/raid1/www/Hosts/bankrupt/TCRLA_Public/211005.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Tuesday, October 5, 2021, Vol. 22, No. 193

                           Headlines



A R G E N T I N A

ARGENTINA: Poverty Reaches 40.6% in First Half of 2021


B O L I V I A

BOLIVIA: Moody's Alters Outlook on B2 Issuer Rating to Negative


B R A Z I L

BRASKEM IDESA: S&P Raises ICR to 'B+', Outlook Stable


C A Y M A N   I S L A N D S

CAYMAN ISLANDS: Pledges US$25MM to Set Up Climate Growth Fund


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Uncertainty Continues to Pressure Prices
[*] DOMINICAN REPUBLIC: IATA Urges Halt to Bavaro Airport Plans


G U A T E M A L A

BANCO DE LOS TRABAJADORES: Moody's Raises Deposit Rating to Ba3
GUATEMALA: S&P Assigns 'BB-' Issuer Rating to US$1BB Notes


M E X I C O

MEXICO: Raises Key Rate a Third Time Amid Jump in Prices


P U E R T O   R I C O

ALM LLC: Settlement & Release Agreement w/ Canyon Square Approved


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Budget Focuses on Agriculture & Diversification

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Poverty Reaches 40.6% in First Half of 2021
------------------------------------------------------
Buenos Aires Times reports that despite Argentina's partial
economic recovery in the wake of the coronavirus pandemic, more
than 40 percent of the population is still living in poverty,
according to official data.

Poverty reached 40.6 percent in the first half of 2021, reaching
11.7 million people in urban agglomerations across the country, the
INDEC national statistics bureau reported, according to Buenos
Aires Times.

Extreme poverty is also on the rise in Argentina, with 10.7 percent
of the population now classified as destitute, the report notes.

The stark figures, published by the INDEC national statistics
bureau, underline the devastating impact of the coronavirus
pandemic and the resulting economic shutdown on jobs, earnings and
households across Argentina, the report relays.

Despite the economy rebounding 10.5 percent year-on-year in the
first seven months of 2021 -- following a huge 9.9 percent slump in
gross domestic product in 2020 -- some 4.9 million people
nationwide still cannot meet their basic food expenses and live in
extreme poverty, according to INDEC, the report notes.

Argentina's economy has been in recession since 2018, but it was
hit hard by restrictions imposed on the movement of people, goods
and services to combat the pandemic. According to a recent estimate
from the Organisation for Economic Co-operation and Development
(OECD), GDP will grow 7.6 percent this year, the report discloses.

"With respect to the second semester of 2020, incidence of poverty
registered a reduction of 0.4 percentage points in households and
1.4 points in individuals. On the other hand, in the case of
extreme poverty, it showed an increase of 0.4 points in households
and 0.2 points in individuals," said the bureau in its report,
Buenos Aires Times relays.

Argentina looks to mutual funds for additional local funding

In the first half of 2020, poverty reached 40.9 percent of the
population, the report notes.  In the second half of the same year,
it reached 42 percent, the report discloses.  The latest rate is a
drop of 1.4 percentage points, the report says.

"Poverty is at 40, 42 percent. The increase is explained by the
fall of the middle class, which has been even more affected by the
pandemic.  The middle classes are losing in Argentina. For its
part, the State assists the most precarious sectors, and sometimes,
the lower middle class that is on the edge of poverty," the
director of the UCA Social Debt Observatory, Agustin Salvia, told
Perfil, the report notes.

                          Wider Picture

INDEC's poverty index is based on surveys of 31 of Argentina's
largest urban conglomerates and not on the entire population of 45
million people, but it offers a wider picture that can be projected
out to the whole country, the report notes.

Taking the poverty rate of 40.6 percent, for example, and extending
it nationwide would equate to 18.5 million people, the report
relays.

Worryingly, poverty is disproportionately affecting the young.
According to INDEC, more than half (54.3 percent) of people aged
under 14 are poor and 16.6 percent are considered destitute, the
report relays.  In the 15 to 29 age group, more than 48 percent
live in poverty, the report discloses.

At the regional level, disparities were also observed in specific
areas, the report notes.  In Greater Buenos Aires -- the nation's
most populous region -- and Patagonia, a reduction in poverty and
indigence was observed, though in the rest of the regions it rose.
The greatest levels were recorded in the northeast (45.4 percent)
and northwest (44.7 percent) of the country, the report says.

Argentina's unemployment rate was 9.6% in the second quarter of
2021, down 3.5 percentage points year-on-year, the report adds.

