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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, September 15, 2021, Vol. 22, No. 179

                           Headlines



B R A Z I L

BANCO DO BRASIL: Fitch Gives 'BB-(EXP)' Rating to 2026 Unsec. Notes
BANCO DO BRASIL: Moody's Assigns Ba2 Rating to New Sr. Unsec. Notes
BRAZIL: Automakers Will Manufacture Fewer Vehicles This Year
BRAZIL: Inflation Hits 0.87% in August
RUMO LUXEMBOURG: Moody's Rates New $500MM Sr. Unsec. Notes 'Ba2'



D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Firms Can Now Initiate Offering of Shares
[*] DOMINICAN REPUBLIC: Chicken Production Picks Up, Alba Says
[*] DOMINICAN REPUBLIC: Expects 4.8M+ Tourists by Year End


G U Y A N A

[*] GUYANA: To Deposit US$500MM+ Into Natural Resources Fund


M E X I C O

PETROLEOS MEXICANOS: Cuts Tax Burden, Forecasts 4.1% Growth


P A R A G U A Y

BANCO REGIONAL: Moody's Withdraws Ba3 Long Term Deposit Rating

                           - - - - -


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B R A Z I L
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BANCO DO BRASIL: Fitch Gives 'BB-(EXP)' Rating to 2026 Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings has assigned an expected long-term rating of
'BB-(EXP)' to Banco do Brasil S.A.'s (BdB) proposed senior
unsecured notes due September 2026, acting through its Grand Cayman
branch. The size of the issuance is yet to be determined upon book
building. The bonds' proceeds shall be used for general corporate
purposes. The final rating is contingent upon the receipt of final
documents conforming to the information already received.

KEY RATING DRIVERS

The expected rating on the notes corresponds to BdB's Long-Term
Foreign Currency Issuer Default Rating (IDR) (BB-/Negative) and
ranks equal to its other senior unsecured debt. BdB's ratings are
equalized with Brazil's IDRs (BB-/Negative) and are further
underpinned by the bank's Viability Rating (VR). In Fitch's view,
the bank would receive support from the federal government, if
needed. This reflects the majority federal government ownership,
its key policy role, particularly in rural lending and systemic
importance. Fitch believes that the Brazilian government's
willingness to support BdB in case of need is high; however, its
capacity to do so has fallen, as reflected in the successive
sovereign rating downgrades.

RATING SENSITIVITIES

IDRS AND SENIOR DEBT

BdB's VR, IDRs and its issuance ratings would be affected by
potential changes in the sovereign ratings of Brazil and/or in the
sovereign's willingness to provide support to the bank, should the
need arise.

BdB's VR would be negatively affected if its common equity Tier 1
ratio falls below 9% and/or its regulatory capital ratios to
approach the minimum requirements, due to a combination of asset
quality deterioration, weakening of profitability or higher than
expected growth.

Fitch currently rates BdB as follows:

-- Long-Term Foreign and Local Currency IDRs 'BB-'/Negative;

-- Short-Term Foreign and Local Currency IDRs 'B';

-- National Long-Term rating 'AA(bra)'/Stable;

-- National Short-Term rating 'F1+(bra)';

-- Support Rating '3';

-- Support Rating Floor 'BB-';

-- Senior unsecured notes due 2022, 2023, 2025 'BB-';

-- VR 'bb-'.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Bdb's ratings are driven by Brazil´s Sovereign Support.

ESG CONSIDERATIONS

Banco do Brasil S.A. has an ESG Relevance Score of '4' for
Governance Structure (GGV). A GGV score of '3' is the standard
score assigned to all banks rated by Fitch. Given BdB's ownership
and a track record of the Brazilian federal government's ability to
influence and interfere in the policies of the banks it controls,
Fitch believes that an increase of government influence on BdB's
management and strategy could impact negatively on creditors'
rights. This has a moderately negative impact on the bank's 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.


