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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

          Friday, September 24, 2021, Vol. 22, No. 186

                           Headlines



A R G E N T I N A

BUENOS AIRES: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable
PETROQUIMICA COMODORO: S&P Alters Outlook on CCC+ Rating to Stable


B E L I Z E

BELIZE: Turns to Nature to Restructure its Debt


B R A Z I L

BRAZIL: 2021 Consumer Price Inflation Projections Up From 7-8%
GOL LINHAS: Fitch Raises LT IDRs to 'B-', Outlook Stable
GOL LINHAS: S&P Alters Outlook to Positve & Affirms 'CCC+' ICR
[*] BRAZIL: Alagoas to Modernize Fiscal Mngt. With IDB Financing


M E X I C O

MEXICO: Worst-of-the-Worst Debt is Bouncing Back With Growth
[*] MEXICO: President Highlights Corruption Fight in Address


P A N A M A

BAC INT'L: S&P Puts 'BB+/B' ICRs on CreditWatch Positive


P U E R T O   R I C O

ECOLIFT CORP: Case Summary & 20 Top Unsecured Creditors


T R I N I D A D   A N D   T O B A G O

TRINIDAD CEMENT: Shareholders to Vote On New IP Fee for Cemex

                           - - - - -


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A R G E N T I N A
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BUENOS AIRES: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the City of Buenos Aires (CBA) Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B-'
with a Stable Rating Outlook and Short-Term IDRs at 'B'. Fitch also
affirmed at 'B-' the city's euro medium-term note program (EMTN)
and Series 12 7.50% senior unsecured notes. CBA's stand-alone
credit profile (SCP) remains at 'b+'. The IDR is capped by
Argentina's 'B-' Country Ceiling.

CBA continues to meet Fitch's criteria requirements to be rated at
'B-', above the 'CCC' sovereign rating: having a strong budget, no
need to undertake external refinancing of debt, and sufficient
liquidity.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

The risk profile for CBA, like all Argentine LRGs, is assessed as
'Vulnerable' and captures Fitch's view of very high risk relative
to international peers that the issuer's ability to cover debt
service by the operating balance may weaken unexpectedly over the
forecast horizon either because of lower-than-expected revenue or
expenditure above expectations, or because of an unanticipated rise
in liabilities or debt-service requirements.

Revenue Robustness: 'Midrange'

This KRF assessment was modified to 'Midrange' from 'Weaker' due to
the resiliency of CBA's revenue structure and high fiscal autonomy
in the context of volatile national economic performance and also
due to its relatively strong GDP per capita in the international
context.

Even in the context of a national complex and imbalanced fiscal
framework for LRGs, compared with other argentine LRGs and
international peers (like Lagos State, Nigeria), CBA has a high
level of revenue autonomy and a low reliance on federal transfers,
which in YE2020 represented around 23.8% of total revenues.

The share of federal revenues that stem from a 'CCC' sovereign
counterparty is decreasing due to Federal Law no. 27606 that
returned CBA's federal co-participation coefficient share to 1.4%.
The measure affects federal revenue predictability and risk but
overall, for 2021 CBA's recovery of local revenues and budgetary
flexibility will partly buffer the effect in a context of high
inflation dynamics.

Revenue Adjustability: 'Weaker'

For Argentine LRGs, Fitch considers that local revenue
adjustability is low, and, challenged by the country's large and
distortive tax burden and the weak macroeconomic environment, could
impact real-term growth and affordability. National GDP decreased
in real terms in 2018 and 2019, and around 10% during 2020, with an
expected recovery of around 6.5% for 2021.

CBA's economic importance translates into a high tax revenue/total
revenue ratio of 71.3% in YE 2020. During January-June 2021, the
ratio grew to 78.6% considering the decrease in federal revenues,
and local taxes have recovered towards a 4.0% real term growth
relative to 2020. Local economic strengths and inflation above
expenditure dynamics will help CBA maintain a balanced budgetary
performance during 2021.

Expenditure Sustainability: 'Weaker'

Argentine LRGs have high expenditure responsibilities, in a context
of structurally high inflation. The country's fiscal regime is
structurally imbalanced regarding revenue-expenditure
decentralization.

In 2020, due to the coronavirus pandemic, the real term revenue
decrease and additional expenditure pressures resulted in operating
expenditure (opex) growth above operating revenues. In YE2020,
CBA's operating balance decreased towards 9.3% of operating
revenues, from around 19.3% in 2019. January-June 2021 information
shows operating revenue recovery and growth above opex; also due to
the city's prudent budgetary control. Fitch expects the operating
balance to average around 10.8% in 2021-2023 an adequate level
considering the city's debt profile and lower refinancing risk.

