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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

          Monday, September 20, 2021, Vol. 22, No. 182

                           Headlines



A R G E N T I N A

ARGENTINA: Monthly Inflation Cools More Than Expected to 2.5%


B R A Z I L

BRAZIL: Ibovespa Drops 2%, Hits Worst Level in 6Mos w/ Commodities
BRAZIL: Saudi Arabia Resumes Imports From Meatpacking Plants


C A Y M A N   I S L A N D S

KUVEYT TURK: Fitch Gives  Final 'B' Rating on USD350MM Tier 2 Sukuk


C O L O M B I A

AVIANCA HOLDINGS: Gets Court OK to Send Plan to Creditors for Vote


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Public Debt Soars a Record 25% in One Year
ITABO: Fitch Withdraws BB- IDRs on 2026 Bond Repayment


M E X I C O

BUPA MEXICO: A.M. Best Cuts Fin. Strength Rating to C++(Marginal
GRUPO AEROMEXICO: Delivers Final Valuation to DIP Lenders


P U E R T O   R I C O

HOSPEDERIA VILLA: Seeks to Use Cash Collateral Through Sept. 30


T R I N I D A D   A N D   T O B A G O

GULF INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating


X X X X X X X X

[*] BOND PRICING: For the Week Sept. 13 to Sept. 17, 2021

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Monthly Inflation Cools More Than Expected to 2.5%
-------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that
Argentina's monthly inflation eased more than expected in August to
a 13-month low as food and living cost increases lost some
momentum.  Consumer prices rose 2.5% in August from a month
earlier, the lowest level since July 2020 and less than economists'
median estimate for a 2.9% increase, according to
globalinsolvency.com.

From a year ago, inflation reached 51.4%, one of the highest levels
since President Alberto Fernandez took office in December 2019, the
report notes.

Inflation has slowed since March as the government has tightened
its grip on the peso's decline, known as a crawling peg, in an
effort to anchor expectations, the report discloses.

It's also stepped up price controls and restricted beef exports as
part of its inflation strategy. Economists expect prices to
accelerate again in November, according to the central bank's
survey, the report relays.

The government is also preparing to boost welfare payments before
the elections after a poor showing in the primaries, the report
notes.  Greater spending could impact prices and the peso too, 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.




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

BRAZIL: Ibovespa Drops 2%, Hits Worst Level in 6Mos w/ Commodities
------------------------------------------------------------------
Rio Times Online reports that Ibovespa stock index fell back on
Sept. 17, after the federal government decreed the increase in the
rate of the Imposto sobre Operacoes Financeiras (IOF) or Brazil's
Tax on Operations of Credit, Exchange and Insurance until the end
of this year to enable the extension of the Bolsa Familia subsidy.

The measure occurs amid the worst rejection of President Jair
Bolsonaro by the Datafolha poll, according to Rio Times Online.  At
noon Friday, Sept. 17, the main B3 index fell 2.10% to 111,433
points - the lowest since March, the report notes.

With popularity low, there is a greater possibility that the
government will resort to populist measures [increase in the Bolsa
Familia Program] to get some votes, the report adds.

                        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: Saudi Arabia Resumes Imports From Meatpacking Plants
------------------------------------------------------------
Rio Times Online reports that Saudi Arabia resumed on Sept. 16,
beef imports from five meatpacking plants in Minas Gerais state,
according to its official website, the Saudi Food and Drug
Authority (SFDA), the government agency that regulates food and
medicines in the country.

Purchases had been suspended on September 6 after confirmation of
an atypical case of "mad cow" disease in the state, according to
Rio Times Online.

The embargo had affected one unit of Plena Alimentos S/A, in Para
de Minas; two units of Supremo Carnes, in Ibirite and Campo Belo,
the report relays.

The Saudi measure had come into force when the OIE concluded that
the two cases of "mad cow" do not represent a genera risk to the
herd, the report discloses.

                         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).




