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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

          Wednesday, August 18, 2021, Vol. 22, No. 159

                           Headlines



A R G E N T I N A

BANCO BBVA ARGENTINA: Fitch Affirms 'CCC' LT IDRs
BANCO MACRO: Fitch Affirms 'CCC' LT IDRs
BANCO SANTANDER RIO: Fitch Affirms 'CCC' LT IDRs


B E R M U D A

SEADRILL LTD: Enters Into Settlement Agreement with NOL


B R A Z I L

JBS SA: Makes Offer for 100% of Pilgrim's Pride


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Pig Farming Sector Won't Fail, Abinader Says
DOMINICAN REPUBLIC: To Import Up to 1MM Pounds of Chicken From U.S.


J A M A I C A

JAMAICA: Fish Production Takes Hit


V E N E Z U E L A

VENEZUELA: U.S. Oil Firm Eyes Millions Owed by Jamaica


X X X X X X X X

LATAM: Youth Unemployment Rate Rose to 24% in 1Q 2021

                           - - - - -


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A R G E N T I N A
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BANCO BBVA ARGENTINA: Fitch Affirms 'CCC' LT IDRs
-------------------------------------------------
Fitch Ratings has affirmed Banco BBVA Argentina S.A.'s (BBVA Arg)
Foreign and Local-Currency Long-Term Issuer Default Ratings (IDR)
at 'CCC'.

KEY RATING DRIVERS

BBVA Arg's Viability Rating (VR) and IDRs are highly influenced by
Fitch's assessment of the operating environment for Argentine banks
at 'ccc', which, along with the sovereign rating, is currently a
significant constraint on these ratings. The current operating
environment (OE) remains highly challenging for the banking
industry given the uncertainties about the length of the pandemic,
the continued weakness of the economy, the likelihood of a
successful debt renegotiation with the IMF, the continued high rate
of inflation, as all these factors have an impact on bank
profitability and asset quality metrics.

Fitch also factors the bank's company profile into its assessment
of its VR. The OE-constrained rating does not adequately reflect
that BBVA Arg benefits from its strong franchise, which places it
among the top four private sector banks in Argentina by loans and
deposits, with market shares of 8.2% and 6.9%, respectively, as of
March 31, 2021, and the ample experience of its main shareholder.

BBVA Arg has a strong capacity to generate recurrent revenues.
However, since 2018, loan growth has decelerated significantly in
Argentina, with extremely high inflation which, together with
economic and political uncertainties, led to a slump in credit
demand. This, combined with higher loan loss provisions and
continued growing administrative expenses, has affected bank
profitability.

Prior to 2020, high inflation significantly distorted profitability
ratios and affected international comparability. Since Jan. 1, 2020
banks have reported inflation-adjusted financial statements so the
figures are not comparable with previous periods. In addition,
profitability metrics for 2020 and 2021 have been affected by some
distorting regulations passed by the Central Bank in 2020, such as
capping interest rates offered on loans and placing floors for
deposit rates amid very low credit growth (under 6% in 2020 and
under 3% during the first quarter of 2021).

BBVA Arg has a long track record of a stable base of customer
deposits that represented nearly 97% of total funding at March
2021. The bank's loan to deposit ratio as of the same date was at a
low 59% reflecting a modest risk appetite which is driven by the
difficult operating environment. While the bank has robust
liquidity (LCR of 325%), it also has access to wholesale funding,
primarily market debt issuances and lines from local and
international banks.

Due in part to its lower risk appetite that limited risk asset
growth, BBVA Arg's Common Equity Tier 1 capital ratio was strong at
21.7% at March 31, 2021. The total capital ratio was 22.4%. The
bank's capital ratios compare favorably to its peer average
(private sector commercial banks in low-rated operating
environments). Given the bank's traditionally conservative risk
appetite, Fitch expects management to maintain the bank's capital
cushion at comfortable levels in the short term, but as the
operating environment improves and the effects of the pandemic
subsides, the ratio will likely revert to its YE19 level when the
ratio was slightly over 17%.