Expenditure Adjustability: 'Weaker'

For argentine subnationals, infrastructure needs and expenditure
responsibilities are deemed as high, with leeway to cut expenses
viewed as low. CBA's capex/total expenditure presents a downward
trend from a 20.4% level in 2017 to an 11.5% in 2020 which reflects
capacity for some budgetary adjustments to accommodate other opex
pressures. In 2020, opex represented 81% of total expenditure and
staff expenses remained controlled at 45.3%, close to the
historical average of 45% for 2016-2019.

Liabilities and Liquidity Robustness: 'Weaker'

Unhedged foreign currency debt exposure is an important weakness
considered, along with the weak national framework for debt and
liquidity and underdeveloped local market. The assessment also
considers a recently distressed 'CCC' sovereign that restructured
its debt during 2020, thus curtailing external market access to
LRGs. It is worth noting that during 2020 CBA remained current on
its debt and did not engage in any debt restructuring processes
like other argentine LRGs.

CBA's debt is mostly composed of issuances and multilateral loans.
At YE 2020, direct debt totaled ARS252.6 billion, with an increase
of around 46% relative to 2019 due to currency depreciation. CBA
has long-term debt planning, including switching foreign currency
debt to local currency debt given its above average local market
access. The city's percentage of unhedged foreign currency debt
decreased from 95% in 2014 toward 62.6% at year-end 2020. After
CBA's timely payment on its Feb. 19, 2021 capital maturity of
USD170 million from its Series 11 bond that matured, currently the
city faces no other significant U.S. dollar capital maturities
until June 1, 2025.

Liabilities and Liquidity Flexibility: 'Weaker'

For liquidity, Argentine LRGs rely mainly on their own unrestricted
cash. In YE2020, CBA's unrestricted cash totaled around ARS29.4
billion, and at August 2021 around ARS39.4 billion. CBA's liquidity
coverage ratio averaged an adequate 1.5x during 2016-2020 and Fitch
projects it to remain mainly unchanged for 2021-2023.

Debt sustainability: 'aa' category

CBA's 'aa' debt sustainability considers a 'aaa' payback ratio of
2.5x for 2023 under Fitch's rating case; a 'aaa' fiscal debt burden
of 29.3% and an override to 'aa' because of the 'aa' actual debt
service coverage ratio (ADSCR) of 2.5x in 2023 considering the
city's local economic recovery, budgetary balance, and smooth debt
maturity profile, with no external refinancing needs until 2025.
Projected ADSCR remain aligned with the 2016-2020 average of 1.3x.

DERIVATION SUMMARY

CBA's 'b+' SCP is derived from a 'Vulnerable' risk profile and 'aa'
debt sustainability score. The SCP notch specific derivation also
considers comparison with international peers, including Argentine,
Ukraine and Nigerian peers. Fitch does not apply any asymmetric
risk or extraordinary support from upper-tier government. CBA meets
Fitch's criteria requirements to be rated at 'B- ', which is above
the current sovereign 'CCC' rating, the LT FC IDR is capped by
Argentina's 'B-' country ceiling, which results in an IDR of 'B-'.
The short-term rating of 'B' is derived from CBA's Long-Term IDR.

KEY ASSUMPTIONS

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on the 2016-2020 figures and 2021-2023
projected ratios. The key assumptions for Fitch's rating case
scenario include:

-- Operating revenue average growth of 42% for 2021-2023,
    includes a decrease in transfers of federal origin;

-- Operating expenditure average growth of 40.7% for 2021-2023;

-- Net capital balance of around minus ARS70.3 billion during
    2021-2023;

-- Cost of debt considers non-cash debt movements due to currency
    depreciation with an average exchange rate of ARS102.4 per
    U.S. dollar for 2021, ARS149.4 for 2022 and ARS211.1 for 2023.

RATING SENSITIVITIES

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

-- An upgrade on Argentina's IDRs above 'B-' could positively
    benefit CBA's ratings provided that their payback ratio
    remains below 5x.

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

-- A downgrade of Argentina's Country Ceiling would negatively
    affect CBA's ratings. The SCP could be lowered within the 'b'
    category or lower if CBA's operating balance deteriorates
    triggering an actual debt service coverage ratio below 1.0x in
    Fitch's rating case and if the payback ratio increases above
    5x.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

CBA is Argentina's federal capital and the country's most important
social and economic center. The city represents approximately 20.6%
of the country's GDP, and the surrounding province generates an
additional 31.7% of the national GDP. The city has a high GDP per
capita relative to national and international peers, but within an
environment of inflationary pressures.

Fitch classifies CBA as a type B LRG, as it covers debt service
from cash flow on an annual basis.

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.