BANCO DO BRASIL: Moody's Assigns Ba2 Rating to New Sr. Unsec. Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 long-term foreign
currency senior debt rating to the proposed senior unsecured notes
of Banco do Brasil S.A. (BB), acting through its Grand Cayman
branch. The proposed notes, which are part of BB's USD 20 billion
senior unsecured EMTN Program, will be denominated and settled in
USD, and are due in September 2026. The outlook on the debt rating
is stable.

The following ratings were assigned:

Issuer: Banco Do Brasil S.A. (Cayman)

Senior Unsecured Regular Bond/Debenture, Assigned Ba2, stable

RATINGS RATIONALE

The Ba2 rating on the notes incorporates BB's steady origination of
recurring earnings, better-than-peer capital metrics and ample
access to a low-cost retail deposit funding base. For the past four
quarters BB's profitability, measured as net income as a percentage
of tangible assets, improved sequentially to 1.13% in June 2021,
from 0.84% in June 2020, benefiting from a consistent recovery in
business conditions, which has affected positively fee income
origination, including asset management activities. In addition,
BB's predominant exposure to retail loans mostly in the form of
low-risk payroll and mortgage loans, as well as good performance in
the portfolios of companies and agribusiness, has supported a
consistent contribution from income from loans to the bank's
bottom-line results.

BB's problem loan ratio declined to 2.11% in June 2021, from 2.92%
one year prior, aided by loan deferrals programs and growth in loan
origination. The bank's loan loss reserve buffer has remained high
at 6.06% of gross loans and 288% of problem loans in June 2021,
reflecting the bank's ongoing conservative approach toward credit
risk given continued uncertainties about the pandemic dynamics. BB
has also maintained good capitalization, with Moody's ratio of
tangible common equity to risk-weighted assets (TCE/RWA) increasing
to 10.48% in June 2021, from 9.22% one year prior. The improvement
in capitalization stemmed from earnings retention and lower
shareholders' payout, compensating increased RWAs.

BB's rating is at the same level as The Government of Brazil's Ba2
sovereign rating and the stable outlook on the bank's ratings is in
line with the stable outlook on the sovereign rating.

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

At the moment, there is limited upward pressure on BB's ratings
owing to the stable outlook on its ratings. Because of the strong
credit links between the sovereign and the bank, BB's ba2 BCA is
constrained by Brazil's Ba2 rating.

Negative pressure on the bank's BCA and its subordinated debt
ratings could emerge if there is a substantial deterioration in its
asset risk and profitability, leading to weaker capitalization. In
addition, a downgrade of Brazil's sovereign rating could lower BB's
BCA and ratings.

METHODOLOGY USED

The principal methodology used in this rating was Banks Methodology
published in July 2021.

BRAZIL: Automakers Will Manufacture Fewer Vehicles This Year
------------------------------------------------------------
Rio Times Online reports that with the semiconductor crisis, Brazil
will stop producing between 240,000 and 280,000 vehicles this year,
according to an estimate made by the Boston Consulting Group (BCG)
and released by Anfavea.

In the global automotive industry, the impact will be a loss of
production between 7 million and 9 million units this year,
according to Rio Times Online.

In Brazil, the production of passenger cars registered the worst
level for August in 18 years due to the lack of parts, the report
notes.  A total of only 119,000 units were manufactured, the report
relays.

                              About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).


BRAZIL: Inflation Hits 0.87% in August
--------------------------------------
Rio Times Online reports that Brazil's inflation in August was once
again above market expectations. The National Wide Consumer Price
Index (IPCA) reached 0.87%, the highest for the month since 2000.

In July, the indicator had been 0.96%, according to Rio Times
Online.

The data, released Sept. 9 by the Brazilian Institute of Geography
and Statistics (IBGE), show that in 12 months, inflation has
accumulated 9.68%. Compared to August last year, the increase was
0.24%, the report notes.

