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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, October 20, 2021, Vol. 22, No. 204

                           Headlines



A R G E N T I N A

ARGENTINA: To Up Internet Access & Digitization of Remote Areas


B R A Z I L

BRAZIL: Could Post Record Corn Production in 2021/2022, Conab Says


C A Y M A N   I S L A N D S

EXS FUND: Hearing to Dissolve Firm Set Nov. 24
LATAM AIRLINES: To Submit Plan in Coming Weeks


C O L O M B I A

COLOMBIA: Colombia May Reduce Stimulus Over a Year, Chief Says


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Imports Jump 40.35% to Aug., Customs Says


J A M A I C A

MAYBERRY JAMAICAN: Sees Decline in Net Profit for Third Quarter


M E X I C O

MEXICO: Bank of Mexico's Rate Hike Cycle Not Over, Deputy Gov. Says


P A N A M A

LA HIPOTECARIA SIXTEENTH: Fitch Assigns CC(EXP) Rating on C Notes

                           - - - - -


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

ARGENTINA: To Up Internet Access & Digitization of Remote Areas
---------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $100
million loan for a program to promote Internet access and
digitization in Argentina. The operation seeks to improve digital
connectivity infrastructure in remote areas, increase the capacity
of the National Data Center, and improve the digital capabilities
of citizens in connected areas.

The Program for the Development of the Federal Fiber Optic Network
(REFEFO) will finance the expansion and equipping of infrastructure
to connect 258 localities in remote areas with fiber optics. It
will also enhance international connectivity infrastructure to
boost digitization quality, lower prices, and provide regional
digital integration.

The program will improve service by funding the purchase and
updating of storage and information processing equipment at the
National Data Center of the Argentine Satellite Solutions Company
(ARSAT).

In addition, the loan will finance online training programs for
officials and public employees responsible for digital inclusion,
and training programs with official certifications for citizens in
connected areas. Both initiatives will have a gender focus.
Training sessions will be conducted through a call promoting the
participation of women. Likewise, the loan will finance integrated
citizen services with best practices for the use of the
government's public cloud, and solutions designed and implemented
under the program's guidance.

Participation in training activities will be mainly based on
whether people live in impoverished households, their initial level
of digital skills, and whether they reside in localities with a
single or no broadband service provider.

The program will directly benefit the 923,000 residents of the 258
localities to be connected, state agencies connected to the
National Data Center, and the population trained in digital
skills.

This operation is aligned with Vision 2025 - Reinvesting in the
Americas: A Decade of Opportunities, created by the IDB to achieve
recovery and inclusive growth in Latin America and the Caribbean in
the areas of gender and inclusion and climate change, two of the
Bank's main priorities.

The IDB loan of $50 million has a 25-year repayment term, a five
and a half year grace period, and an interest rate based on LIBOR.

                        About Argentina

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

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

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

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

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

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




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B R A Z I L
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BRAZIL: Could Post Record Corn Production in 2021/2022, Conab Says
------------------------------------------------------------------
Rio Times Online reports that Brazil's corn crop could reach a
record high in 2021/2022.

According to data from the National Supply Company (Conab) relayed
by the valuation firm S&P Global Platts, the country should post
production of 116.3 million tons of the grain, or 29 million tons
more than the previous season, Rio Times Online notes.

According to the industry, this exceptional volume is mainly due to
the significant gains in productivity and, to a lesser extent, to
the increase in cultivated areas, the report relays.

                         About Brazil

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

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




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

EXS FUND: Hearing to Dissolve Firm Set Nov. 24
----------------------------------------------
The official liquidator of ExS Fund (SPC) Limited, which is in
liquidation, applied to dissolve the company.

The application is scheduled to be heard on Nov. 24, 2021, at 9:00
a.m.

Only creditors who has any objection may submit their confirmation
before the said date.

The company's liquidator is:

         Martin Trott
         R&H Restructuring (Cayman) Ltd
         Telephone: (345) 814-8794
         Windward I, Regatta Office Park, PO Box 897
         Grand Cayman KYI-1103, Cayman Islands


LATAM AIRLINES: To Submit Plan in Coming Weeks
----------------------------------------------
Jeremy Hill of Bloomberg News reports that Latam Airlines Group SA
again asked its bankruptcy judge to extend a deadline to file its
Chapter 11 exit plan, saying it hopes to submit a plan in the
coming weeks, per court papers.

Latam's request would extend its so-called exclusive period to Nov.
26, 2021, after which creditors could pitch their own plans.

"In the last few weeks, the Debtors have engaged with their major
stakeholder constituents in discussions and negotiations regarding
the terms of potential exit and plan structures.  Indeed,
representatives of the Debtors and certain stakeholders attended
multiple in-person meetings to facilitate such discussions.
Further, the Debtors have received and responded to various plan
and exit financing proposals and have provided feedback that has
led to amended proposals from different stakeholders.  The Debtors
believe that all parties can benefit from further discussion and
collaborative work to develop plan and exit financing terms.
These
efforts will advance the Debtors' ultimate goal of crafting a plan
of reorganization that can be proposed on a consensual and widely
supported basis, confirmed by the Bankruptcy Court and globally
implemented in furtherance of a smooth and prompt emergence from
these Chapter 11 Cases," lawyers for Latam wrote in the Debtors'
5th motion for an extension of the exclusive periods.

"The Debtors are focused on being able to file a plan of
reorganization in the coming weeks.  That said, the discussions
over the last few weeks have been the first time the Debtors have
been able to engage with stakeholders over the proposals received
and, as such, the Debtors need additional time to finalize their
discussions, as well as to determine if additional progress can be
made in the coming weeks, in the hope of filing a plan with the
support and participation of their various stakeholders or, to the
extent such global resolution is not possible, to propose a plan
that the Debtors determine is the best path forward."

                    About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.




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

COLOMBIA: Colombia May Reduce Stimulus Over a Year, Chief Says
--------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that
Colombia's process of normalizing monetary policy after a period of
record low interest rates may take about 12 months, according to
the governor of the central bank.

"In principle what we know is that we'll go through a process that
may take a year or so, taking the interest rate to a more normal
level," Villar said, according to globalinsolvency.com.

Villar and his colleagues raised the key interest rate for the
first time in five years, lifting it a quarter percentage point to
2% as the economy rebounds from last year's slump, the report
notes.  But the board split, with three of its seven members voting
for a steeper increase after the recent spike in consumer prices,
the report relays.  

The bank will monitor inflation expectations, headline inflation,
the strength of the recovery and the behavior of the jobs market in
deciding its next moves, Villar said, the report discloses.  Annual
inflation accelerated to 4.5% in September, the fastest pace since
2017, the report says.  

Villar said that much of this is caused by the rise in prices of
commodities that Colombia imports, including food. Even so, the
bank is worried about these rises spreading and causing a more
general inflation, he added, the report notes.




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

DOMINICAN REPUBLIC: Imports Jump 40.35% to Aug., Customs Says
-------------------------------------------------------------
Dominican Today reports that the Dominican Republic customs
reported that total imports for the period January to August 2021,
amount to US$15.3 billion, an increase of 40.36%, in relation to
the same period of the year 2020.

According to Customs Comercio Magazine, when looking at non-oil
imports, the growth is 36.49%, going from US$9.5 billion to US$12.9
billion in the same period of 2021, the report notes.

It added that 79.14% of imports entered under the
release-for-consumption regime, 20.35% through free zones and the
remaining 0.51% through other regimes, according to Dominican
Today.

Customs explains that, of the total imports, 47.18% corresponds to
consumer goods, 38.21% to raw materials, while the remaining 14.62%
to capital goods. Consumer goods grew 39.83%, while raw materials
and capital goods grew 55.72% and 12.69%, respectively, 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).




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

MAYBERRY JAMAICAN: Sees Decline in Net Profit for Third Quarter
---------------------------------------------------------------
RJR News reports that Mayberry Jamaican Equities recorded net
profit of $78 million for the July to September quarter.

