---

       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 22, 2021, Vol. 22, No. 206

                           Headlines



B E R M U D A

UST HOLDINGS: Moody's Assigns First Time 'B1' Corp. Family Rating


B R A Z I L

BR MALLS: Fitch Affirms 'BB' Foreign Currency IDR, Outlook Neg.
EMBRAER: Sells 100+ Executive Jets to NetJets for US$1.2 Billion


C H I L E

CHILE: Opposition Moves to Oust President on Papers Revelations


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: Economy to Grow 9.5% in 2021, IMF Says


M E X I C O

FORTALEZA MATERIALES: S&P Affirms 'BB-' ICR, Outlook Stable
GRUPO MEXICO: Posts Third-Quarter Net Loss of Almost $109 Million


P A N A M A

SIXTEENTH MORTGAGE: S&P Gives (P)'B-' Rating on Series B Notes


P E R U

MINSUR SA: S&P Assigns 'BB+' Rating on New $500MM Unsec. Notes


T R I N I D A D   A N D   T O B A G O

[*] TRINIDAD & TOBAGO: Launches Project to Build Quality Culture

                           - - - - -


=============
B E R M U D A
=============

UST HOLDINGS: Moody's Assigns First Time 'B1' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned first time ratings to UST
Holdings LTD, including a B1 corporate family rating and a B1-PD
probability of default rating. Moody's also assigned B1 instrument
ratings to the first-lien senior secured credit facilities issued
by UST Global Inc. and various co-borrowers, which include a new
$125 million first-lien senior secured revolving credit facility
and a new $400 million first-lien senior secured term loan. The
outlook is stable.

Proceeds from the proposed first-lien term loan will be used to
refinance existing indebtedness of $153 million and provide $247
million of cash to the balance sheet for general corporate
purposes, including M&A. Moody's expects the company will maintain
balanced financial policies and will benefit from social trends
driving digital transformations. Moody's views these ESG Governance
and Social considerations as key drivers of the rating actions.

Assignments:

Issuer: UST Global Inc.

First-Lien Senior Secured Revolving Credit Facility, Assigned B1
(LGD3)

First-Lien Senior Secured Term Loan, Assigned B1 (LGD3)

Issuer: UST Holdings LTD

Probability of Default Rating, Assigned B1-PD

Corporate Family Rating, Assigned B1

Outlook Actions:

Issuer: UST Global Inc.

Outlook, Assigned Stable

Issuer: UST Holdings LTD

Outlook, Assigned Stable

RATINGS RATIONALE

The B1 corporate family rating reflects UST's modest scale and
scope relative to larger information technology ("IT") services
providers. Thin EBITDA margins and low free cash flow to debt
metrics also constrain the credit. Larger IT providers leverage
scale to optimize the mix of onshore and offshore resources and
manage workforce utilization rates, resulting in higher
profitability. A competitive environment for skilled IT talent,
capable of delivering new digital technologies, also pressures
margins. UST expects that investments in its platform solutions
segment will boost profitability over the next five years, but new
client wins will be required to achieve the necessary scale. UST
competes against both larger, established global information
services providers with significant resources, as well as smaller
niche companies in a consolidating industry. Pro forma with the
proposed refinancing transaction, closing leverage as of June 2021
is relatively high at 4.2x (Moody's adjusted), but Moody's
anticipates UST will employ balanced financial policies that will
support deleveraging. High customer concentration, with UST's top 5
customers representing 34% of total revenue, also weighs on the
credit, partially offset by long-tenured relationships, good
diversification across end-markets and a robust revenue backlog.

UST benefits from a strong track record of double-digit revenue
growth, supported by its focus on digital solutions within the IT
services landscape, such as cloud migrations, software engineering
and other new technologies. Roughly 41% of UST's revenue is
generated from multi-year contracts, with the balance mostly
derived from shorter assignments that are subject to cyclical
demand. The coronavirus recession caused a delay in IT budgets that
slowed down UST's top line, but the company was still able to
report a healthy 7% growth rate in 2020. Sticky client
relationships and growing corporate needs for digital capabilities
create a robust backlog that provides stability, evidenced by
healthy net revenue retention rates around 113%. The pandemic has
accelerated digital transformation trends that provide strong
tailwinds to the industry.