Eight of the nine product and service groups experienced price
hikes in August, especially transportation, the report notes.

                              About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).


RUMO LUXEMBOURG: Moody's Rates New $500MM Sr. Unsec. Notes 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating and stable
outlook to the proposed $500 million senior unsecured
sustainability-linked notes due in up to 10 years to be issued by
Rumo Luxembourg S.a r.l. and unconditionally guaranteed by Rumo
S.A. (Rumo, Ba2 stable). Rumo's Ba2 corporate family rating and
stable outlook remain unchanged.

The proposed issuance is part of Rumo's liability management
strategy and proceeds will be used for debt repayment and general
corporate purposes, including a tender offer for the totality of
Rumo's outstanding $500 million notes maturing in 2025, thus not
affecting the company's debt protection metrics. The proposed
sustainability-linked notes include coupon step-up clauses in case
the company does not achieve certain sustainability performance
targets.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

Rating Assigned:

Issuer: Rumo Luxembourg S.a r.l.

Gtd Senior Unsecured Notes due in up to 10 years: Ba2

The outlook is stable.

RATINGS RATIONALE

Rumo's Ba2 corporate family rating reflects its relevant market
position as the largest independent rail operator in Brazil, with
operations in the South and Southeastern regions, an area that is
responsible for 80% of Brazil's GDP and approximately 80% of the
country's grain exports that lacks the appropriate railroad
transportation capacity. The company's strong growth prospects
after the renewal of the Paulista network concession, extension of
the Northern operations to Lucas do Rio Verde and the winning of
the Central network sub concession combined with its track record
of successful capex execution and capital allocation also support
the rating. The rating also incorporates the consistent improvement
in the company's credit metrics as a consequence of investments to
enhance transport capacity and efficiency, and its adequate
liquidity. Even though adjusted gross leverage will remain high at
around 4.0x-5.0x in the next few years, Moody's recognizes Rumo's
recent efforts to reduce reported leverage, lower its debt cost,
extend debt tenor and diversify its funding structure to mitigate
leverage and liquidity risks during periods of hefty investments.

The rating also considers the company's solid shareholder
structure, corporate governance and stronger management team. The
track record of shareholder support, access to capital markets and
funding from Banco Nac. Desenv. Economico e Social - BNDES (Ba2
stable) are additional credit positives that mitigates risks
associated with the company's prospects of negative free cash
flow.

Rumo's Ba2 rating is constrained by its large exposure to
agricultural commodities and high customer concentration on large
global trading companies, although the existence of take-or-pay
contracts partially mitigates these risks. Rumo also lacks
geographical diversification in a highly regulated business, with
all its concessions exposed to Brazil's regulatory framework,
including concession and environmental regulation. Finally,
execution risks on the company's large capex program related to
existing and new concessions remain an important credit
consideration. Still, the current management has proved to be
successful in its capital allocation during the last five years.

In September 9, 2021, Rumo announced the 730 kilometers extension
of its Northern operations in Malha Norte to Lucas do Rio Verde and
Cuiaba until 2028, which will require BRL12 billion in total capex.
The project was structured under the authorization format instead
of the usual concession format, meaning that Rumo will not incur
concession fees and the amount of employed capital will be lower
than in other projects, and thus translating into higher returns.

With this new project and the concession and agreements signed in
2019-20, Rumo will more than double its transportation capacity
until 2030, and to support this aggressive growth plan, investments
in the coming years will be materially higher than the annual
average of roughly BRL2 billion spent from 2017 to 2019. However,
Moody's estimates that these projects will increase the company's
EBITDA to about BRL9-10 billion per year by 2025 when the Central
network and the extension of the Malha Norte to Nova Mutum will be
fully operational and the peak of the investment cycle concluded,
from BRL4.1 billion in the twelve months ended in June 2021.