                      About Argentina

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

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

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

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

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

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




=============
B O L I V I A
=============

BOLIVIA: Moody's Alters Outlook on B2 Issuer Rating to Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Government
of Bolivia's ratings to negative from stable and affirmed the B2
foreign-currency and local-currency long-term issuer ratings.
Moody's also affirmed Bolivia's B2 foreign-currency and
local-currency senior unsecured ratings.

Moody's decision to change the outlook to negative reflects the
risk that Bolivia's sovereign credit profile could weaken further,
driven by large, recurring fiscal deficits, a declining foreign
exchange reserve buffer and large government financing needs over
the next two years. While Moody's believes the government will
fully service its external debt obligations, the persistent
multi-year decline in Bolivia's fiscal savings and foreign exchange
reserves, increases government liquidity risks.

The affirmation of the B2 rating balances Bolivia's credit
strengths, which includes a favorable government debt structure and
high debt affordability, against its principal credit challenges,
including weakening government liquidity conditions and declining
foreign exchange reserves. The affirmation also reflects Moody's
view that Bolivia has at present multiple options to service its
external bond repayments in 2022 and 2023.

Bolivia's long-term local-currency (LC) bond ceiling remains
unchanged at Ba3 and its long-term foreign-currency (FC) bond
ceiling remains unchanged at B2. The two-notch gap between the LC
ceiling and issuer rating reflects moderate-to-high risks that
political events could disrupt the policymaking environment given
the history of relatively weak government institutions and
significant government footprint in the economy. The two-notch gap
between the LC and FC ceiling reflects a history of capital
controls and limited policy effectiveness, balanced by limited
external indebtedness.

RATINGS RATIONALE

RATIONALE FOR CHANGING THE OUTLOOK TO NEGATIVE FROM STABLE

GOVERNMENT LIQUIDITY RISKS ARE RISING

Bolivia's government liquidity risks are rising, due to large,
recurring fiscal deficits, declining fiscal savings and looming
international bond repayments in 2022 and 2023.

The pandemic-induced economic recession aggravated the multi-year
weakening of Bolivia's public finances. Lower revenue and higher
pandemic-related expenditures widened Bolivia's fiscal deficit at
the general government level to 12.6% of GDP in 2020, from 6.9% of
GDP in 2019 and 2.5% in 2014. Moody's expects the fiscal deficit to
decline modestly to about 9.7% of GDP this year as revenues begin
to recover and pandemic-related emergency fiscal relief winds down.
However, Moody's projects the fiscal deficit to remain above 5% of
GDP over the next two to three years, driving the government's
non-financial public sector debt burden higher to an estimated 72%
of GDP by 2022, twice its level from a decade earlier.

Bolivia's fiscal and foreign exchange reserve buffers, two key
credit supports for the sovereign rating, will likely erode further
due to a challenging outlook for natural gas production and exports
to Brazil and Argentina, Bolivia's top export markets, along with
persistent pressures for infrastructure and social development
spending. Moody's estimates that Bolivia's fiscal savings, which
are held in the form of deposits at the central bank and are a key
source of deficit financing for the government, fell to around 7%
of GDP at year-end 2020 from a high of 27% in 2013, and will
continue to decline as the government uses them to fund its large
fiscal deficits. Foreign exchange reserves, excluding gold and
SDRs, have fallen commensurately over the same period, reaching
$1.9 billion in July 2021(5% of GDP), down from a high of $13.2
billion (40% of GDP) at the end of 2014.

If fiscal and foreign exchange reserves continue to decline, the
government will likely need to tap into other, costlier sources of
domestic and external funding to cover its gross financing needs,
which are set to rise materially in October 2022, when Bolivia's
first international bond comes due for a principal payment of $500
million (1.3% of GDP), followed by another $500 million maturity in
2023.

RATIONALE FOR AFFIRMING THE B2 RATING

Despite Moody's expectation of a further weakening of the
sovereign's fiscal savings and foreign exchange reserves in the
coming years, Bolivia will continue to have multiple policy options
available to meet its external bond repayments in 2022 and 2023,
including issuance of international bonds to rollover maturing
debt, multilateral development bank financing or direct use of
foreign exchange reserves.

Bolivia's favorable debt structure remains a key credit strength,
which mitigates risks. About 40% of Bolivia's total debt is
intragovernmental and/or held by the central bank. Additionally,
over 80% of Bolivia's external debt is with multilateral and
bilateral creditors that lend at concessional interest rates,
conditions that mitigate rollover risk and have resulted in high
debt affordability, with interest-to-revenue reaching just 4% in
2020, less than half the B-rated median.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Bolivia's ESG Credit Impact Score is highly negative (CIS-4)
reflecting its highly negative exposure to social risks, negative
exposure to environmental risks and relatively weak governance
profile and limited resilience.