PETROQUIMICA COMODORO: S&P Alters Outlook on CCC+ Rating to Stable
------------------------------------------------------------------
S&P Global Ratings, on Sept. 22, 2021, affirmed the 'CCC+' ratings
on Argentine energy and cement company, Petroquimica Comodoro
Rivadavia S.A. (PCR), because they continue to be capped by its
'CCC+' transfer and convertibility assessment (T&C) of Argentina.
However, S&P revised its outlook to stable from negative and
revised upwards PCR's stand-alone credit profile (SACP) to 'b-'
from 'ccc+'.

S&P said, "The stable outlook on PCR now mirrors that on the
sovereign and incorporates our view of the company's improved
liquidity, lower refinancing risk, and higher cash flows in the
next 12 months amid a high oil price scenario.

"The stronger SACP reflects our view of PCR's improved cash
position, which rose to $98 million as of June 2021 from $82
million in March 2021. In addition, the company completed an
exchange of its $37 million class 2 notes in January 2021, obtained
a $17 million committed credit facility from Banco Itau in January
2021 (although it was never used), negotiated a $60 million loan
from Banco Galicia, Banco Santander, and ICBC in January 2021, and
issued around $50 million in bonds in the domestic market in March
2021 and May 2021. Moreover, PCR repaid $27.5 million of its $49
million dollar-link local bond maturing in December this year.
These actions strengthened PCR's capital structure by extending its
debt maturity profile, and consequently, reducing liquidity
pressures.

"PCR's adjusted EBITDA increased to $110 million in the first half
of 2021 from $62 million in the same period last year. We
previously expected adjusted EBITDA of $150 million - $160 million
and margin of 45% in 2021. But we now forecast adjusted EBITDA of
$190 million - $200 million and margin of 55% in 2021. The rise in
our forecast mainly stems from its oil and gas business unit, with
Brent crude oil prices about 30% above our previous estimates. At
the same time, we expect PCR to maintain financial discipline and
low leverage for the rating level, with gross debt to EBITDA of
about 2.0x in 2021 and 2022. We forecast conservative capital
expenditures (capex) of $70 million annually, almost 100% of which
for its oil and gas division, which should allow for free operating
cash flows (FOCF) at about 15% of debt in 2021 and 2022. Although
not in our forecast yet, at some point in the future, we expect an
increase in capex to avoid a further decrease in production (around
16.7 thousand barrels of oil equivalent per day [kboe/d] in the
first half of 2021, versus 17.3 in 2020 and 20.3 in 2019) and
reserves (a 17% total proven [P1] reduction in 2020, 9% in 2019,
and 16% in 2018).

"Our ratings continue to incorporate PCR's exposure to high
volatility and country-related risks. Although company generates
about 30% of its EBITDA in Ecuador (B-/Stable/B), our 'CCC+' rating
on PCR continues to reflect its high exposure to Argentina,
(CCC+/Stable/C), in particular, the current restrictions imposed by
the central bank to access foreign currency and/or transferring
fund abroad."




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B E L I Z E
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BELIZE: Turns to Nature to Restructure its Debt
-----------------------------------------------
Trinidad Express reports that the Belize government said it has
reached an agreement in principle with the bondholders' committee
on how to proceed with settling of its multi-million dollar super
bond.

Belize is looking to restructure a US$572 million super bond that
emerged from 2006-07 restructuring and now contributes to a 133 per
cent debt to gross domestic product (GDP) ratio that the
International Monetary Fund (IMF) deems unsustainable, according to
Trinidad Express.

Officials say that if a settlement is not reached by October 19,
another US$57 million will be added, the report notes.

Prime Minister John Briceño, in a televised address sought to
explain the scope of the new agreement reached with the bond
holders, the report relays.

"With the consent of the Cabinet and the support of holders of 50
per cent of the principal amount of these bonds, this agreement
calls for the bondholders to sell their claim at a very significant
discount to Belize.

"Specifically, this deal calls for a 48.3 per cent discount to the
face value of the super bond, together with, for those holders that
tendered during the offer period, a payment in lieu of accrued
interests on the bonds," the report discloses.

Briceno said his administration proposes to raise the money for the
discounted repurchase through a loan from an affiliate of The
Nature Conservancy, the report notes.

He said in connection with that loan, the government will
accelerate its marine conservation policies in a manner that will
dramatically enhance the preservation of Belize's precious seas,
coral reefs and fish stocks, the report says.

"But let me be clear, in principle, the agreement that government
has hammered out with the bondholders' committee does not guarantee
that our proposal will ultimately succeed. While the committee
represents close to 50 per cent of bondholders, the offer will
require 75 per cent support in order to close," the report relays.

Briceño said the government has taken the position that this
transaction must eliminate the entirety of the super bond, not just
part of it and that under the term of the bonds, this requires the
support of 75 per cent of the bondholders, the report discloses.

"In addition, Government must now finalise the plans and conditions
for the innovative financing being arranged by The Nature
Conservancy, and button up some outstanding features of the
conservation partnership, the report relays.

