/raid1/www/Hosts/bankrupt/TCRLA_Public/210906.mbx        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

          Monday, September 6, 2021, Vol. 22, No. 172

                           Headlines



A R G E N T I N A

ARGENTINA: Buenos Aires Scares Creditors Into Accepting Bond Swap
GAUCHO GROUP: Incurs $1.3 Million Net Loss in Second Quarter
GENNEIA SA: Fitch Lowers LT IDRs to 'RD'


B R A Z I L

BRASKEM S.A.: S&P Raises Subordinated Notes Rating to 'BB'


C O L O M B I A

PACIFICO TRES: Fitch's USD260.4MM USD Bond BB+ Rating on Watch Neg


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: US to Verify Whether Export of Beef May Resume


M E X I C O

BANCO AZTECA: Moody's Downgrades Long Term Deposit Ratings to Ba2
CDT DE SAN SEBASTIAN: Seeks to Tap WVS Law as Substitute Counsel
ELEMENTIA SAB: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
GENERAL MOTORS: Mexico Plant to Shut Down for Two weeks


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Economic Outlook Dependent on COVID Response


X X X X X X X X

[*] BOND PRICING: For the Week Aug. 30 to Sept. 3, 2021

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Buenos Aires Scares Creditors Into Accepting Bond Swap
-----------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Axel
Kicillof, the outspoken governor of Buenos Aires, called
journalists to one of the province's opulent 19th-century mansions
and conceded defeat.

It was early 2020, just weeks before the pandemic hit, and
Kicillof, a man reviled in investing circles for his brash
negotiating style when he was economy minister during Argentina's
default a decade ago, was once again doing battle with creditors,
according to globalinsolvency.com.

This time around, he lamented bondholders' "enormous intransigence"
in refusing his province's request to delay a $250 million bond
payment, the report relays.

He eventually coughed up that money for investors, but now it seems
like the 49-year-old governor may have gotten retribution.

The province announced it managed to cram through a restructuring
for almost all its $7.1 billion of defaulted debt, swapping it for
new securities valued at just over 50 cents on the dollar,
Bloomberg News reported.

Some creditors are grumbling that Argentina's wealthiest province
could have done better, but say in practical terms they had no
other choice than to accept the deal, the report discloses.

That's because the offer was structured in such a way that
investors either needed to vote in favor of it, or risk getting
dragged along at much worse terms, the report says.

Their ability to fight was also hampered by the province's plan to
use complex legal tactics that would make it easier to compel
reluctant creditors to take part in the deal, a strategy that also
irked investors during Argentina's sovereign debt restructuring
last year, the report adds.

                           About Argentina

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

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

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

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

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

GAUCHO GROUP: Incurs $1.3 Million Net Loss in Second Quarter
------------------------------------------------------------
Gaucho Group Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.32 million on $340,360 of sales for the three months ended
June 30, 2021, compared to a net loss of $1.51 million on $117,332
of sales for the three months ended June 30, 2020.

For the six months ended June 30, 2021, the Company reported a net
loss of $2.46 million on $615,399 of sales compared to a net loss
of $2.80 million on $414,318 of sales for the six months ended June
30, 2020.

As of June 30, 2021, the Company had $13.96 million in total
assets, $4.62 million in total liabilities, and $9.33 million in
total stockholders' equity.

Gaucho Group stated, "Since inception, our operations have
primarily been funded through proceeds received in equity and debt
financings. We believe we have access to capital resources and
continue to evaluate additional financing opportunities.  There is
no assurance that we will be able to obtain funds on commercially
acceptable terms, if at all.  There is also no assurance that the
amount of funds we might raise will enable us to complete our
development initiatives or attain profitable operations."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1559998/000149315221020120/form10-q.htm

                         About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.  

Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned
subsidiaries, GGH invests in, develops and operates real estate
projects in Argentina. GGH operates a hotel, golf and tennis
resort, vineyard and producing winery in addition to developing
residential lots located near the resort.  In 2016, GGH formed a
new subsidiary and in 2018, established an e-commerce platform for
the manufacture and sale of high-end fashion and accessories. The
activities in Argentina are conducted through its operating
entities: InvestProperty Group, LLC, Algodon Global Properties,
LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L.,
and Algodon Wine Estates S.R.L. Algodon distributes its wines in
Europe through its United Kingdom entity, Algodon Europe, LTD.

Gaucho Group reported a net loss of $5.78 million for the year
ended Dec. 31, 2020, compared to a net loss of $6.95 million for
the year ended Dec. 31, 2019.


GENNEIA SA: Fitch Lowers LT IDRs to 'RD'
----------------------------------------
Fitch Ratings has downgraded Genneia S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) to 'RD' from 'C' on
the completion of its exchange offer. Fitch considers the debt
exchange completed on Aug. 31, 2021, which was necessary in order
to comply with central bank restrictions on dollar debt
refinancings, a distressed debt exchange (DDE) under its DDE
methodology.

Subsequently, Fitch has upgraded Genneia's IDRs to 'CCC' after
completion of the exchange. It has also upgraded the senior
unsecured notes due 2022 to 'CCC'/'RR4' from 'C'/'RR4' and assigned
a rating of 'CCC/RR4' to the company's USD366.1 million senior
secured amortizing notes due 2027.

The post-exchange rating of 'CCC' reflects the company's exposure
to offtaker Compania Administradora del Mercado Mayorista Electrico
(CAMMESA).

Genneia is capped at an average Recovery Rating of 'RR4' since
Argentina is categorized within Group D with a soft cap of 'RR4',
per Criteria.

KEY RATING DRIVERS

Exchange Offering Complete: Fitch believes the completion of
Genneia's exchange offering will improve the company's liquidity
and debt maturity profile by refinancing its USD500 million bond
and USD53 million private notes due 2022 with a USD366 million bond
due 2027 with amortizations beginning in 2023. Genneia will
moderately improve its financial structure by paying off some of
its debt with cash on hand at the time of the exchange and upon
repayment of the 2022 notes at maturity for investors not
participating in the exchange. The amortizations of the new notes
will also allow the company to de-lever when those principal
repayments begin.

Dominant Player in Renewables: Although Genneia is considered a
relatively small player in the local power generation industry
(3.3% of the system's installed capacity), the company is the
leading wind power generation provider in the country, with
approximately 25% of the renewable installed capacity of Argentina
as of April 2021. The company added 166MW (Chubut Norte II, III and
IV) of wind capacity in 2021. Fitch expects that in 2021,
renewables, including wind, solar and biomass, will constitute 83%
of the company's revenue and 83% of its EBITDA.

Heightened Counterparty Exposure: Genneia depends on payments from
CAMMESA, which acts as an agent on behalf of an association
representing agents of electricity generators, transmission,
distribution and large consumers or the wholesale market
participants (Mercado Electrico Mayorista; MEM). CAMMESA's payment
delays to the electricity sector have risen from 50 days at the
beginning of 2019 to over 77 days. This risk is slightly mitigated
in the RenovAr program with the presence of the FODER (Trust Fund
for the Development of Renewable Energies) trust fund, which is
prefunded with one year of revenue.

Payment days for the FODER are 42 days, resulting in a consolidated
payment lag for Genneia of approximately 56 days. The company
estimates 20% of its consolidated EBITDA is backed by a World Bank
guarantee.

Predictable Operating Cash Flow: Genneia's cash flow generation is
relatively stable and predictable. Almost all of the company's
revenue is related to sales to the wholesale electricity market
(MEM) under contracts signed under RenovAr, GENREN and 21/16. The
company benefits from U.S. dollar-denominated PPAs expiring between
2018 and 2027 for its thermal capacity, and between 2027 and 2041
for renewables. These PPAs support the company's cash flow
stability and predictability through fixed payments and fuel
supplied by CAMMESA.

Strong EBITDA Margins: Fitch expects the company's EBITDA to be
USD246 million in 2021, 83% of which will be from renewables. The
company's EBITDA margins remained high in 2020 at 83%, in line with
82% in 2019. Fitch expects EBITDA margins to remain stable at 80%
in 2021 and beyond, as the company does not plan any expansions
after 2020, and no PPA or regulatory changes are anticipated until
2027.