Notwithstanding its large retail and middle market corporate
portfolios, BBVA Arg has maintained satisfactory asset quality
indicators relative to its peers. The bank maintains an internal
policy of exceeding regulatory loan loss reserve requirements and
increased its loan provisions during the first half of 2020. The
bank's impaired loan ratio weakened slightly to 1.76% at end-March
2021 from 1.45% at YE20, while coverage of impaired loans declined
but remained at a still comfortable 270%. Fitch expects the level
of impaired loans to increase when regulatory forbearance expires.
The real picture will be partially seen in the results of the 2Q21
and 3Q21. However, Fitch believes that the increase will be
manageable, especially given the comfortable level of
provisioning.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support from majority
parent for BBVA Arg cannot be relied upon given the sovereign's
track record. Fitch does not consider any potential support from
its parent (Banco Bilbao Vizcaya Argentaria, S.A. (BBB+/Stable)
given the risk of government intervention in the financial system.

RATING SENSITIVITIES

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

-- BBVA Arg's IDRs and VRs would benefit from an upgrade of
    Argentina's sovereign rating.

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

-- The IDRs and VRs of BBVA Arg would be pressured by a downgrade
    of Argentina's sovereign rating or a deterioration in the
    local operating environment beyond current expectations that
    leads to a significant deterioration in its financial profile;

-- Any policy announcements that would be detrimental to the
    bank's ability to service its obligation payments, would be
    negative for creditworthiness.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Fitch has changed BBVA Arg's score for Management Strategy to '4'
from '3', (the latter is the baseline score assigned to all issuers
globally for this Governance issue. This change reflects the
current high level of government intervention in the Argentine
banking sector. The imposition of interest rate caps can lead to
inadequate loan pricing and, together with the imposition of
interest rates floors on time deposits, puts significant pressure
on banks' net interest margins. Restrictions on fee levels can also
negatively affect performance ratios. This challenges BBVA Arg's
ability to define and execute its own strategy. This has a
moderately negative impact on the rating in conjunction with other
factors. This has a negative impact on the credit profile, and is
relevant to the ratings 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.

BANCO MACRO: Fitch Affirms 'CCC' LT IDRs
----------------------------------------
Fitch Ratings has affirmed Banco Macro S.A.'s Foreign and
Local-Currency Long-Term Issuer Default Ratings (IDR) at 'CCC'.

KEY RATING DRIVERS

Macro's Viability Rating (VR) and IDRs are highly influenced by
Fitch's assessment of the operating environment and are constrained
by the low IDRs of Argentina, despite the bank's comparably
stronger financial profile relative to other private sector
commercial banks in similar operating environments. The current
operating environment (OE) remains highly challenging for the
banking industry given the uncertainties about the length of the
pandemic, the continued weakness of the economy, the likelihood of
a successful debt renegotiation with the IMF, and the continued
high rate of inflation, as all these factors have an impact on bank
profitability and asset quality metrics.

Fitch also considers the bank's company profile in its assessment
of the VR. The OE-constrained rating does not adequately reflect
that Macro benefits from its strong nationwide franchise, which
places it among the top four private sector banks in Argentina in
terms of loans and deposits, with market shares of approximately 7%
and 5%, respectively, as of Dec. 31, 2020.

Macro's business model focuses primarily on low- and middle-income
individuals and small- and medium-sized (SMEs) companies; the
latter are expected to be more vulnerable under the lingering
crisis, but the risks of the bank's business model have been
partially offset by high margins and the high proportion of the
lower-risk retail loans with a payroll deduction. Macro has a long
track record of strong levels of liquidity, stable asset quality,
satisfactory levels of profitability while maintaining am ample
capital cushion.

Macro's ample capitalization is supported by consistent earnings
retention and a conservative risk appetite. At March 2021, the
bank's CET 1 ratio was at a very comfortable 30.3% while the total
capital ratio reached a high of 37.7% as the increase in equity
exceeded risk weighted asset growth. These ratios compare very well
with its local and international peer group and far exceed the
regulatory capital minimums. Given the bank's conservative risk
appetite, Fitch expects Macro's capital cushion to remain at
comfortable levels even though this cushion likely to decline in
the coming quarters as the economy recovers and credit exposure to
credit-worthy borrowers is increased.