"So I emphasize that while we have completed a critical first phase
of this process, ultimate success requires additional bondholders'
support as well as an agreement on certain conditions attendant to
the TNC financing and the conservation objectives, the report
notes.

"If our proposals are consummated, however, Belize's public debt
will be instantly reduced by almost BDZ$500 (One Belize
dollar=US$0.49 cents). To put this in perspective, 12 cents of
every dollar of the public debt will be eliminated," Briceño
added, the report says.

He said this arrangement will also direct, on average, eight
million Belize dollars annually to marine conservation projects and
upgrading the protection and management of our marine patrimony,
the report relays.

Earlier, in a statement, the Ministry of Finance said the deal to
purchase, redeem and cancel the debt had been struck with a group
comprising Aberdeen Standard Investments, Grantham, Mayo, van
Otterloo and Greylock Capital, the report discloses.

Together they hold close to 50 per cent of the super bond and
financial observers say that an estimated 10 per cent of the bond
is effectively held by Venezuela and that Caracas backing will be
needed, the report notes.

In a statement, the bondholder group said one of the things that
had secured their backing had been the government's promise to
allocate a "significant" amount of money toward conservation
measures, the report relates.

"Members of the Committee . . .  welcome the environmental and
marine conservation features of the proposed transaction," the
group said in the statement issued by their legal advisor, Orrick,
Herrington & Sutcliffe, adding it was "optimistic that future
international sovereign debt operations will incorporate measures
that aim to enhance environmental sustainability and resilience,"
the report discloses.

Belize boasts the largest barrier reef in the Northern Hemisphere
and the second largest reef system in the world, according to
UNESCO, the report adds.




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B R A Z I L
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BRAZIL: 2021 Consumer Price Inflation Projections Up From 7-8%
--------------------------------------------------------------
Richard Mann at Rio Times Online reports that financial market
agents continued to increase their forecasts for inflation for
Brazil this year to 8% and 2022, to 4.03%.

The numbers are in the weekly Focus report, which gathers market
expectations, released by the Central Bank (BC), according to Rio
Times Online.

The median in the market was of a high of 7.58% for this year and
3.98% for next year, the report relays.

Expectations have been rising week after week due to several
uncertainties that the market sees ahead, 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).


GOL LINHAS: Fitch Raises LT IDRs to 'B-', Outlook Stable
--------------------------------------------------------
Fitch Ratings has upgraded GOL Linhas Aereas Inteligentes S.A.'s
(GOL) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to 'B-' from 'CCC+' and upgraded its Long-Term National
Scale rating to 'BB+(bra)' from 'B-(bra)'. Fitch has also upgraded
GOL Finance's unsecured bonds to 'B-'/'RR4' from 'CCC+'/'RR4'.
Fitch has assigned a Stable Outlook for the IDRs and the Outlook
for the national scale rating remains Stable.

The upgrade reflects the reduction in GOL's short-term refinancing
risks, as a result of the recent conclusion of its liability
management strategy, as well as its improved liquidity position.
The company's proven access to local and international capital
market has also been a positive credit consideration. Improving
industry dynamics in the Brazilian airline domestic market, which
is the backbone of GOL's operations, is expected to drive operating
cash flow up and support deleveraging trend in 2022.

KEY RATING DRIVERS

Brazilian Vaccination Program: The widespread rollout of COVID-19
vaccines and loosening pandemic-era restrictions across Brazil are
expected to drive a robust rebound in domestic leisure travel in
2021 and 2022; business and overall international travel will
continue to remain weak relative to historical levels despite the
opening of borders. Fitch expects Brazilian domestic traffic to
recover to 2019 levels by early 2022. Yet, future developments
regarding the Delta and other potential variants could change
Fitch's outlook. Around 142 million people or 66.6% of the
Brazilian population have received the first dose of the vaccine
and around 81 million, or 38% of the population, have received the
second dose.

Strong Market Position: GOL has a leading business position in the
Brazilian airline domestic market, which is viewed as sustainable
over the medium term, with a market share of around 38% as measured
by RPK in 2020. As Brazil is the company's key market, GOL's
operating results are highly correlated to the Brazilian economy.
Due to this limited geographic diversification, the company's FX
exposure is high. Historically, GOL has generated approximately 85%
of its revenues in Brazilian reals, while around 60% of its total
costs and 87% of its total debt are denominated in U.S. dollars.