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

KUVEYT TURK: Fitch Gives  Final 'B' Rating on USD350MM Tier 2 Sukuk
-------------------------------------------------------------------
Fitch Ratings has assigned Kuveyt Turk Katilim Bankasi A.S.'s
(Kuveyt Turk; B+/Stable/b+) USD350 million subordinated Fixed Rate
Resettable Sustainability Tier 2 sukuk (maturing on 16 December
2031; ISIN XS2384355520) a final long-term rating of 'B'/'RR5'. The
sukuk is issued through a Special Purpose Vehicle, KT21 T2 Company
Limited (KT21 T2).

The sukuk will mature in December 2031, with a call date in
December 2026. The certificates will constitute direct, unsecured,
and subordinated obligations of Kuveyt Turk that rank pari passu
with all of its other subordinated obligations, but in priority of
junior obligations. The certificate holders' right to receive
payment of the principal amount of the Tier 2 certificates may, and
the periodic distribution amounts in respect of Tier 2
certificates, be written down (in whole or in part) upon the
occurrence of a non-viability event.

KT21 T2, the issuer and trustee, is a special purpose vehicle,
incorporated in the Cayman Islands as a trust for charitable
purposes with shares being held by Maples FS Limited as share
trustee. KT21 T2 was established solely to issue certificates
(sukuk) and enter into the transactions contemplated by the
transaction documents.

The final rating is the same as the expected rating assigned on 7
September 2021, and follows the receipt of the final documentation
confirming the information already provided.

KEY RATING DRIVERS

The Tier 2 certificates' final long-term rating is one notch below
Kuveyt Turk's 'B+' Long-Term Foreign-Currency IDR (LTFC IDR). Fitch
includes zero notches for incremental non-performance risk
reflecting the fact that the terms of the certificates do not
provide for loss absorption on a 'going concern' basis, and only
one notch for loss severity reflecting Fitch's view that
institutional support (as reflected in the bank's LTFC IDR)
partially mitigates losses and also incorporating the fact that the
bank's LTFC IDR is already capped at 'B+', one notch below the
sovereign, reflecting Fitch's view that government intervention
risk, which would impede the bank's ability to service its FC
obligations, is more likely than a sovereign default.

Kuveyt Turk's LTFC IDR is driven by institutional support from its
higher rated parent, Kuwait Finance House ('A+'/Negative). Fitch
uses the LT IDR as the anchor rating for the certificates as Fitch
believes that potential extraordinary institutional support is
likely to flow through to the bank's subordinated certificate
holders. Fitch's view of support is based on Kuveyt Turk's
strategic importance to its parent, ownership, integration and role
within the wider group. Fitch's view of Kuveyt Turk's standalone
credit profile - which is rated at the same level as its support
driven LT IDR - is undermined by exposure to heightened operating
environment risks.

Fitch has given no consideration to any underlying assets or any
collateral provided under the transaction, as Fitch believes that
the issuer's ability to satisfy payments due on the certificates
will ultimately depend on Kuveyt Turk satisfying its unsecured
payment obligations to the issuer under the transaction documents.

In addition to the bank's propensity to ensure repayment of the
sukuk, in Fitch's view Kuveyt Turk would be required to ensure full
and timely repayment of KT21 T2's obligations due to its various
roles and obligations under the sukuk structure and documentation,
especially, but not limited to, the features below:

-- Pursuant to the servicing agency agreement, Kuveyt Turk as
    servicing agent will ensure sufficient funds are available to
    meet the periodic distribution amount payable by the trustee
    under the certificates on the periodic distribution date.
    Fitch notes that Kuveyt Turk can take other measures to ensure
    that there is no shortfall and that funding of the principal
    payment and the portfolio income is paid in full, and in a
    timely manner.

-- Regarding the tier 2 certificates, upon the occurrence of any
    dissolution event, the trustee or the delegate shall, if so
    requested in writing by the holders of at least 25% of the
    aggregate face amount of the certificates, or by extraordinary
    resolution, exercise its rights under the Purchase Undertaking
    and the Sale and Substitution Undertaking against Kuveyt Turk
    and/or institute proceedings for Kuveyt Turk to be declared
    bankrupt or insolvent, or for there otherwise to be a
    Subordination Event, or for Kuveyt Turk's winding-up,
    dissolution or liquidation, and prove in the winding-up,
    dissolution or liquidation of Kuveyt Turk.

