/raid1/www/Hosts/bankrupt/TCRLA_Public/211008.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

          Friday, October 8, 2021, Vol. 22, No. 196

                           Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: S&P Affirms 'CCC+' ICR, Outlook Negative


B R A Z I L

BRASKEM SA: Creditors, Shareholders Plan $1.6BB Share Offering
BRAZIL: Bank Raises GDP Growth Projection to 4.7% for 2021
MINERVA SA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
VALE SA: Brazil Prosecutors Seek $457 Million for Dam Disaster


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Bottled Water, Oil, Meat Prices Continue to Ris
DOMINICAN REPUBLIC: Expects Delays in All Dominican Ports
DOMINICAN REPUBLIC: Ministers Review US$47-Bil. Budget for 2022


E L   S A L V A D O R

BANCO AGRICOLA: Fitch Affirms 'B' LT IDR, Outlook Negative
BANCO DAVIVIENDA: Fitch Affirms 'B' LT IDR, Outlook Negative


J A M A I C A

JAMAICA: BOJ Records Decline in ABM Transactions
NATIONAL COMMERCIAL BANK JAMAICA: S&P Affirms 'B+/B' ICRs


M E X I C O

GRUPO AEROMEXICO: Plan Rests on New Equity & Debt Financing
[*] Fitch Takes Various Actions on Metrofinanciera Ratings


P A N A M A

ENA NORTE TRUST: Fitch Raises USD600MM Sec. Notes Rating to 'BB'
PROMERICA FINANCIAL: Fitch Alters Outlook on 'B' LT IDR to Stable

                           - - - - -


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

AEROPUERTOS ARGENTINA: S&P Affirms 'CCC+' ICR, Outlook Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its issuer credit and issue-level
ratings on Argentine airport operator Aeropuertos Argentina 2000
(AA2000) at 'CCC+'.

The outlook remains negative, reflecting the probability of a
downgrade in the next six months if the exchange doesn't
materialize under the currently analyzed terms and conditions. The
outlook also captures the downside risks, given that the company
still heavily depends on variables that are out of its control,
namely the timing and speed of the air traffic recovery amid
difficult economic and business conditions in Argentina.

On Sept. 28, 2021, Argentine airport operator Aeropuertos Argentina
2000 (AA2000) announced an exchange offer on all of its outstanding
senior secured notes (Series 2017 and Series 2020) due 2027. The
company expects to issue new, 8.5% senior secured notes due 2031
for an amount equal to the outstanding amount of the current ones.

S&P said, "We view this exchange as distressed, rather than purely
opportunistic, given AA2000's substantial debt service in the
upcoming quarters. However, we don't consider it as tantamount to a
default because we don't see enough evidence suggesting that
investors will receive less value than the promise of the original
securities.

"This is because we haven't seen enough evidence that the exchange
offer results in a loss in value to investors compared with the
original promise. Our value consideration is related to the higher
interest for the new notes' entire term (8.5%, up from 6.875% as
per documentation) and enhanced security package because the
collateral will incorporate now a second lien on the cargo trust
and the extension of tenor from 2027 to 2031, which is
proportionally lower than the extended concession period of 10
years from 2028 until 2038, providing a longer tail. In addition,
there's a possibility to set up an offshore reserve account, which
at this stage is an upside because it remains subject to approval
by authorities.

"However, we view this exchange as distressed because we don't
believe that AA2000 can honor its financial commitments in the
coming quarters without a refinancing. In our view, absent this
exchange, AA2000 would be in the position to service debt in 2021,
which mainly consists of the outstanding international bonds. But
in 2022, the debt repayment schedule becomes more challenging
(above $200 million), while the company's EBITDA under our
base-case scenario is $120 million - $130 million and AA2000 is
dependent on air traffic recovery. Therefore, a refinancing is a
likely scenario for 2022 if this exchange doesn't occur."

Although the industry and the company still face difficult
conditions, S&P believes circumstances have evolved into more
favorable grounds because of the following factors:

-- Context is different: The airport was virtually closed when the
2020 exchange took place, while it's currently operating and air
traffic is gradually increasing as lockdowns are lifted. Equally
important, the vaccine wasn't available in May 2020 and there was
very limited visibility on this matter at that time.

-- Liquidity has remained steady: In 2020, AA2000 couldn't service
its debt, while the airport was closed. Once traffic started to
pick up in September 2020, the company has successfully managed its
cash flows and debt maturities throughout 2021. It has generated
positive EBITDA and neutral cash flows, enabling a steady cash
position on a quarterly basis, serving international debt,
refinancing domestic debt from banks, and raising new funds in the
domestic capital markets.

-- S&P's expectations are different: There was no visibility in
2020, while currently most lockdowns have been lifted, air routes
are revised and reopened, domestic traffic has resumed and
international travel is recovering gradually. Also, vaccination is
ongoing in Argentina and the region.

S&P said, "We view the concession's extension as a positive credit
factor. AA2000's concession has been granted an extension from 2028
to 2038, together with a 11% tariff increase for international
passengers. Therefore, the company's debt refinancing makes
economic and financial sense, in our view, to better accommodate
its capital structure to these new conditions."

Offered terms were harsher in the 2020 exchange. Although the
possibility of a haircut for late tenders is similar, there was a
payment in kind (PIK) and a higher interest in the 2020 exchange
only applicable during the PIK period (one year) while the duration
was longer. In addition, security wasn't enhanced in 2020, while no
offshore reserve account was considered.

S&P said, "We perceive that AA2000's cash flows remain under
pressure. Despite the steady recovery in air traffic in 2021 (for
example up 29% between July and August) and vaccination campaign,
we also note that traffic volume started in September 2020 from
extremely low levels, while the company's debt repayments will be
substantial in 2022. We view AA2000 as still vulnerable and
dependent upon favorable business, financial, and economic
conditions to meet its financial commitments in 2021-2022."

Additionally, Argentina's economic conditions remain fragile,
suffering from the pandemic-induced deepening of the recession, the
widening fiscal deficit, and the depreciation of the Argentine peso
amid mid-term elections. Therefore, uncertainty remains high and
visibility low in the intermediate to long term, in our view.




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B R A Z I L
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BRASKEM SA: Creditors, Shareholders Plan $1.6BB Share Offering
--------------------------------------------------------------
Carolina Mandl and Tatiana Bautzer at Reuters report that Brazilian
conglomerate Novonor, its creditor banks and state-controlled oil
company Petrobras are expected to take a first step to divest from
petrochemical company Braskem SA in the fourth quarter, three
sources with knowledge of the matter said.

Novonor, formerly known as Odebrecht, is discussing a plan for
multiple share offerings with its creditors, according to Reuters.
The first would unload Braskem preferred shares owned by Novonor
over the next months.  Petrobras, a minority shareholder in
Braskem, has been invited to join all share offerings and divide
the proceeds, the sources said, the report notes.

The first offering may reach around 9 billion reais (US$1.65
billion) if Petrobras also participates, the sources said, the
report relays.

After selling the preferred stake, equivalent to around 20% of
Braskem's capital, Novonor, its creditors and Petrobras will
discuss the best time frame to sell their common stock, added the
sources, who asked for anonymity to disclose private talks, the
report discloses.

Novonor and Petrobras declined to comment on the matter.

Before the next share offerings, the company may complete the
listing of its shares on the Novo Mercado, a segment in the
Brazilian stock exchange with higher standards for corporate
governance, the report says.

