/raid1/www/Hosts/bankrupt/TCRLA_Public/211019.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 19, 2021, Vol. 22, No. 203

                           Headlines



A R G E N T I N A

CORDOBA: S&P Affirms 'CCC+' ICR, Outlook Remains Stable


B R A Z I L

AURA MINERALS: Could Obtain Major Tax Benefit for Brazilian Unit
AURA MINERALS: Reports Gold Equivalent Production Up in Q3 2021
BRAZIL: Central Bank Head Sees Inflation Peaking in September


C H I L E

AUTOMOTORES GILDEMEISTER: Fitch Raises and Withdraws Ratings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dominican Leader in No Rush to Raise Taxes
DOMINICAN REPUBLIC: Rum Producers Oppose Tax Increases


J A M A I C A

[*] JAMAICA: Earned More From Exports For January to June


M E X I C O

MEXICO: Businessmen Defend Investments After President's Remarks


P U E R T O   R I C O

HOSPEDERIA VILLA: Seeks Extended Cash Access Until Oct. 31

                           - - - - -


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

CORDOBA: S&P Affirms 'CCC+' ICR, Outlook Remains Stable
-------------------------------------------------------
S&P Global Ratings affirmed its long-term foreign and local
currency 'CCC+ issuer credit ratings on the province of Cordoba.
S&P also affirmed its 'CCC+' senior unsecured issue-level rating.

Outlook

S&P said, "The stable outlook reflects our expectation that the
province will take steps to mitigate the effects of a volatile
economy and uncertainty over non-automatic transfers from the
national government and maintain balanced fiscal results in the
next 12-18 months." Absent access to international debt markets,
the pace of constructing infrastructure projects will remain
subdued as the province will seek to preserve cash to meet the
rising amortizations starting in 2023. Nevertheless, Cordoba's
fiscal performance and liquidity are subject to volatility given
the high uncertainty in Argentina, including potential
foreign-exchange movements.

Downside scenario

S&P said, "Argentina's creditworthiness caps ratings on Cordoba;
therefore, we could downgrade the latter in the next 12 months if
we downgrade the sovereign and/or revise downwards our transfer &
convertibility (T&C) assessment on it due to the further weakening
of economy and/or tighter foreign exchange restrictions. We could
also lower the long-term ratings on the province in the next 12
months if aggressive expenditures, an unexpected cut in transfers,
or an abrupt depreciation widen fiscal deficits and erode
liquidity, such that we see risk of cash crisis and default."

Upside scenario

S&P said, "Given that we don't believe that Argentine local and
regional governments (LRGs) meet the conditions to have ratings
above those on the sovereign, we could only upgrade the province of
Cordoba if we take a similar action on Argentina within the next 12
months. This would have to be accompanied by province's consistent
liquidity buffers or greater certainty over its ability to tap debt
markets."

Rationale

S&P said, "The ratings reflect our expectation of balanced
budgetary performance, manageable debt service profile for the next
12-18 months, and declining debt. The province of Cordoba has a
track record of adequate management of revenues and expenditures
under tough economy and limited predictability. However, our view
of a weak payment culture following Cordoba's recent default and
distressed debt restructuring weighs on the province's financial
management. The ratings also reflect uncertainty over Cordoba's
access to capital markets and capacity to preserve current cash
levels once debt service rises in 2023-2025, along with vulnerable
debt composition--with over 90% of it denominated in foreign
currency. In a similar trend among the sovereign and other
Argentine provinces, the rating on Cordoba reflects a weak economic
profile and growth outlook. Finally, our assessment of the
institutional framework as very volatile and underfunded, along
with our assessment of Argentina's T&C and the ratings on the
sovereign, cap our ratings of the Province."

Fiscal performance and liquidity have improved following austere
fiscal policies and recovery of the economy from a steep
contraction in 2020

S&P said, "We expect the province's operating surplus to rise to
12.6% of operating revenues from 10.3% in 2020, given that
cost-control measures and losses in public servants' real wages
have kept the expense growth below that of revenues amid high
inflation. The province of Cordoba has shown capacity to curb
expenses under tough and changing conditions. Amid the steep
recession in 2020, Cordoba substantially cut non-essential capital
expenditures (capex), suspended wage increases, and passed a
pension reform to align with the national pension system. As
social-distancing restrictions were lifted and the economy started
to recover, spending pressures on Cordoba have resumed, especially
those related to payroll that represent 40% of total operating
expenses. Nonetheless, prudent fiscal policies have kept
expenditures, in real terms, below pre-pandemic levels. Our
base-case scenario assumes that the province will maintain austere
fiscal policies, including those on payroll and capex, for the next
two years. We estimate capex will remain at 9% of total expenses
for the same period, down from 18% in 2017-2018, given no access to
debt markets. This will keep results after capex balanced over the
forecasted period.

"However, we highlight that volatile macroeconomic conditions in
Argentina, including persistently high inflation and tight foreign
exchange restrictions, an unexpected and meaningful depreciation
could dent the province's budgetary performance. Given that more
than 70% of its debt service is denominated in foreign currency,
any unexpected fluctuation in the exchange rate could weaken the
province's fiscal performance. Moreover, risk of the national
government passing fiscal stress to its LRGs, including the
reduction in discretionary transfers, still exists. However, we
highlight that the vulnerability to an abrupt cut in transfers,
particularly those related to funding the pension deficit, has
diminished because such transfers represent less than 5% of
Cordoba's operating revenue."

Improved fiscal profile and the recent debt restructuring have
strengthened the province's cash position. S&P said, "We estimate
free cash reserves (excluding the province's sovereign assets) are
sufficient to cover more than 90% of debt service in the next 12
months. However, given the lack of access to debt markets, a key
challenge for the province will be to maintain and even strengthen
liquidity in the next two years to meet the rising debt maturities
during 2023-2025. Moreover, Cordoba's inability to keep cash in
foreign currency represents an additional risk." Under current
capital controls, Argentine provinces are no longer allowed to save
in hard currency and are generally allowed to access dollars from
the central bank at the official market rate only a week before a
payment comes due. This increases risks of mismatches between cash
and debt service.

S&P estimates Cordoba's debt will drop to 35% of operating revenues
by 2023 from the peak of 58% in 2020, as borrowings should remain
limited. Debt rose considerably between 2017 and 2020, given a
vulnerable debt composition (with more than 90% denominated in
foreign currency) and the administration's ambitious infrastructure
plan. Interest payments, on the other side, have remained at low
levels, below 5% of operating revenues, and will benefit from the
debt restructuring.

Limited growth prospects and volatile institutional framework are
longstanding rating constraints

S&P said, "We expect Cordoba's economic growth to be weak, in line
with that for Argentina. We forecast GDP to grow 7.2% in 2021,
following an almost 10% contraction in 2020. The economic recovery
hasn't been sufficient to offset the pandemic's severe shock to the
province's socioeconomic conditions. We estimate its GDP per capita
will slip to $8,550 in 2021 from $8,860 in 2019. Poverty level has
risen above 45% from 37% before the pandemic. The province's
economic outlook is weak, in line with that for the sovereign,
while we expect GDP growth to stabilize at about 2% in 2022-2023.
In our opinion, the slow economic recovery could ramp up spending
pressures over the medium term."

The institutional framework for Argentina's LRGs is a key rating
constraint. S&P assesses the framework as very volatile and
underfunded, reflecting its perception of the sovereign's volatile
intergovernmental system that has been subject to various
modifications to fiscal regulations and lack of consistency over
the years, which jeopardize the LRGs' financial planning and their
credit quality.

The provincial management has a shown capacity to maintain healthy
finances despite changing economic conditions and lack of
visibility over transfers and revenues. Still, liquidity and debt
management are key areas of opportunity. Over the past few years,
the province relied mainly on external borrowings, which have
resulted in a high share of dollar-denominated debt, and
consequently, vulnerability to foreign-exchange movements. After
the peso's steep depreciation in 2018-2020 and given the uncertain
prospects for access to capital markets, the province defaulted in
January 2021, even though its fiscal performance was solid at the
time.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED
  
  CORDOBA (PROVINCE OF)

  Issuer Credit Rating    CCC+/Stable/--

  CORDOBA (PROVINCE OF)

  Senior Unsecured        CCC+




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B R A Z I L
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AURA MINERALS: Could Obtain Major Tax Benefit for Brazilian Unit
----------------------------------------------------------------
bnamericas.com reports that Canadian mining company Aura Minerals
has been granted a tax benefit for Brazilian subsidiary Mineracao
Apoena, which is responsible for the Ernesto/Pau-a-Pique gold
project in Mato Grosso state.

The Amazonian region development authority (Sudan) approved a
request made by Apoena for a 75% reduction of its corporate income
tax, known as IRPJ, for a period of 10 years that will be
calculated on its operating profit, Aura said in a press release,
according to bnamericas.com.

To come into effect, the tax benefit also needs approval from the
country's federal tax authority, the report notes.

The company said it expects the tax authority to make its decision
by February 5, 2022, the report relays.

If approved, the application of the tax benefit would cover the
2021-2030 period, said Aura, the report discloses.

Aura's producing assets are the San Andrés gold mine in Honduras,
the Ernesto/ Pau-a-Pique gold mine in Brazil, the Aranzazu
copper-gold-silver mine in Mexico and the Gold Road mine in the US,
the report relays.  The company also has two other gold projects in
Brazil (Almas and Matupa) and one in Colombia (Tolda Fría), the
report adds.

As reported in Troubled Company Reporter-Latin America on Oct. 15,
2021, S&P Global Ratings assigned its 'B+' global scale and 'brAA'
national scale issuer credit ratings to British Virgin
Islands-based gold mining company Aura Minerals Inc. (Aura). At the
same time, S&P assigned a 'brAA' issue-level rating to the R$400
million debenture issued by Aura Almas Mineracao S.A.


AURA MINERALS: Reports Gold Equivalent Production Up in Q3 2021
---------------------------------------------------------------
Vladimir Basov at kitco.com reports that Aura Minerals (TSX: ORA)
reported that total production across Aura's operations in Q3 2021
was 61,588 gold equivalent ounces ("GEO"), an increase of 7%
compared to total production of 57,725 GEO Q3 2020.

The company said that in the first nine months of 2021, total
production across Aura's operations was 191,389 GEO. Aura added it
expects to achieve higher production volumes during the fourth
quarter of 2021, according to kitco.com.

According to the company's statement, in the twelve months ended
September 30, 2021, its production reached 260,353 GEO, a record
for Aura, the report notes.

President and CEO Rodrigo Barbosa noted, "The third quarter of 2021
showed a strong production at Aranzazu after the expansion of its
production capacity, while EPP had excess rain, operational
challenges and lower than expected grades. San Andres suspended its
activities for most of the month of July.  Nevertheless, we reached
another 12-month period record with over 260,000 GEO and we expect
to further increase our total production in the near future," the
report relays.

Despite a reduction in quarterly production in each of the last two
quarters, the company said it maintains the trend towards
increasing its annual production for 2021, the report discloses.

Aura is a mid-tier gold and copper production company focused on
the development and operation of gold and base metal projects in
the Americas, the report notes.  The company's producing assets
include the San Andres gold mine in Honduras, the Ernesto/Pau-a
-Pique gold mine in Brazil, the Aranzazu copper-gold-silver mine in
Mexico and the Gold Road gold mine in the United States, the report
relates.

In addition, the company has two additional gold projects in
Brazil, Almas and Matupá, and one gold project in Colombia, Tolda
Fria, the report adds.

As reported in Troubled Company Reporter-Latin America on Oct. 15,
2021, S&P Global Ratings assigned its 'B+' global scale and 'brAA'
national scale issuer credit ratings to British Virgin
Islands-based gold mining company Aura Minerals Inc. (Aura). At the
same time, S&P assigned a 'brAA' issue-level rating to the R$400
million debenture issued by Aura Almas Mineracao S.A.


BRAZIL: Central Bank Head Sees Inflation Peaking in September
-------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazil's
annual inflation has probably peaked in September and is now going
to slow to policy makers' 8.5% estimate by end-2021, according to
central bank chief Roberto Campos Neto.

"I think the high is going to be in September," Campos Neto said at
an event organized by Morgan Stanley, adding that prices tend to
"accommodate" going forward, according to globalinsolvency.com.
Brazil's annual inflation surpassed 10% in mid-September for the
first time since 2016 as fuel and food prices jumped, the report
notes.

Brazil will publish September's inflation data on Oct. 8, with
analysts surveyed by Bloomberg expecting the annual rate to
accelerate to 10.2% from 9.68% the month before, the report relays.
Confronted with a recent rise in commodities costs, particularly
oil, Campos Neto said that such increases have not been linear and
that there's great probability that prices will stabilize, the
report says.  In the minutes to their latest meeting, policy makers
wrote that cheaper commodities, resulting from the impact of
Covid-19 variants on Asian economies -- could contribute to slower
inflation ahead, the report adds.

                         About Brazil

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

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




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C H I L E
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AUTOMOTORES GILDEMEISTER: Fitch Raises and Withdraws Ratings
------------------------------------------------------------
Fitch Ratings has upgraded Automotores Gildemeister S.p.A.'s (AG)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'CCC-' from 'D' on completion of the company's debt
restructuring. The upgrade reflects AG's financial profile after
the debt restructuring execution. Fitch has subsequently withdrawn
the ratings for commercial purposes.

Fitch has also withdrawn the 'C'/RR5' ratings on AG's USD510
million senior secured notes as the notes were extinguished
/liquidated through the company's recently completed debt
restructuring process.

The ratings are being withdrawn for commercial reasons.

KEY RATING DRIVERS

The upgrade to 'CCC-' reflects AG's high leverage and weak
financial flexibility, with EBITDA to Interest expense estimated to
average 2.4x during 2021-2022, post debt restructuring execution.
The company managed to reduce total debt by USD199 million from the
original USD510 million of debt outstanding. Further, the
refinancing materially extends the company's debt maturity profile
and the new bonds allow the company to capitalize interest for up
to 3.5 years.

On June 30, 2021, AG was effectively restructured due to the
consummation of the restructuring plan it had filed on April 2021,
under Chapter 11 of the U.S. Bankruptcy Code. As a consequence of
the restructuring, AG changed its capital structure. From June 30,
2021, 100% of AG's equity is indirectly controlled by a group of
investors who, at the time of the restructuring, were holders of
the company's bonds.

As a consequence of its debt restructuring, AG extinguished /
liquidated its current debt until the beginning of the process, for
a total amount of USD559 million; and issued new bonds for a total
amount of USD360 million. With its current debt structure -- and
excluding any bank debt financing for inventories -- AG will not
face any debt principal payment until 2027. AG's available cash,
short-term debt, and total debt were USD61 million, USD 60 million,
and USD432 million, respectively, as of June 30, 2021. AG's LTM
June 2021 adjusted EBITDA level was USD61 million, this calculation
is adjusted by USD38 million non-recurring expenses related to AG's
debt restructuring process. The company gross debt to EBITDA and
net debt to EBITDA ratios were 6.8x and 5.9x, respectively, at LTM
June 2021.

AG has an ESG Relevance Score of '5' for Management Strategy. AG
also has an ESG Relevance Score of '5' for Group Structure. Both
the ESG Relevance Score of '5' for Management Strategy and
Governance Structure have resulted in the company entering into a
debt restructuring process for a third time during the last five
years.

DERIVATION SUMMARY

Post debt restructuring, AG still exhibits high leverage, negative
FCF generation and tight financial flexibility. AG benefits from
its exclusive agreement to distribute Hyundai cars in Peru and
Chile. The automotive retail industry is sensitive to adverse
economic conditions and to the volatility of consumer demand, which
is influenced by consumer confidence, discretionary spending,
interest rates, credit availability and FX currency rates. AG also
faces intense competition from other car manufacturers and
distributors.

Fitch does not rate any direct peers for the company. AG's closest
peers in other sectors include Brazilian fleet and car rental
industry leaders, Localiza Rent a Car S.A. (BB/Negative) and JSL
S.A (BB-/Positive), which are considered to have less volatile
industry risk. Both companies enjoy higher profitability and scale
than AG.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Gradual recovery in AG's operational performance, with revenue
    and EBITDA trending to levels around USD1 billion and USD70
    million in FY2022.

-- Net debt to EBITDA ratio trending to levels around 6x by
    YE2022.

-- Interest coverage trending to levels around 1.7x by YE2022.

RATING SENSITIVITIES

Rating sensitivities do not apply as Fitch has withdrawn the
ratings.

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.

ISSUER PROFILE

AG's company headquarters are located in Chile. AG is the sole
distributor of Hyundai passenger vehicles and light commercial
vehicles in Chile and Peru. The cars sold under this brand
represent approximately 75% of the company's total volumes. AG
holds the sole importer license to import and distribute Hyundai
automobiles since 1986 in Chile and since 2003 in Peru. AG imports
and distributes vehicles to retail centers, and also performs the
role of retailer, given that it owns part of its retail network.

ESG Considerations

AG has an ESG Relevance Score of '5' for Management Strategy due to
its track record of recurring operational and debt restructuring
processes during the past years, due to challenges the company has
faced in implementing its strategy and maintaining competitive
positions within its key markets. AG's below-average execution of
its strategy has contributed to a materially weaker operational
performance and unsustainable capital structure.

AG also has an ESG Relevance Score of '5' for Group Structure due
to its track record of the strong influence on AG's owners on its
management, which has resulted in decisions related to the
company's operational and financial strategies that have been made
to the detriment of its creditors.

Both the ESG Relevance Score of '5' for Management Strategy and
Governance Structure have resulted in the company entering into a
debt restructuring process for a third time during the last five
years.

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.




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

DOMINICAN REPUBLIC: Dominican Leader in No Rush to Raise Taxes
--------------------------------------------------------------
Dominican Today reports the beginning of the talks between
Dominican President, Luis Abinader, with different sectors
represented in the National Dialogue to discuss the issue of tax
reform, has yet to be set, despite the announcement by the
Government in the last meeting of his cabinet.

The Administrative Minister of the Presidency, Jose Ignacio Paliza,
said that we must wait for the Government through the corresponding
mechanisms to report on the meetings, according to Dominican
Today.

"Let us consistently hope that the Dominican government, through
the corresponding channels, can discuss and initiate those
conversations. It has not done so while waiting for the document
that, although it has been circulating for a long time, is not an
official document," Paliza said when asked about the course of the
proposed tax reform, the report relays.

The Association of Industries of the Dominican Republic (AIRD) said
through a statement that it is aware that the country's tax system
requires updating, but cannot be rushed, 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: Rum Producers Oppose Tax Increases
------------------------------------------------------
Dominican Today reports that the Dominican Association of Rum
Producers (Adopron) warned that an increase in the Selective Tax on
Alcoholic Strength would increase the excessive inequality between
the different categories of beverages and encourage the growth of
the illicit market.

"A tax change of this nature will reduce collections and expose
lower-income consumers to the risk of poisoning from the
consumption of adulterated beverages of lower price, as they are
deprived of the right to acquire legal products that guarantee
their safety," warned the members of the entity, which groups the
most traditional and recognized brands in the country, by means of
a communiqué, according to Dominican Today.

They said that the 2012 tax reform had a devastating impact on the
Dominican rum industry, generating a drop in sales of more than 30%
that to date has not recovered, the report notes.

They added that this also generated a drop in actual collections of
about RD $ 3 billion, the report relays.  As a result, the State
had to wait six years to recover its revenues before the reform,
the report discloses.

"Encouraged by the excessive tax burden of the lowest price
segment, an illegal market was generated that reached 3 million
liters in a year, defrauding the State of more than 2 billion in
annual taxes and making unfair competition to legal producers who
comply with all the rules and honor all their commitments," Adopron
said in a statement, the report notes.

They argue that high taxes also led to the emergence of a
clandestine industry that produces and markets toxic beverages that
have killed hundreds of people in the past 18 months, the report
discloses.

"The ron dominicano is the product with the highest Effective Rate
of Taxation in the country, reaching 70% in the low price segment.
He indicated that in proportional terms, rum pays more than twice
as much tax as the rest of the alcoholic beverages, both local and
foreign.  That is, a national product that represents a country
brand is penalized much more than imported products," they point
out, the report relays.

They emphasized that an increase in the Selective Tax on Alcoholic
Strength would increase the excessive inequality between the
different categories of beverages and encourage the growth of the
illicit market, reducing collections and exposing lower-income
consumers to the risk of poisoning from the consumption of
adulterated beverages of a lower price, as they are deprived of the
right to consume legal products that guarantee their safety, the
report notes.

"We recognize the need for the Government to increase its revenues
to face the difficult scenario we are currently experiencing and we
are committed to collaborating to identify possible, reasonable and
equitable scenarios that allow increasing revenues without causing
serious effects on companies and society," the organization says,
the report notes.

Finally, he stressed that Dominican rum is one of the industries
that bring the most value, tangible and intangible, to the
Dominican Republic, and if it is suffocated with disproportionate
taxes, companies that have produced a valuable country brand for
more than a century would be condemned to bankruptcy, the report
says.

"We ask for equity, that we all contribute in the same way to the
country we deserve!" the note concludes, 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).




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

[*] JAMAICA: Earned More From Exports For January to June
---------------------------------------------------------
RJR News reports that Jamaica earned more from the export of goods
for the first half of this year.

According to the Statistical Institute of Jamaica (STATIN),
earnings amounted to US$789 million for the January to June period,
a 28 per cent improvement over the same period in 2020, the report
notes.

But the country's import bill increased to $2.7 billion - 15 per
cent above the same period last year, according to RJR News.

The increase was mainly due to higher costs for fuel and raw
material, the report relays.

                           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.




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

MEXICO: Businessmen Defend Investments After President's Remarks
----------------------------------------------------------------
EFE News reports that Mexico's Business Coordinating Council (CCE),
representing the business community in the country, defended its
investments in the electricity field after President Andres Manuel
Lopez Obrador accused several companies of trying to seize control
over the market.

The CCE said in a statement that in recent decades, the Mexican
private sector has followed the government's guidelines concerning
investments in the electricity sector in all respects, according to
EFE News.




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

HOSPEDERIA VILLA: Seeks Extended Cash Access Until Oct. 31
----------------------------------------------------------
Hospederia Villa Verde, Inc. and Secured Creditor, YAJAD 77, LLC
filed a joint motion with the U.S. Bankruptcy Court for the
District of Puerto Rico to extend their stipulation on the Debtor's
use of cash collateral until October 31, 2021, according to the
terms agreed upon by the parties.  The Debtor and YAJAD are
negotiating on the treatment of YAJAD's claim under the Debtor's
reorganization plan.

Pursuant to the stipulation, the Debtor shall provide the Secured
Creditor $5,000 in adequate protection payment, payable on the
October 1, 2021.

A copy of the joint motion is available for free at
https://bit.ly/3Byc1TL from PacerMonitor.com.

                   About Hospederia Villa Verde

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

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

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



                           *********


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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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