The bank's liquidity metrics remain at a very satisfactory level
which benefits from Macro's diverse funding profile. This funding
profile is supported by a stable retail deposit base and
complemented by demonstrated access to capital markets. As of March
2021, customer deposits accounted for 80% of total funding and the
bank's Loan to Deposit ratio as of the same date was at a
conservative 68%. Macro also provides financial agency services to
four provincial governments, and thus benefits from the related
mobilization of public sector institutional deposits. In addition,
the bank provides payroll services to over two million retail
clients, which provides another source of stable, low-cost funding
for the bank.

Macro's risk appetite is relatively higher than its closest peers
due to its middle market, and its retail focus on low to middle
income individuals. However, these generally higher risks are
usually mitigated by management's sound risk controls, which
benefit its asset quality metrics. The bank's impaired loans to
gross loans ratio as calculated by Fitch as of March 31, 2021 was
at a comfortable level slightly below 1%. This level compares very
favorably to the averages of its private sector peers (other
commercial banks in weak operating environments).

Asset quality ratios for the whole financial system significantly
improved in 2020 and 2021 due to the regulatory forbearance and
relief measures of the Central Bank. Regulatory forbearance expired
in January 2021 for credit card financing and in April 2021 for
loans, therefore, the impact on the impairment level would be
reflected 90 days later, i.e. in April for the former and July for
the latter. When June figures are released, Fitch expects asset
quality to deteriorate somewhat; however, the agency also expects
any deterioration to be mitigated by the bank's robust impaired
loan coverage, which was 386% as of the end of 1Q21.

Macro's profitability saw a significant decrease at YE2020 and was
even lower at the end of March 2021, as lower demand from wary
clients and by the current high level of government intervention
through the imposition of interest rate caps on loans and interest
rates floors on time deposits, which has put significant pressure
on banks' net interest margins, weighed on results. Lower credit
costs during the first quarter of 2021 did little to offset the
decline in operating profit to Risk-Weighted asset ratio to 3.4% at
March 31, 2021 from 8.4% at YE2020.

SENIOR UNSECURED DEBT

The 'CCC'/'RR4' rating on Macro's senior unsecured issuance is in
line with the bank's Long-Term, Local-Currency IDR, as Fitch
believes the probability of default is the same. The Recovery
Rating of 'RR4' for unsecured debt, reflects average recovery
prospects in a distress scenario.

SUBORDINATED DEBT

Macro's subordinated debt's 'C'/'RR6' rating is two notches below
the bank's VR reflecting Fitch's base case notching for loss
severity. These securities are plain vanilla subordinated
liabilities, without any deferral feature on coupons and/or
principal. The 'RR6' for subordinated debt reflects poor recovery
prospects due to a low priority position relative to Macro's senior
unsecured debt.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support for Macro cannot
be relied upon given the sovereign's track record.

RATING SENSITIVITIES

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

-- Macro's IDRs and VRs would benefit from an upgrade of
    Argentina's sovereign rating.

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

-- The IDRs and VRs of Macro would be pressured by a downgrade of
    Argentina's sovereign rating or a deterioration in the local
    operating environment beyond current expectations that leads
    to a significant deterioration in its financial profile;

-- Any policy announcements that would be detrimental to the
    bank's ability to service its obligations, including a
    tightening of capital controls to the extent that they
    restrict debt payments, would be negative for
    creditworthiness.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Banco Macro S.A. has an ESG Relevance Score of '4' for Management
Strategy, which has a moderately negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors. The '4' score reflects the current high level of
government intervention in the Argentine banking sector. Fitch has
changed Banco Macro's score for Management Strategy from '3', (the
baseline score for this Governance issue assigned to all issuers
globally), to '4'. The imposition of interest rate caps can lead to
inadequate loan pricing and, together with the imposition of
interest rates floors on time deposits, puts significant pressure
on banks' net interest margins. Also, restrictions on fee levels
can negatively affect performance ratios. This challenges Banco
Macro's ability to define and execute its own strategy.

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.

BANCO SANTANDER RIO: Fitch Affirms 'CCC' LT IDRs
------------------------------------------------
Fitch Ratings has affirmed Banco Santander Rio S.A.'s (Santander
Argentina) Foreign and Local Currency Long-Term Issuer Default
Rating (IDR) at 'CCC'.

