with the Company remains
unchanged other than to acknowledge the increase in her duties and
responsibilities.

                           About Vantage

Vantage, a Cayman Islands exempted company, is an offshore drilling
contractor, with a fleet of two ultra-deepwater drillships, and
five premium jackup drilling rigs.  Vantage's primary business is
to contract drilling units, related equipment and work crews
primarily on a dayrate basis to drill oil and natural gas wells
globally for major, national and independent oil and natural gas
companies.  Vantage also provides construction supervision services
and preservation management services for, and will operate and
manage, drilling units owned by others.

Vantage Drilling  reported a net loss of $276.76 million for the
year ended Dec. 31, 2020.  As of Dec. 31, 2020, the Company had
$784.34 million in total assets, $48.37 million in total current
liabilities, $345.22 million in long-term debt, $15.01 million in
other long-term liabilities, and $375.74 million in total equity.

                            *    *    *

As reported by the TCR on April 19, 2021, S&P Global Ratings
affirmed its 'CCC' issuer credit rating on Vantage Drilling
International.  The outlook is negative.  S&P said, "The negative
outlook reflects the company's unsustainable leverage and
increased
risk it could engage in a transaction that we would view as
distressed given low debt trading levels.




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

DOMINICAN REPUBLIC: Meat Traders Halt Sales Over Electricity Hike
-----------------------------------------------------------------
Dominican Today reports that the Association of Meat Merchants at
the Merca Santo Domingo are protesting due to the price increase in
their electricity bills.

The meat traders claim that they previously paid less than RD
$10,000 for the electricity service in their businesses, according
to Dominican Today.  Therefore they are calling on the Minister of
Agriculture, Limber Cruz, and the President of the Republic, Luis
Abinader, to find a solution to their problem and to be able to
continue with their work, the report notes.

"The situation we have is that we are receiving invoices that do
not even say, the distributor, it just says Mercadom . . . . it is
an illegal invoice," said one of the representatives of the
association, who did not identify herself, the report discloses.

The report relays that she also expressed that they will maintain a
peaceful protest with the closing of their businesses until their
problems and issues are answered.

Similarly, Carlos Abreu, another of the business owners, affirmed
that at the time of locating his business, the Merca managers told
him that they would only pay RD$4,000 to RD$5,000, while at the
moment, the invoices are arriving at RD $23,000, the report notes.

"Now I have received RD$23,600," he said while showing the press in
detail the cost of the service, the report discloses.

"Until this has a solution we are going to keep our doors closed,"
said Rigoberto Rosario, while mentioning that they used to be
subsidized by the government to bring cheaper products to the
public, the report relates.

"Here we have no accountant, we have nothing," said this merchant,
who also expressed that he does not understand why he received an
electricity bill with an amount to be paid of RD $58,000, the
report notes.

In the meat and sausage area of the Merca Santo Domingo, there are
53 stalls, all of which had their doors closed, the report relays.
At the same time, the rest of the stores maintained their sales as
usual, the report notes.

Hundreds of consumers went to the stores but were surprised to find
all the butcher's shops without sales, the report discloses.

Such is the case of Carlos Perez, who said that the merchants
should have sent a communique, regretting having gone to the place
in vain, the report adds.

                      About Dominican Republic

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

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

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

Fitch Ratings on Jan. 18, 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: Central Bank Suggests Salary Readjustment
-----------------------------------------------------------------
Dominican Today reports that the Central Bank governor assured that
for the salary readjustment, an increase in line with the cost of
the essential basics for a family grocery basket must be well
considered.

"I have always been totally identified with the fact that salaries
have fallen somewhat behind," said Hector Valdez Albizu when he
recalled that the National Salaries Committee (CNS) would meet to
discuss the salary issue in July, according to Dominican Today.

He added that he thinks that when talking about salaries, the
Dominican Republic is already two years behind, "one that fell"
(due to the pandemic) and "one that is walking," the report notes.

Valdez Albizu said that he hopes that when the CNS meets, it will
weigh the situation. However, as he will probably be invited to
participate, he will maintain his position that the sectors that
need to face the issue should be compensated, the report relays.

                             Vaccination

The Central Bank governor indicated that citizens should make an
effort to vaccinate themselves, since it does nothing to curb one
problem (such as wages and the rise) and have another (the
pandemic), besides the fact that this has repercussions tourism
sector, the report discloses.