-- On the scheduled dissolution date or upon a dissolution event,
    (i) the aggregate amounts of deferred sale price then
    outstanding pursuant to the Murabaha agreement, if any, will
    become immediately due and payable; and (ii) KT21 T2, acting
    as trustee will have the right, under the purchase
    undertaking, to require Kuveyt Turk to purchase all of the
    trustee's rights, ownership interests, benefits and
    entitlements in, to and under the wakala assets at the
    relevant exercise price.

-- The outstanding deferred sale price and the exercise price
    together are intended to fund the dissolution distribution
    amount payable by the trustee on the scheduled dissolution
    date, which should equal the sum of the aggregate outstanding
    face amount of certificates; plus all accrued and unpaid
    Periodic Distribution Amounts in respect of such certificates.

-- The payment obligations of Kuveyt Turk in relation to any
    amount payable in respect of the subordinated Tier 2 sukuk
    will be direct, unsecured and subordinated obligations to
    claims in respect of senior Obligations, and will at all times
    rank at least equally with all other subordinated unsecured
    obligations but in priority in respect of junior obligations.

-- If a non-viability event occurs at any time that results in
    the sukuk certificates being fully written down, the
    certificate holders' rights to the trust assets will
    automatically be deemed to be irrevocably and unconditionally
    cancelled and the certificates will be cancelled and not
    restored under any circumstances, irrespective of whether such
    amounts have become due and payable prior to the date of the
    non-viability event write-down date.

-- The transaction documents include an obligation on Kuveyt Turk
    to ensure that at all times following the issuance date, the
    tangibility ratio must be greater than 50%, meaning that at
    least 50% of wakala assets (based on portfolio value) must be
    formed of eligible tangible assets. Failure of Kuveyt Turk to
    comply with this obligation does not constitute an obligor
    event, but the Service Agent must nonetheless take steps to
    restore the tangibility ratio to over 50%. Should the ratio
    fall below 33%, this would constitute an obligor event.

Fitch expects the tangibility ratio to be maintained at above 50%
over the life of the transaction, facilitated by Kuveyt Turk's
extensive asset base. For the purpose of this issuance, the bank
has identified a pool of about USD230 million of eligible assets,
equal to an initial tangible ratio of about 66%. The bank's total
pool of eligible assets includes USD1.5bn of Turkish sovereign
sukuk (August 2021) and USD900 million of ijara financing (June
2021), implying strong coverage of the tangibility ratio
requirement based on the planned USD350 million issuance size. In
addition, Kuveyt Turk has adequate foreign currency liquidity,
meaning it should be able to repay the sukuk in full in case of a
breach of the tangibility ratio (not Fitch's base case).

Certain aspects of the transaction will be governed by English law
while others are governed by the laws of Turkey and Cayman Islands.
Fitch does not express an opinion on whether the relevant
transaction documents are enforceable under any applicable law.
However, Fitch's rating on the certificates reflects the agency's
belief that Kuveyt Turk would stand behind its obligations.

The transaction does not contain physical tangible real estate
assets thus no total loss event has been included.

When assigning ratings to the certificates, Fitch does not express
an opinion on the certificates' compliance with sharia principles.

RATING SENSITIVITIES

The certificates' rating is sensitive to changes in Kuveyt Turk's
LTFC IDR. The rating may also be sensitive to changes to the roles
and obligations of Kuveyt Turk under the sukuk's structure and
documents. The certificates' rating is also sensitive to a change
in notching should Fitch change its assessment of loss severity
and/or relative non-performance risk.

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

-- An upgrade of Kuveyt Turk's LTFC IDR would result in an
    upgrade of KT21 T2's Sukuk rating. A positive change in
    Turkey's LT IDR or Outlook would likely lead to similar
    actions on the bank's LT IDR. A material improvement in
    Turkey's external finances or a marked increase in its net FX
    reserves position, resulting in a significant reduction in our
    view of government intervention risk in the banking sector,
    could lead to an upgrade of the bank's LTFC IDR.