KEY RATING DRIVERS

IDRs and Viability Rating (VR)

According to Fitch, regardless of its overall adequate financial
condition, Santander Argentina's VR and IDRs are highly influenced
by the operating environment, and are constrained by Argentina's
low IDRs. While the ultimate economic and financial market
implications of the coronavirus pandemic are still unclear, risks
to Argentina's operating environment are clearly skewed to the
downside. This underpins the agency's negative outlook on the
operating environment and asset quality scores.

The operating environment remains highly challenging, as a long
recession continues to pressure asset quality, which has been
exacerbated by the coronavirus pandemic and the slow vaccination
process. Additionally, low loan growth, rising nonperforming loans,
significant margin pressure due to regulatory imposed interest
rates caps and floors, and increasing operating costs due to
continued high inflation will continue to affect profitability.

Santander Argentina has a long track record of sound profitability,
and historically, has been among the most profitable banks in
Argentina based on its strong capacity to generate recurrent
revenues. However, since 2018, loan growth in Argentina has
significantly fallen due to the deterioration of the economic and
operating environment. Very high inflation and interest rates,
together with political uncertainties and the pandemic, has led to
a slump in credit demand and negative loan growth in real terms for
almost four years.

In addition, profitability has been affected by some distorting
regulations passed by the Central Bank since 2020, such as capping
interest rates offered on loans, placing floors for deposit rates,
and imposing restrictions on fee increases, among others. This has
led to Argentine banks increasing their exposure to the public
sector, mainly Central Bank securities and, to a lesser extent,
sovereign bonds, given the lack of other profitable alternatives to
allocate their ample liquidity.

This situation, together with higher loan loss provisions in 2020,
growing administrative expenses and higher monetary correction due
to the higher inflation, have put pressure on Argentine banks'
profitability.

In 1Q21, the bank's operating profit (in real terms)/RWA was 2.03%,
which Fitch expects will gradually improve throughout the year,
given slowly growing credit demand, lower credit costs (as these
were anticipated in 2020) and less inflation expected in 2H21.

Santander Argentina's delinquency ratios had deteriorated since
2017, given the adverse economic conditions and the rapid increase
in its non-performing loans (NPLs) in spite of the bank's good
credit risk management. However, asset quality ratios for the whole
financial system significantly improved in 2020 and 1Q21, due to
the Central Bank's regulatory forbearance and relief measures.
Regulatory forbearance expired in January 2021 for credit card
financing and in April 2021 for loans; therefore, the impact on
NPLs will be reflected 90 days later, i.e. in April for the former
and July for the latter.

As of June 30, 2021, Santander Argentina's NPL rose to 3.88% from
2.2% at YE 2020, reflecting the delinquency of the credit card
portfolio. In 2020, the bank calculated the expected loss of the
portfolio due to the pandemic and made additional loan loss
reserves (LLR) for a total of ARS8.7billion (equivalent to around
2.5% of total loans), and its loan loss reserve coverage increased
to 270% of NPLs and 6.3% of total gross loans as of Dec. 31, 2020.
Given the deterioration of the portfolio, as of June 2021, LLR
coverage decreased to 167%.

As with the rest of the financial system, Santander Argentina´s
capitalization has significantly improved in the recent past, given
very low loan growth. Its CET1 ratio rose to 15.97% at March 31,
2021 (15.9% as of June 2020).

Like other Argentine systemic banks, Santander Argentina's main
funding source is its core customer deposits base. These have grown
at a solid pace and comprised 96.8% of the bank's total funding as
of March 31, 2021. As with most of its local peers, Santander
Argentina's loan to deposits ratio has significantly decreased as
deposit growth has outpaced loan growth and at March 2021 it
reached a low 54.9%.

Liquidity is sound for most major Argentine banks and has gradually
increased in the recent past given the sustained growth of deposits
and the very low loan growth. At March 31, 2021, the bank's
liquidity coverage ratio (LCR) was a comfortable 228%, and its NSFR
175%. In addition, cash and due from banks represented 25% of total
deposits and 40% considering also central bank securities.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support for Santander
Argentina cannot be relied upon given the sovereign's track record
and weak financial condition.