But creditors and shareholders want to sell the stakes as soon as
possible to avoid a share offering months before a contentious
presidential election in Brazil, which is expected to create market
volatility, the report relays.

The process is being managed by some of Brazil's biggest banks,
which extended billions of dollars in loans to the former Odebrecht
and have grown frustrated by the amount of time it has taken to
recover funds from the company, the report discloses.  The former
Odebrecht was a key player in the country's Car Wash corruption
scandal, and is now under bankruptcy protection, the report says.

Novonor's 38.3% stake in Braskem is the collateral to the largest
loans. Creditors have decided to sell Braskem through share
offerings because no buyers for the entire company emerged during a
formal M&A competitive process managed by Morgan Stanley at
Novonor's request, the report notes.

Other bids for parts of the business were considered too low, the
sources added.

It is clear, however, that the divestment could not be done in a
single share offering. Although the banks have priority in
receiving the proceeds of the Braskem sale, they are coordinating
the exit strategy through multiple offerings with Petrobras, owner
of 36.1% of Braskem, the report relays.

Shares of Braskem have soared 150% this year, driven by higher
prices for resins and lower debt, while the broader Ibovespa index
is down 6%, the report discloses.  The company, which has also been
settling disputes in Mexico and in the Brazilian state of Alagoas,
has a market capitalization of 47 billion reais.

Braskem is a Brazilian petrochemical company headquartered in Sao
Paulo.  As reported in the Troubled Company Reporter-Latin America
on Sept. 6, 2021, S&P Global Ratings raised its issuer credit
rating and unsecured issue-level ratings on Braskem S.A. to 'BBB-'
from 'BB+'. S&P also raised its ratings on the company's
subordinated notes to 'BB' from 'B+'. At the same time, S&P
affirmed its 'brAAA' national scale rating on the company.


BRAZIL: Bank Raises GDP Growth Projection to 4.7% for 2021
----------------------------------------------------------
RJR News reports that the Central Bank raised by 0.1 percentage
point, to 4.7%, its projection for the growth of Brazil's economy
this year and predicted that the gross domestic product (GDP) will
increase 2.1% in 2022, due to the positive evolution of the country
and the expected favorable outlook, the institution advised.

The Central Bank's projections for the country's economic growth in
2021 remained practically stable compared to its previous estimate
(4.6%), according to RJR News.

The bank also forecasts that inflation in 2021 will reach 8.3%,
well above the 5.8% it had projected in June and well above the
target it set for this year, the report notes.

                          About Brazil

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

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


MINERVA SA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Minerva S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'BB'. Fitch has
also affirmed Minerva's National Scale rating at 'AA(bra)' due to
the group's strong liquidity, good operational performance and
improved leverage. The Rating Outlook is Stable.

KEY RATING DRIVERS

Net Leverage: Fitch expects Minerva's net leverage to trend toward
2.0x-2.3x by YE 2021 (2.5x in YE 2020), with an increase in EBITDA
to BRL2.2 billion in 2021 from BRL2.1 billion in 2020. The
company's leverage improved significantly in 2020 due to about
BRL1.4 billion of cash received from an equity offering and
warrants exercised, with an additional BRL313 million to be
exercised by end of 2021. Gross leverage is projected to decrease
toward 5x in 2021 and trend toward 4x in 2022 (5.5x in 2020) in
Fitch's rating case. As of 2Q21, LTM net revenues increased by
27.8% yoy to BRL22.9 billion and LTM EBITDA increased by 8.4% yoy
to BRL2.2 billion. Performance was driven by increased volumes,
notably at Athena Foods, and high beef prices.

Regional Production Presence: Minerva operates solely in the beef
business in South American countries and, therefore, is less
diversified from a product standpoint than Brazilian-based protein
company JBS S.A. As a beef producer, Minerva is exposed to
sanitary, environmental, deforestation and import or export
restriction risks. These factors are somewhat mitigated by the
group's geographical diversification as Minerva has operations in
several countries, including Paraguay, Uruguay, Argentina, and
Colombia, from its subsidiary Athena Foods. Fitch estimates that
those operations represented about 35%-40% of Minerva's total
EBITDA in 2020, while exports represented about 64% and 79% of
Brazilian and Athena Foods' sales, respectively, in 2Q21.

Resilient Profitability Margins: Minerva's sales and earnings are
subject to volatility caused by changes in input costs and protein
prices due to the supply and demand dynamics of commodity meat. The
company has shown resilience in profitability, with an EBITDA
margin of about 10% over the last four years. EBITDA margins are
projected to be maintained at about 9%-10% over the next two years
due to Minerva's geographic diversification and strong beef demand.
Exports accounted for 70% of the company's total gross revenue as
of 2Q21, while Minerva is among the largest producers of beef in
the region, accounting for 20% of total beef exports in South
America.

Export Demand: The beef market continues to benefit from limited
supply, high international demand and the overall gradual economic
recovery. The USDA forecasts Brazil's exports to increase by about
3.5% in 2021, but beef consumption to decline due to a high beef
price and protein substitution. On Sept. 4, 2021, Brazil announced
that it will suspend beef exports to China due to the confirmation
of two cases of Atypical Bovine Spongiform Encephalopathy (BSE).
Fitch expects Minerva to continue to export to China from Uruguay
(four slaughter plants) and Argentina (one slaughter plant) or
redirect production to other countries until the temporary
suspension is lifted. Fitch estimated China's exports from Brazil
represented 10% of Minerva's consolidated revenues in 1H21.

DERIVATION SUMMARY

Minerva's ratings reflect its solid business profile as a
pure-player in the beef industry, with a large presence in South
America. The ratings consider Minerva's lack of diversification
across other proteins making the company less diversified from a
product standpoint than JBS S.A. (BBB-/Stable) or Tyson Foods
(BBB/Stable).

Minerva has developed a more export-oriented business model,
whereas Marfrig Global Foods S.A. (BB/Positive) has a strong
presence in the U.S. domestic market through its subsidiary
National Beef. About 70% of Minerva's gross revenue is derived from
exports, maintaining Minerva's position as the largest beef
exporter in South America, with a market share of 20% in the
continent. The company has been able to maintain a stable operating
margin over the years despite several challenges in 2018, 2019, and
2020. These challenges included external factors such as truck
driver strikes in Brazil in 2018, the temporary shutdown of the
Chinese market for Brazilian beef producers in 2019, and the
pandemic in 2020.

Minerva is smaller than its peers, such as JBS or Tyson. From a
financial standpoint, the ratings are supported by Minerva's strong
liquidity position, with cash sufficient to amortize its debt
through 2026 and high profitability for the sector due to exports.

KEY ASSUMPTIONS

-- Double-digit revenue growth due to strong exports demand;

-- EBITDA of about BR2.2 billion by YE 2021;

-- Net leverage towards 2.3x as of YE 2021.

RATING SENSITIVITIES

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

-- Sustainable positive FCF generation;

-- Substantial decrease in gross and net leverage to below 3.5x
    and 2.0x, respectively, on a sustained basis;

-- Increased scale, product and geographical diversification in
    an investment-grade country.

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

-- Sharp contraction of Minerva's performance;

-- Gross leverage above 4.5x and net leverage above 3.0x on a
    sustainable basis;

-- Multi-notch downgrade of Brazil's country ceiling.