Bolivia's exposure to environmental risks is moderately negative
(E-3 issuer profile score), driven by risks related to carbon
transition and natural resources management. The government and
overall economy's high reliance on hydrocarbon sector revenues and
exports exposes the sovereign to carbon transition risks. Natural
resources mining, water management, increased deforestation and
large forest fires in the Bolivian Amazon rainforest also
contribute to environmental risks.

Exposure to social risks is highly negative (S-4 issuer profile
score) and stems from a long history of relatively high levels of
poverty, economic inequality and social exclusion. Despite material
improvements in recent years, Bolivia is characterized by
relatively high levels of poverty, limited educational outcomes,
and lack of sufficient access to basic services and housing. Like
many other emerging economies, Bolivia benefits from benign
demographics.

The influence of governance on Bolivia's credit profile is highly
negative (G-4 issuer profile score), which reflects relatively weak
institutional arrangements, a high incidence of corruption,
generally weak rule of law and more limited policy effectiveness.

GDP per capita (PPP basis, US$): 8,344 (2020 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): -8.4% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.7% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -12.6% (2020 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -0.5% (2020 Actual) (also known as
External Balance)

External debt/GDP: 36.6%

Economic resiliency: ba3

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On September 27, 2021, a rating committee was called to discuss the
rating of the Bolivia, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have materially decreased. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has materially decreased. The issuer's susceptibility to
event risks has not materially changed.

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

Moody's could stabilize Bolivia's outlook if the government were to
implement policy adjustments that materially reduce fiscal
imbalances and help foster a sustainable increase in fiscal and
foreign exchange reserve buffers from current levels.
Implementation of structural reforms that lead to improved
medium-term growth prospects through diversification of the economy
away from its high reliance on the hydrocarbon sector, would likely
provide additional support to the country's credit profile.

Inability to arrest the persistent widening of fiscal and external
imbalances, and the decline in foreign exchange reserve buffers,
would bring about further negative pressure on Bolivia's credit
profile. Intensification of political risks and policy uncertainty,
beyond Moody's current assessment of these risks, would also likely
exert negative pressure.

Moody's would likely downgrade Bolivia's rating if there was
growing indication that the sovereign was unable to access the
international capital markets to refinance its 2022 and 2023 bond
payments, or that it was unable to stem the loss of foreign
exchange reserves over the next one to two years, which would
materially increase credit risks beyond the 2022-23 international
bond repayment horizon.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.




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

BRASKEM IDESA: S&P Raises ICR to 'B+', Outlook Stable
-----------------------------------------------------
S&P Global Ratings, on Sept. 30, 2021, raised its global scale
issuer credit and issue-level ratings on Mexican petrochemicals
producer Braskem Idesa S.A.P.I. to 'B+' from 'B'.

At the same time, S&P maintained its recovery rating of '3' on the
company's senior secured notes, indicating its expectation of a
meaningful recovery (50%-90%) for lenders in the event of a
default.

The stable outlook reflects S&P's view that Braskem Idesa's
operating and financial performance should continue to improve
through higher revenue and EBITDA in the next 12 months, thanks to
the recovery of polyethylene prices, consistent volume production
across the company's plants, and the completion of the negotiations
with PEMEX of its ethane supply contract.

In February 2021, Braskem Idesa signed with PEMEX a Memorandum of
Understanding (MoU) to continue discussing the potential amendments
to the ethane supply contract and for the development of an ethane
import terminal. The company has completed negotiations with PEMEX,
and both parties have signed an amendment to the ethane supply
contract. Under the new terms and conditions, besides agreeing on a
new supply volume of ethane of 30,000 thousand barrels per day
(bpd)--compared with the previous 66,000 bpd--and lower liquidated
damages, Braskem Idesa has the preemptive right to acquire all the
ethane that PEMEX has available and hasn't consumed during its
production process until 2045. In addition, Braskem Idesa and PEMEX
have signed a new agreement that incorporates the development of an
ethane import terminal settled in the MoU, which could start
operations during 2024. Although Braskem Idesa has reached this
amendment to the ethane supply contract and to gain support from
PEMEX and the Mexican government to develop the ethane import
terminal, the agreement is pending final approval from Braskem
Idesa's shareholders and creditors. Although the company has
completed the negotiations with PEMEX, and the purchase price for
the ethane volumes follows international price
references--reflecting current market dynamics—S&P expects
Braskem Idesa to maintain robust profitability and to continue
operating in an uninterrupted manner in the upcoming years. This is
mainly given an expected constant ethane supply from PEMEX,
according to the current supply capacities of the latter.