Due to its low variable cost, EBITDA margins on the company's
renewable assets are 88%, while margins for its thermal projects
are approximately 83%. Genneia has relatively fixed and stable
operating costs and does not need to acquire fuel.

Improving Credit Metrics: Fitch expects Genneia to de-lever to 3.4x
in 2021, and to 2.5x in 2022, in line with its Argentine utility
peers. The company's leverage peaked in 2018 at 6.1x to finance the
addition of 500MW of renewable energy capacity between 2017 and
2020 with an additional 166MW of new wind capacity expected in
2021.

Fitch estimates Genneia will be FCF positive starting in 2021 after
its imminent expansion capex has concluded. Fitch's base case is
assuming the company will begin paying dividends in 2023, the year
after its 2022 bond matures, at a rate of 50% of the previous
year's adjusted net income, or approximately USD57 million.

Uncertain Regulatory Environment: Fitch believes the electricity
market remains a priority for the Argentine government. Further
regulatory reform is highly probable to reduce costs and prevent
the system from becoming insolvent. Fitch estimates the government
transferred USD3.0 billion in funds to CAMMESA in 2020, which
represented 40% of the total implied cost of the system of USD7.6
billion. Fitch expects subsidies to increase to 50% of the system
cost in 2021 unless end-user tariffs are adjusted.

RATING SENSITIVITIES

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

-- An upgrade can only occur if there is an upgrade of the
    Argentine sovereign rating in conjunction with increased
    clarity surrounding the company's ability to refinance its
    hard currency debt given the current central bank
    restrictions.

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

-- A downgrade of Argentina's ratings would result in a downgrade
    of the issuer's ratings, given that the company's ratings are
    constrained by the sovereign's credit quality;

-- A significant deterioration of credit metrics and/or
    significant payment delays from CAMMESA;

-- Material delays or cancellation of its expansion projects that
    results in penalties or significant increase in the company's
    leverage may be viewed negatively by Fitch;

-- A significant deterioration of credit metrics to total
    debt/EBITDA of 5.5x on a sustained basis.

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.



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B R A Z I L
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BRASKEM S.A.: S&P Raises Subordinated Notes Rating to 'BB'
----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating and unsecured
issue-level ratings on Brazil-based petrochemicals company Braskem
S.A. to 'BBB-' from 'BB+'. S&P also raised its ratings on the
company's subordinated notes to 'BB' from 'B+'. At the same time,
S&P affirmed its 'brAAA' national scale rating on the company.

The stable outlook reflects S&P's view that the company will
maintain leverage at about or below 2.5x in the next two to three
years, despite expected lower petrochemical spreads going forward.

S&P said, "We expect Braskem to continue benefiting from high
petrochemical spreads over the next few quarters, although those
will moderate. This should lead to much stronger EBITDA and cash
flows until 2022 than our previous forecasts. We expect the company
to maintain EBITDA margin above 20% until next year thanks to high
utilization rates and amid relatively stable foreign-exchange (FX)
levels. Our forecast incorporates some reduction in petrochemical
spreads in 2022 and a deeper one in 2023, due to a full supply
recovery in the U.S. (after the impact of the February winter storm
on the domestic industry), resolution of logistics problems in
Asia, allowing freight rates to return to more normal levels, and
as new capacity comes online, mainly for polyethylene (PE).
Therefore, we forecast EBITDA (excluding that of Braskem Idesa)
close to $4.7 billion in 2021, declining to $3.0 billion - $3.5
billion in 2022, and close to $2 billion in 2023."

The company has been using its cash flows to prepay debt, signaling
its commitment to low leverage levels in line with an
investment-grade rating. Until July 2021, the company reduced gross
debt by about $1.7 billion. We believe Braskem will post debt to
EBITDA of about 1x at the end of 2021, similar to the level in the
first half of this year, even assuming some dividend distribution
before the year-end. This metric is much stronger than 3.6x in 2020
and 5.3x in 2019, and more in line the level close to 2.0x in
2015-2018.