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

Strong Liquidity: Cash and cash equivalents totalled BRL6.3 billion
and short-term debt totalled about BRL2.4 billion as of June 30,
2021. Total debt was BRL11.7 billion, of which 20% was short-term
debt. Minerva's cash and cash equivalents are sufficient to
amortize its debt through 2026. 68% of gross debt was denominated
in foreign currency (mainly U.S. dollars) as of 2Q21. The company
hedges at least 50% of the long-term FX exposure.

ISSUER PROFILE

Minerva Foods is the South American leader in beef exports,
operating in the processing segment and selling its products to
over 100 countries. Currently, the company has a daily slaughtering
capacity of 26,180 head of cattle. Present in Brazil, Paraguay,
Argentina, Uruguay and Colombia, Minerva operates 25 slaughter and
deboning plants and three processing plants.

ESG CONSIDERATIONS

Minerva has an ESG Relevance Score of '4' on Governance Structure
due to ownership concentration. The shareholders' strong influence
upon management could result in decisions being made to the
detrimental to the company's creditors, which would have a negative
impact on the credit profile and is relevant to the rating in
conjunction with other factors.

The company is controlled by the VDQ holding (representing the
Queiroz family). The family appointed five members out of 10 board
members. Two members are independents. SALIC UK limited has three
appointed members. The shareholder agreement expired in 2033.

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.

VALE SA: Brazil Prosecutors Seek $457 Million for Dam Disaster
--------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that state
prosecutors in the state of Minas Gerais have filed a lawsuit
seeking 2.5 billion reais (US$457 million) from miners Vale,
Samarco and BHP related to a tailings dam disaster in 2015,
according to a statement.

Prosecutors allege that the companies have not fulfilled the
obligations outlined in a settlement agreed in 2018, in which the
miners agreed to pay damages to the people affected by the
disaster, according to globalinsolvency.com.

The companies did not immediately respond to requests for comment.

The collapse of the Fundao tailings dam near the town of Mariana
caused a vast flow of mud and mining waste that buried a nearby
village and killed 19 people, the report notes.  It also polluted a
major river and is regarded as Brazil's worst environmental
disaster, the report discloses.  Only 30% of the affected people
have received compensation so far, according to the statement,
which added that the sought funds would benefit 1,300 families, the
report relays.

"The defendants have been continuously resisting the adequate
fulfillment of the imposed obligations," the prosecutors said, the
report adds.

                     About Vale SA

Vale S.A. is a Brazilian multinational corporation engaged in
metals and mining and one of the largest logistics operators in
Brazil.

As reported in the Troubled Company Reporter-Latin America in
September 2019, Moody's Investors Service affirmed Vale S.A.'s Ba1
senior unsecured ratings and the ratings on the debt issues of Vale
Overseas Limited, fully and unconditionally guaranteed by Vale S.A.
Moody's also affirmed the Ba2 senior unsecured ratings of Vale
Canada Ltd.  The outlook changed to stable from negative.  At the
same time, Moody's America Latina Ltda. affirmed Vale's Ba1/Aaa.br
corporate family rating and the Ba1/Aaa.br ratings on its senior
unsecured notes. The outlook changed to stable from negative.




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

DOMINICAN REPUBLIC: Bottled Water, Oil, Meat Prices Continue to Ris
-------------------------------------------------------------------
Dominican Today reports that food prices are beginning to worry
homemakers in impoverished sectors in the Dominican Republic, as
they seek to stock up on basic foodstuffs in public markets rather
than supermarkets.  But, even there, they suffer from inflation,
according to the report.

"Here everything is expensive, we don't know where we are going to
end up," was the expression of Nury Rodriguez, one of the
housewives interviewed in the Villa Consuelo Market, referring to
the increase in the cost of the essential food products, the report
relays.

Rodriguez assured that even drinking water has increased in price
and is now being sold at RD$20 a bottle and not RD$10 as it used to
be, the report discloses.

"Everything is expensive here. A bottle of water at RD$20, chicken,
not to mention eggs and oil," the lady said with anguish, the
report says.

The merchant was waiting for buyers while she explained that
although she has reduced the price of her products, people do not
come to buy, the report notes.

She added that there is no price regulation in the country since
every place she goes, she finds a significant price difference, the
report relays.

"Here there is no price control, one goes to the grocery stores and
they all have price differences. As a poor person how are you going
to get by, you can no longer make breakfast with RD$100, eggs are
already being sold at 7 and 8 pesos," she added.

Anibal Soto was another respondent who said she was concerned about
the situation. Even though her salary has been increased, she is
not benefiting because everyday items are getting more expensive,
the report notes.  "It is worthless to increase the spare change if
in the end everything is more expensive," she added.

Similarly, Juanita Martinez, a small stall in the Mercado Nuevo,
said that all products have gone up in price, especially oil, which
used to sell for RD$165 a half-gallon, is now selling for RD$260.
"Sales have gone down, because everything is more expensive," she
said, the report notes.

                         Low Sales

Likewise, Michel Bueno affirmed that sales had dropped
significantly due to the price hikes. "There are no people here, no
one is selling, I am already buying even less merchandise," he
said, the report relays.

"Even disposables have increased, and there is no hope that it will
go down," expressed Julio Munoz, the report relates.

During a tour of different markets in Greater Santo Domingo,
journalists of this media were able to talk with some merchants and
homemakers who were doing their daily shopping in the place, the
report notes.

Another of the concerns they expressed is that they are investing
more money than the benefits they generate since they say that they
spend up to RD$5,000 a week in merchandise, while they do not earn
even half of the expenses incurred, the report discloses.

"I don't know what to do, because all the food is expensive. I'm
paying up to RD$5,000 and I am not earning that," expressed Maria
Carreras, who has a small store in the Duarte Avenue market, the
report relays.

The products that have dropped in price, according to merchants,
are bananas, and they are sold from RD$3 depending on the quality
and brand, the report notes.

Bugalu tomatoes were selling at RD$20 per pound, 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: Expects Delays in All Dominican Ports
---------------------------------------------------------
Dominican Today reports that delays in maritime transport worldwide
-- a situation that arose from the COVID-19 pandemic -- continues
to affect the delivery times of goods in Dominican ports, including
those destined for the Christmas shopping period.

The commercial director of the Caucedo Multimodal Port, Ramon
Badia, although he preferred not to speak directly about the
merchandise for the end of the year, declared that there could be
delays in it, due to the general complications that the sector is
experiencing, mainly cargo from Asia, according to Dominican
Today.

Badia revealed that the ships are arriving at the country's ports a
week or two late and sometimes up to a month, and stated that
currently no shipping line service arrives on time, the report
notes.

"We continue to receive a lot of cargo. September is the only month
that we handle less imports than usual, but the congestion was so
great that almost all the volume arrived two days before the end of
the month," the report says.

                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: Ministers Review US$47-Bil. Budget for 2022
---------------------------------------------------------------
Dominican Today reports that the Council of Ministers reviewed the
projected General State Budget for the Dominican Republic for the
year 2022, which will be RD$1.46 trillion (US$47.3 billion).

The document was presented by the Minister of Economy, Miguel Ceara
Hatton, and sets forth the most relevant public policies, plans,
programs and projects of the current government administration, the
report notes.

                   About Dominican Republic

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

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

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

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

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

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




=====================
E L   S A L V A D O R
=====================

BANCO AGRICOLA: Fitch Affirms 'B' LT IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed Banco Agricola, S.A.'s (Agricola)
Long-Term Issuer Default Rating (IDR) at 'B' with a Negative Rating
Outlook, Short-Term IDR at 'B' and its Viability Rating (VR) at
'b-'. In addition, Fitch has affirmed the long-term national
ratings of the bank and its local holding company, Inversiones
Financieras Banco Agricola, S.A. (IFBA), at 'AAA(slv)' with a
Stable Outlook.