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

-- A downgrade of Kuveyt Turk's LTFC IDR would result in a
    downgrade of KT21 T2's Sukuk's rating. The LTFC IDR is
    primarily sensitive to Fitch's view of government intervention
    risk in the banking sector and could be downgraded if we
    assess this risk as having increased. A negative change in the
    sovereign rating or Outlook would likely lead to similar
    actions on the bank.

-- A reduced likelihood of institutional support from KFH could
    also put downward pressure on the rating, but the LTFC IDR
    would only be downgraded if the bank's VR was simultaneously
    also downgraded.

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

The subordinated Sukuk rating is notched down once from the Kuveyt
Turk's LTFC IDR. The notching includes one notch for loss severity
and zero notches for incremental non-performance risk.



===============
C O L O M B I A
===============

AVIANCA HOLDINGS: Gets Court OK to Send Plan to Creditors for Vote
------------------------------------------------------------------
Steven Church of Bloomberg News reports that Avianca Holdings SA
won court approval to send its reorganization plan to creditors for
a vote, bringing the Colombian air carrier one step closer to
exiting bankruptcy under new ownership.

Lenders and noteholders who agreed to refinance their debt at the
beginning of Avianca's bankruptcy case last year will get 72% of
the airline's equity in exchange for canceling about $934.7
million, according to court papers.

U.S. Bankruptcy Judge Martin Glenn said he would approve a
disclosure statement that will be sent to creditors in the U.S. and
Colombia.

                     About Avianca Holdings SA

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A. Bogota, Colombia-based
Avianca has been flying uninterrupted for 100 years. With a fleet
of 158 aircraft, Avianca serves 76 destinations in 27 countries
within the Americas and Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-11133) on May 10, 2020.  At the time of the filing, the Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc. as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtors' bankruptcy cases on May 22, 2020. The
committee is represented by Willkie Farr & Gallagher, LLP.




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

DOMINICAN REPUBLIC: Public Debt Soars a Record 25% in One Year
--------------------------------------------------------------
Dominican Today reports that at the end of June, the Dominican
Republic's consolidated public debt closed at US$59.6 billion, its
historically highest value.

Data from the Central Bank and the Public Credit Directorate
indicate that commitments represented 68% of the Gross Domestic
Product (GDP) for the second quarter, and that in the last 12
months, the consolidated public debt -- which includes the
non-financial public sector's indebtedness and, furthermore, that
of the Central Bank-grew by nearly US$13.0 billion, according to
Dominican Today.

The declaration of the COVID-19 pandemic, in March 2020, raised the
level of consolidated debt to la record level: 25% in just one
year, the report notes.

                  About Dominican Republic

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

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

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

Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).


ITABO: Fitch Withdraws BB- IDRs on 2026 Bond Repayment
------------------------------------------------------
Fitch Ratings has affirmed Empresa Generadora de Electricidad
Itabo, S.A.'s (Itabo) Long-Term Foreign and Local-Currency Issuer
Default Ratings (IDRs) at 'BB-'. The Rating Outlook is Negative.
Fitch has simultaneously withdrawn all ratings.

Fitch has withdrawn the ratings as the issuer has paid off its 2026
bond.

KEY RATING DRIVERS

Dependence on Government Transfers: High energy distribution losses
of 27% in 2019, a low level of collections and important subsidies
for end-users, have created a strong dependence on government
transfers. This dependence has been exacerbated by the country's
exposure to fluctuations in fossil-fuel prices and a steep economic
contraction in 2020 as a result of the coronavirus pandemic. The
regular delays in government transfers pressure working capital
needs for generators, and add volatility to their cash flows. This
situation increases the sector's risk, especially during a time of
rising fiscal vulnerabilities affecting the central government's
finances.

Low-Cost Asset Portfolio: Itabo's ratings incorporate its strong
competitive position as one of the lowest-cost thermoelectric
generators in the country, ensuring the company's consistent
dispatch of its generation units. The company operates two low-cost
coal-fired thermal generating units and a third peaking plant that
runs on Fuel Oil #2, and sells electricity to three distribution
companies in the country through long term, U.S. dollar-denominated
PPAs. The company remains a base load generator even after a 752 MW
coal generation project, Punta Catalina, began full commercial
operation in 2021.