The stable outlook reflects the expectation for double-digit
revenue growth over the next 12 months and expanding EBITDA margins
towards 11% (Moody's adjusted). Strong growth and increased
profitability will support cash flow improvement, with expected
FCF/debt above 5% by 2023. Debt/EBITDA leverage will decline
towards 3x in the absence of leveraging transactions. Moody's
expects balanced financial policies, which may include tuck-in
acquisitions funded with cash on hand.

UST has good liquidity, considering pro forma cash balances around
$291 million at closing of the proposed transaction and an undrawn
$125 million revolver. Free cash flow will remain pressured by
investments in platform solutions, large tax payments and working
capital needs driven by UST's strong growth profile. Free cash flow
to debt (Moody's adjusted) is expected in the 1%-3% range over the
next 12-18 months. Moody's anticipates UST will be able to fund its
internal needs with cash from operations and Moody's does not
expect the company will need to rely on revolver borrowings.

The new senior secured first-lien $125 million revolving credit
facility has a 5.0x springing first-lien leverage covenant, tested
only when at least 35% of the facility has been drawn. Moody's
expects the company will maintain an ample cushion against the
covenant test. The senior secured first-lien term loan does not
have any financial covenants. The term loan facility amortizes 1%
per annum with the balance due at maturity. The senior secured
first-lien revolver and term loan mature in 2026 and 2028,
respectively.

The B1 rating assigned to the senior secured first-lien term loan
and the senior secured first-lien revolving credit facility is
driven by the B1-PDR probability of default rating and the Loss
Given Default assessment of LGD3. Because there is no other
meaningful debt in the capital structure to absorb potential
losses, the first-lien senior secured facilities are rated in line
with the B1 corporate family rating.

The financial statements are consolidated at UST Holdings LTD, a
Bermuda company, which is the parent entity of the borrower, UST
Global Inc., and various co-borrowers. The reporting entity, UST
Holdings LTD, does not provide a guarantee to the credit facility.

As a result, Moody's cannot definitively verify the assets,
liabilities, and cash flows pledged to the credit group. Negative
rating actions, including the withdrawal of current ratings, could
occur if the financial information provided is not deemed to be
representative of the credit quality of the borrower and
co-borrowers.

As proposed, the new first-lien credit facilities are expected to
provide covenant flexibility that if utilized could negatively
impact creditors. Notable terms include the following:

1. Incremental first-lien debt capacity not to exceed (i) the
greater of $125 million or 100% of Parent and Restricted
Subsidiaries EBITDA, plus (ii) an amount such that the First Lien
Leverage Ratio does not exceed 3.2x; an additional junior or
unsecured amount such that the Secured Leverage Ratio or Total
Leverage Ratio, respectively, do not exceed 4.0x or the Interest
Coverage Ratio is no less than 2.0x. No amounts may be incurred
with an earlier maturity date than the initial term loans.

2. The credit agreement permits the transfer of assets to
unrestricted subsidiaries, up to the carve-out capacities, subject
to "blocker" provisions which prohibit investment, exclusive
license or other transfers of intellectual property to, or
ownership of intellectual property by an unrestricted subsidiary.

3. Non wholly-owned subsidiaries are not required to provide
guarantees; dividends or transfers resulting in partial ownership
of subsidiary guarantors could jeopardize guarantees, subject to
protective provisions which only permit guarantee releases if the
company is deemed to have made an investment in such subsidiary and
such investment is permitted.

4. There are no express protective provisions prohibiting an
up-tiering transaction.

The proposed terms and the final terms of the credit agreement may
be materially different.

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

The ratings could be upgraded if the company materially increases
its scale and product diversification, while reducing customer
concentration. A ratings upgrade would also require improved
profitability, with EBITDA margins above 15% and free cash flow to
debt above 10% (all metrics Moody's adjusted). Balanced financial
policies and good liquidity would also be required for a ratings
upgrade.

The ratings could be downgraded if revenue growth slows down
towards mid single-digits, or UST experiences major customer
losses, evidencing increased competition or gaps in digital
capabilities. The ratings will also be pressured if profitability
declines, with free cash flow to debt expected to remain below
5.0%, or if Moody's anticipates more aggressive financial policies
that sustain debt/EBITDA around 4x or higher (all metrics Moody's
adjusted). Diminished liquidity would also pressure the ratings.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

UST Holdings LTD, incorporated in Bermuda, is a global
business-to-business information technology services and solutions
provider. The company serves clients across various industry
verticals including healthcare, retail, manufacturing, technology,
media, telecom, and financial services. UST generates revenue from
three main segments: Digital Solutions, Platforms and Product
Engineering services. The company generated roughly $1.2 billion in
revenue as of the last twelve months ending June 2021. UST is
privately held and majority owned by Tricase Investment Holdings
Inc. (53% ownership), with Temasek (28%) and various employees
(19%) as minority shareholders.