Rumo's adjusted leverage declined to 4.6x in the twelve months
ended June 2021 from 6.9x at the end of 2020, after Rumo raised
BRL6.4 billion from a follow-on equity offer in August 2020 and
used the proceeds to pay down BRL5.1 billion in concession
obligations, and used cash to call the totality of its $750 million
notes due 2024 in March 2021. Incorporating the additional funding
required to support Rumo's growth projects in the next five years,
Moody's-adjusted gross leverage will hover at around 4x-5x, but
more importantly, reported net leverage (used for covenant measure)
will remain near 3.0x even during the peak of Rumo's investment
cycle, reinforcing the company's financial discipline.

At the end of June 2021, Rumo reported BRL6.4 billion in cash and
equivalents, sufficient to cover short term debt by around 4 times
and all debt maturities through 2025. The proposed transaction is
part of Rumo's liability management, thus lengthening the company's
debt amortization schedule. The new issuance adds to several
liquidity-enhancing initiatives carried-out by the company over the
past few years that reduced capital allocation and liquidity risks
during the execution of a hefty investment program that will lead
to negative free cash flow for the next years.

The rating of the proposed notes stands at the same level as Rumo's
CFR reflecting the similar recovery rates of the notes and other
senior unsecured obligations of Rumo and the debt issued by its
subsidiaries, as a result of a symmetrical debt allocation within
its subsidiaries and good residual value at the holding level. The
similar recovery rates among debt sitting at the holding and
operating subsidiaries mitigate risk differentiation coming from
structural subordination. The new notes rank pari passu with Rumo's
existing consolidated senior unsecured obligations, including the
notes due 2028, that pro forma to the new issuance will represent
around 75% of the company's total debt, excluding leases and
concession obligations.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Rumo will
successfully execute its capex program in the next 12-18 months,
while continuing to benefit from a significant global demand for
agricultural products, maintaining financial discipline and
adequate liquidity. The outlook also considers that Rumo's credit
metrics will improve in the coming years as a result of further
enhancements in capacity and efficiency.

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

The rating could be upgraded if Rumo is able to maintain high
operating margins while improving cash generation and reducing
leverage. Quantitatively, an upgrade could be considered if Funds
From Operations (FFO) to adjusted debt improves to more than 16.5%
(8.4% in June 2021) and leverage as measured by Moody's adjusted
debt to EBITDA remains below 4.0x (4.6x in June 2021) on a
sustainable basis.

Rumo's rating could be downgraded if Moody's adjusted leverage is
sustained above 4.5x after the conclusion of its investment cycle
or if adjusted interest coverage ratio is maintained persistently
below 1.0x (0.9x in June 2021). The rating could also be downgraded
if there is a material deterioration in the company's liquidity
position due to heavy capex plans, unfavorable rulings regarding
judicial disputes or changes in the regulatory framework that
negatively affects Rumo's business profile such as a concession
revoke without adequate compensation.

The principal methodology used in this rating was Surface
Transportation and Logistics published in May 2019.

Headquartered in Curitiba, Brazil, Rumo is the largest independent
rail-based logistics operator in Latin America. After winning a new
30-year subconcession of the Norte-Sul railway (Central network) on
July 2019, Rumo's rail operations comprise five long-term rail
concessions, totaling approximately 13,470 kilometers of rail
tracks, about 1,500 locomotives and over 35,000 railcars, through
which the company transports agricultural commodities and
industrial products. The company will also add 730 kilometers of
rail tracks to its north operations by 2028 with the recent
announced expansion of Malha Norte to Lucas do Rio Verde.
Additionally, Rumo develops the intermodal logistic of containers
and related storage services through Brado Logistica. In the twelve
months ended June 2021, Rumo reported net revenues of BRL7.6
billion ($1.4 billion) and adjusted EBITDA of BRL4.1 billion ($760
million).



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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: Firms Can Now Initiate Offering of Shares
-------------------------------------------------------------
A Dominican Republic official in a press release said: "I can
announce that already in this month, perhaps, the first company
with the first prospectus for the Superintendence will study and
approve the first public offer of shares in the country."

The official informed the general public and corporations who
potentially wish to venture into the Dominican stock market through
the public offering of their shares as established in Law number
163-21 on the Promotion of the Placement and Commercialization of
Public Offering Securities in the Securities Market of the
Dominican Republic that was promulgated on August 6, 2021, that
everything is ready.

"We announce to all interested parties that the Superintendence has
everything ready through its public offering regulations, but in
addition to that, the Superintendence is willing to guide and
accompany all those companies that want to participate, that want
to go to the market with shares, which is a novel element in the
country and that puts the capital market of our country in another
dimension," Gabriel Castro, superintendent of the stock market,
said.

The SIMV explains that Law 163-21 aims to promote the placement and
commercialization of public offering securities in the securities
market through the creation of different incentives for the issuer
and the investment public; which consist of temporary exemption for
three years, counted from the entry into force of the law, of taxes
on the capital increase made by listed companies through a public
offer of shares.

In addition, temporary reduction for three years, counted from the
entry into force of the law, of the capital gains tax rate to the
seller of the shares registered in the Securities Market Registry
that are subscribed or traded in the stock market and are part of a
public offering, which will be 15%.

Likewise, the establishment of a special liability regime for the
acquirers of the shares registered in the Securities Market
Registry that are subscribed or traded on the securities market and
are part of a public offer; and competence granted to the National
Securities Market Council to grant temporary differentiated
regulatory treatments for three years, counted from the entry into
force of the law, for compliance with the provisions contained in
paragraph 7) of Article 216; article 217; Article 219(3); Articles
224 and 225 and article 226, paragraph, of Law No. 249-17 on the
Securities Market of the Dominican Republic.

The executive director of the Association of Stock Exchanges of the
Dominican Republic (APB), Mario A. Franco, told Diario Libre that
Law 163-21 solves all the sector's obstacles for companies to issue
shares.

He added that he has been meeting with representatives of the
business sector, such as the National Council of Private Enterprise
(Conep), to whom he has presented the issues resolved by the law.

"Informing them that there is nothing pending, that what we want is
that they start broadcasting," said the executive.

The Securities Market Council approved the Public Offering
Regulation on October 29, 2019. At the time, the APB considered
that the Public Offering Regulation is a fundamental piece for
access to the stock market and taking advantage of its financing
opportunities. Moreover, this regulation is part of the 16
established for applying Law 249-17, which regulates the stock
market of the Dominican Republic. Of that set of regulations, 11
are now ready.

"There are five missing, but with the 11 we already have we can
perfectly pull forward. What this new law says, basically, is that
in what is prepared a new regulation, the old regulation is still
in application, that is, it is not that there is no clear regime,
there is already," said Franco.

Among those approved are Corporate Governance Regulations; Public
Offer Regulations; Internal Regulations of the National Securities
Market Council; Regulation of tariffs for regulation and the
services of the Superintendence; Regulation that regulates the
prevention of money laundering, financing of terrorism, and the
proliferation of weapons of mass construction in the Dominican
stock market.

In addition, Regulations for establishing and operating the OTC
Market and Securities Trading Registration Systems; Regulations on
Management Companies and Investment Funds; Regulations for
establishing and operating Centralized Negotiation Mechanisms.

Also, Regulation for Centralized Securities Deposits and Securities
Clearing and Settlement Systems and the Regulation for Securities
Intermediaries.

The superintendent of the Securities Market also explained that in
the Dominican Republic, there is a law (249-17) that was made based
on the principles of the International Organization of Securities
Commissions (IOSCO), which is the body that brings together the
world's regulators.

"IOSCO has about 34 principles, that law is adjusted to those
canons," he stressed.

The official said that as authorities, they have been building a
capital market that has excellent potential to finance companies
and the Dominican State.

                  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 in January 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 reported in May 2020 at BB- with negative
outlook.