Fitch does not consider any potential support from its parent
(Banco Santander, S.A. (SAN; A-/Stable Outlook) given the risk of
government intervention in the financial system.

RATING SENSITIVITIES

IDRs AND VR

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

-- Santander Argentina's IDRs and VRs would benefit from an
    upgrade of Argentina's sovereign rating.

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

-- The IDRs and VRs would be pressured by a downgrade of
    Argentina's sovereign rating or a deterioration in the local
    operating environment beyond current expectations that leads
    to a significant deterioration in its financial profile;

-- Any policy announcements that would be detrimental to the
    bank's ability to service its obligations would be negative
    for creditworthiness.

SUPPORT RATING AND SUPPORT RATING FLOOR

Changes in the SRs and SRFs of Santander Argentina are unlikely in
the foreseeable future.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Santander Argentina's ESG score for Management Strategy has been
changed to '4' from '3' (the baseline score for this Governance
issue assigned to all issuers globally). This reflects the high
level of government intervention in the Argentine banking sector.
The imposition of interest rate caps can lead to inadequate loan
pricing and, together with the imposition of interest rates floors
on time deposits, puts significant pressure on banks' net interest
margins.

In addition, restrictions on fee levels can negatively impact on
performance ratios. This challenges Santander Argentina's ability
to define and execute its own strategy. This has a moderately
negative impact on 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 E R M U D A
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SEADRILL LTD: Enters Into Settlement Agreement with NOL
-------------------------------------------------------
Seadrill Limited on Aug. 8 disclosed that the Company has reached a
settlement agreement with Northern Ocean Ltd. ("NOL") predominantly
with respect to balances outstanding from Seadrill's preparation of
the West Mira and West Bollsta rigs. The settlement agreement
closes all outstanding balances, claims and counter-claims between
the companies and their respective subsidiaries by way of set-off
as full and final settlement. Further, the settlement agreement
sets out that Seadrill will provide certain transition services to
any prospective new managers in respect of NOL's rigs and requires
Seadrill to restart bareboat lease payments for the West Bollsta
rig from August 10, 2021, alongside Seadrill's continued operation
of the rig on the Lundin contract.

The settlement agreement is subject to certain conditions,
including, but not limited to, obtaining approval by the US
bankruptcy court under Seadrill's Chapter 11 protection.

Grant Creed, Chief Financial Officer, commented "Conclusion of
this uncertainty around claims and counterclaims with NOL is an
important pre-requisite to Seadrill being able to proceed with its
Chapter 11 filing.  Shareholders should note the Plan of
Reorganization filed with the Court on July 24, 2021 leads to a
substantial equitization of debt meaning existing shareholders
receive virtually no recovery for their existing shares."

                        About Seadrill Ltd.

Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry. As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs. Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees. Mohsin Y. Meghji,
authorized signatory, signed the petitions.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection.  Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court. The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez
& Marsal North America, LLC as restructuring advisor; Jackson
Walker LLP as co-bankruptcy counsel; Slaughter and May as
co-corporate counsel; Advokatfirmaet Thommessen AS as Norwegian
counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime Clerk
LLC is the claims agent.

On April 9, 2021, the board of directors of Debtor Seadrill North
Atlantic Holdings Limited unanimously adopted resolutions
appointing Steven G. Panagos and Jeffrey S. Stein as independent
directors to the board.  Seadrill North Atlantic Holdings Limited
tapped Katten Muchin Rosenman LLP as counsel and AMA Capital
Partners, LLC as financial advisor at the sole direction of
independent directors.




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B R A Z I L
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JBS SA: Makes Offer for 100% of Pilgrim's Pride
-----------------------------------------------
Rio Times Online reports that JBS SA made an offer for 100% of
Pilgrim's Pride, the largest chicken company in the US. Controlled
by JBS since 2009, Pilgrim's Pride is worth US$5.5 billion on the
Nasdaq stock exchange.   

"The offer - sent last night to the board of Pilgrim's Pride (PPC)
- is a 17% premium over yesterday's closing share price (US$22.68)
and 22% over the average of the last 30 days," according to Rio
Times Aug. 13 report.