S&P said, "We also expect Braskem Idesa to increase its ethane
imports through its "Fast-Track" solution, which consists of
importing ethane from the U.S. through vessels and transporting it
through trailers to the company's production complex. These imports
represent 40%-50% of the company's ethane needs. We expect Braskem
Idesa to gradually increase its imports through "Fast-Track" and
the ethane import terminal. Given that this alternative is more
expensive than the ethane received from PEMEX, the company's EBITDA
margins could fall below our expectation of about 50% area if
ethane imports rise further. Nonetheless, given the company's
efficient cost controls and stable raw material prices, consistent
production volumes, and the currently high polyethylene prices, we
continue to expect Braskem Idesa to boost its EBITDA and
profitability by the end of 2021 to about MXN13 billion."




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

CAYMAN ISLANDS: Pledges US$25MM to Set Up Climate Growth Fund
-------------------------------------------------------------
RJR News reports that the Cayman Islands Government is pledging
US$25 million to establish the Commonwealth Climate Growth Fund.

The Fund is an investment vehicle that will be domiciled in Cayman
and provide money for green private sector enterprises as part of
the battle against climate change around the world, according to
RJR News.

Investment Minister Andre Ebanks explained that not only will
Cayman benefit from hosting the Fund, but it will also get $50
million from it for local climate resilience projects, the report
notes.

By committing the seed capital focused on businesses and
technologies that deliver climate mitigation and adaptation across
the Commonwealth, Cayman will be taking a step to deal with its own
vulnerabilities and the challenge of financing projects to help the
wider world adapt to global warning, the report adds.




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

DOMINICAN REPUBLIC: Uncertainty Continues to Pressure Prices
------------------------------------------------------------
Dominican Today reports that almost two years after the pandemic of
the Covid-19 coronavirus in the global economy, at a time when
international trade was already declining, the prices of raw
materials (Commodities), natural phenomena in grain-producing
countries, and the dismantling of ships continue to put pressure on
prices, not only of raw materials but of intermediate and finished
goods.

The Dominican Republic, a Caribbean nation that shares a quarter of
the island with the poorest country in the Western Hemisphere, is
no exception to this situation, according to Dominican Today.  Even
though Law PL 480 prioritized imports of agricultural goods from
the United States, it is forced to generate food for more than 10
million inhabitants, most of them Haitian neighbors and tourists,
the report notes.

According to official figures, the country buys 90% of the local
production or manufacture of food and non-food goods, the report
relays.

While this is happening, experts from organizations such as the
International Monetary Fund (IMF), the Food and Agriculture
Organization of the United Nations (FAO) warn of the maintenance of
price escalations due to various external factors, the report
discloses.  They speak of a price pass-through of up to 20% and a
possible break in moderate inflation, the report says.

Currently, the Dominican Republic maintains moderate inflation
concerning its peers in the region and even lower in August than
months ago, which placed the Consumer Price Index (CPI) at 10.48%
in May of this year, compared to the same month of 2020, the report
notes.  Last August, year-on-year inflation was lower, at 7.90%,
mainly impacted by the price of chicken, onions, and other seasonal
items, the report discloses.

                          Commodities

The warnings of international organizations are due to the behavior
of the Chinese economy, whose demand is expected to be lower; to
the emergence of new strains of Covid-19 and scarce vaccination in
food and raw material producing countries; and to the upward
behavior of the prices of oil and its derivatives, including
natural gas and coal, the report notes.

In Europe, energy prices are expected to increase due to a rise in
natural gas, the report relays.  In addition to increases in the
value of fuels, there are increases in sugar, wheat, meat,
vegetable oils, and a fertilizer crisis in European countries, the
report discloses.

                            Markets

According to a Bloomberg report, oil was quoted at US$73.98 per
barrel, well above the value budgeted in the DR, the report notes.

                          On the Rise

Gasoline rose 0.74%, natural gas rose 3.30%, corn 0.47% and wheat
0.84%, the report relays.

                            Inputs

International reports indicate an increase in the price of
industrial ammonia, the report adds.