KEY RATING DRIVERS

AGRICOLA

IDRS, SUPPORT RATING AND NATIONAL RATINGS

Agricola's IDRs, Support Rating (SR) and national ratings reflect
Fitch's assessment of the ability and propensity of the bank's
ultimate parent, Bancolombia S.A. (Bancolombia; BB+/Stable), to
provide support to Agricola if required.

This assessment is highly influenced by El Salvador's sovereign
rating, which constrains Agricola's IDRs as reflected in the
country ceiling. Agricola is rated four notches below Bancolombia's
IDR. El Salvador's 'B' country ceiling, which, according to Fitch's
criteria, captures transfer and convertibility risks, constrains
the bank's ratings to a lower level than would be possible based
solely on Bancolombia's ability and propensity to provide support.
Therefore, there could be limitations on the subsidiary's ability
to use parent support. The Negative Outlook on Agricola's IDR
mirrors the Outlook for El Salvador's sovereign rating.

Fitch's propensity-to-support opinion is strongly influenced by the
huge reputational risk Bancolombia and its subsidiaries would be
exposed to if Agricola defaults. Bancolombia has a significant
footprint in Central America, and Agricola is one of its most
important subsidiaries there.

Agricola's SR of '4' reflects Fitch's opinion of limited
probability of support because of the heightened risks in the
operating environment (OE). SR is also constrained by El Salvador's
sovereign rating as reflected in the country ceiling.

Agricola's national ratings are at the highest level of the ratings
scale given the relative credit strength of Bancolombia compared to
other issuers in El Salvador, which also supports its Stable
Outlook.

SENIOR DEBT

Agricola's senior secured and unsecured debt National Scale Ratings
are at the same level as the issuer's national ratings as these
debt issuances' likelihood of default is the same as that of
Agricola.

VR

Agricola's VR of 'b-' is highly influenced by El Salvador's
challenging OE, which, in Fitch's view, will continue to pressure
the bank's financial performance in 2021, as well as its peers,
although partially mitigated by its leading franchise. Once the
credit relief measures expired the asset quality deterioration
became visible; however, the prudent and additional loan loss
allowances (LLA) made in 2020 will allow the bank to continue
managing the asset quality deterioration.

In addition to the increased country risks, the Bitcoin Law adds
uncertainty to the OE, although Fitch expects that rated financial
institutions will not have bitcoin holdings or open positions
(Bitcoin Could Increase Regulatory, AML Risks for El Salvador
Banks). Agricola's VR also reflects, with high importance, its
company profile characterized by its leading franchise in the local
market and consistent business model.

Fitch expects Agricola's asset quality deterioration to be lower
than 2020. As the relief measures expired, the non-performing loans
(NPL) to gross loans ratio increased to 2.2% as of 1H21, historical
maximum in the periods analyzed (average 2017-2020: 1.5%). However,
the LLA coverage of NPLs (225%) remains ample to absorb unexpected
losses.

Despite the challenging conditions in the OE, Fitch expects that
Agricola's profitability will benefit from the business expansion
in 2021, supported by its leading franchise and lower LICs given
the ample reserves. Agricola's profitability is stabilizing,
although it still below pre-pandemic levels. During the 1H21, the
operating profits to risk-weighted assets (RWA) ratio stood at 2.0%
(December 2020: 2.0%) sustained by increasing contribution from
non-interest income and the control of the operating efficiency
that offset the continued decreasing trend in the net interest
margin and a still relatively high loan impairment charges (LICs),

Since the bank will not distribute any dividends in 2021, its
capital position allows it to absorb the expected business
expansion. Agricola's capitalization core metric as of June 2021
increased but remained below pre-pandemic levels. The Fitch Core
Capital (FCC) to RWA ratio stood at 13.8%. The constitution of
additional LLA also contributes to the bank's loss absorption
capacity.

Fitch believes Agricola's liquidity risk is mitigated by its solid
franchise in deposits, its reasonable liquidity levels and the
ample access to alternative sources of funding. Agricola's deposit
base's participation in the funding structure continued increasing
in 1H21 driven by its leading franchise. The loans to customer
deposits ratio slightly increased to 84.8% in 1H21, a level still
below pre-pandemic records.

INVERSIONES FINANCIERAS BANCO AGRICOLA

IFBA's national ratings also reflect Fitch's assessment of
Bancolombia's ability and propensity to support, if needed. The
'AAA(slv)' rating shows the relative credit strength of
Bancolombia, which is rated five notches above El Salvador's
sovereign rating, relative to other issuers rated in El Salvador.
The consolidated financial profile of IFBA mirrors the financial
performance of Agricola, which accounted for 90% of its assets
(before eliminations) as of June 2021.

RATING SENSITIVITIES

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

-- Agricola's ratings remain highly sensitive to changes in El
    Salvador's sovereign rating and country ceiling. Negative
    changes in the bank's IDR and SR would mirror negative changes
    in El Salvador's sovereign rating and country ceiling;

-- Any perception by Fitch of a reduced strategic importance of
    Agricola to Bancolombia may trigger a downgrade of Agricola's
    IDRs, SR and National Ratings. This perception would also
    apply to IFBA's national ratings;

-- Agricola's IDRs could be downgraded by a multi-notch downgrade
    of Bancolombia's IDRs; however, this scenario is unlikely in
    the rating horizon given the ratings stable outlook;

-- A slower than expected recovery, which could lead to a
    downward revision of Fitch's assessment of the OE score for
    Salvadoran's banks, would pressure Agricola's VR. Downgrades
    of Agricola's VR could also come from a material deterioration
    in the bank's financial profile that results in constant
    operating losses, and an FCC-to-RWA ratio consistently below
    10%;

-- Agricola's senior secured and unsecured debt National Ratings
    would be downgraded in the event of negative rating actions on
    the bank's National Ratings.

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

-- The Negative Outlook on Agricola's IDR indicate positive
    actions in the ratings are highly unlikely in the foreseeable
    future. However, over the medium term, Agricola's IDR, SR and
    VR, could be upgraded in the event of an upgrade of El
    SalvadorĀ“s sovereign rating and country ceiling;

-- The upside potential of the VR is limited due to the
    challenging OE as a result of the impact of the economic
    challenges. The VR could only be upgraded over the medium term
    by an improvement of the OE accompanied by a consistent
    financial metrics while maintaining it robust company profile;

-- The national ratings of Agricola, IFBA and Agricola's senior
    secured and unsecured debt are at the highest level of the
    national rating scale.

BEST/WORST CASE RATING SCENARIO

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

SUMMARY OF FINANCIAL ADJUSTMENTS

Pre-paid expenses were reclassified as intangibles and deducted
from the bank's total equity.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Banco Agricola's ratings and Inversiones Financieras Banco
Agricola's national ratings are linked to Bancolombia's ratings.

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.


BANCO DAVIVIENDA: Fitch Affirms 'B' LT IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda Salvadoreno, S.A.'s
(Davivienda Sal) Long-Term Issuer Default Rating (IDR) at 'B' with
a Negative Rating Outlook, Short-Term IDR at 'B' and its Viability
Rating (VR) at 'b-'. Fitch also affirmed the Long-Term National
Ratings of Davivienda Sal and its holding company, Inversiones
Financieras Davivienda, S.A. (IF Davivienda), at 'AAA(slv)' with a
Stable Outlook, and Short-Term at 'F1+(slv)'.