The transaction will be evaluated by a committee of independent
members of the PPC board, advised by legal and financial advisors
chosen by the committee itself, the report notes.

The report relays that with its record-breaking EBITDA and leverage
in free fall, JBS has used its phenomenal cash generation to
accelerate share buybacks and pay dividends.  Now it seems to have
found another way to allocate capital, adds the report.

As reported in Troubled Company Reporter on April 12, 2021,
Moody's
Investors Service upgraded JBS S.A.'s corporate family rating to
Ba1 from Ba2 and the senior unsecured ratings of its wholly-owned
subsidiaries JBS USA Lux S.A. and JBS Investments II GmbH to Ba1
from Ba2. The rating of the secured term loan under JBS USA Lux
S.A. was upgraded to Baa3 from Ba1. The outlook for all ratings is
stable.



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

DOMINICAN REPUBLIC: Pig Farming Sector Won't Fail, Abinader Says
----------------------------------------------------------------
Dominican Today reports that when asked about the situation that
local pig producers are going through due to the multiple cases of
African Swine Fever (ASF), President Luis Abinader said, "[t]he
worst thing that can happen to this economy is the bankruptcy of
the pig farming sector, under this government that sector is not
going to go bankrupt, no matter what problem the country has."

His statements came during the interview with the media of the
Corripio Group when asked about the issue, which he said is already
working with measures to deal with the situation, according to
Dominican Today.

As proof of the above, he referred to the fact that payments to pig
farmers, whose animals had to be slaughtered to prevent the spread
of the disease, had already begun, the report notes.  In the
Sanchez Ramirez province alone, the authorities paid more than
RD$39.7 million to producers, notes the report.

Abinader said he met with members of the Agribusiness Board in
search of alternative solutions for small pig producers, the report
discloses.

He also stressed that they would seek training for pig producers to
anticipate this situation in the future. However, he indicated that
the ASP had not affected the largest pig farms in the country, the
report says.

In addition, the head of state asserted that there are alternative
actions to those currently being carried out, but all of these are
aimed at preventing a shortage of pork, the report relates.

                          Does No Harm

The president also reiterated that the meat of a pig affected by
the ASP has no harmful effect on the health of the person who
ingests it, in line with what figures such as former President
Hipolito Mejia have stated, the report relays.

                          Chicken Demand

Another of the problems that the ASF brought with it was that the
population turned its attention to the consumption of chicken,
which has created a deficit in the supply of this meat and even led
some supermarkets to limit their customers when buying this input,
the report notes.

In this regard, Abinader said that work is being done in two ways:
the first is to import chicken so that citizens can buy it without
worry, and the second is the increase in Creole production, 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: To Import Up to 1MM Pounds of Chicken From U.S.
-------------------------------------------------------------------
Dominican Today reports that given the sudden increase in the
demand for chickens due to the decrease in the consumption of pigs
because of the presence of African Swine Fever (ASF) in the
country, the Dominican Republic will import between 500,000 and one
million pounds of chickens from the United States every week.

The information was offered to this media by the Dominican Poultry
Association (ADA) leader, Gregory Marte, who said that this
represents a sacrifice for the producers because they have to buy
it more expensively abroad and sell it at the same price in the
local market, according to Dominican Today.

"The productive sector will be subsidizing around 10 to 15 cents
per pound of chicken brought in to stabilize the situation",
explained the executive of the organization that groups more than
90% of the country's poultry production, the report notes.

Marte indicated that in the United States, the pound of chicken
exceeds the dollar by 15 cents and that when to this is added the
transportation, among other costs, the pound goes for about RD$65
and the producers have to sell it at a lower price in the local
stores, the report relays.

"The interest in importing is to stabilize supply and have a stop
inventory but that is not business for us. We are losing money with
this activity, we are subsidizing this import," he said.

Marte explained that approximately ten containers per week would be
arriving from the U.S. market until reaching the 50 containers
authorized by the authorities, the report notes.

He specified that although imports are expected to be maintained
until the supply stabilizes, it is not known how long the local
industry will sustain the subsidies because the prices in the
international market are higher, the report adds.

                     Almost No Exports to Haiti

When asked why exports to Haiti, one of the leading foreign markets
for chicken, were not stopped, at least temporarily, Marte said
that practically no exports are being made due to the political
instability in the neighboring country, the report says.