S&P said, "Our forecast now indicates the company's leverage can be
below 2.5x until the end of 2022 even if petrochemical spreads were
about 15% below our base-case assumptions or if the company pays
more than R$15 billion as dividends. Also, Braskem might need to
provision some additional amounts related to the geological
phenomenon at the state of Alagoas, but we don't expect it to be
material enough to pressure credit metrics."




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C O L O M B I A
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PACIFICO TRES: Fitch's USD260.4MM USD Bond BB+ Rating on Watch Neg
-------------------------------------------------------------------
Fitch Ratings has placed the following ratings of Fideicomiso P.A.
Pacifico Tres (Pacifico) on Rating Watch Negative (RWN):

-- USD260.4 million USD bonds 'BB+'; RWN;

-- COP397,000 million UVR bonds 'BB+' and 'AA+(col)'; RWN;

-- COP300,000 million UVR loan 'BB+' and 'AA+(col)'; RWN;

-- COP450,000 million COP Loan A 'AA+(col)'; RWN;

-- COP150,000 million COP Loan B 'AA+(col)'; RWN.

RATING RATIONALE

The Rating Watch Negative reflects the uncertainty around the
project's ability to meet its construction-related, operational and
financial obligations under the concession agreement and financing
documents, as a consequence of the suspension in the disbursements
of the COP Loan. In June 2021, an alleged corruption investigation
on Constructora Meco, S.A. (Meco), one of the project shareholders,
triggered a breach of covenants under the financing documents,
which prevented it from making further debt disbursements to fund
the remaining construction works.

The latter does not only jeopardize the project capacity to timely
deliver the road infrastructure as mandatory per the concession
agreement, but may also result in lower-than-expected revenues
and/or penalties and affecting the project's liquidity position and
cash flow available for debt service.

The RWN will be resolved once Fitch has more visibility on whether
the project will secure enough resources to comply with the
remaining construction on time and on budget, and assess the impact
on the project's cash flows. According to the issuer, the financing
documents will be amended in the next couple months as to allow the
disbursements of the COP Loan to continue with the construction
works. If the issuer fails to secure resources to meet their
obligations within the next three months or if material completion
difficulties are observed, Fitch could downgrade the ratings.

The next coupon payment for COP251,000 million is scheduled for
January 2022. Fitch believes the payment of this coupon is not at
risk given the debt service reserve account (DSRA) is fully
funded.

The rating reflects the adequate mitigation of the project's
exposure to completion risk and low exposure to revenue risks due
to the existence of traffic top-ups and grantor payments, a strong
debt structure, characterized by several prefunded reserve
accounts, distribution tests, a cash sweep mechanism, and robust
liquidity mechanisms. Fideicomiso P.A. Pacifico Tres (Pacifico)
presents a rating case Loan Life Coverage Ratio (LLCR) of 1.4x,
which is robust for the rating category according to applicable
criteria and revenue profile, but is limited to the counterparty
risk rating of ANI's obligation.

KEY RATING DRIVERS

ESG - Governance: Pacifico has an Environmental, Social and
Governance (ESG) Relevance Score of '5' for the exposure to the
Group Structure element due to ongoing investigations into Meco's
alleged public corruption acts in the awarding of conservation and
road maintenance works in Costa Rica. The corruption investigation
has triggered the suspension of debt disbursements and has
negatively impacted the project's credit profile, which is relevant
to the ratings on an individual basis.

RATING SENSITIVITIES

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

-- Failure to secure resources to meet construction-related,
    operational and financial obligations within the next three
    months;

-- Completion difficulties leading to delays and cost overruns
    beyond those already contemplated in Fitch's scenarios;

-- Deterioration in Fitch's view regarding the credit quality of
    ANI's grantor obligations.

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

-- No positive rating action is anticipated at this time given
    the ratings are on Rating Watch 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.