That was a decline from the $87 million profit earned during the
same period in 2020, according to RJR News.

Net revenues for the period amounted to $120.7 million, an $11
million decline from last year, the report notes.

Mayberry says the performance was as a result of reduced unrealised
gains on investments, the report adds.




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

MEXICO: Bank of Mexico's Rate Hike Cycle Not Over, Deputy Gov. Says
-------------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that the Bank of
Mexico's cycle of rate hikes is not yet over and one or two
increases are likely forthcoming amid concerns about inflation,
though any monetary policy moves will depend on incoming data,
Deputy Governor Jonathan Heath said.

Expressing concern about above-target inflation, Banxico, as the
bank is known, raised its benchmark interest rate by 25 basis
points to 4.75% on Oct. 14, as expected, in a four-to-one vote by
its governing board, according to globalinsolvency.com.

Heath voted with the majority for the rate hike, the report notes.


"This is my personal opinion, that the cycle of hikes is not over
yet, that perhaps we're not too far from the end. Of course, this
will depend much on the evolution of many different indicators,"
Heath told Reuters in an interview, the report relays.

"I think that we should still maybe see one or two more (rate)
hikes," said Heath, the report discloses.

Mexican consumer prices during the first half of September rose
0.42% to reach an annual inflation rate of 5.87%, above the 5.59%
for August and far above Banxico's target rate of 3% plus or minus
one percentage point, the report relays.  Heath said that for the
full month of September annual headline inflation was likely "very
near" 6%, and core inflation, which strips out some volatile food
and energy prices, could be near 5%, the report notes.  The INEGI
national statistics agency will publish September inflation data,
the report relays.  Inflation will likely peak in February or March
and start to decline in the second quarter of 2022 and reach the
bank's 3% target in the third quarter of 2023, Heath said, the
report adds.





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

LA HIPOTECARIA SIXTEENTH: Fitch Assigns CC(EXP) Rating on C Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to the notes issued by
La Hipotecaria Sixteenth Mortgage-Backed Notes Trust.

DEBT                   RATING
----                   ------
La Hipotecaria Sixteenth Mortgage-Backed Notes Trust

Series A     LT BBB-(EXP)sf  Expected Rating
Series B     LT CCC(EXP)sf   Expected Rating
Series C     LT CC(EXP)sf    Expected Rating

TRANSACTION SUMMARY

The notes will be backed by a $112.5 million pool of residential
mortgages to lower-to middle-income borrowers in Panama by Banco La
Hipotecaria S.A. (La Hipotecaria). Fitch's ratings address the
likelihood of timely payment of interest on a monthly basis and
ultimate payment of principal by legal final maturity in July 2052
for the series A notes and ultimate payment of interest and
principal for series B and C notes.

KEY RATING DRIVERS

Assumptions Reflect Portfolio with Standard Characteristics
(Neutral): Fitch has defined a weighted average foreclosure
frequency (WAFF) of 14.5% and a WA recovery rate (WARR) of 56.4%
for the 'BBB-sf' stress scenario and a WAFF of 5.6% and a WARR of
73.6% for the expected scenario. These assumptions consider the
main characteristics of the assets: seasoning averages 49 months,
the remaining term is 312 months, the WA original loan-to-value (WA
OLTV) ratio is 90.2%, the WA current loan-to-value (WA CLTV) ratio
is 79.1%, the WA payment-to-income (WA PTI) ratio is 26.4%, and the
vast majority of borrowers (88.5%) pay through payroll deduction
mechanism.

Adequate Capital Structure Supports Ratings (Positive): The series
A notes benefit from a sequential-pay structure wherein target
amortization payments for this series are senior to interest and
principal payments on the series B and C notes. The series A notes
also benefit from credit enhancement (CE) of 11.1%, an interest
reserve account equivalent to 3x its next interest payment and
excess spread, which allow them to pass the 'BBB-sf' stresses. The
series B notes benefit from CE of 2.2% and excess spread, while the
series C notes benefit from excess spread, although none of them
are able to surpass the expected WAFF and WARR defined by Fitch.