“The product going to Haiti is not significant . . . As the price
is here, there is no business in sending chicken to Haiti. What is
being exported is not relevant . . . Currently, practically no
chicken is being exported because as the domestic price is, nobody
is going to send a chicken from here to Haiti,” he said, the
report discloses.

Marte explained that in normal conditions in the binational
markets, according to estimates because there are no concrete data,
between 60,000 and 70,000 chickens are traded every week, which is
250,000 to 280,000 chickens per month, the report relates.  But he
clarified that currently, much less is exported, the report notes.

The ADA executive added that exports to Haiti represent about 2% of
the national supply and indicated that about 90% of what is sent
are the parts known as beak and shovel, the report discloses.
Therefore, exports to Haiti do not affect domestic demand, the
report says.

                    Domestic Production

The production of chickens in the country is around 18 million
units per month.  Still, because the demand has shot up around 15%
in the last few days, poultry farmers are producing more than 19
million, according to a communique sent by the Ministry of
Agriculture, the report notes.

               Chicken on-farm from RD$40 to RD$42

The president of the Association of Chicken Producers of the North
(Asopollon), Jose Lopez, said that the shortage and the over-demand
in the consumption of that product are because many people have
mistakenly stopped eating pigs because of the cases of African
swine fever that have appeared in some provinces and because of the
increase in mortality of those birds, which is common in summer,
the report discloses.

Regarding the increase, Lopez said that the poultry farmers sell
the pound in farms at RD$40 and RD$42 but reported that the
choppers and other establishments sell it up to RD$80, 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).



=============
J A M A I C A
=============

JAMAICA: Fish Production Takes Hit
----------------------------------
Jamaica Observer reports that that production of fish dipped by an
estimated 10.2 per cent in 2020, due mainly to measures to stem the
spread of the novel coronavirus, but rising costs, climate change,
and illegal activities also played a role in the decline.

Data from the Economic and Social Survey of Jamaica (ESSJ) 2020
show fish production declined across both marine and acquaculture
operations, according to Jamaica Observer.

The data show that in 2020, total fish production from marine
sources fell nine point three per cent to 11, 226 tonnes, the
report notes.  At the same time, acquaculture production, mainly
tilapia, fell 20 point four per cent to 912 tonnes, the report
relays.

The ESSJ outlined that "the fall-off in marine fish production was
due to the scaling down of operations of many hotels and food
establishments consequent on measures to stem the spread of
COVID-19; climate change effects; illegal, unregulated, unreported
fishing and increasing prices of fuel for outboard engines, that
limited fishing activities," the report relays.

For tilapia, the decline recorded in 2020 was the third-straight
year of lower production following five steady years of growth from
2012 to 2017, the report discloses.

The decline in harvest stemmed from an unavailability of juvenile
fish for farmers to grow, setback brought about by the pandemic and
tropical storm conditions, which resulted in fish wash-out,
infrastructural and road damage, 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.

Fitch Ratings affirmed in March 2021 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.






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

VENEZUELA: U.S. Oil Firm Eyes Millions Owed by Jamaica
------------------------------------------------------
Jamaica Observer reports that Kenneth Tomlinson of Business
Recovery Services Limited, who has been appointed receiver and
empowered by the Supreme Court to recover and distribute assets
owed to Venezuela in Jamaica, indicates that the company is not yet
positioned to disclose all assets being targeted.

"We are not in a position to make a comment at this time," stated
Kenneth Tomlinson, CEO, Business Recovery Services Ltd & BRSL
Consulting Services Ltd, in a response to the Jamaica Observer.

The company's latest project, however, is to collect, under
assignment from the Supreme Court, funds owing to Caracas and state
enterprises, according to Jamaica Observer.  Reportedly excluded
are funds owed to Caracas for Petrojam Limited.

Since about April 2019, the Government of Jamaica has been holding
in an escrow account an undisclosed amount deposited as payment
after it expropriated the 49 per cent shareholding in oil refinery
Petrojam Limited which was held by Petroleos de Venezuela, SA
(PDVSA), the Venezuelan state-owned oil and natural gas company,
the report recalls.