TRANSACTION SUMMARY

In September 2014, Conexión Pacifico 3 was granted a 25-year
concession for the construction, rehabilitation, improvement,
operation and/or maintenance of the roads La Virginia, La Pintada
and La Manuela, Tres Puertas, Irra and the associated
infrastructure. Conexion Pacifico 3, the project company, is owned
by Constructora El Condor (48%), Constructora MECO (26%) and Mario
Huertas Cotes (26%).

The Project aims to improve the connection between the productive
centers of three of the most important regions of the country:
Valle del Cauca, Antioquia and Eje Cafetero, with the port of
Buenaventura on the Pacific coast.

ESG CONSIDERATIONS

Pacifico has an ESG Relevance Score of '5' for Group Structure
element due to Meco's alleged public corruption that resulted in
the suspension of debt disbursements and has negatively affected
the project's credit profile, which is relevant to the ratings on
an individual basis.

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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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: US to Verify Whether Export of Beef May Resume
------------------------------------------------------------------
Dominican Today reports that the president of the Dominican
Association of Ranchers and Farmers (ADHA), Ulises de Beras, said
that on September 13 the technical commission of the United States
would arrive in the country to evaluate industrial slaughterhouses
and verify if the Dominican Republic is ready to export beef to
that nation again.

De Beras said ranchers, industrial slaughterhouses, and associates
hope that this time the country has complied with U.S. sanitary
rules that allow it to export meat to that territory, according to
Dominican Today.  He indicated that the Commission to Achieve the
Export of Beef to the United States has complied with the
recommendations made by the authorities of that nation, the report
notes.

He pointed out that President Luis Abinader announced the arrival
of the U.S. mission in the coming days, but the ADHA has the
information that that mission is coming on September 13, the report
relays.

De Beras said that the ADHA since 2014 has been pushing the
Dominican Republic to export beef back to the United States, has
worked together with the actors involved in the Meat Inspection
System (Ministry of Public Health, Ministry of Agriculture: General
Directorate of Livestock, Lavecen, and Slaughterhouses), the report
notes.

He said that it is important to remember that since 2016 the
Progana project was integrated into the Equivalence process, the
report discloses.  He added that it should be noted that Prograna
has since been a great support for this process of strengthening
the Meat Inspection System for the country, the report says.

He recalled that in 2017, Progana contributed to promoting a
culture of Food Safety in Meat through its contributions to the
Ministry of Public Health, providing inspection specialists, the
report notes.

De Beras said that this year you could see the improvement in the
operation of the Meat Inspection System in the personnel of the
Ministry of Public Health, explicitly in the inspectors of the
plants, who have been given the training to be more efficient and
the streamlining of documents to export meat, the objective of the
project is to transfer the Meat Inspection System of Public Health
to the Ministry of Agriculture, the report discloses.

The president of the ADHA also recalled that the Commission to
Achieve the Export of Beef to the United States is composed of
Alexis Alonzo, representative of the Minister of Agriculture and
bovine advisor to President Luis Abinader; María Gomez,
coordinator of the commission; Ulises de Beras, president of the
ADHA, and Ricardo Barcelo, past president of that entity, the
report says.

Also, president of Asocarne; Mercarne and Agrocarne
slaughterhouses, Enrique de Castro, the representatives, Jose
Alvarez and Eduardo Vasquez, of Public Health, Jaime Rafael Santoni
Hernandez, of Animal Health, Rafael Nunez, of Progana, Cesareo
Guillermo and Ruben Hernandez, of the Ministry of Agriculture, 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).





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M E X I C O
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BANCO AZTECA: Moody's Downgrades Long Term Deposit Ratings to Ba2
-----------------------------------------------------------------
Moody's de Mexico has downgraded Banco Azteca, S.A.'s long-term
local and foreign currency deposit ratings to Ba2, from Ba1, and
its Counterparty Risk (CR) Assessment to Ba1(cr)/NP(cr), from
Baa3(cr)/P-3(cr), for long and short-term respectively. The bank's
long-term Mexican national scale deposit rating was also downgraded
to A2.mx, from A1.mx. At the same time, Moody's affirmed Azteca's
standalone baseline credit assessment (BCA) and adjusted BCA at
ba3. The bank's short-term deposit rating in global and in Mexican
national scale were also affirmed at Not Prime and MX-1,
respectively. The outlook on the ratings was changed to stable,
from negative.