Equity to Support FCF Pressure in 2021: On a net basis, GOL will
raise around 1.4 billion in new equity during 2021 as result of
shareholder support (BRL423 million) and the new code-share
agreement with American Airlines (BRL1 billion). The company had
raised additional BR607 million of equity that was used to finance
the transaction with its loyalty program Smiles. The BRL 1.4
billion will be crucial to fund the negative FCF of around BRL2.7
billion for 2021, including lease payments, per Fitch's estimates.
For 2022, with the rebound of operations, FCF should be negative
around BRL500 million. In terms of adjusted EBITDAR, Fitch
estimates around BRL300 million for 2021 and around BRL3.6 billion
for 2022.

Conservative Growth and Capacity Management: GOL's ability to
quickly adjust its fleet (capacity) to the new demand level,
through renegotiations with lessors and with Boeing in regarding
the MAX8, as well as the several cost reduction initiatives, have
been instrumental in minimizing cash flow burn. GOL's conservative
approach should support a balanced capital structure once domestic
traffic is on track to sustain higher operating cash flow
generation during 2022. Fitch expects GOL's net leverage to be
around 4.8x and 4.1x, respectively, during 2022 and 2023.

Improved Financial Flexibility: GOL has concluded the refinancing
of its major short-term maturities, including its seventh local
debentures issuance, export financing lines (Fininps) and working
capital credit lines. GOL's short-term maturities totaled BRL1.7
billion and pro forma readily available cash was BRL0.8 billion,
per Fitch's criteria, as of June 30 2021. Considering pro-forma
figures, after the refinancing and the equity from American
Airlines, short-term debt will be around BRL0.5 billion and cash
around BRL1.8 billion. Fitch considers GOL's debt amortization
profile to be more manageable and major short-term maturities
related to aircraft financing transactions to continue to be
rollover on an ongoing basis.

DERIVATION SUMMARY

GOL's 'B-' rating reflects its solid business position that will
allow it to benefit from a recovery of domestic air travel in
Brazil. The company's improved liquidity and refinancing risks
further supports the recent rating upgrade. GOL's has lower
operating leverage compared with Azul S.A (CCC+/Positive), but a
weaker liquidity position.

GOL has limited geographic diversification relative to global
peers; nevertheless, its important market position in Brazil, high
operating margins and a track record of strong liquidity ratios
have been key rating drivers. These positive factors are tempered
by the company's ongoing business growth and operational volatility
related to its key market, Brazil. FX risk exposure is viewed as a
short-term negative credit factor for GOL considering its limited
geographic diversification. The company has historically
implemented a currency hedge position which partially limits its
exposure to currency fluctuation.

KEY ASSUMPTIONS

-- During 2021, Fitch's base case includes a decrease in domestic
    RPK by 35%-40% compared with 2019, with a full rebound
    occurring by mid-2022;

-- Load factors around 80% during 2021 and 2022;

-- Capex of BRL1 billion in 2021 and BRL1.2 billion in 2022.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that GOL would be considered a going
concern in bankruptcy and that the company would be reorganized
rather than liquidated. Fitch has assumed a 10% administrative
claim.

Going-Concern Approach: GOL's going concern EBITDA is based on an
average of 2015-2019 EBITDA that reflects a scenario of intense
volatility in the airline industry in Latin America and Brazil,
plus a discount of 20%. The going-concern EBITDA estimate reflects
Fitch's view of a sustainable, post-reorganization EBITDA level,
upon which Fitch's bases the valuation of the company. The
EV/EBITDA multiple applied is 5.0x, reflecting GOL's strong market
position in the Brazil.

Fitch applies a waterfall analysis to the post-default enterprise
value (EV) based on the relative claims of the debt in the capital
structure. The agency's debt waterfall assumptions take into
account the company's total debt as of June 30, plus the announced
re-tap of the company's secured notes due 2024. These assumptions
result in a recovery rate for the unsecured bonds within the 'RR4'
range, which per Fitch's criteria leads to equalization of the
rating to the IDR.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action/upgrade:

-- Solid rebound domestic air traffic in Brazil;

-- Net leverage ratios below 5.0x by 2022;

-- FCF generation above Fitch's base case expectations;

-- Maintenance of adequate liquidity with no major refinancing
    risks in the next 18-24 months.

Developments that may, individually or collectively, lead to
negative rating action/downgrade:

-- Lack of recovery in passenger demand in late 2021 and early
    2022 possibly due to outbreaks of new variants of the
    coronavirus or new or lingering travel restrictions;

-- Failure to contain cash burn in 2022 leading to increased
    pressure on liquidity;

-- Deterioration in GOL's liquidity profile or signal of
    financial flexibility deterioration.

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.

LIQUIDITY AND DEBT STRUCTURE

Improved Financial Flexibility: GOL has concluded the refinancing
of its major short-term maturities, including its seventh local
debentures issuance (BRL592 million), export financing lines
(Fininps) (BRL528 million) and working capital credit lines (BRL165
million). GOL's short-term financial debt maturities totaled BRL1.7
billion and pro forma readily available cash was BRL0.8 billion,
per Fitch's criteria, as of June 30 2021.