"Everyone who can has to get vaccinated and make the effort. That
is an issue that has to be solved and we have the other issue of
prices that affects wages, but they will gradually go down in
interannual terms as of July," he added, the report adds.

                      About Dominican Republic

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

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

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

Fitch Ratings on Jan. 18, 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).




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

TRINIDAD & TOBAGO: NIB Contributors Fell by 112,000 Since 2015
--------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Opposition Leader
Kamla Persad-Bissessar claimed that the National Insurance Board's
(NIB) investment fund "has been pushed to the point of insolvency
due to the decline in contributions by over 112,000 persons".

Persad-Bissessar issued a news release on the NIB, three-and-a-half
hours after Minister of Finance Colm Imbert made a statement on the
NIB in Parliament and laid the institution's annual reports for its
financial years 2019 and 2020, according to Trinidad Express.  The
NIB's year-end is June 30, so annual reports laid by Imbert were
for the 12 months ending June 30, 2020 and June 30, 2019, the
report relays.

In her news release, Persad-Bissessar said she has been calling on
the Minister of Finance to present the NIB reports for 2019 and
2020 to the Parliament, yet he continued to ignore her calls, the
report notes.

"It was only when he was challenged in court that he was forced to
run to Parliament, to lay reports which should have been presented
since 2019," Persad-Bissessar said, the report discloses.

A High Court judge granted a Chaguanas man the right to pursue a
judicial review claim challenging Imbert's failure to lay the NIB
annual reports in Parliament, which the NIB Act obliges the
Minister of Finance to do within two months of receiving the report
from the NIB, the report discloses.

"It is shameful that the Minister tried to discuss in just ten
minutes, the failed issues of the fund which he hid for over two
years," Persad-Bissessar said, the report notes.

One of the issues she highlighted is the significant decrease in
the number of contributors to the NIB, which she put at 112,000,
the report relays.

                 Benefits Exceed Contributions

In delivering his statement in Parliament, Imbert referred to key
operational statistics in the 2020 annual report, including: "The
number of contributors in the National Insurance System (NIS)
during 2020 was recorded at 404,197, declining by 4.0 percent from
420,638 in 2019 . . . .," the report discloses.

In its annual report for the 12 months ended June 30, 2015, the NIB
indicates it had 516,926 contributors for the period, the report
relays.  If the NIB had 404,197 contributors as at June 30, 2020,
it would have recorded a decline of 112,729 contributors between
the 2015 and the 2020 financial years, the report notes.

In his statement to Parliament, Imbert said NIB's beneficiaries
received a total of $5.4 billion in 2020, while the institution
received contribution income of $4.6 billion, the report adds.

The NIB's investment portfolio, which totalled $27.7 billion at the
end of June 2020, "was further impacted by withdrawals of $950
million from the investments cash account to support the shortfall
between expenditure and contribution income," said Imbert, the
report relays.

He said the yield of the NIB investment portfolio "experienced a
decline from 8.1 per cent in fiscal year 2019 to 4.4 per cent in
fiscal year 2020", as a result of the worldwide pandemic which
"significantly affected global markets in 2020," the report notes.

In her news release, Persad-Bissessar also said: "It is extremely
worrying that the rumours of the pension age being raised from 60
to 65 might be true given this government's failure to manage the
fund effectively, the report discloses.

"I am calling on the Government to state whether the pensions of
hundreds of thousands of our citizens are in jeopardy after the
grim facts in these NIB reports," the report says.

In his statement to Parliament, Imbert acknowledged that increasing
the retirement age of the NIB to 65 from 60 was one of the
recommendations made in the Tenth Actuarial Review of the National
Insurance System, laid in this Parliament in March 2019, the report
notes.

Imbert told Parliament: "I wish to assure you that this Government
will not shirk from its responsibilities with respect to this very
serious matter and we will not be distracted by the tirades,
threats and irresponsible statements made by agent provocateurs,
whose only intent is to create confusion, fear and doubt about the
sustainability of NIS pensions, the report relays.

"I wish to make it clear that contrary to rumour, under this
Government, NIS pensions will continue to be paid as and when
required, in accordance with established procedures and in
accordance with the law," the report relays.

He said the Ministry of Finance will soon embark on a series of
national public consultations, as well consultations with all
stakeholders, including trade unions and employers'
representatives, before any decisions are made with respect to the
appropriate way forward to preserve and protect the long-term
viability of the National Insurance Scheme, 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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