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

BR MALLS: Fitch Affirms 'BB' Foreign Currency IDR, Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed BR Malls Participacoes S.A.'s Local
Currency (LC) Issuer Default Rating (IDR) at 'BBB-' and its
National Long-Term rating at 'AAA(bra)'. Fitch has additionally
affirmed BR Malls' local debentures at 'AAA(bra)' and the company's
Long-Term Foreign Currency (FC) IDR at 'BB'. The Rating Outlook for
the National Long-Term rating is Stable. The Outlooks for the LC
and FC IDRs are Negative.

BR Malls' ratings are supported by its solid business position that
performed well during sharp economic downturns in Brazil during the
past five years. The affirmation reflects BR Malls' strong capital
structure and the maintenance of solid liquidity and robust levels
of high-quality unencumbered assets.

The ratings incorporate the expectation of a temporary increase in
financial leverage, measured by the net debt to EBITDA ratio, which
Fitch expects to normalize in 2022. Fitch expects Brazil's economic
recovery to continue during 2H21, with more than 80% of Brazil's
population being vaccinated by December 2021.

KEY RATING DRIVERS

Solid Business Position: BR Malls has a strong business position.
The company is one of the largest Brazilian shopping center
operators. As of June 30, 2021, it holds an interest in 31 malls
with a total gross leasable area (GLA) of 1,274 thousand square
meters, and owns a GLA of 832 thousand square meters. BR Malls
operates in all five regions of Brazil; its top 15 malls represent
approximately 75% of its total net operating income (NOI). BR
Malls' asset concentration risk is mitigated by its proven capacity
to maintain stable results, even during scenarios of economic
downturns.

Recovery Strengthening: Fitch expects Brazil's macro-economic
environment to continue recovering during 2021-2022 and is not
considering recurring national lockdown waves in Brazil in its base
case. Fitch currently forecasts the Brazilian economy to grow 5% in
2021. BR Malls' operational metrics also reflect this recovery
trend. The company's hours of operations reached levels of 53%,
86%, 88%, and 95% during April, May, June and July 2021 when
compared with 2019 levels. BR Malls' same store sales reached
levels of 53%, 85%, 85%; and 92% during the same period compared to
2019 levels.

Stable Occupancy: Despite the pandemic, BR Malls has maintained
stable levels of occupancy, following a strategy aimed at making
conditions more flexible for tenants. The company's actions to
counterbalance the effect of the current health crisis included
facilitating aid to tenants in terms of rent deferrals and
discounts. As of June 30, 2021, BR Malls' portfolio was
approximately 96%, stronger than the average levels pre-pandemic.
Fitch expects to continue to see a gradual improvement in BR Malls'
sales and traffic, which are highly correlated with the opening
hours for malls, during 2H21.

Ample Financial Flexibility: Fitch believes the company has
adequate liquidity and financial flexibility. This view is
supported by BR Malls' cash position, manageable debt payment
maturity schedule during 2021-2022, adequate interest coverage
ratio levels and significant unencumbered asset base. The company's
readily available cash and short-term debt were BRL1,810 million
and BRL695 million, respectively, as of June 30, 2021. In addition,
the company maintains an important unencumbered assets base with an
estimated market value of BRL 12 billion (USD2.2 billion),
representing 6.1x and 67x of unsecured debt and unsecured net debt,
respectively, as of June 30, 2021.

Financial Leverage Declining: The company's cash flow generation,
measured as EBITDA, for fiscal 2019, 2020 and LTM June 2021 were
BRL969 million, BRL 410 million and BRL 564 million, respectively.
Fitch's EBITDA calculation includes adjustments for dividends to
associates and minorities as well as for rent-straight-lining. The
company's total debt as of June 30, 2021, was BRL4.6 billion, which
includes liabilities payables for shopping mall acquisitions. The
company's net financial leverage, measured as total net debt to
EBITDA was 5.1x for the period LTM June 2021. The agency's
projections indicate a net debt/EBITDA ratio of around 4.5x at the
end of 2021, compared to 6.7x in 2020, and expectations of down to
levels around 3.0x during 2022-2023.