                 About Dominican Republic

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

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

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

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

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

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


[*] DOMINICAN REPUBLIC: IATA Urges Halt to Bavaro Airport Plans
---------------------------------------------------------------
Dominican Today reports that amid plans for the construction of
Bavaro International Airport, the International Air Transport
Association (IATA) "strongly" urged that the project be halted and
further reviewed before further action is taken.

In a letter addressed to the Minister of Public Works, Deligne
Ascencion, the international organization expressed concern
regarding that project by arguing that it would be at a distance of
24 kilometers from the Punta Cana International Airport and that
the proximity of both terminals would bring with it complex
operational and security considerations as a result of multiple
runways that will require the use of shared airspace, according to
Dominican Today.

He argues that this would require extraordinary coordination and
significant resources to operate in such an environment, which
would lead to sacrificing efficiency and reducing airspace capacity
in the surrounding area, the report notes.

Through the letter signed by Peter Cerda, regional vice president
in the Americas, and to which el Caribe had access, IATA stressed
that the Dominican Republic has eight international airports that
adequately cover all the air and tourist transport needs of the
country and that with an area of a little more than 48 thousand
square kilometers, there is no reasonable justification for the
construction of an additional airport, the report relays.

The entity indicates that it had had the same position in similar
cases as when it opposed the construction of an airport in the
Riviera Maya in Mexico due to its proximity to Cancun International
Airport, the report discloses.

He adds that the same observation he made in Guatemala, where it
was shown that a new cargo airport had no operational or commercial
justification, and also in similar projects in Panama, Peru, and
Ecuador, which, he highlights, have become "white elephants," 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 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).




=================
G U A T E M A L A
=================

BANCO DE LOS TRABAJADORES: Moody's Raises Deposit Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3, from B1, the
long-term local and foreign currency deposit ratings assigned to
Banco de los Trabajadores (Bantrab), as well as its baseline credit
assessment to b1, from b2, its long-term counterparty risk ratings
to Ba2, from Ba3, both in local and foreign currency, and its
long-term counterparty risk assessment (CRA) to Ba2(cr), from
Ba3(cr). All short-term ratings were affirmed. The outlook on
ratings remain stable.

RATINGS RATIONALE

The upgrade of Bantrab's standalone BCA to b1 reflects the
improvement of the bank's capitalization over the last two years,
as a result of its conservative dividend distribution policy and
its consistent financial performance and risk discipline in the
past 18 months. In 2020, during the COVID-19 pandemic, earnings
contributed to enhance internal capital generation, with the bank's
capitalization reaching a high historical level. This is important
as Bantrab continues to expand its loan book above the system's
average growth rate in 2022. Over the last five years, the bank has
strengthened its anti-money laundering policies, risk management,
compliance functions and the selection process for board members in
line with its commitment to improve corporate governance practices,
a positive development for its credit profile.

Bantrab's capitalization has benefited from stable profitability
and low dividend distribution limited to about 30% of annual net
income. In June 2021, Moody's preferred ratio of tangible common
equity to adjusted risk weighted assets reached 15.1% and reflected
the weighting of government securities at 100% according to Basel
guidelines for Ba-rated sovereigns. On the same date, the bank's
regulatory Tier 1 capital ratio was 15.18%, showing adequate
cushioning to absorb unexpected credit or investment losses.

Bantrab reported a problem loan ratio of 1.94% in June 2021,
remaining below the average ratio of 2.11% for the 3 years before
the pandemic. Pressure on Bantrab's asset quality will likely
continue in the second half of 2021 as its loan book continues to
incorporate the effects from the end of government relief measures
and loan deferrals in the economy. However, with a portfolio
comprised 90% of personal loans to public employees, delinquency
risk is mitigated by a strong collateral structure around the
deductibility of loan installments directly from customers' bank
accounts. In addition, credit losses are partially mitigated by
adequate loan loss reserves that accounted for 143.74% of problem
loans and 2.8% of gross loans as of June 2021.

Bantrab maintained good profitability metrics during the first half
of 2021, supported by high net interest margins and that reflected
the predominant share of high-yield consumer finance operations in
the bank's loan book and lower credit costs compared to one year
prior. The bank's ratio of net income to tangible assets of 2.49%
in June 2021 was higher than the 3-year average annual ratio of
2.36% before the pandemic outbreak. Conversely, Bantrab's large
balance of term deposits, which have higher funding costs than
retail deposits, continues to weigh on the bank's bottom-line
results. Despite that, in the next 12 months, profitability will
continue to benefit from the recovery of economic activity in the
country.