KEY RATING DRIVERS

Davivienda Sal

IDRS, Support Rating and National Ratings

Davivienda Sal's IDRs, Support Rating (SR) and national ratings
reflect Fitch's appreciation on the ability and propensity of its
owner Banco Davivienda S.A. (Davivienda; BB+/Stable), to provide
support to its subsidiary, if needed. This perception leads Fitch
to consider that Davivienda's support is sufficient to allow
Davivienda Sal to be rated one notch above El Salvador sovereign
rating.

Fitch's assessment of the parent's support ability remains highly
influenced by El Salvador's country risks, reflected in its country
ceiling, which limits Davivienda Sal's IDRs, resulting in them
being rated four notches below Davivienda's IDRs. According to
Fitch's criteria, the El Salvador's country ceiling of 'B', which
captures transfer and convertibility risks, constrains the bank's
ratings to a lower level than would be possible based exclusively
on Davivienda's ability and propensity to provide support. This
also could mean restrictions on the subsidiary's ability to use
owner support. The Negative Outlook on Davivienda Sal's IDR
reflects that of El Salvador's.

The ratings also consider significantly the reputational risk that
Davivienda Sal's potential default would represent to its parent
and its subsidiaries, which would have a relevant impact on its
franchise, by sharing the same brand.

Fitch's opinion of the limited probability of support given
heightened risks in the operating environment (OE), results in a
Davivienda Sal's SR of '4', which is also capped by the country
ceiling.

Davivienda Sal's national ratings are at the highest level of the
ratings scale, given the relative credit strength of Davivienda
compared to other rated issuers in El Salvador, which also sustains
its Stable Outlook.

Senior Debt

Fitch rates senior unsecured and secured debt at the same level as
Davivienda Sal's national ratings, reflecting that the probability
of default of these is the same as the bank.

VR

The bank's VR is highly influenced by the Salvadoran banking
sector's OE, which Fitch believes to face challenges that could
pressure its financial performance, given the diminished payment
capacity of debtors while the economic reactivation consolidates.
In addition to the increased country risks, the Bitcoin Law adds
uncertainty to the OE, although Fitch expects that rated financial
institutions will not have bitcoin holdings or open positions.
Davivienda Sal's VR is also strongly influenced by its solid local
franchise, being the third-largest bank by assets in the banking
system, with a market share of 14.2% as of June 2021.

Fitch considers that, despite persistent OE risks, the potential
loan deterioration would be manageable for the bank, remaining
commensurate with the current rating category. Davivienda Sal's
moderate risk appetite favored it to enter the pandemic with an
adequate loan quality. As of June 2021, the nonperforming loans
(NPL)-to-gross loans ratio was 2.5% (industry: 2.3%), above the
average of the last four years (2.1%), influenced by the end of
relief programs in March 2021. Reserves for NPL was 122.5%.

Fitch estimates that operating profitability to return to
pre-pandemic levels in the foreseeable future. Davivienda Sal's
profitability has remained modest and continue as a weakest link of
the financial profile, exhibiting an operating profit to risk
weighted assets (RWA) ratio of 0.8% in average the last four years
(system: 1.3%). At 1H21, the metric resulted in a negative 0.2%,
driven essentially by higher loan impairment charges related to the
COVID-19 portfolio. This impact was not observed in net income
given higher recoveries from the portfolio written off, showing a
ROAA of 0.9%, similar to the average of last four years (0.8%).

In the bank's capitalization assessment, Fitch favorably weights
the parent's ordinary support that off-set its low internal capital
generation. At 2Q21, the Fitch Core Capital (FCC) to RWA metric was
12.9% (2017-2020: 13.5%), one of the lowest among local banks of
comparable size, although the agency believes this provides a
reasonable cushion to cope with current conditions.

In Fitch's view, the bank's diversified funding structure gives it
headroom to navigate in the environment still affected. It benefits
from its solid deposit franchise, supported by its ample deposit
base (82% of total funding) and synergies generated with its
parent, as well as good access to various financing options. At
2Q21, the loans-to- deposits ratio was 102.9% (2017-2020: 108.3%).

IF Davivienda

IF Davivienda's national ratings show the relative strength of its
parent, Davivienda, with respect to other rated issuers in the
country, as they are driven by the support that IF Davivienda would
receive from its owner, if required. IF Davivienda's consolidated
financial profile reflects Davivienda Sal's financial performance,
which represented 95.2% of its assets at June 2021.

RATING SENSITIVITIES

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

-- Davivienda Sal's ratings remain sensitive to changes in El
    Salvador's sovereign rating and country ceiling. Negative
    changes in the bank's IDR and SR would mirror negative
    movements in El Salvador's sovereign rating and country
    ceiling;

-- Davivienda Sal's IDRs could be downgraded by a multinotch
    downgrade of Davivienda's IDRs; although this scenario is
    unlikely given its Stable Outlook;

-- Any perception by Fitch of reduced strategic importance of
    Davivienda Sal for its parent may trigger a downgrade of its
    IDRs, SR and national ratings. This perception would also
    apply to IF Davivienda's national ratings;

-- A longer recovery than expected, which lead to a Fitch's
    downward revision of its assessment of the OE score for
    Salvadoran banks, would put pressure on Davivienda Sal's VR.
    VR's downgrades could also come from lower earnings,
    specifically if affect the operating profit to RWA ratio
    resulting consistently in operating losses. A FCC-to-RWA ratio
    consistently below 10% also will pressure the VR;

-- Davivienda Sal's senior secured and unsecured debt national
    ratings would be downgraded in the event of negative rating
    actions on the bank's national ratings.

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

-- The Negative Outlook on Davivienda Sal's IDR indicates that
    positive actions on its ratings are highly unlikely in the
    foreseeable future. However, over the medium term, Davivienda
    Sal's IDR, SR and VR could be upgraded in the event of an
    upgrade to El SalvadorĀ“s sovereign rating and country
ceiling;

-- The upside potential of the VR is limited due to the still
    challenging OE. The VR could only be upgraded over the medium
    term as a result of improvement within the OE accompanied by
    improvement in Davivienda Sal's financial metrics, while
    maintaining its good company profile;

-- The national ratings of Davivienda Sal, its senior debt, and
    IF Davivienda are at the highest level of the national rating
    scale and therefore have no upside potential.

BEST/WORST CASE RATING SCENARIO

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

SUMMARY OF FINANCIAL ADJUSTMENTS

Prepaid expenses were reclassified as intangibles and deducted from
total equity to reflect their low absorption capacity.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Banco Davivienda Salvadoreno, S.A.'s and Inversiones Financieras
Davivienda, S.A.'s ratings are based on the potential support they
would receive from their parent, Banco Davivienda, S.A., if
needed.

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.




=============
J A M A I C A
=============

JAMAICA: BOJ Records Decline in ABM Transactions
------------------------------------------------
RJR News reports that there was a marginal decline in Automated
Banking Machine (ABM) transactions in Jamaica in July.

The Bank of Jamaica's (BOJ)  payment system report shows that there
were 5.68 million transactions amounting to $152.7 billion,
according to RJR News.

In July 2020, there were 5.7 million transactions amounting to
$117.8 billion, the report notes.