The following ratings and assessments assigned to Banco Azteca,
S.A. (820150724) were downgraded:

Long-term global local currency deposit rating to Ba2, from Ba1;
outlook changed to stable from negative

Long-term global foreign currency deposit rating to Ba2, from Ba1;
outlook changed to stable from negative

Long-term Mexican National Scale deposit rating to A2.mx, from
A1.mx

Long-term Counterparty Risk Assessment to Ba1(cr), from Baa3(cr)

Short-term Counterparty Risk Assessment to Not Prime(cr), from
Prime-3(cr)

The following ratings and assessments assigned to Banco Azteca,
S.A. (820150724) were affirmed:

Baseline credit assessment of ba3

Adjusted baseline credit assessment of ba3

Short-term global local currency deposit rating of Not Prime

Short-term global foreign currency deposit rating of Not Prime

Short-term Mexican national scale deposit rating of MX-1

Outlook, changed to stable from negative.

RATINGS RATIONALE

The downgrade of Azteca's deposit ratings to Ba2 from Ba1 reflects
the change in Moody's assessment of the probability of support from
the Mexican government (Baa1 negative) to the bank to moderate from
high, which resulted in a lower uplift of one notch from the bank's
ba3 BCA, from the previous two notches. In Moody's view, the
government's austere fiscal stance and a less predictable policy
response would likely imply a potential reduction in its
willingness to provide public financial support to non-systemic
banks, particularly privately-owned institutions. Banco Azteca had
a 3% market share in terms of deposits and 2% in terms of loans as
of June 2021. The moderate government support applied to Azteca is
consistently aligned to public support assigned to other same-sized
banks in the country. At the same time, Moody's assumption of
government support reflects the bank's important role as
distributor of social benefits under different government programs
through its wide geographical presence in the country, which allows
it to attend almost 30 million clients.

By affirming Banco Azteca's ba3 standalone BCA, Moody's
acknowledges the recent improvement in the bank's non-performing
loans to gross loans ratio to 3.8% in June 2021, compared to the
4.7% at the end of 2020, which Moody's expect to be sustainable in
a scenario of consistent economic recovery. In 2020, the high
amount of loan write-offs resulted in a hike in credit costs to
12.9% relative to gross loans, which included a large exposure to
one single corporate registered in March 2020.

While Azteca's business model is strongly focused on consumer
lending products, which adds granularity to its loan book, an
important factor that helps to manage risks through the cycle,
concentration risks relative to single borrowers and to related
party lending are higher at the bank than at other similar sized
institutions in the system, which implies higher asset risk to
Azteca's operations in times of stress. In June 2021, Azteca's top
20 largest exposures represented about 1.4x its tangible common
equity, and loans to related parties reached almost 35% of the
tangible common equity, up from 17% as of 2018.

While Azteca has been reporting higher loan growth since 2020
compared to the system average, lower provisioning expenses and the
favorable effect of increasing interest rates will support
improvement in future earnings generation to pre-pandemic levels.
In June 2021, net income to tangible assets stood at a low 0.2%,
still reflecting high provisioning expenses. Azteca's historically
adequate capitalization levels also support the faster-than-system
loan growth and a strong buffers against unexpected loan losses.

The outlook on Banco Azteca is now stable, reflecting the bank's
proven capacity to manage asset risks during the deep crisis caused
by the coronavirus pandemic, despite its operations' interlinkages
with consumption and job markets, two strongly impacted sectors in
2020. The stable outlook also incorporates the improving trends to
Azteca's asset quality and profitability, which will also support a
continued capital replenishment ability to mitigate the bank's
intrinsic credit and business concentrations.

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

Ratings could be upgraded in case Banco Azteca's (1) tangible
common equity (TCE) ratio and profitability indicators continue to
improve consistently in the coming twelve month period, and (2)
balance-sheet concentration and related-party exposures reduces,
which would also indicate lower exposure to unexpected losses.