Bantrab's deposit ratings incorporate Moody's assessment of a
moderate probability of support from the Government of Guatemala
(Ba1 negative) to the bank, in case of stress. The support
assumption reflects Bantrab's consistent deposit market share of
about 8%. In addition, Bantrab was established by the Guatemalan
government and is largely owned by Guatemalan workers. Bantrab's
deposit ratings receive one notch of uplift from its b1 BCA
stemming from government support.

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

An upgrade in Bantrab's standalone BCA would result from a
consistent reporting of strong profitability metrics, combined with
sustainable good levels of asset quality. The capacity to maintain
a robust capital base while posting loan growth would also result
in upward pressure on Bantrab's BCA. Moreover, continuous
improvement to corporate governance policies would also be positive
for Bantrab's BCA. Deposit ratings would go up in tandem with a BCA
upgrade because of an assumption of moderate government support.

Bantrab's BCA could be downgraded if asset quality deteriorates
significantly, causing the bank's profitability to decline and,
eventually a reduction in its capital position. The bank's deposit
ratings would also decline in the event of a BCA downgrade.

METHODOLOGY USED

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

LIST OF AFFECTED RATINGS AND ASSESSMENTS

The following ratings and assessments of Banco de los Trabajadores
were upgraded:

Long-term local currency deposit rating, to Ba3 from B1, stable
outlook

Long-term foreign currency deposit rating, to Ba3 from B1, stable
outlook

Long-term local currency counterparty risk rating, to Ba2 from
Ba3

Long-term foreign currency counterparty risk rating, to Ba2 from
Ba3

Baseline credit assessment, to b1 from b2

Adjusted baseline credit assessment, to b1 from b2

Long-term counterparty risk assessment, to Ba2(cr) from Ba3(cr)

The following ratings and assessments of Banco de los Trabajadores
were affirmed:

Short-term local currency deposit rating of Not Prime

Short-term foreign currency deposit rating of Not Prime

Short-term local currency counterparty risk rating of Not Prime

Short-term foreign currency counterparty risk rating of Not Prime

Short-term counterparty risk assessment of Not Prime(cr)

Outlook Actions:

Outlook, Remains Stable


GUATEMALA: S&P Assigns 'BB-' Issuer Rating to US$1BB Notes
----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to Guatemala's
US$1 billion notes:

-- US$500 million due in October 2033 at a 3.70% interest rate,
and

-- US$500 million due in October 2041 at a 4.65% interest rate.

The rating on the notes is the same as the long-term foreign
currency sovereign credit rating on Guatemala (BB-/Stable/B). The
sovereign will use the issuance proceeds for general budgetary
purposes, including to refinance Guatemala's public indebtedness.

S&P said, "Our ratings on Guatemala incorporate its solid external
position, moderate general government debt to GDP, and sound
monetary policy that has kept inflation under control. On the other
hand, our ratings are constrained by our view of its
still-developing public institutions and a challenging political
environment that constrains policymaking effectiveness. A
persistently narrow tax base, as well as shortfalls in basic public
services and physical infrastructure, also constrains the rating.

"The stable outlook reflects our view that economic recovery and
cautious economic policies will help reverse the temporary
weakening in Guatemala's fiscal and debt profiles, limiting the
long-term negative impact on its financial profile."




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

MEXICO: Raises Key Rate a Third Time Amid Jump in Prices
--------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Mexico's
central bank raised borrowing costs for the third consecutive
meeting as policy makers struggle to slow above-target inflation.

Banco de Mexico, known as Banxico, increased its key interest rate
by a quarter-point to 4.75%, in a 4-1 split decision. All but one
of 26 economists surveyed by Bloomberg predicted the 25 basis-point
hike, according to globalinsolvency.com.

"Although the shocks that have increased inflation are expected to
be transitory, due to their variety, magnitude, and the extended
horizon over which they have affected it, they may pose risks to
the price formation process and to inflation expectations," the
bank's board wrote in a statement accompanying the decision, the
report notes.  Unlike in the previous two decisions, which were
split 3-2, deputy governor Galia Borja voted for the hike this
time, the report relays.

The bank increased its inflation forecasts, predicting a peak of
6.2% in the fourth quarter of this year and expecting it to hit
3.1% in the third quarter of 2023, instead of its previous
projection of the first quarter, the report discloses.

"With the inflation expectations increase and with four of five
members of the board voting for the hike this time, the probability
of another hike this year increases," said Gabriela Siller,
director of economic analysis at Grupo Financiero BASE, the report
says.  Mexico's peso pared its intraday loss to trade down 0.2% at
20.55 per dollar after the decision, the report notes.  The
currency was poised for a fifth straight decline and its weakest on
a closing basis since mid-June, the report adds.




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

ALM LLC: Settlement & Release Agreement w/ Canyon Square Approved
-----------------------------------------------------------------
ALM, LLC, d/b/a Agua La Montana, on Sept. 28, 2021, submitted a
First Supplement to the Disclosure Statement dated July 13, 2021.

This Supplement aims to include treatment to creditors Canyon
Square Investments, LLC, CRIM and the U.S. Small Business
Administration, as per the approved Settlement and Release
Agreement with creditor Canyon Square Investments, LLC, approved by
Order  of the Court.

Class 2 consists of the Secured Claim of Canyon Square Investments
LLC in the amount of $2,184,046.  The allowed claim under this
class corresponding to Proof of Claim #9 will be paid by the
transfer of all assets including the machinery, the real property
and/or all of the Canyon's collateral, as per the terms and
conditions of the Stipulation on the Settlement and Release
Agreement, filed on September 14, 2021 and approved on September
22, 2021.

Class 3 consists of the Secured Claim of Canyon Square Investments
LLC in the amount of $363,638.  The allowed claim under this class
corresponding to proof of claim #9 will be paid by the transfer of
all assets including the machinery, the real property and/or all of
the Canyon's collateral, as per the terms and conditions of the
Stipulation on the Settlement and Release Agreement, filed on
September 17, 2021 and approved on September 22, 2021.

Class 4 consists of the Secured Claim of CRIM. Treatment of CRIM
will be as otherwise agreed with CRIM and will be assumed by Canyon
as per the terms and conditions of the Stipulation on the
Settlement and Release Agreement, filed on September 14, 2021 and
approved on September 22, 2021.

Class 5 consists of the Secured Claim of the U.S. Small Business
Administration. The allowed claim under this class shall be
unsecured and will be paid under class 9 as per the terms and
conditions of the Stipulation on the Settlement and Release
Agreement, filed on September 14, 2021, and approved on September
22, 2021.

Class 6 consists of the Lease Claim of Popular Auto-BPPR. Allowed
claim under this class will be paid in full upon the effective date
as per the terms and conditions of the Settlement and Release
Agreement filed on September 14, 2021 and approved on September 22,
2021.

Payments and distributions of priority claims, administrative
expenses, unsecured claims, and prepetition and post-petition tax
claims under the Plan will be funded by the shareholder's
contribution as per the terms and conditions of the Stipulation on
the Settlement and Release Agreement filed on September 14, 2021,
and approved on September 22, 2021.

A full-text copy of the Disclosure Statement Supplement dated
September 28, 2021, is available at https://bit.ly/3m9MqKA from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     Mary Ann Gandia-Fabian, Esq.
     Ganbia-Fabian Law Office
     P.O. Box 270251
     San Juan, PR 00928
     Tel: 1-787-390-7111
     Fax: 1-787-729-2203
     Email: gandialaw@gmail.com

                          About ALM LLC

ALM, LLC, a/k/a Agua La Montana, is the owner of a fee simple title
to a property located in Trujillo Alto, Puerto Rico having a
current value of $860,943.

ALM, LLC filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 20-04571) on Nov. 25,
2020.  The petition was signed by Kristian E. Riefkohl Bravo,
president.  At the time of the filing, the Debtor disclosed total
assets of $1,083,384 and total liabilities of $2,919,967.  Judge
Mildred Caban Flores is the case judge.  The Debtor tapped Gandia
Fabian Law Office as counsel and Jose Victor Jimenez, CPA, of
Jimenez Vazquez & Associates, PSC, as an accountant.




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

TRINIDAD & TOBAGO: Budget Focuses on Agriculture & Diversification
------------------------------------------------------------------
Trinidad Express reports that in its second pandemic budget, the
Trinidad and Tobago Government will focus on agriculture and
diversification and will seek more private sector engagement in the
economy.

In an interview with the Sunday Express, Minister of Planning and
Development, Camille Robinson-Regis, whose ministry works alongside
the Ministry of Finance for budget preparations, said Budget 2022
will support initiatives to ignite the economy, according to
Trinidad Express.  And she said the document is guided by Vision
2030 and includes the recommendations from the Roadmap to Recovery
Phase I and Phase II reports, aimed at helping T&T manage and
recover from the Covid-19 pandemic, the report notes.

"The recommendations are intended to guide Government's actions in
the immediate-short term and set a solid foundation for the
transformation of the economy and the society, over the medium to
long term," she added.