Solid Sector Fundamentals: The pandemic accelerated the process of
re-engineering retail and the role of physical stores globally, and
shopping malls will need to participate in this transformation to
remain relevant in the long run. Contrary to what has been observed
in developed markets, where malls have been experiencing a
reduction in their activities in recent years, the sector has shown
a positive trajectory in Brazil, and Fitch believes that the
long-term fundamentals of the industry remain preserved, despite
the weakening temporarily throughout 2020. Fitch views business
fundamentals for BR Malls and top players in the Brazilian shopping
mall industry as solid, as most of the operators in the segment
rated by Fitch have been able to maintain adequate credit quality
throughout the negative business environment of recent years.

DERIVATION SUMMARY

BR Malls' ratings reflect its solid business position as one of the
largest mall operators in Brazil, low financial leverage, no FX
risk exposure and adequate liquidity coupled with high financial
flexibility resulting from its important unencumbered assets base.
The ratings also reflect an experienced and well positioned
shopping mall operator with adequate portfolio granularity, limited
tenant concentration, consistent occupancy levels around 95%, lease
duration between four to six years, and adequate sources of capital
with the scale necessary to be a meaningful issuer in the debt and
equity capital markets, which are comparable attributes with other
rated entities in Latin America.

The company's 'BBB-' LC IDR and 'AAA(bra)' National Long-Term
Ratings also factor in its credit profile, which Fitch views as
well-positioned relative to local, regional and global peers for
each major comparative.

BR Malls' Long-Term FC IDR is constrained at 'BB'/Negative Outlook
by Brazil's 'BB' Country Ceiling. This incorporates the transfer
and convertibility risk (T&C Risk) associated with BR Malls'
operations, as the company's operations are essential in Brazil and
it does not have substantial assets or cash held abroad to help
mitigate T&C risk. Absent this rating constraint, BR Malls'
Long-Term FC IDR could be above its current level.

The Stable Outlook for the National long-term rating reflects Fitch
expectations that BR Malls' solid liquidity position provides the
company the capacity to absorb the downturn in operating cash flow
during current pandemic. Fitch believes that the long-term
fundamentals of the Brazilian shopping mall industry remain in
place, although temporarily weakened throughout 2020-2021.

Relative to Brazilian peers, BR Malls' 'AAA(bra)' National
Long-Term Rating is at the same level of its national peers
Multiplan Empreendimentos Imobiliarios S.A. (Multiplan;
AAA(bra)/Stable), Iguatemi Shopping Center S.A. (Iguatemi;
AAA(bra)/Stable), and Aliansce Sonae Shopping Centers S.A.
(Aliansce Sonae; AAA(bra)/Stable). These four companies have a
conservative capital structure and high financial flexibility as
evidenced by low net financial leverage (net debt/EBITDA below 3.5x
on average over the rating horizon), adequate liquidity, low LTV
ratios, high levels of unencumbered assets and strong interest
coverage ratios.

KEY ASSUMPTIONS

-- Recovery in revenues and EBITDA returning to pre-pandemic
    levels during 2H22;

-- Occupancy levels around 96% during 2021-2023;

-- Net leverage ratio, measured as net debt to adjusted EBITDA
    around 5x in 2021 and around 3.5x during 2022-2023;

-- Net Interest coverage ratio, measured as adjusted EBITDA to
    net cash interest paid, around 2.0x in 2021 and consistently
    around 3.5x during 2022-2023;

-- Total unencumbered assets to unsecured debt ratio consistently
    above 4.0x.

RATING SENSITIVITIES

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

-- BR Malls' LT FC and LC IDRs could be positively affected by a
    positive rating action on the sovereign rating of Brazil
    and/or an upgrade of its Country Ceiling.

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

-- A negative rating action on sovereign, resulting in the
    lowering of the country ceiling, would result in negative
    action on BR Malls' FC and LC IDRs.

The following factors may also have a negative impact on BR Malls'
LC IDR and National Long-Term Ratings:

-- Net leverage consistently above 3.5x;

-- Deterioration of the conditions of lease contracts, occupancy
    rates and delinquency negatively affecting credit indicators;

-- Interest coverage index, measured by EBITDA/interest paid,
    consistently trending to levels below 2.5x;

-- Substantially less financial flexibility due to the reduction
    of unencumbered assets levels.