Solid Credit Metrics: Itabo presents strong credit metrics for the
rating category. Total debt/operating EBITDA stood at 1.1x in 2020
and has been largely stable for several years. Fitch expects EBITDA
to decline from a recorded USD85.3 million in 2020 to USD49.7
million in 2023 following the expiration of Itabo's existing PPAs
in 2022.

Working Capital Pressure: Instability in the company's collection
periods has resulted in operating cash flow volatility. State-owned
distribution companies have regularly racked up hundreds of
millions of dollars in unpaid debts to generation companies.
However, last year the government paid off much of its debt,
bringing Itabo's accounts receivable days down to below 90 days.
Despite that revenue, Fitch expects that government payment delays
will lead to an increase in accounts receivable days going
forward.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have
been withdrawn.

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.

ESG CONSIDERATIONS

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




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

BUPA MEXICO: A.M. Best Cuts Fin. Strength Rating to C++(Marginal
----------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating (FSR) to C++
(Marginal) from B++ (Good), the Long-Term Issuer Credit Rating
(Long-Term ICR) to "b+" (Marginal) from "bbb+" (Good) and the
Mexico National Scale Rating to "bbb.MX" (Good) from "aa+.MX"
(Superior) of BUPA Mexico, Compania de Seguros, S.A. de C.V. (Bupa
Mexico) (Mexico). The outlook of these Credit Ratings (ratings) is
stable.

The ratings reflect Bupa Mexico's balance sheet strength, which AM
Best assesses as weak, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management.

The rating downgrades reflect deterioration in the balance sheet
strength of Bupa Mexico, as a result of the change in the company's
retention profile, and the substantial increase in underwriting
risk. The ratings also reflect the anticipated cancellation of the
quota-share reinsurance agreement with the parent company, Bupa
Insurance Company (BIC), in which 90% of the risk was ceded. AM
Best will continue to monitor Bupa Mexico's strategic fit within
the parent organization.

Bupa Mexico is a subsidiary of Bupa Insurance Company (BIC), and is
tied to the group's commercial strategy of expanding into Mexico's
insurance market, leveraging on the Bupa brand. Bupa Mexico focuses
in the individual and group major medical coverage segment, and the
individual represents the biggest share of business of
approximately 87%. The target market used to be small clients with
high net worth; however, the company now is seeking a
differentiation factor by opening up to other sectors with a lower
premium, but a higher volume.

The company's historically favorable financial flexibility was
achieved through the capital and reinsurance support provided by
its ultimate parent, and reflected in Bupa Mexico's strongest
risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR) as of year-end 2020. Beginning October 2021,
the change in the reinsurance program significantly raises the
Mexican subsidiary's underwriting risk, pressuring the BCAR scores,
and the overall balance sheet assessment, in spite of the MXN 307
million capital contribution received from the parent company.

Bupa Mexico's business volume has outpaced the market for the past
five years, presenting a compound annual growth rate of 21.6%.
However, an offsetting rating factor is the small size of the
subsidiary, reflected in a market share of 4% as of December 2020
in an industry led by bigger participants. As of June 2021, Bupa
Mexico posted a positive bottom-line result of MXN 52.7 million,
which was mainly a result of a decrease in claims, as well as a
transition to an internal service team, which includes areas of
customer service and a core business system. The company foresees
these changes reducing operating expenses in the medium term;
however, a challenging and concentrated operating environment raise
uncertainty over the expected success of the new business
strategy.

Positive rating actions could occur as a result of sustained
improvement in balance sheet strength as a consequence of the new
business strategy being successfully executed. Negative rating
actions could occur if the strategic importance of the company to
BUPA group decreases, which could diminish AM Best's expectations
of parental support toward the Mexican subsidiary, or if its
risk-adjusted capitalization declines to levels no longer
supportive of the current ratings. Negative rating actions could
also take place as a result of the execution risk derived from the
new business strategy.


GRUPO AEROMEXICO: Delivers Final Valuation to DIP Lenders
---------------------------------------------------------
Dale Quinn of Bloomberg News reports that Aeromexico says it
delivered final valuation materials to its debtor-in-possession
(DIP) lenders, according to a Mexico stock exchange filing.