In terms of  point of  sale machine transactions, there was a
decline compared to the same period in 2020 when 4.26 million
transactions took place down from 4.35 million, the report relays.


However, the transactions amounted to $68 billion compared to $61
billion a year ago, the report adds.

                       About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

Fitch Ratings affirmed in March 2021 Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+', with a stable
outlook.  Standard & Poor's credit rating for Jamaica stands at B+
with negative outlook (April 2020).  Moody's credit rating for
Jamaica was last set at B2 with stable outlook (December 2019).  

According to Fitch, Jamaica 'B+' rating is supported by World Bank
Governance Indicators that are substantially stronger than the 'B'
and 'BB' medians, a favorable business climate according to the
World Bank Doing Business Survey, moderate inflation and moderate
commodity dependence. These strengths are balanced by
vulnerability to external shocks, a high public debt level and a
debt composition that makes the sovereign vulnerable to exchange
rate fluctuations.

The Stable Outlook is supported by Fitch's expectation that the
public debt level will return to a firm downward path
post-pandemic, which is underpinned by political consensus to
maintain a high primary surplus, the resilience of external
finances, and stronger economic policy institutions.


NATIONAL COMMERCIAL BANK JAMAICA: S&P Affirms 'B+/B' ICRs
---------------------------------------------------------
S&P Global Ratings, on Oct. 5, 2021, revised the outlook to stable
from negative on the long-term issuer credit rating on National
Commercial Bank Jamaica Ltd. (NCBJ).  S&P also affirmed its
long-term 'B+' and short-term 'B' ratings on the bank.

S&P limits the ratings on NCBJ by its ratings on Jamaica because of
the sovereign influence on the bank's credit profile, given its
large exposure to the country in the form of loans and investments.
Thus, the outlook revision on Jamaica results in the same action on
the bank.

Despite an estimated fall in GDP of 9.9% in 2020, recent fiscal
reforms and savings helped the Jamaican government limit the
pandemic-related fiscal fallout and rise in sovereign debt.  S&P
said, "In our view, the risks of the pandemic for the Jamaican
economy and public finances are receding. We expect the economic
recovery will continue building into 2022 and that the government
will cautiously manage public finances and repay debt to lower its
debt and interest burden."

The bank's stand-alone credit profile (SACP) is 'bb-'. NCBJ
continues benefiting from a strong market position in the domestic
financial system, diversified revenue, and effective management
direction, all of which result in stable income. NCBJ has moderate
capitalization, with a projected risk-adjusted capital (RAC) ratio
of about 6.7% for 2022, and it has adequate funding and liquidity
as seen in its stable funding ratio of 124% and broad liquid assets
to total short-term wholesale funding ratio of 1.4x in 2020. S&P
said, "On the other hand, the bank is somewhat exposed to sensitive
economic sectors such as tourism; however, we think NCBJ has
demonstrated the ability to contain credit losses. Similar to other
financial system players in Jamaica, NCBJ's asset quality weakened
temporarily due to effects of the pandemic. However, we expect the
bank's asset quality to recover in the upcoming months as the share
of nonperforming loans decreases."




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

GRUPO AEROMEXICO: Plan Rests on New Equity & Debt Financing
-----------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Mexican airline
Grupo Aeromexico SAB de CV has filed a reorganization plan that
includes a financing proposal largely backed by a group of senior
noteholders and unsecured creditors and allow the carrier to shed
$1 billion from its debt stack.

In court papers filed, Aeromexico said it is continuing to
"actively negotiate with various stakeholders regarding an exit
financing package" based on the noteholders and trade creditors'
joint proposal to bring in as much creditor support for the plan as
possible, according to globalinsolvency.com.

The airline, represented by Davis Polk & Wardwell, filed for
chapter 11 in June 2020 with $2 billion in debt, blaming the
downturn in travel demand caused by the COVID-19 pandemic, the
report notes.

Aeromexico plans to ask U.S. Bankruptcy Judge Shelley Chapman in
Manhattan to grant approval for it to begin soliciting creditor
votes on the plan at a hearing on Oct. 25, the report notes.

The joint proposal includes $1.1875 billion in new equity and
$537.5 million in new secured debt, the report relays.  The new
financing would be used to refinance or pay off all or some of $1
billion in loans used to fund operations during the bankruptcy, the
report discloses.

It would also be used to cover costs necessary to emerge from
chapter 11, to set up a cash-out option for general unsecured
creditors and acquire Aimia Holdings UK Ltd's interest in the
airline's travel loyalty program, PLM Premier, the report notes.
The joint proposal puts Aeromexico's total enterprise value at $5.4
billion, the report relays.  Aeromexico says the plan would save
nearly 13,000 jobs worldwide, the report adds.

                  About Grupo Aeromexico

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

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

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

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

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


[*] Fitch Takes Various Actions on Metrofinanciera Ratings
----------------------------------------------------------
Fitch Ratings, on Oct. 1, 2021, took various rating actions on
Metrofinanciera, S.A.P.I. de C.V. SOFOM ER (Metro,
'B+(mex)'/Evolving Outlook) residential commercial-backed
securities.

        DEBT                      RATING                 PRIOR
        ----                      ------                 -----
Metrofinanciera METROCB06U (F#529) 2006

METROCB06U               Natl LT CC(mex)vra  Affirmed  CC(mex)vra

Metrofinanciera METROCB04U (F#425) 2004

METROCB04U               Natl LT AAA(mex)vra  Affirmed AAA(mex)vra


Metrofinanciera MTROCB08U (F#339) MTROCB 08U

MTROCB 08U MX97MT010017   LT Csf  Affirmed             Csf
MTROCB 08U MX97MT010017   Natl LT C(mex)vra Affirmed   C(mex)vra

Metrofinanciera MTROCB07U (F#297) MTROCB 07U

Senior Notes MX97MT010009 LT Csf  Downgrade            CCsf
Senior Notes MX97MT010009 Natl LT C(mex)vra  Downgrade CC(mex)vra

Metrofinanciera MTROFCB08 (F#381) 2008

MTROFCB 08 MX97MT020008   Natl LT AAA(mex)vra  Upgrade AA(mex)vra

KEY RATING DRIVERS

Coronavirus Contingency-Related Impact on Transactions: Fitch
expects the Mexican economy to recover 5.9% in 2021 following the
macroeconomic disruptions caused by the pandemic. The measures put
in place to limit the spread of the coronavirus are less
restrictive than in 2020, so Fitch does not expect an impact on
rated transactions. On Oct. 8, 2020 Fitch published additional
stress scenarios applied in conjunction with its "RMBS Rating
Methodology for Latin America", increased its base case assumption
and applied an increase of 1.37x to Mexican loans denominated in
Unidades de Inversion (UDI) and 1.28x for loans in Pesos. However,
Fitch maintained the maximum stress for a 'AAA(mex)' rating using a
rating-through-the-cycle approach.

Immaterial Operational Risk: Fitch views Metrofinanciera's
capabilities to perform servicing, reporting and recoveries
activities as adequate, which consist mainly of performing an
active monetization of the assets as has been seen in the rated
transactions. Fitch currently rates Metrofinanciera 'AAFC3-(mex)'
with a Stable Outlook. Operational risk is mitigated by collection
of the securitized portfolios directly to the bank accounts opened
by the issuing trusts, which also makes commingling risk immaterial
for the rated transactions.

MTROCB 07U (Trust F/297)

Stable Asset Quality Performance: As of July 2021, defaulted loans
exceeding 180 days over the original portfolio balance have
slightly improved, reaching 10.9% from 11.7% a year ago. The
portfolio remains considerably polarized with 56.0% of the
outstanding portfolio is defaulted, thus the monetization of
non-performing assets has become increasingly relevant to complete
the payment of the notes. During the LTM, foreclosure and sale
activities have remained active, with 13 property sales in the LTM.
Prepayments increased from low pre-pandemic levels seen in 2020,
reaching an average of 11.6% in the last 12 months (LTM). As of
July 2021, the portfolio is composed of 983 loans, with a CLTV of
55.7% and average remaining term of 104 months.

Deteriorated Overcollateralization Levels: As of August 2021, OC
levels (which consider portfolio balance of less than 180 days)
have continued decreasing as seen historically for this
transaction, reaching -192.8% (August 2020: -163.6%). Bond balance
has amortized very slowly in the LTM, reaching 25.8% of the
original balance (26.8% a year ago). The transaction's reliance on
the future REO monetization has become increasingly important to
reduce potential liquidity issues. Interest coverage (ICR) has
remained stable during the course of the pandemic, averaging 2.1x
in the LTM and a minimum of 1.19x, while excess spread (XS) has
remained slightly volatile and averaging -4.0%.

MTROCB 08U (Trust F/339)

Stable Asset Quality Performance: As of July 2021, defaults over
the original portfolio balance have remained practically unchanged,
reaching 10.8% from 11.5% a year ago. The portfolio remains
polarized with considerable deterioration with 54.5% of the
outstanding portfolio is defaulted, thus the monetization of
non-performing assets remains of great relevance to complete the
payment of the notes. Foreclosure and inventory sale activities
have remained equally active, since the last review with 21
property sales in the LTM. Prepayments have recovered as well,
reaching an average of 12.3% in the LTM. As of July 2021, the
portfolio is composed of 1,040 loans, with a CLTV of 51.9% and
average remaining term of 99 months.

Deteriorated Overcollateralization Levels: OC has continued its
deterioration as seen historically, being the most
undercollateralized transaction in the current review. As of August
2021, OC reached -299.4% (August 2020: -233.3%). As of the same
date, the bond balance is 37.4% (vs. 38.2% a year ago) over the
original balance. ICR levels have remained relatively stable since
the last review, averaging 1.4x and a minimum of 1.0x in July 2021.
The transaction has an interest reserve of 2.9 million UDIS,
capable of covering likely defaults in the short term.

The LATAM RMBS CF Model, v1.6.7 model referenced below only applies
to the national scale ratings; for further information please refer
to https://www.fitchratings.com/es/region/mexico.

RATING SENSITIVITIES

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

-- MTROCB 07U and MTROCB 08U;

-- The ratings would be downgraded to 'Dsf' if the transactions
    default on interest payments due to increasingly deteriorated
    OC levels.

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

-- An upgrade is highly unlikely as the current ratings reflect
    Fitch's view of an impending default on the notes. The ratings
    could be upgraded if recoveries support a significant increase
    in credit enhancement, materially postponing a potential
    default.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.




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

ENA NORTE TRUST: Fitch Raises USD600MM Sec. Notes Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has performed a peer review on its rated portfolio of
Latin American infrastructure Government-Related Entities (GREs).
The reviewed issuers and rating actions are as follows:

-- Administracion Portuaria Integral de Campeche, S.A. de C.V.
    (APICAM); National Long-Term Rating affirmed at 'A+(mex)'. The
    Rating Outlook is Stable.

-- Autoridad del Canal de Panama (ACP); Issuer Default Rating
    (IDR) and USD450 million senior unsecured notes affirmed at
    'A-'. The Rating Outlook is Negative.

-- ENA Master Trust (ENA Master); USD400 million senior secured
    notes affirmed at 'BBB'. The Rating Outlook is Negative.

-- ENA Norte Trust (ENA Norte); USD600 million senior secured
    notes upgraded to 'BB' from 'BB-', and National Long-Term
    Rating to 'A+(pan)' from 'A(pan)'. The Rating Outlook for both
    is Negative.

-- Grupo Aeroportuario de la Ciudad de Mexico (GACM); senior
    secured notes issued in 2016 and 2017 affirmed at 'BBB-'. The
    Rating Outlook is Negative.

The standalone credit profiles (SCP) for the listed issuers have
not been reassessed as part of this review.

RATING RATIONALE

In assessing the likelihood of state support to a GRE, Fitch's
"Government-Related Entities Rating Criteria" covers both the
strength of linkages to the state, based on the key risk factors
(KRFs) of "Status, Ownership and Control" (KRF1) and "Support Track
Record" (KRF2). It also addresses the government's incentive to
extend support, based on the following KRFs: "Socio-political
Implications of Default" (KRF3) and "Financial Implications of
Default" (KRF4).

Fitch has revised its assessments on some risk factors for the
rated GREs, which has resulted in the rating actions listed above.
Details of the changes and their rating implications for each GRE
follows below.

KEY RATING DRIVERS

APICAM

KRF1: Change in assessment of "Status, Ownership and Control" to
'Strong' from 'Moderate'.

KRF3: Change in the assessment of the "Socio-Political Implications
of Default" to 'Strong' from 'Moderate'.

These changes do not impact Fitch's rating approach to APICAM.
Currently the 'a+(mex)' SCP is at the same level as the State of
Campeche ('A+(mex)'/Stable).

ACP

KRF2: Change in the assessment of the "Support Track Record" to
'Very Strong' from 'Strong'.

KRF3: Change in the assessment of the "Socio-Political Implications
of Default" to 'Very Strong' from 'Strong'.

KRF4: Change in the assessment of "Financial Implications of
Default" to 'Very Strong' from 'Strong'.

These changes do not impact ACP's 'A-'/Negative rating as it
remains constrained at three notches above Panama's 'BBB-'/Negative
sovereign rating. The SCP is 'aa'.

ENA Master

KRF2: Change in the assessment of the "Support Track Record" to
'Strong' from 'Moderate'.

This change does not impact ENA Master's 'BBB'/Negative rating, as
it remains constrained at one notch above Panama's 'BBB-'/Negative
sovereign rating. The SCP is 'bbb'.

ENA Norte

KRF2: Change in the assessment of the "Support Track Record" to
'Strong' from 'Moderate'.

Fitch's updated view regarding the future likelihood of government
support, in combination with the four-notch distance between the
issuer's SCP at 'b+' and Panama's sovereign rating at
'BBB-'/Negative, results in a top down, minus two approach, as
described in Fitch's applicable criteria. This change results in
the upgrade of ENA Norte's international ratings to 'BB'/Negative
from 'BB-'/Negative, and national scale ratings to 'A+(pan)' from
'A(pan)'.

GACM

KRF3: Change in the assessment of the "Socio-Political Implications
of Default" to 'Strong' from 'Moderate'.

This change does not impact GACM's 'BBB-'/Negative rating, as the
rating remains primarily based on a stand-alone basis. The SCP is
'bbb-'.

RATING SENSITIVITIES

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

APICAM

-- A negative action on the State of Campeche's ratings; the
    acquisition of additional debt that is not guaranteed by the
    State of Campeche, and that represents 25% or more of the
    total debt of the issuer.

ACP

-- A negative rating action on Panama's sovereign rating; volume
    reduction greater than 35%, along with the expectation of a
    slow and extended recovery; an observed and continual
    deterioration on available liquidity levels to face operating
    and financial obligations.

ENA Master

-- A negative rating action on Panama's sovereign rating, and
    although unlikely, a substantial and sustained deterioration
    of the project's performance that pressures liquidity levels.

ENA Norte

-- Traffic performance worse than Fitch's severe downside case
    projection in a sustained basis; the use of available
    liquidity to face operating and financial obligations in a
    continued basis; downgrade on Panama's sovereign rating.

GACM

-- A negative rating action on the Mexican sovereign rating (BBB-
    /Stable); traffic levels in 2021 that are lower than 40% of
    2019 volume and/or the expectation of slower than expected
    recovery; stabilized net debt/CFADS (cashflow available for
    debt service) that is sustainably and materially above 12x;
    the perception that the revenue collection rate will remain
    significantly below historical figures, and the persistence of
    less than adequate disclosure of the project's financial and
    operational data.

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

APICAM

-- A positive action on the State of Campeche's rating.

ACP

-- The Rating Outlook may stabilize following a stabilization of
    Panama's sovereign rating.

ENA Master

-- The Rating Outlook may stabilize following a stabilization of
    Panama's sovereign rating.

ENA Norte

-- Given the uncertain future path of traffic recovery, an
    upgrade is unlikely in the short term. The Outlook may
    stabilize following a stabilization of the Panama's sovereign
    Outlook rating along with sustained signals of a traffic
    recovery in line with Fitch's rating case expectations.

GACM

-- A positive rating action is unlikely in the short term given
    the transaction has a Negative Outlook.

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.

ESG CONSIDERATIONS

Grupo Aeroportuario de la Ciudad de Mexico, S.A. de C.V. has an ESG
Relevance Score of '4' for Financial Transparency due to concerns
related to the quality of financial disclosure, which has a
negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

Grupo Aeroportuario de la Ciudad de Mexico, S.A. de C.V. has an ESG
Relevance Score of '4' for Management Strategy due to uncertainty
brought about by the lack of a sound strategy to address the
airport's transportation needs, which has a negative impact on the
credit profile, and is relevant to the rating in conjunction with
other factors.

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


PROMERICA FINANCIAL: Fitch Alters Outlook on 'B' LT IDR to Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Promerica Financial Corporation's (PFC)
Long-Term Issuer Default Ratings (LT IDR) at 'B' and Short-Term IDR
(ST IDR) at 'B'. Fitch also affirmed PFC's Viability Rating (VR) at
'b' and the senior secured debt rating at 'B'/'RR4'. The Rating
Outlook has been revised to Stable from Negative.

The Outlook revision of the LT IDR to Stable is driven by Fitch's
opinion that PFC was able to sustain its current financial
performance despite operating environment (OE) challenges. This is
reflected in revisions to PFC's asset quality and earnings and
profitability scores to stable from negative, as Fitch believes
those factors are less likely to suffer from further significant
shocks as relief measures have expired in most jurisdictions and
NPL visibility has increased.

KEY RATING DRIVERS

PFC's VR driven IDR is based on the consolidated risk profile of
the bank holding company, which reflects the performance of nine
banks operating across different countries in Latin America. While
Fitch's assessment of the OE of several countries where PFC
operates have yet to be stabilized and remains negative, Fitch
believes their influence on the ratings have moderated in the
context of a gradual economic recovery. Fitch's assessment of the
company's multi-jurisdictional operating environment with a diverse
but significant proportion of operations with riskier operating
environments than Panama's, where PFC is located.

PFC's IDRs are highly influenced by its company profile, notably
its strong local franchises in Nicaragua and Ecuador as well as
regional footprint as the second largest credit card issuer in
Central America. As of June 2021, PFC assets reached USD17 billion
with a loan book tilted toward commercial and corporate loans (59%)
and a funding profile largely based on local deposits. PFC's by
assets ranks with the three largest financial groups in Central
America.

Capitalization is also a high influence factor with a CET1 of 9.6%
as June 2021, which has remained relatively stable but is
considered to be lower than other international peers. Regulatory
capitalization is adequate at the holding company (13.6% as of June
2021) and across all subsidiaries, using preferred shares and
subordinated debt, which provides reasonable buffers above
regulatory requirements. Common equity double leverage is high at
186.1%. Fitch's common equity double leverage calculation excludes
the preferred shares reported as equity to the regulator.

Fitch expects further asset quality deterioration to be contained
given the low NPL ratios (June 2021: 1.5%; Stage 3: 3.3%) and
reduced loans under relief measures (12.3% of gross loans) of which
47% of those exposures were collateralized and only around 10.3%
was classified as Stage 3. As of June 2021, Loan Loss Allowances
(LLA) increased to 223% of NPLs and 3.4% of gross loans. Also, low
single borrower concentrations are positive to Fitch's asset
quality assessment.

Profitability should continue to gradually improve with operating
profits to risk-weighted assets (RWA) above 1% and expected loan
impairment charges to remain high from the pandemic, but these
should be manageable in line with Fitch's expectation of asset
quality. As of June 2021, operating profits to RWA were 1.1%, and
improvements will be driven by non-interest income and increased
operating efficiency from loan growth despite low net interest
margins and higher provisioning.

PFC's liquidity and funding positions are good, with a loan to
deposit ratio of 84.3% reflecting an adequate access to deposits in
each local market. As of June 2021, deposits grew 3.8% following a
yoy growth of 10.9% in YE2020. Deposits are complemented with a
good access to local markets, foreign access to credit lines and
access to international markets at the holding company level.

Support Rating and Support Rating Floor

PFC Support Rating (SR) of '5' and Support Rating Floor (SRF) of
'NF' reflect Fitch's view that external support for the bank,
though possible, cannot be relied upon due to PFC
multijurisdictional operations and its nature as a non-operating
holding company, while also factoring in Panama's long-standing
dollarized economy and lack of a lender of last resort.

Senior Secured Debt

The rating assigned to PFC's senior notes is at the same level as
PFC's Long-Term IDR, as the likelihood of default on the notes is
the same as PFC's. Despite the notes being senior secured and
unsubordinated obligations, Fitch believes the collateral mechanism
would not have a significant impact on recovery rates. In
accordance with Fitch's rating criteria, recovery prospects for the
notes are average and are reflected in their Recovery Rating of
'RR4'.

RATING SENSITIVITIES

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

-- The VR and IDR would be affected negatively by a decline in
    its CET1 consistently below 8% and/or the subsidiaries'
    dividends upstream to PFC pressures its debt servicing;

-- Ratings could also be pressured by a materially weaker
    assessment of PFC's multijurisdictional operating environment,
    which is not Fitch's baseline scenario at present.

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

-- Ratings have limited upside potential given the current OE of
    PFC with several individual jurisdictions yet to be
    stabilized;

-- In the medium to long term, ratings could be positively
    influenced by a material improvement in economic condition and
    broader OE of PFC's main operations, along with sustained
    improvements in its overall financial profile.

Support Rating and Support Rating Floor

PFC's SR and SRF are unlikely to change in the foreseeable future,
given its nature as a non-operating holding company with
subsidiaries in multiple countries, as well as its domiciliation in
a dollarized country with no lender of last resort.

Senior Secured Debt

Senior secured debt rating would mirror any change to PFC's IDRs,
unless there is eventually a material weakening in Fitch's
assessment of recovery prospects, in which case the senior debt
could potentially be rated below the entity's IDR.

BEST/WORST CASE RATING SCENARIO

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

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.



                           *********


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

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

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

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

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

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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