Following the Cabinet retreat, Prime Minister Dr Keith Rowley had
said that the 2022 Budget is expected to be a little different
since things must be incorporated into the package related to the
pandemic while some old budget items may have to fall by the
wayside, the report relays.

"The question from the point of view of Government is not of
projects falling on the wayside, which is a glass half-empty
perspective, but rather how to maximize key non-energy sectors
identified for growth which include a combination of existing and
emerging sectors -- the creative industries, financial services,
information and communication technology, agriculture and
agro-processing, the report notes.

"The construction, manufacturing and energy industries have also
been highlighted as catalysts for igniting economic recovery and
generating employment.  In light of its facilitative role in
development, Government will support initiatives that can encourage
private sector investment within these areas," she added.

                      Private Sector Role

Robinson-Regis said the Government will also undertake feasibility
studies for new and emerging areas, to not only reduce the risk of
private sector investment, but to identify niche areas based on
competitive advantages of T&T and to pinpoint the growth potential
of sub-industries, the report notes.

"Government will also go a step further in its facilitative role by
conducting labor skills assessments, aimed at ensuring that a
steady supply of skilled labor is available to meet the human
capital needs for growth initiatives in these areas.  In order to
achieve success, it is critical that the private sector also
invests in these areas and collaborates with Government in this
diversification and economic transformation process. Therefore you
will find the selection process for specific transformational
projects will be heavily guided by these principles," she added.

Robinson-Regis said the Government will continue to make
investments in infrastructure, environmental management, human
development, health, social services and education, the report
relays.

"The Government is seeking approaches to engage the continued
involvement of the private sector in T&T's development. We are
continuing to seek the private sector's involvement in the housing
sector, the Port of Spain Redevelopment Project, digitisation by
creating opportunities for the private sector to come on board as
development partners," she added.

She reasoned that T&T has always operated a diversified economy.

"Although we have been a largely oil and gas economy, we have
always had upstream and downstream activities involving methanol,
natural gas and so on. The non-energy sector is a significant
contributor to the GDP and we lead the region in manufacturing a
variety of products, with much of this for regional and
international export," she said, the report notes.

So how does the Ministry set benchmark for completion of budget
projects?

"This is an interesting question. Some projects can be completed in
one year and others can span a period of time and can be funded
over three years. Regarding the continuation of projects, this is
necessary in some cases for example in road and highway
construction and management, housing etc, the report relays.

"Continuous monitoring and evaluation is a key variable in
determining the areas that are of benefit and produce the desired
results for continued fiscal support.  So many projects are phased
projects with at least three-year plans that allow for the
necessary review and evaluation at various stages to determine what
must be done to help the project achieve its desired benefits for
citizens," she added.

                      The Data Issue

On the thorny issue of timely data for proper planning, she
observed that annual GDP estimates cannot be available for 2021
because the year has not yet been completed, the report notes.

"The Ministry of Planning and Development will have reviewed a
number of additional economic indicators and held discussions with
economic advisors on future economic developments, the report
notes.

"It should be noted that the CSO should have published first
quarter GDP estimates on September 30, 2021.

"Furthermore, the CSO has recently released inflation data for
August 2021. Unemployment data is lagging largely because it is a
household survey and Covid-19 has negatively affected the
collection of data.

"However, we are planning to hire temporary short-term staff to
reduce this lag as Covid-19 restrictions are eased and the
proportion of the population that is fully vaccinated increases.
The Ministry will have looked at a range of labour force related
data to supplements CSO's data by liaising with the Ministry of
Labour and the Ministry of Social Development and Family Services,"
she said, the report relays.

So just how does the Ministry take into account the cost of living
when planning ahead?

"The Ministry of Planning and Development will have used annual and
monthly inflation data derived from the CSO's Index of Retail
Prices.

"Inflation as measured by this index is closely linked to the
economic measures of GDP and unemployment and the Ministry will
have used this relationship to assess the current state of the
economy as well as the purchasing power of the expenditure
allocations," she added.

She pointed out that the legislative framework for the National
Statistical Institute of Trinidad and Tobago (NSITT) is currently
receiving the attention of the Ministry of the Attorney General and
Legal Affairs, the report relays.

"As with starting any new organization, especially one as vital as
a statistical organization, there will be fine details that may
need more attention.

"The aim of course is to not just have a new organisation by name
only, but an institution that enhances the work currently being
done by the Central Statistical Office to further develop Trinidad
and Tobago's National Statistical System, overall statistical
capacity and modernises how data is collected and used for national
development, business support, educational needs and more," she
added, the report discloses.



                           *********


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

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