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

Adequate Liquidity Provides Financial Flexibility: BR Malls'
ratings factor in its adequate financial flexibility and resilient
business model that has faced increased downside risks from the
economic implications of the coronavirus pandemic during 2020-2021.
Fitch believes the company has adequate liquidity and healthy
financial flexibility, supported by BR Malls' cash position,
manageable debt payment maturity schedule during 2021 and 2022,
adequate interest coverage ratio levels and a significant
unencumbered asset base. The company's readily available cash and
short-term debt were BRL1,808 million and BRL695 million,
respectively, as of June 30, 2021. Fitch expects BR Malls' net
interest coverage to remain healthy around 3x during 2022-2023.

The company's total assets value is estimated at BRL16.3 billion
(USD3 billion), with unencumbered and encumbered assets
representing approximately 75% and 25%, respectively, resulting in
a low net loan-to-value ratio of 17.3% as of June 30, 2021. The
company maintains an important unencumbered assets base with an
estimated market value of BRL 12.2 billion (USD2.2 billion),
representing 6.1x and 66.7x of unsecured debt and unsecured net
debt, respectively, as of June 30, 2021. BR Malls eliminated its FX
risk exposure as it paid off its USD-denominated perpetual bonds
during 2017.

ISSUER PROFILE

BR Malls is one of the largest Brazilian shopping center operators
with locations in all five regions of the country. It holds an
interest in 31 malls, with a total GLA of 1,274 thousand square
meters, and owns a GLA of 832.0 thousand square meters.

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.


EMBRAER: Sells 100+ Executive Jets to NetJets for US$1.2 Billion
----------------------------------------------------------------
Embraer has signed an agreement with NetNets for the sale of 100
more aircraft to the company, totaling an order of US$1.2 billion.

Embraer has already delivered 100 Phenom 300 executive jets to the
company, which belongs to the Berkshire Hathaway group, and the new
agreement foresees the delivery of 100 more Phenom 300Es starting
in the second quarter of 2023, for operation in the United States
and Europe.

NetJets' first purchase agreement, signed in 2010, included 50 firm
orders for Phenom 300 executive jets, plus options for up to 75
additional aircraft.

Headquartered in Sao Jose dos Campos, State of SAo Paulo, Brazil,
Embraer SA manufactures and markets commercial, corporate, and
defense aircraft.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America,
Egan-Jones Ratings Company, on September 30, 2021, maintained its
'B' foreign currency and local currency senior unsecured ratings on
debt issued by Embraer SA.




=========
C H I L E
=========

CHILE: Opposition Moves to Oust President on Papers Revelations
---------------------------------------------------------------
globalinsolvency.com, citing The Hill, reports that oppositional
lawmakers in Chile are moving to oust President Sebastian Pinera
after the Pandora Papers revealed his involvement in an ethically
dubious offshore business deal.

The Chilean president had been "compromising the Nation's honor and
infringing the constitution and the country's laws," 17 lawmakers
alleged, according to Bloomberg, the report notes.

The move from opposition lawmakers comes amid popular protests
against Pinera's government that have surged after the president
showed up in the massive leak of financial documents, the report
relays.

Among the findings in the Pandora Papers - a wide-ranging
investigation that touched many of the world's wealthy and powerful
- was that during Pinera's first presidential term, his family sold
their stake of their Dominga mine project, in a deal that may have
included a clause that environmental protections could not be
strengthened in the area, The Guardian reported, the report says.

The stake was sold in 2010 to Carlos Alberto Delano, who had been a
business partner and friend to the president, in a transaction
conducted in the British Virgin Islands, the report adds.




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

[*] DOMINICAN REPUBLIC: Economy to Grow 9.5% in 2021, IMF Says
--------------------------------------------------------------
Dominican Today reports that the International Monetary Fund (IMF)
projects that the Dominican economy will grow 9.5% in 2021, a
percentage slightly higher than the 9.1% recently estimated by the
World Bank.

The positive projection is contrary to the drop of -6.7% registered
by the local economy in 2020, as a result of the economic closures
imposed by the COVID-19 pandemic, according to Dominican Today.

With percentages higher than the Dominican Republic, the IMF only
places Guyana (20.4%), Aruba (12.8%), Panama (12%), Chile (11%) and
Peru (10%) in the region, the report notes.

The figures are compiled in the report World Economic Outlook,
released, 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).




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

FORTALEZA MATERIALES: S&P Affirms 'BB-' ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings, on Oct. 19,2021, affirmed its 'BB-' issuer
credit rating on Mexico-based cement producer, Fortaleza Materiales
S.A.B. de C.V. (Fortaleza; formerly known as Elementia S.A.B. de
C.V.).

S&P said, "The stable outlook reflects our view that Fortaleza will
maintain solid operating and financial performance at its cement
operations. This should result in net debt to EBITDA and free
operating cash flow (FOCF) to debt of 2.0x-3.0x and 10%-15%,
respectively, for the next 12 months.

"Our revised forecast assumes cement revenue growth close to 10% in
2021 and 5% in 2022. This is due to favorable construction activity
in the company's key markets, particularly in Mexico and the U.S.,
where its revenue grew 32% and 14%, respectively, for the past 12
months ended June 2021. Residential housing in the U.S. and the
do-it-yourself segment in Mexico have been the main drivers of
cement demand, and we expect it to remain resilient in the next 12
months, despite the slowing down of the U.S. economic recovery. In
our view, this will result in Fortaleza's consistent EBITDA and
cash flows, mitigating the loss in scale from the spin-off. We
estimate that Fortaleza's reported revenue will be about 5% down in
2021 and slashed by half in 2022 due to the deconsolidation of the
metals and building systems divisions, starting in the last four
months of 2021. On the other hand, Fortaleza's capital expenditures
(capex) plans remain relatively small, with some pending
investments to expand its cement installed capacity (about 800,000
tons per year [tpy]) and the ramp-up of its grinding facility in
Yucatan, Mexico. Therefore, we expect financing needs to be limited
in the next 12 months and leverage metrics to remain in line with
the current rating, with net debt to EBITDA of 2.0x-3.0x and FOCF
to debt of 10%-15%."

At the end of June 2021, Elemat's businesses represented about 59%
and 27% of Elementia's consolidated sales and EBITDA, respectively,
moreover the geographic footprint of these businesses spans from
the U.S. to Andean countries, wider than Fortaleza's. Nonetheless,
Fortaleza's cement operations have proven to be more resilient to
operational setbacks and faced lesser one-off expenses in past
years, with lower volatility in its profitability. Moreover,
Fortaleza benefits from some geographic diversification, given that
out of its total cement installed capacity of 6.7 million tons per
year (mtpy), 3.8 mtpy is based in Mexico, 2.8 mtpy is on the East
Coast of the U.S., and 250,000 tpy are in Costa Rica. This compares
relatively well with those of other midsize regional cement players
such as Cementos Pacasmayo S.A.A. (CPAC; BB+/Stable/--) and Union
Andina de Cementos S.A.A. y Subsidiarias (UNACEM; BB/Stable/--),
which have similar business profiles and heavy reliance on cement
sales.

S&P said, "For the short term at least, we will continue to analyze
Fortaleza and Elemat within the same group, although there's no
controlling parent entity for either company. This is because we
consider these two entities to have interlocking business
relations, given that they have common management, board
composition, and financing group of entities, in addition to shared
corporate support functions and corporate history, and existence of
cross-guarantees for various debt instruments. Therefore, potential
changes in each company's credit profile could affect our group
assessment and issuer credit rating on Fortaleza, at least until we
consider that the close operational and corporate ties between them
have dissipated."


GRUPO MEXICO: Posts Third-Quarter Net Loss of Almost $109 Million
-----------------------------------------------------------------
Reuters reports that Grupo Aeromexico, which operates Mexico's
largest airline, reported a net loss of 2.24 billion pesos ($108.7
million) in the third quarter, versus a net loss of 2.88 billion
pesos from the same period last year.

Aeromexico, which has been undergoing a reorganization under
Chapter 11 of the Bankruptcy Code in the United States, posted
13.23 billion pesos in revenue for the third quarter, up from 4.67
billion a year earlier, according to Reuters.

"Despite the complex environment, the market has shown signs of
recovery," Aeromexico said in a filing with the Mexican stock
exchange.

The airline said its total capacity, as measured in available seat
kilometers (ASKs), increased 24.8% compared to the second quarter
of 2021, driven by the recovery of 35.4% in capacity assigned to
the international market and 11.6% to the domestic market, 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.




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

SIXTEENTH MORTGAGE: S&P Gives (P)'B-' Rating on Series B Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Sixteenth
Mortgage-Backed Notes Trust's notes and La Hipotecaria Panamanian
Mortgage Trust 2021-1's certificates.

The note issuance is a RMBS transaction backed by residential
mortgage loans originated and serviced by Banco La Hipotecaria
S.A.

The preliminary ratings are based on information as of Oct. 18,
2021. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings are based on:

-- The availability of approximately 11.1% and 2.2% credit support
in form of subordination for classes A and B;

-- The timely interest and principal payments made under stressed
cash flow modeling scenarios consistent with the assigned
preliminary ratings;

-- S&P's opinion on the operational and servicing capabilities of
Banco La Hipotecaria S.A. as the sub-servicer of the securitized
pool, which after applying its criteria, resulted in a maximum
potential rating consistent with the assigned preliminary ratings;


-- The transaction's legal structure, which constitutes a true
sale of the securitized assets to an entity that S&P considers
unlikely to be subject to a bankruptcy procedure under its
criteria;

-- The transaction's counterparty risk, which provides for minimum
rating requirements that are consistent with the assigned
preliminary ratings;

-- S&P's expectation that under a moderate ('BBB') stress
scenario, all else being equal, its preliminary ratings on the
series A notes and series 2021-1 certificates, respectively, are
consistent with the tolerances outlined in its rating definitions;
and

-- The payment structure of the series of notes and certificates,
which, through a targeted amortization payment (for series A notes
only) as well as several triggers that could lead into rapid
amortization events, allocate the collections proceeds to the
repayment: first, of the series A notes and the series 2021-1
certificates, and afterwards, of the series B and C notes
considering its subordination as per the transaction's structure.

  Preliminary Ratings Assigned

  Sixteenth Mortgage-Backed Notes Trust

  Series A notes: USD $100 million: 'BBB (sf)'
  Series B notes: USD $10 million: 'B- (sf)'
  Series C notes: USD $2.5 million: 'CCC+ (sf)'

  La Hipotecaria Panamanian Mortgage Trust 2021-1

  Series 2021-1 certificates, USD $100 million: 'BBB (sf)'




=======
P E R U
=======

MINSUR SA: S&P Assigns 'BB+' Rating on New $500MM Unsec. Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to Minsur
S.A.'s (BB+/Positive/--) proposed senior unsecured notes of up to
$500 million with an expected maturity of 10 years.

The company aims to use proceeds to refinance the existing $300
senior unsecured term loan due 2026, which Minsur used to fund the
cash tender for its senior notes due 2024 (around 58.6% of the
total notes). The company also plans to use proceeds to refinance a
portion of its senior unsecured notes due 2024 and about $95
million in other short-term debt obligations. Therefore, S&P
estimates an increase in existing debt of about $55 million to fund
working capital requirements and other general corporate purposes.
The transaction aims to strengthen the company's capital structure
and extend its weighted average maturity profile to 5.3 years from
3.3 years, while reducing financing costs and maintain the light
covenant structure, related to the Marcobre project. S&P considers
that this issuance is only for debt refinancing, well ahead of the
final maturity of the company's existing notes.

S&P said, "The rating on the proposed notes is at the same level as
our issuer credit rating on Minsur, reflecting our view that
there's no significant subordination risk present in its capital
structure. We still expect the company to maintain its prudent
approach towards leverage, while it keeps an adequate liquidity
position. We consider this transaction as debt neutral because the
company will use the proceeds mainly to refinance its existing
debt. Moreover, we expect strong credit metrics this year, in line
with our previous base-case scenario, amid favorable prices for
copper and tin and increased production mainly due to the ramp-up
of its new copper mining unit, Mina Justa."

  Ratings List

  NEW RATING

  MINSUR S.A.

  Senior Unsecured   BB+




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

[*] TRINIDAD & TOBAGO: Launches Project to Build Quality Culture
----------------------------------------------------------------
RJR News reports that Trinidad and Tobago's Ministry of Trade and
Industry, through the Trinidad and Tobago Bureau of Standards, has
launched a project focused on building a quality culture in the
country.

The initiative is being facilitated with support from the European
Union and the Caribbean Development Bank, according to RJR News.

It will see both organisations engaging a wide cross section of
industry with the aim of improving the quality of goods and
services being produced and exported, the report notes.



                           *********


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.

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.
.


                  * * * End of Transmission * * *