[*] DOMINICAN REPUBLIC: Chicken Production Picks Up, Alba Says
--------------------------------------------------------------
Dominican Today reports that chicken production has increased every
week this year to meet the demand, so authorizing imports has been
a somewhat desperate measure, perhaps due to the responsibility of
the State to guarantee consumers their food at fair prices.

The point was made by the president of the Dominican Poultry
Association (ADA), Juan Lucas Alba, who added that before the
pandemic, some 16 million chickens were produced monthly, during
covid-19 it dropped to 9 million for a while, but that after the
support for the recovery of the economy by the Government, month by
month the production of the meat has been increasing, according to
Dominican Today.

"Last month, we had a supply of 18 million chickens, this month it
will be more than 18 million and by October we already think we
will be above 19 million chicken units-a lot of chicken," he
explained, the report notes.

Alba indicated that local domestic chicken is produced at a lower
cost than importing it from other countries and is of better
quality, the report relays.  Hence, he understands that it is
necessary to do whatever is needed to avoid putting national
production at risk, the report says.

He noted that increasing food production is a process: it takes
several months in the case of chickens, the report notes.

He said that the association's chicken producers have not lowered
production, but that it has increased steadily, but that there has
also been an increase in demand due to situations such as that of
the recent African swine flu that affected the pork sector, 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 in January 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 reported in May 2020 at BB- with negative
outlook.


[*] DOMINICAN REPUBLIC: Expects 4.8M+ Tourists by Year End
----------------------------------------------------------
Dominican Today reports that the Dominican Republic will receive
4,840,376 tourists by the end of this year, a figure still distant
from the 6,446,036 non-resident foreigners who arrived in 2019
(prepandemic year).

Tourism minister David Collado said that between January and August
2021 2,938,200 tourists arrived in the country and he projected
that, from October to December, "if everything continues normal
within the pandemic," 1,552,621 visitors will arrive at national
destinations, according to Dominican Today.

He said that last August, 476,575 non-residents arrived in
Dominican territory, a figure close to that registered in the same
month of 2019, when 497,390 tourists entered, the report notes.

"We are going to end the year at 4,840,376 (tourists), which is a
number that we could never imagine we would be able to have in
2021. We are giving clear signals that tourism is recovering in a
sustainable way in the Dominican Republic," the report relays.

                  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 in January 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 reported in May 2020 at BB- with negative
outlook.




===========
G U Y A N A
===========

[*] GUYANA: To Deposit US$500MM+ Into Natural Resources Fund
------------------------------------------------------------
RJR News reports that Guyana said it expects to deposit more than
US$500 million into the Natural Resources Fund by the end of this
year.
                                                          
Natural Resources Minister Vickram Bharrat said the country is also
due to export a million barrels of oil in three weeks and another
million before the end of the year, according to RJR News.

He added that both exports will have an average revenue of US$70
million, the report notes.




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

PETROLEOS MEXICANOS: Cuts Tax Burden, Forecasts 4.1% Growth
-----------------------------------------------------------
Anthony Esposito and Stefanie Eschenbacher at Reuters report that
Mexico's government proposed sharply reducing the tax burden for
state oil firm Petroleos Mexicanos and forecast economic growth of
4.1% for 2022, as Latin America's second largest economy continues
to recover from a COVID-19-induced slump.

The finance ministry's 2022 draft budget, which it presented to
Congress earlier in the day, laid out a profit sharing rate (DUC)
-- effectively a tax paid to the government -- of 40% for the oil
giant known locally as Pemex, according to Reuters.

The DUC, the largest payment the firm makes to state coffers, has
been gradually reduced from 65% in 2019, to 58% in 2020 and 54% in
2021, the report notes.

Leftist oil nationalist President Andres Manuel Lopez Obrador has
staked his reputation on reviving Pemex, which has been a powerful
symbol of Mexican self-reliance since its creation in 1938, the
report relays.