Exposure to Subsidy from Panamanian Government (Negative): 100% of
the mortgage pool benefits from Panama's Preferential Treatment
Law, whereby the government provides lenders a subsidy, through
fiscal credits, for originating mortgages below market interest
rates for a definite period of 10 or 15 years. This exposes the
transaction to negative carry, as cash flows from these fiscal
credits are received with some delays after they are originated.

Operational Risk Mitigated (Neutral): Grupo ASSA, S.A. (the primary
servicer) has hired La Hipotecaria as the servicer for the
mortgages. Fitch considers La Hipotecaria's expertise in
originating and servicing mortgages for low- to middle-income
borrowers to be adequate and in line with market standards. Fitch
currently rates four other RMBS transactions backed by mortgages
originated by La Hipotecaria out of Panama.

Ratings Capped by Country of Assets (Negative): Panama's Issuer
Default Rating (IDR) is 'BBB-'/Negative Rating Outlook and its
Country Ceiling is 'A-' (as of Feb. 3, 2021). The rating of the
series A notes is constrained by Panama's sovereign rating due to
the portfolio's exposure to the sovereign. About 18.3% of the
residential mortgages were granted to employees of the the top five
public sector employers within the proposed pool of mortgages and
100% of the pool benefits from an interest rate subsidy provided by
the Republic of Panama.

RATING SENSITIVITIES

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

-- The ratings of the La Hipotecaria Sixteenth Mortgage-Backed
    Notes Trust Series A Notes are sensitive to changes in the
    credit quality of Panama. A downgrade of Panama's ratings
    could lead to a downgrade on the series A notes. Severe
    increases in foreclosure frequency as well as reductions in
    recovery rates could lead to a downgrade of the notes.

-- The transaction performance may also be affected by changes in
    market conditions and the economic environment. Weakening
    economic performance is strongly correlated to increasing
    levels of delinquencies and defaults that could reduce CE
    available to the notes. Additionally, unanticipated declines
    in recoveries could lead to lower net proceeds, which may make
    certain note ratings susceptible to potential negative rating
    actions depending on the extent of the decline in recoveries.
    Fitch conducts sensitivity analyses by stressing both a
    transaction's base case FF and RR assumptions and examining
    the rating implications on all classes of notes. Results of
    Fitch's sensitivity analysis can be viewed in the related
    presale report.

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

-- The ratings of the La Hipotecaria Sixteenth Mortgage-Backed
    Notes Trust Series A Notes are sensitive to changes in the
    credit quality of Panama. An upgrade of Panama's ratings could
    lead to an upgrade on the notes.

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.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Fitch was provided with Form ABS Due Diligence-15E (Form 15E ) as
prepared by KPMG. The third-party due diligence described in Form
15E focused on comparing or re-computing certain information with
respect to 300 mortgage loan contracts from the collateral pool of
assets for the transaction. Fitch considered this information in
its analysis, and it did not have an effect on Fitch's analysis or
conclusions. A copy of the Form 15-E received by Fitch in
connection with this transaction may be obtained through the link
contained at the bottom of the related rating action commentary.

DATA ADEQUACY

Historical vintage data on La Hipotecaria's mortgage portfolio are
publicly available on its website. Detailed information on recovery
levels and delinquency migration/transition matrices is also
available. The historical data on La Hipotecaria's portfolio are
prepared by Asset Technologies, LLC.

Fitch was provided with information on a loan-by-loan basis; the
data delivered were of good quality.

The data used in the development of the ratings were reviewed by
Fitch and are considered sufficient for the ratings to be
assigned.

ESG CONSIDERATIONS

La Hipotecaria Sixteenth Mortgage-Backed Notes Trust has an ESG
Relevance Score of '4' for Human Rights, Community Relations,
Access & Affordability due to its Exposure to Accessibility to
Affordable Housing, which in combination with other factors,
impacts the rating.

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

The TCR Latin America subscription rate is US$775 per half-year,
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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