Considering pro-forma figures, after the refinancing and the equity
from American Airlines, short-term debt will be around BRL0.5
billion and cash around BRL1.8 billion. Fitch considers GOL's debt
amortization profile to be more manageable and major short-term
maturities related to aircraft financing transactions to continue
to be rollover on an ongoing basis. Fitch expects GOL to remain
proactive on its liability management strategy to avoid major
refinancing risks from 2024 on.

As of June 30 2021, GOL's short-term debt was BRL3.6 billion,
including the BRL1.9 billion of leasing obligations. The company
had BRL7.7 billion of leasing obligations, BRL8.8 billion
cross-border notes, BRL1.3 billion of aircraft financing and BRL582
million in local debentures as of the same period. GOL does not
have a committed standby credit facility. Yet, the company has
considered its account receivables and the new secured issuance
program as an alternative source of liquidity. As of June 30 2021,
GOL had short-term receivables & securities of BRL717 million.

ISSUER PROFILE

GOL is one of the leading Brazilian airlines, with around 38%
market-share in the domestic market, per revenue per passenger
kilometer (RPK) in 2020. The company has a leading position in
Brazil's busiest and most important airports.

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.


GOL LINHAS: S&P Alters Outlook to Positve & Affirms 'CCC+' ICR
--------------------------------------------------------------
S&P Global Ratings, on Sept. 22, 2021, revised the outlook on
Brazilian airline Gol Linhas Aereas Inteligentes S.A. (Gol) to
positive from stable and affirmed its global scale 'CCC+' issuer
credit rating. At the same time, S&P raised the national scale
issuer credit rating on Gol to 'brBB+' from 'brBB'. S&P also
affirmed its 'CCC+' issue-level rating on the senior unsecured
notes and kept the '4' recovery rating unchanged, indicating its
expectation of average (30%-50%; rounded estimate: 45%) recovery in
the event of a payment default.

The positive outlook reflects lower risks to liquidity in the next
12 months thanks to improved cash position, significantly lower
shorter-term debt, and gradual recovery in air travel demand,
particularly for domestic flights, which should improve Gol's
EBITDA and leverage metrics.

Following the refinancing announcement of most of the company's
short-term debt through a new $R1.2 billion debenture with final
maturity in 2024, the add-on to its senior secured program for $100
million (about R$525 million), and the new commercial agreement
with American Airlines that will include an equity investment of
$200 million (about R$1.05 billion), we expect the company to
maintain a much more comfortable liquidity position for the next 12
months. This will considerably reduce the company's refinancing
needs through 2022. Short-term maturities have consistently fallen
in the past year, and once all the transactions are completed,
Gol's short-term debt will be below R$500 million, the lowest level
since 2014.

Domestic travel in Brazil posted a strong recovery in the last
quarter of 2020 and early 2021. Amid a resurgence in COVID-19 cases
since early 2021, the company rapidly responded by reducing
capacity in an attempt to match demand and contain cash burn mostly
throughout the second quarter. Gol's available seat kilometers
(ASK) in the second quarter was 64% lower than in the same period
in 2019. However, since the beginning of the third quarter as
vaccination rollout progresses, COVID-19 infections and fatalities
fall, and the travel season approached, air travel demand surged
and Gol is accordingly increasing capacity. In July and August,
Gol's ASK was still 45%-46% lower than in 2019 and 37% lower if S&P
only considers domestic flights. However, S&P expects the company's
domestic capacity by the end of the year could be very close to
pre-pandemic levels.

S&P said, "Our base-case scenario assumes a significant recovery of
domestic air traffic in 2021, but domestic ASK to be about 35%
lower than in 2019. Additionally, the company's EBITDA will erode
because of increasing fuel costs and yields that are taking longer
to recover. We expect only marginally positive EBITDA for 2021.
However, we assume the company's domestic capacity to recover to
pre-pandemic levels in 2022, which should raise revenue and EBITDA
over the 2020 and 2021 levels. On the other hand, international air
traffic in 2022 will remain about 30% lower than in 2019. We also
assume considerably higher fuel costs through 2022, but yields to
recover considerably in tandem with growing demand and gradual
return of corporate travel. Overall, we expect EBITDA of R$100
million - R$250 million in 2021 and surging to R$3.3 billion -
R$3.6 billion in 2022, compared with R$4.0 billion in 2019.