No update has been secured about Venezuela's search for US$250
million in compensation for that country's 49 per cent stake in
Petrojam, taken back by the Jamaican Government under the
Compulsory Acquisition (Shares in Petrojam Limited) Act of February
2019, the report notes.

St Michael Hylton, who was attorney representing PVDSA in that
year, told the Business Observer, "I am afraid I am unable to
assist with answers to any of these questions," the report relays.

A July 15, 2021 order appointed Tomlinson as interim receiver,
essentially to search for and establish the existence of assets,
the report notes.

The lawsuit was brought in the Jamaican court by attorneys of the
Kingston law firm Nigel Jones and Company on behalf of Phillips
Petroleum Company Venezuela Limited and its Venezuelan affiliate,
Conoco Phillips Petrozualta BV, against Venezuelan firms Petroleos
de Venezuela SA, Corpoguanipa SA, and PDVSA Petroleo SA, the report
discloses.

In July 2020, the US oil firm's lawyers secured enforcement of a
2018 decision of an arbitration panel of the International Chamber
of Commerce which held that Venezuela, had illegally expropriated
the country's joint-venture operations with ConocoPhillips in 2007,
the report says.

The sum said to be owed is estimated at US$1.29 billion, with
interests accruing daily, the report relays.

The February interim receivership order made by the court includes
funds owed by Jamaica to Venezuela for oil supplied under the Petro
Caribe oil deal, the report notes.  The agreement, which began in
2005, allowed beneficiary nations to buy oil at market value but
only pay a percentage of the cost up front. The balance can be paid
over 25 years at one per cent interest, the report discloses.

It is estimated that about US$130 million was owed two years ago
but no payments have been made because of US sanctions preventing
use of normal, US-based intermediary banks, the report relays.
Funds are said to be held in an escrow account by the Jamaican
Government. The PetroCaribe Fund was phased out in early 2019, the
report says.  Estimated holdings of US$1.6 billion were
incorporated into the Jamaican Government's central treasury, the
report notes.

US sanctions continue to prevent the Government of Nicolas Madura
from collecting monies owed from funds held around the globe, the
report discloses.  In July 2020, the UK High Court ruled against
Venezuela's Government in a legal battle over access to US$1
billion (GBP820 million) of gold stored in the Bank of England, the
report notes.

The court said it "unequivocally recognised Opposition leader Juan
Guaido as president", rather than President Nicolas Maduro, the
report relays.  The gold is being held by the Bank of England (BoE)
following British and US sanctions on Maduro's government, the
report notes.  The sanctions have slowly choked off many sources of
income for the South American nation, the report says.

Tomlinson was asked by the Business Observer to advise on the steps
to be taken in retrieving assets owned by the Venezuelan Government
on behalf of Conoco Phillips, which specific assets are being
targeted, and what response has been received from the Jamaican
government to date, the report discloses.

Tomlinson in reply said he was not in a position to provide any
update, the report relays.  The Business Observer also reached out
to the Minister of Finance and the Public Service Dr Nigel Clarke
for a response from the Jamaican Government side, the report notes.
He promised to provide an update soon, the report adds.

                           Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and
islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

S&P Global Ratings, in May 2019, removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.

Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018.  Meanwhile, Fitch's long term issuer default rating
for
Venezuela was last in 2017 at RD and country ceiling was CC.
Fitch,on June 27, 2019, affirmed then withdrew the ratings due to
the imposition of U.S. sanctions on Venezuela.




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

LATAM: Youth Unemployment Rate Rose to 24% in 1Q 2021
-----------------------------------------------------
Rio Times Online reports that the average rate of youth
unemployment in Latin America and the Caribbean reached in the
first quarter the highest level since records have been kept,
reaching 23.8%, which implies that between 2 and 3 million young
people were left out of the labor force due to the lack of
opportunities because of the pandemic.

At the same time, the labor participation rate of young people
between the ages of 15 and 24 fell by nearly 3 percentage points to
45.6% in the first three months of 2021, the report notes.

This was revealed by the International Labor Organization (ILO)
director for Latin America and the Caribbean, Vinicius Pinheiro, on
International Youth Day, according to Rio Times Online.



                           *********


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

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

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