Delivery complies with super-priority debtor-in-possession senior
secured loan agreement approved by bankruptcy court in its Chapter
11 reorganization. Delivery is a key step in reorganization
process.

Under preferential financing, preferred creditors of "tranche 2"
have the option of converting credits into representative shares of
the company's stock, at value established in final valuation
materials.

Creditors must send notification of their choice to convert no
later than Sept. 20, 2021.  Aeromexico plans to present its
reorganization plan no later than Oct. 8, 2021.

                       About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty
programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport.  Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker. White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C. serve as the Debtors'
special counsel. Epiq Corporate Restructuring, LLC is the claims
and administrative agent.  

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020.  The committee is represented
by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.




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

HOSPEDERIA VILLA: Seeks to Use Cash Collateral Through Sept. 30
---------------------------------------------------------------
Hospederia Villa Verde, Inc., together with its secured creditor,
YAJAD 77, LLC, asked the U.S. Bankruptcy Court for the District of
Puerto Rico to authorize the Debtor's extended use of cash
collateral until September 30, 2021, as the parties continue to
negotiate the treatment of YAJAD's claim under the Debtor's
reorganization plan.   

The Debtor shall pay YAJAD $5,000, as adequate protection, due and
payable on September 1, 2021.

A copy of the joint motion is available for free at
https://bit.ly/3lntdEJ from PacerMonitor.com.  

                   About Hospederia Villa Verde

Hospederia Villa Verde, Inc., owner and operator of the Villa Verde
Inn, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 21-01015) on March 31, 2021, listing
$500,001 to $1 million in both assets and liabilities.  

Harold A. Frye Maldonado, Esq., at Frye Maldonado Law Office,
serves as the Debtor's legal counsel.

YAJAD 77, LLC, as secured creditor, is represented by Hermann D.
Bauer, Esq. and Gabriel A. Miranda Rivera, Esq. at O'Neill and
Borges LLC.




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

GULF INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating
--------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long Term Issuer Credit Rating (Long-Term ICR) of "bb" (Fair)
of Gulf Insurance Limited (Gulf) (Trinidad and Tobago). The outlook
of these Credit Ratings (ratings) is stable.

The ratings reflect Gulf's balance sheet strength, which AM Best
assesses as strong, as well as its adequate operating performance,
limited business profile and appropriate enterprise risk management
(ERM).

The strong level of balance sheet strength is derived from the
company's strongest level of risk-adjusted capitalization, as
measured by Best's Capital Adequacy Ratio (BCAR), adequate
liquidity, and strategically conservative investment portfolio.
However, the balance sheet assessment is limited due to the
company's level of surplus. In addition, Gulf is highly dependent
on reinsurance to mitigate losses and protect its surplus from the
effects of weather-related catastrophes. Concerns persist relative
to the macroeconomic and fiscal challenges faced by its ultimate
parent Assuria N.V. (Assuria) (Suriname), and the potential
financial strain that could be imposed on Gulf's balance sheet in
the event that Assuria is impacted negatively.

Gulf's operating results in recent years have been supported by
favorable underwriting performance, commission income derived from
business ceded to reinsurers and investment income. Despite major
economic headwinds in Gulf's operating territories due to the
COVID-19 pandemic, the company produced overall earnings in 2020 as
demonstrated by solid profitability ratios.

Gulf's business profile is considered limited due to the geographic
concentration of risks in its domestic Trinidad and Tobago market
and its significant product concentration in property and auto.
Notwithstanding, Gulf also operates in eight other Caribbean
territories and maintains a strong reputation and brand recognition
having operated in the Caribbean for over 45 years. The company's
risk management capabilities are deemed to be appropriate, although
a formal ERM framework continues to evolve; however, Assuria has
adopted a corporate governance framework, which will be rolled out
to all of its operating entities, including Gulf.




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

[*] BOND PRICING: For the Week Sept. 13 to Sept. 17, 2021
---------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
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
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
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
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
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
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
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
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
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
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 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
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of the same firm for the term of the initial subscription or
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