Mexico in 2020 suffered its steepest recession in almost 90 years
as the pandemic hit across all sectors of the economy, with gross
domestic product (GDP) shrinking by some 8.5%, the report says.

The government this year expects to make up most, but not all of
the ground lost, as export activity and the spillover effects of
massive economic stimulus spending in the United States, Mexico's
top trade partner, help to drive a recovery, the report discloses.

Presenting the new budget to Congress, Finance Minister Rogelio
Ramirez de la O said the plan would focus on the well-being of
Mexicans, financial stability and support for regional development,
reiterating that no new taxes would be created, the report notes.

The budget's forecast "growth rate of 4.1% for 2022 seems very
optimistic. Tax authorities will improve tax take but it won't be
enough," said Raul Gonzalez, a former finance ministry official,
who now teaches economics at the Tec de Monterrey University, the
report says.  The peso was little moved after the initial
presentation, trading broadly flat against the dollar, the report
adds.

                           About Petroleos Mexicanos

Petroleos Mexicanos is engaged in the exploration, refining,
transportation, storage, distribution, and sale of crude oil,
natural gas, and derivatives of petroleum and natural gas in
Mexico.  The Company is a major supplier of crude oil to the United
States.

As reported in Troubled Company Reporter-Latin America, Moody's de
Mexico, S.A. de C.V. in July 2021 downgraded Petroleos Mexicanos'
(PEMEX) senior unsecured ratings on the company's existing notes,
as well as the ratings based on PEMEX's guarantee, to A3.mx/Ba3
from A2.mx/Ba2. Moody's also affirmed PEMEX's MX-2 short term
national scale. These rating actions follow Moody's Investors
Service (MIS) rating action of downgrading PEMEX's corporate family
rating to Ba3 from Ba2. MIS also lowered PEMEX's Baseline Credit
Assessment (BCA), which reflects its standalone credit strength, to
caa3 from caa2.




===============
P A R A G U A Y
===============

BANCO REGIONAL: Moody's Withdraws Ba3 Long Term Deposit Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings and assessments
assigned to Banco Regional S.A.E.C.A. Before the withdrawal, the
outlook on the deposit ratings was stable.

Withdrawals:

Issuer: Banco Regional S.A.E.C.A.

Adjusted Baseline Credit Assessment, Withdrawn, previously rated
b1

Baseline Credit Assessment, Withdrawn, previously rated b1

ST Counterparty Risk Assessment, Withdrawn, previously rated
NP(cr)

LT Counterparty Risk Assessment, Withdrawn, previously rated
Ba2(cr)

ST Counterparty Risk Rating (Foreign Currency), Withdrawn,
previously rated NP

ST Counterparty Risk Rating (Local Currency), Withdrawn,
previously rated NP

LT Counterparty Risk Rating (Foreign Currency), Withdrawn,
previously rated Ba2

LT Counterparty Risk Rating (Local Currency), Withdrawn,
previously rated Ba2

LT Deposit Rating (Local Currency), Withdrawn, previously rated
Ba3; outlook changed to Ratings Withdrawn from Stable

LT Deposit Rating (Foreign Currency), Withdrawn, previously rated
Ba3; outlook changed to Ratings Withdrawn from Stable

ST Deposit Rating (Local Currency), Withdrawn, previously rated
NP

ST Deposit Rating (Foreign Currency), Withdrawn, previously rated
NP

Senior Unsecured (Foreign), Withdrawn, previously rated Ba3;
outlook changed to Ratings Withdrawn from Stable

Outlook Actions:

Issuer: Banco Regional S.A.E.C.A.

Outlook, Changed To Ratings Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Regional is headquartered in Asuncion, Paraguay, with assets of
PYG18.0 trillion (USD2.7 billion) and shareholders' equity of
PYG1.2 trillion (USD170 million) as of June 30, 2021.


                           *********


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.

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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,
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.


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