"Despite the lack of visibility for the sector's post-pandemic
recovery, we believe prospects for Brazilian airlines to be
considerably stronger in 2022. Since late June 2021, COVID-19 cases
and fatalities have consistent declined across Brazil. As of Sept.
20, 2021, 38% of the population is fully vaccinated and 69% have at
least one dose, while borders in European countries and U.S. are
gradually starting to open for Brazilian travelers. Due to these
factors, we assume that Gol's total ASK in 2022 should be only
4%-5% lower than in 2019, and the rebound in demand should allow
for consistent improvement in yields. We believe risks of
potentially additional COVID-19 waves and social-distancing
measures in Brazil, which could lead to additional lockdowns and
travel restrictions and erode consumer confidence, are lower. On
the other hand, our base-case scenario is still exposed to
macroeconomic volatility, particularly regarding the Brazilian
real's depreciation and fuel costs that could put additional
pressure on Gol's margin and cash flow recovery.

Overall, Gol's balance sheet remains exposed to these setbacks,
with sizable leasing liabilities and the increasing related cash
flow disbursements, mainly starting in 2022, along with higher debt
than in 2019 in order to maintain liquidity throughout the pandemic
and revamp the airline's operations. S&P said, "Therefore, we
believe Gol will post minor cash flow deficits next year, but as
recovery picks up steam, we forecast its debt-to-EBITDA ratio could
approach a more sustainable level of about 6.5x by the end of
2022."


[*] BRAZIL: Alagoas to Modernize Fiscal Mngt. With IDB Financing
----------------------------------------------------------------
The Brazilian state of Alagoas will modernize its fiscal management
to strengthen fiscal sustainability, competitiveness, and
transparency with a $36 million loan from the Inter-American
Development Bank (IDB).

The financing is part of the $900 million PROFISCO II program,
which was approved in 2017 to support the digital transformation
and modernization of fiscal management in Brazil's states and the
Federal District. The project supports the IDB's Vision 2025
strategy, which seeks to strengthen good governance of institutions
and digitization to accelerate post-pandemic recovery and promote
sustainable and inclusive growth in Bank member countries.

The objective of the project approved for Alagoas is to modernize
tax management and improve tax administration and public spending
management. The measures supported by the project include the
strengthening of institutional governance and the state treasury
secretariat's adoption of better risk management and human
resources models. The project will also finance the digitization of
services and processes, as well as the modernization of the
ministry's technological infrastructure.

In terms of tax administration, the project will finance measures
and leverage the use of digital technologies to increase the
efficiency of tax collection, increase revenue, and simplify tax
compliance for businesses and citizens. For the management of
public spending, the project will finance actions to increase the
efficiency of planning and financial implementation, as well as
improve the quality of state spending.

The IDB loan has a repayment period of 25 years, a grace period of
5.5 years, and an interest rate based on the LIBOR.

                        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).




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

MEXICO: Worst-of-the-Worst Debt is Bouncing Back With Growth
------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that as
Mexico's economy rebounds from its biggest recession in almost a
century, investors are piling back into the debt of the worst
affected companies, in the worst affected industries.

Defaulted bonds sold by hotel chain Grupo Posadas SAB, broadcaster
TV Azteca SAB and flagship airline Grupo Aeromexico SAB are all
among the top ten returning notes over the last three months,
landing investors gains of at least 13%, according to
globalinsolvency.com.

Each company is benefiting from the turnaround of Mexico's
fortunes, driven mainly by an economic boom in the U.S., the
nation's biggest trading partner, the report notes.

The defaulted debts are spearheading a rebound across Mexican
corporate bonds, which have returned 3.3% on average over the past
three months, according to Bloomberg's emerging-market bond index.
That's the fourth best return in the index, handily outstripping
the 1.7% average gain, the report notes.


[*] MEXICO: President Highlights Corruption Fight in Address
------------------------------------------------------------
globalinsolvency.com, citing Associated Press, reports that Mexico
President Andres Manuel Lopez Obrador highlighted his campaign
against government corruption and downplayed the work that remains
to be done in the areas of security and reducing poverty in his
third state of the nation address.

Nearly midway through his six-year term, Lopez Obrador remains
popular despite stubbornly high levels of violence and rising
inflation in an economy emerging from recession, according to
globalinsolvency.com.

"The money that was stolen before now gets to those on the bottom,"
the 67-year-old leader said.  Government support for the poor has
increased, but Lopez Obrador did not mention that Mexico's poverty
rate has also increased during his presidency to 43.9% last year,
according to the government's National Council for the Evaluation
of Social Development Policy.  Patricio Morelos, a professor at the
Monterrey Institute of Technology, said Lopez Obrador has
maintained his support among Mexico's poor, in part due to the $750
each family receives in government support yearly, "creating a
sensation of greater comfort," the report relays.




===========
P A N A M A
===========

BAC INT'L: S&P Puts 'BB+/B' ICRs on CreditWatch Positive
--------------------------------------------------------
S&P Global Ratings, on Sept. 20, 2021, placed its 'BB+' long-term
and 'B' short-term issuer credit ratings on BAC International Bank
Inc. (BIB) on CreditWatch positive.

On Sept. 15, 2021, Banco de Bogota S.A. y Subsidiarias (BBogota;
BB+/Stable/B) announced its intention to submit a request to spin
off 75% of its ownership of BAC International Bank Inc.

The rating action follows BBogota's intention to spin off 75% of
its equity interest in Leasing Bogota S.A. Panama (LBP; BIB's
holding company) to BBogota's ultimate shareholders. The
CreditWatch placement is based on the likelihood that after the
regulatory approvals, BIB will no longer be a subsidiary of
BBogota, and in its opinion, the latter will no longer have
control. This is because after the transaction's completion,
BBogota will own 25% of BIB.

S&P's assessment of BIB's SACP remains unchanged at 'bbb-',
reflecting its leading market position in Central America on a
consolidated basis and its sound business stability. The ratings
also reflect our projected risk-adjusted capital (RAC) ratio of
6.5% on average for 2021-2022 due to the gradual recovery of
profitability and still modest loan growth. Finally, BIB's main
strengths stem from its funding structure, which consists of a
stable and fragmented deposit base, and manageable short-term
financial obligations.




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

ECOLIFT CORP: Case Summary & 20 Top Unsecured Creditors
-------------------------------------------------------
Debtor: Ecolift Corporation
        Isla Grande Airport
        South Ramp, Lot 2A
        San Juan, PR 00907

Business Description: The Debtor is a manufacturer of aircraft
                      parts and equipment.

Chapter 11 Petition Date: September 17, 2021

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 21-02751

Debtor's Counsel: Carmen D. Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Juan Street
                  5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203
                  E-mail: condecarmen@condelaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ernesto Di Gregorio as president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/YGJCXXY/ECOLIFT_CORPORATION__prbke-21-02751__0001.0.pdf?mcid=tGE4TAMA




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

TRINIDAD CEMENT: Shareholders to Vote On New IP Fee for Cemex
-------------------------------------------------------------
Trinidad Express reports that shareholders of Trinidad Cement Ltd
are going to be asked to approve a resolution at its annual meeting
that will result in the Claxton Bay-based cement producer paying a
new fee to Cemex, the majority shareholder of the local company.

If approved by the shareholders of the company at its September 23,
annual meeting, TCL will pay a fee of no more than 4 per cent of
the group's consolidated net sales for "the use of Cemex's
trademarks, names and intellectual property," according to Trinidad
Express.

The fee will be determined "according to the principle of arm's
length pricing and will not, on an aggregate basis, exceed 4 per
cent of TCL's consolidated net sales," the report relays.

Sierra Trading, the holding company for the Cemex shares in TCL,
owns 69.83 per cent of the cement producer, according to the TCL
2020 annual report, Trinidad Express notes.

The new arrangement is expected to become effective on January 1,
2022, according to the notice of the annual meeting, published as a
newspaper advertisement, Trinidad Express says.  The notice is
dated August 5, 2021.

The TCL shareholders will be asked to approve a resolution at the
meeting of shareholders that the company enter into a Master
Services and Intellectual Property Agreement with Cemex with the
general intent and purpose of establishing a framework for the
corporate services and royalties provided by Cemex to TCL, Trinidad
Express discloses.

The TCL shareholders will also be asked to approve a resolution for
an intellectual property agreement between TCL and Cemex Innovation
Holdings for the use of different trademarks, names and
intellectual property owned by Cemex and licensed to TCL, Trinidad
Express relays.  The third resolution that TCL shareholders will be
asked to approve is a services agreement with a Cemex subsidiary
for the provision of corporate services, Trinidad Express says.

In its most recent financial reports, for the six months ended June
30, 2021, TCL announced after-tax profit of $83.80 million, which
was more than eight times the $10.43 million the group declared for
the first six months of its 2020 financial year, Trinidad Express
notes.

For the period from January 1 to June 30, 2021, TCL groups revenue
increased by 21 per cent to $938.93 million from $775.55 million in
2020, Trinidad Express discloses.

In the directors report, the company said: "The TCL Group's
adjusted EBITDA for the first half of 2021 closed at $245.1
million, 26 per cent better than the same period in the prior year.
"This growth reflects improved sales volumes and the positive
impact of operational efficiencies attributable to our recent
investments in our equipment as well as key operational processes,"
Trinidad Express relays.

Addressing the TCL's outlook for the latter six months of the
group's financial year, the company said: "Based on the favourable
financial results to date and our assessment of market demand, we
are more optimistic about the outlook for the rest of the year.
"Nevertheless, the continued resurgence of Covid-19 infection rates
in various territories and resulting government-mandated
restrictions remain a concern and may ultimately impact the TCL
Group's financial results," Trinidad Express adds.



                           *********


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
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Chapman, Editors.

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

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