Conversely, downward pressure to the bank's long-term deposit
ratings could develop from either a downgrade of the bank's ba3 BCA
that could lower if credit conditions in Mexico deteriorate with a
substantial impact to the bank's asset quality metrics, and most
likely hits to earnings through sudden increase in provisioning
expenses. A weaker capital position would also have negative
implications to the bank's BCA

The principal methodology used in these ratings was Banks
Methodology published in March 2021.

CDT DE SAN SEBASTIAN: Seeks to Tap WVS Law as Substitute Counsel
----------------------------------------------------------------
CDT de San Sebastian, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ WVS Law, LLC as its
substitute legal counsel.

WVS Law will be billed $200 per hour for attorney fees, plus
reimbursement for expenses incurred.

The firm will also receive a retainer in the amount of $5,000.

Wallace Vazquez Sanabria, Esq., the principal at WVS Law, disclosed
in a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Wallace Vazquez Sanabria, Esq.
     WVS Law LLC
     17 Mexico St., Suite D-1
     San Juan, PR 00917-2202
     Telephone: (787) 756-5730
     Facsimile: (787) 764-0340
     Email: wvslawllc@gmail.com

                    About CDT de San Sebastian

CDT de San Sebastian Inc. is a tax-exempt entity that operates an
outpatient care center in San Sebastian, P.R.

CDT de San Sebastian sought Chapter 11 protection (Bankr. D.P.R.
Case No. 19-06636) on Nov. 13, 2019, listing as much as $10 million
in both assets and liabilities. Eduardo Rodriguez MD, president,
signed the petition. Judge Brian K. Tester was assigned to the case
before Judge Edward A. Godoy took over.

The Debtor tapped WVS Law LLC as its legal counsel, replacing Jose
Ramon Cintron, Esq.  JE&MA CPA Consulting Solutions, LLC is the
Debtor's accountant.


ELEMENTIA SAB: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed Elementia S.A.B. de C.V.'s
corporate family rating at Ba3 following the spin-off of its metals
and business systems divisions. Despite the spin off, Moody's will
continue to assess the company's credit risk on a consolidated
basis due to the existence of cross-guarantess and cross-default
provisions in the new corporate structure. The outlook was changed
to stable from negative.

"The stable outlook reflects the strong rebound the company has had
in 2021 that adequately positions it in its Ba3 rating and
increases predictability in free cash flow generation throughout a
still uncertain economic environment." Said Sandra Beltran, a
Moody's VP-Senior Analyst. The outlook also reflects Moody's
consideration that Elementia will remain focused in completing its
liability management strategy that will strengthen its liquidity
through 2022. At year-end 2022, Moody's projects total
debt-to-EBITDA will be 3.0x, on a consolidated basis.

On August 23, 2021 Elementia announced that it expects to close in
Q3 2021 the spin-off that was approved by the company's board of
directors in 2019. After the transaction, Elementia, S.A.B. de C.V.
will be the subsisting company, with cement business operations and
a new company will be created under the name Elementia Materiales,
S.A.B. de C.V. The later will comprise operations of the spun off
Metal Products and Building Systems divisions. As of June 2021,
Elementia's total debt amounted MXN16.2 billion; Moody's expects
some 70% to remain at the subsisting company and the balance to be
allocated to the newly created entity. Debt will be distributed
following cash generation criteria, considering that in the 1H 2021
cement contributed with 63% of total EBITDA. The existing
bondholders and lenders will benefit from cross default provisions,
essentially retaining the same access to cash flow. After the
spin-off, Elementia will continue to provide financial information
on a combined consolidated basis and Moody's rating will be based
on this information as cross guarantees remain outstanding.

RATINGS RATIONALE

Elementia's Ba3 rating reflects high resiliency in the cement
operations in both Mexico and the US, which together account for
the majority of the company's EBITDA. At the outset of the pandemic
Moody's had anticipated a severe deterioration affected by a
profound economic recession in both countries, but during the Q2
2020 the company reported consolidated revenues practically flat
when compared to the same period of 2019 and a 20% decline in
EBITDA that was driven by the Building Systems division, that was
affected by mandatory stoppages. During 2021, Elementia continued
to improve its operating performance turning around underperforming
operations such as Metals and Building Systems. As a result, in the
1H21, EBITDA was 43% higher than in the same period of 2019, prior
to the coronavirus outbreak. Cement segment was deemed an essential
business in Elementia's main markets and demand in Mexico remained
solid given its focus on the self-construction and ongoing
infrastructure projects. In the US, construction experienced a
brief halt after the pandemic irrupted, but rapidly recovered
supported by stable construction demand and accommodative Federal
Reserve policy. However, Building Systems experienced a contraction
in demand during the pandemic and Metal Products dealt with
operating inefficiencies that arose prior to the pandemic. For
these two segments, 2021 set an inflection point where efficiency
efforts and cost optimization implemented since 2019 bear fruits.
Part of Elementia's strategy includes focus on pricing and a
product mix emphasizing profitable value added products. As a
result, credit metrics improved significantly with debt/EBITDA
ratio including Moody's standard adjustments at 3.2x in the last
twelve months ended in June 2021, well below 6.6x in the same
period of 2020. Likewise, EBITA to interest expense ratio improved
to 2.0x in the LTM ended in June 2021, from 0.6x in the same period
of 2020.

Elementia's liquidity and cash generation has continued to improve,
mainly driven by the operational turnaround and the discipline in
capital spending, which is now allocated based on financial
results. As of June 2021, cash on hand totaled around MXN2.5
billion, but is still not enough debt maturing in the short term
amounting MXN5.1 billion. The company is working on its liability
management and has prepaid in full its $425 million senior notes.
Foreign-exchange exposure has declined significantly, as only 15%
of total debt is US dollar-denominated, which is completely hedged
with EBITDA generation.

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

A rating upgrade will require liquidity to improve significantly
through a successful liability management strategy and an increase
in cash buffer during the remainder of the coronavirus crisis.
Quantitatively, the rating could be upgraded if the company's
operating performance improves such that its adjusted debt/EBITDA
remains below 4x and EBIT/interest expense remains close to 2x on a
sustained basis.

The rating could be downgraded if economic activity takes longer
than expected to recover as a result of unexpectedly severe
upcoming waves of contagion under the ongoing coronavirus pandemic.
Quantitatively, a downgrade could occur if adjusted debt/EBITDA
remains above 5.0x with no prospects to de-lever. Any significant
deterioration in liquidity will also pose a threat to the current
rating.

The principal methodology used in this rating was Manufacturing
Methodology published in March 2020.

GENERAL MOTORS: Mexico Plant to Shut Down for Two weeks
-------------------------------------------------------
RJR News reports that General Motors will halt output at most of
its North American plants this month as the semi-conductor chip
shortage continues to hit carmakers.

Four plants in the US, three in Mexico and one in Canada will shut
down for up to two weeks, depending on the site, according to RJR
News.

Ford and Toyota also cut output this month as chip makers in the US
and Asia struggle to meet demand from economies reopening following
lockdowns, the report notes.

The shortage has pushed up car prices, driving people to buy
second-hand, the report adds.




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

TRINIDAD & TOBAGO: Economic Outlook Dependent on COVID Response
---------------------------------------------------------------
RJR News reports that the Central Bank of Trinidad and Tobago
(CBTT) says the short-term economic outlook for the country will be
directly impacted by the COVID-19 pandemic as well as the domestic
response to it.

The CBTT in its latest Economic Bulletin said if sustained, the
gradual relaxation of restrictions on movement and business
activity from August could see, by the end of 2021, a meaningful
recovery of non-energy output lost during the first two and a half
quarters of the year, according to RJR News.

It said inflationary pressures are expected to remain contained,
but could gather steam depending on global price developments,
especially in relation to food prices, the report notes.




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

[*] BOND PRICING: For the Week Aug. 30 to Sept. 3, 2021
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR



                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *