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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, November 10, 2021, Vol. 22, No. 219

                           Headlines



C O L O M B I A

CANACOL ENERGY: Fitch Rates Proposed USD450MM Unsec. Bond 'BB-'
CANACOL ENERGY: S&P Assigns 'BB-' ICR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Staple Prices Up Due to Transport, Covid Fuel


H A I T I

HAITI: IDB Approves $65-Mil. Loan for Productive Infrastructure


J A M A I C A

JAMAICA: Decline in Remittances Recorded in September


M E X I C O

GRUPO POSADAS: Shearman Represents Noteholder Group


P A R A G U A Y

PARAGUAY: Economy Recovering Following Pandemic Response, IMF Says


T R I N I D A D   A N D   T O B A G O

NATIONAL FLOUR MILL: Continues to Grapple With Higher Int'l Price
TRINIDAD & TOBAGO: Bars Resume Full Service

                           - - - - -


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C O L O M B I A
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CANACOL ENERGY: Fitch Rates Proposed USD450MM Unsec. Bond 'BB-'
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-'/'RR4' rating to Canacol Energy
Ltd.'s (Canacol) proposed $450 million seven-year senior unsecured
bond. Proceeds will be used to refinance the company's existing
$320 million bond and other debt with the remainder to be used for
general corporate proposes. Fitch currently rates Canacol's Foreign
and Local Currency Issuer Default Ratings (IDRs) 'BB-'. The Rating
Outlook is Positive.

The ratings reflect Canacol's long-term, take-or-pay contracted
sales at fixed prices, and its low production cost and regional
importance for Colombia. The Positive Outlook reflects Fitch's view
that the company will exceed 40,000 barrels of oil equivalent per
day (boed) by 2022, maintain pro forma gross leverage of 2.6x in
2021 and 1.9x in 2022, and maintain EBITDA to interest coverage of
6.4x in 2021 and 7.5x in 2022. Fitch believes Canacol has a solid
1P reserve life of six years and strong weighted average (WA)
contractual life of seven years.

KEY RATING DRIVERS

Contracted Revenues: Canacol's long-term, take-or-pay contractual
structure at fixed prices with strong credit quality offtakers
significantly lowers the company's business risk, as this mitigates
exposure to price and volumes risk. This structure is somewhat
unique among its peers, as natural gas companies are normally
exposed to market risks. Fitch estimates that Canacol will sell
approximately 80% of its production volumes over the rated horizon
under fixed-price, long-term take-or-pay contracts with high
quality offtakers with an annual WA contracted life of seven years
at an average price of $4.50 MMBtu (one million British thermal
units).

Predictable Cash Flow Generation: Canacol's contracted production
volumes should support a robust and predictable cash flow
generation, with an average EBITDA margin of approximately 75% and
an average funds from operations (FFO) margin of 60% over the rated
horizon. Fitch estimates Canacol's total cost of production
(operating expenses + royalties + transportation + G&A and other
expenses) will average $2.10/MMBtu over the rating horizon and the
company will be FCF-positive, even when assuming annual average
dividend payments of approximately $30 million.

Strong Capital Structure: Fitch's base case forecasts that proforma
total debt to EBITDA will be 2.6x in 2021 and average 1.6x during
2022-2024, with an average EBITDA-to-interest expense of 8.3x
during the rated horizon. Canacol's pro forma Total debt to 1P
reserves is $7.10 barrels of oil equivalent (boe) when applying 1P
reserves of 69 mmboe in 2020. Canacol should continue to benefit
from manageable debt maturity, with its first material maturity due
in 2028.

Growing Production: Fitch estimates that Canacol's production will
grow at a CAGR of 12% between 2021 and 2024, reaching 290 mmcfd in
2024, up from an expected average of 185 mmcfd in 2021. This growth
is driven by two expansion projects: El Tesorito (a 200MW power
plant) and New Pipeline Jobo-Medellin. El Tesorito power plant may
be operated by CELSIA S.A. E.S.P. starting in December 2021, with
Canacol owning 10% of the project and supplying 100% of its gas.
The project should consume 30 mmcfd when running at 150MW
capacity.

The Jobo-Medellin project will have a total capacity of 100 mmcfd,
with gas delivery starting in 2H24. The project is 100% owned by
Canacol, with a $75 million senior unsecured term loan intended for
construction of the project, of which only $25 million has been
drawn. Per local regulations, Canacol cannot own more than 25% of
this project and is in the process of selling a 75% stake. Upon the
sale, the $75 million term loan will be transferred to NewCo.

Regional Importance: Canacol's operations are concentrated in the
Lower Magdalena basin, where it is a key gas producer and supplier
for the highly dependent Caribbean coast of Colombia. Gas
represents 70% of the regional energy matrix, and refineries
consume nearly 20% of total supply. Fitch expects that Canacol will
remain the largest supplier to Colombia's northern coast region,
potentially surpassing Ecopetrol's Guijara basin in 2021.

Limited Competition: Canacol faces limited competition from
regional gas producers and liquefied natural gas (LNG) imports. The
company has a strong competitive position in the region where it
operates due to expensive startup costs and limited conventional
reserves. Gas produced in Colombia's prolific llanos basin, which
produced 60% of domestic gas in 2020, cannot be efficiently
transported to the Caribbean coast, especially to Cartagena.

Fitch expects Canacol's contracted gas prices to be below the total
cost of importing and delivering LNG in Colombia of $6-$7 per
thousand cubic feet (mcf) when considering the cost of U.S. LNG
imported to Colombia averaged approximately $5.83 mcf in 2020, per
the Energy Information Administration (EIA), plus the additional
$2-$3 mcf cost for regassification and transportation. Canacol's
contracted capacity protects the company from price volatility, but
it could face recontracting risk if LNG prices are depressed.

DERIVATION SUMMARY

Canacol's credit profile compares well with other independent gas
producers in both Latin America and North America: Tecpetrol
Internacional (BB/Stable), Hunt Oil and Gas (BBB/Negative), CNX
(BB/Positive), Ascent Resources (B/Stable and Comstock Resources
(B/Positive).

As a gas producer and supplier, Canacol compares favorably to
peers, as it is the only entity that has, on average, 80% of its
production volume contracted with solid offtakers. Tecpetrol and
Hunt Oil and Gas are the closest peers in the region. Both own an
equity stake in the Camisea blocks 86 and 56 in Peru, which are
strategically important for Peru, providing 86% of its natural gas
supply. Similarly, Canacol is regionally important to the Caribbean
coast of Colombia, which is a large consumer of gas and presents a
strong comparison to Camisea.

Canacol's capital structure, cash flow generation and liquidity
profile are comparable to Tecpetrol and Hunt Oil & Gas. Fitch
estimates that Canacol's 2021 proforma total debt to EBITDA will be
2.6x, higher than Tecpetrol's at 0.6x and Hunt's at 1.5x, but below
the average among its U.S. peers (CNX, Ascent and Comstock) of
3.2x. Fitch expects Canacol's pro forma total debt to 1P to be
$7.10 boe, which is highest among all peers, with Tecpetrol's
expected to be $0.86 boe and U.S. peers averaging $2.00 boe.
Canacol's higher leverage to reserves is partially offset by its
contracted revenues and weighted life of contracts.

KEY ASSUMPTIONS

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

-- Production volumes to average 185,000mcfd in 2021, 227,000
    mmcfd in 2022, 252,000 mmcfd in 2023 and 290,000 mmcfd in
    2024;

-- A weighted average realized price net of transportation cost
    of $4.4mcf in 2021 and $4.70 mmcf between 2022 through 2024;

-- An Opex average of $0.35mcf from 2021 through 2024;

-- Royalties averaging $0.94mcf between 2021 through 2024;

-- G&A costs averaging $0.48mcf between 2021 through 2024;

-- Total capex of $630MM between 2021 through 2024;

-- Dividends of $30 million per annum;

-- Average annual income tax rate of 40% over the rated horizon.

RATING SENSITIVITIES

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

-- Net production rising to 40,000 boed on a sustained basis;

-- Maintain a 1P reserve size life at or higher than its weighted
    average contractual life;

-- Sustained conservative capital structure at below 1.0x net
    debt to EBITDA.

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

-- Production size declining below 30,000 boed;

-- A 1P reserve size life less than its weighted average
    contractual life;

-- Gross leverage at or above 3.0x;

-- Deterioration of capital structure and liquidity as a result
    of a steeper than anticipated decline in production or a
    marked increase in debt;

-- Extraordinary dividends that weakens liquidity.

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: As Sept. 30, 2020, Canacol had cash on hand of
$43 million, which covers one year of interest expense. The company
has a solid debt maturity profile, with its first major maturity
expected to be the $25 million in 2023 followed by $12.8 million in
2024.

ISSUER PROFILE

Canacol Energy Ltd. independent E&P company focused on onshore
natural gas production in Colombia. Its core natural gas assets,
Esperanza and VIM-5, are located in the Lower Magdalena basin in
Colombia.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, 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
to the way in which they are being managed by the entity.


CANACOL ENERGY: S&P Assigns 'BB-' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings, on Nov. 8, 2021, assigned its 'BB-' issuer
credit and issue-level rating to Colombia-based natural gas
producer Canacol Energy Ltd.

S&P said, "The stable outlook reflects our view that Canacol will
continue to benefit from the demand for natural gas in Colombia and
will maintain its fixed price structure, leading to steadily
growing EBITDA. This will allow the company to keep debt to EBITDA
below 3.0x over the next 12-18 months without hurting its liquidity
position.

The Colombian natural gas market has seen demand steadily growing,
given the transition to cleaner energy generation. As of Sept. 30,
2021, Canacol is the second-largest natural gas producer in
Colombia with about 9% of market share (in terms of production),
competing directly with Ecopetrol S.A. (BB+/Stable/--), which has
about an 85% share. Canacol's reserve size increased by 1.2x and
1.3x its proved (1P) and probable (2P) gas reserves, respectively,
since 2017. As of Dec. 31, 2020, the company's 1P reserves totaled
395 billion cubic feet (bcf) and 2P about 637 bcf. S&P said, "We
believe the increase in reserves is principally due to the
significant discoveries that the company made since 2016 in the
Lower Magdalena Basin. In our view, this will allow Canacol to meet
the rise in gas demand in the next two years. The Lower Magdalena
Basin, its main production asset, reported increased production of
14.0% since 2016, allowing Canacol to reach an average production
of 192.4 million cfpd as of Sept. 30, 2021."

Canacol has a competitive advantage that stems from its operating
model of fixed prices and take-or-pay contracts on 80.0% of its
total production, which reduces the risk of price volatility and
volume sale risk. Contracts has an average seven-year weighted
average maturity. Moreover, as of Dec. 31, 2020, Canacol's reported
prices were approximately $5.0 per mcf, compared to industry
benchmark prices of about $2.65 per mcf. This translates into
greater cash flow predictability for Canacol. The company also
directly passes through transportation prices to its customers,
unlike industry peers. This allows the company to benefit from high
operating netback margins of about 79.0% as of Sep 30, 2021,
equivalent to about $3.49 per mcf.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Staple Prices Up Due to Transport, Covid Fuel
-----------------------------------------------------------------
DominicanToday reports that the increase in the prices of raw
materials and other products in the Dominican Republic, as a
consequence of the impact of the COVID-19 pandemic and in turn its
effect on maritime transport, caused an increase in the cost of
household goods will accelerate during the last year when compared
to previous periods.

Several of the quintiles of the family basket, between September of
last year and the same month of 2021, increases their price by more
than 62% compared to those registered on the same date of 2019 and
2020, according to data from the Central Bank of the Dominican
Republic (BCRD), the report relays.

Quintiles one (the lowest) and five (the most expensive) were those
that had a faster increase in their cost between September of last
year and the same month of 2021, both with 66%, when compared to
the amount that went up two years earlier.

"The price crisis" caused that, in the case of the cheapest
quintile of the family basket, it became more expensive by
RD$1,763.71 during the last year, from RD$21,309.09 to RD$23,072.80
(US$490).

                 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).




=========
H A I T I
=========

HAITI: IDB Approves $65-Mil. Loan for Productive Infrastructure
---------------------------------------------------------------
The Inter-American Development Bank (IDB) approved $65 million of
non-reimbursable financing to contribute to the sustainable
economic development of northern Haiti by promoting the necessary
conditions for the establishment and expansion of companies in the
Caracol Industrial Park (CIP), in the north of the country.

The main strategy of the program is to establish the operational
and infrastructure base necessary for the PIC to become a
successful industrial park in the Caribbean, attracting investment
and becoming self-sustaining. This new operation will increase the
IDB's total investment in the CIP to $263.5 million, in fulfillment
of the original commitment to finance the infrastructure required
for the park to generate 20,000 jobs. By 2026, once the
disbursements for this Bank operation are completed, the CIP will
be the largest self-sustaining industrial park in Haiti, employing
approximately 22,000 workers.

The objectives of the financed project are: to strengthen the
management of the CIP in a sustainable way and in line with
international standards; to expand infrastructure to meet growing
demand; and to improve the preparation of the workforce by
promoting the development of skills according to the needs of the
park's operating companies and fostering a safe and inclusive work
environment.

The project will also provide technical assistance to establish a
professional entity with sufficient autonomy to manage the CIP, and
to the environmental, social, and health and safety team of the
industrial park. Likewise, the expansion of the CIP warehouse
surface will be financed to satisfy the additional demand of
current operators and promote innovation and local
entrepreneurship. The project will also focus on empowering current
and future CIP workers and promoting labor mobility and gender
equality in training activities.

This program is framed within the priorities established by the
IDB's Vision 2025, which prioritizes social inclusion and equality;
productivity and innovation; and economic integration and
resilience to climate change.

The funds will be disbursed over a five-year period, starting in
2022. The financing corresponds to the most recent stage of the
Productive Infrastructure Program in Haiti, which has been in place
since 2012.




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

JAMAICA: Decline in Remittances Recorded in September
-----------------------------------------------------
RJR News reports that there was a decline in remittances to Jamaica
in September this year when compared to last year.

The Bank of Jamaica says the US$282 million in foreign exchange
inflows was 17 per cent or US$41 million less than in September
2020, according to RJR News.

However, for the financial year to date, remittances amounted to
US$1.6 billion US dollars, an 18 per cent increase, the report
notes.

The largest source market for remittance flows was the US, the
report relays.

Remittances from that country accounted for 70 per cent of  total
flows, up from 67 per cent a year ago, the report adds.

                       About Jamaica

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

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

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

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




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

GRUPO POSADAS: Shearman Represents Noteholder Group
---------------------------------------------------
In the Chapter 11 cases of Grupo Posadas S.A.B. de C.V., et al.,
the law firm of Shearman & Sterling LLP submitted a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose that it is representing the Ad Hoc Group of
Noteholders.

On or about May 1, 2021, the Ad Hoc Group of Noteholders retained
S&S to represent their common interests in connection with
restructuring discussions related to the Notes.  From time to time
thereafter, certain holders of Notes have joined the Ad Hoc Group
of Noteholders.

S&S does not represent or purport to represent any other entities
with respect to the Chapter 11 Cases.  In addition, no member of
the Ad Hoc Group of Noteholders purports to act, represent, or
speak on behalf of any other entities in connection with the
Chapter 11 Cases.

As of Oct. 27, 2021, members of the Ad Hoc Group and their
disclosable economic interests are:

                                          7.875% Notes Due 2022
                                          ---------------------

Amundi Asset Management US, Inc.              $9,063,000.00
60 State Street
Boston, MA 02109

Fintech Advisory Inc.                         $66,974,000.00
375 Park Avenue, Ste. 3602
New York, NY 10152

Amundi (UK) Limited                           $7,476,000.00
77 Coleman Street
London, EC2R 5BJ
United Kingdom

Fratelli Investments Limited                  $26,856,000.00
Victoria Place 31
Victoria Street
Hamilton, D0 HM 10

Bay Cove Holdings Limited                      $5,000,000.00
Flemming House
Road Town Vg1110
British Virgin Islands

Bua Management, LP                             $7,664,000.00
Bulltick Wealth Management, LLC
333 SE 2nd Avenue, Ste. 3950
Miami, FL 33131

Ferruco Investments, LP                        $8,700,000.00
Bulltick Wealth Management, LLC
333 SE 2nd Avenue, Ste. 3950
Miami, Fl 33131

S&S reserves the right to amend or supplement this Statement, as
necessary, in accordance with Bankruptcy Rule 2019.

Counsel to the Ad Hoc Group of Noteholders can be reached at:

          SHEARMAN & STERLING LLP
          Mark J. Shapiro, Esq.
          Joel Moss, Esq.
          Jordan A. Wishnew, Esq.
          599 Lexington Avenue
          New York, NY 10022
          Telephone: (212) 848-4000
          Facsimile: (212) 848-7179

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3q7N1Qp

                       About Grupo Posadas

Posadas is the leading hotel operator in Mexico and owns, leases,
franchises and manages 185 hotels and 28,690 rooms in the most
important and visited urban and coastal destinations in Mexico.
Urban hotels represent 87% of total rooms and coastal hotels
represent 13%. Posadas operates the following brands: Live Aqua
Beach Resort, Live Aqua Urban Resort, Live Aqua Boutique Resort,
Grand Fiesta Americana, Curamoria Collection, Fiesta Americana, The
Explorean, Fiesta Americana Vacation Villas, Live Aqua Residence
Club, Fiesta Inn, Fiesta Inn LOFT, Fiesta Inn Express, Gamma, IOH
Hotels, and One Hotels. Posadas has traded on the Mexican Stock
Exchange since 1992.

Grupo Posadas S.A.B. de C.V. and affiliate Operadora del Golfo de
Mexico, S.A. de C.V. sought Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 21-11831) on October 26, 2021.

The cases are handled by Honorable Judge Sean Lane.

The Company tapped Cleary Gottlieb Steen & Hamilton LLP as
international legal counsel; Ritch, Mueller y Nicolau, S.C. and
Creel, Garcia-Cuellar, Aiza y Enriquez SC, as Mexican legal
counsel; and DD3 Capital Partners as financial advisor.  Prime
Clerk LLC is the claims agent.




===============
P A R A G U A Y
===============

PARAGUAY: Economy Recovering Following Pandemic Response, IMF Says
------------------------------------------------------------------
The International Monetary Fund related that an IMF staff team led
by the mission chief for Paraguay Mr. Mauricio Villafuerte visited
Asuncion, Paraguay, during November 2-4, 2021 to discuss recent
economic developments and policies.  The mission also made a
presentation on the global and regional economic outlook and
potential implications for Paraguay. At the conclusion of the
visit, Mr. Villafuerte issued the following statement:

"Paraguay's economy is recovering strongly following the
authorities' proactive policy response to the pandemic, reduced
COVID-19 incidence, and favorable external conditions. Real GDP
growth is projected to rebound from a 0.6 percent contraction in
2020 to a 4.5 percent expansion in 2021, driven by fast growth in
manufacturing, construction, and services. COVID-19 infections have
fallen dramatically, while vaccination rates are expected to reach
50 percent of the population by year-end."

"The rise in inflation, though driven by higher global food and
fuel prices, has become a concern and has prompted the authorities
to appropriately shift towards monetary policy normalization.
12-month inflation rose again in October to 7.6 percent and is
projected to stay above the upper bound of the central bank's
inflation target range well into 2022. The Central Bank of Paraguay
has raised the policy rate by a cumulative 200 basis points over
the last three months and has signaled further policy actions to
contain second round effects and keep inflation expectations
stable."

"To restore policy buffers for future shocks and limit the rise in
public debt, it will be important to gradually return to the Fiscal
Responsibility Law (FRL) deficit ceiling of 1.5 percent of GDP. In
this context, the authorities aim to limit the budget deficit to 3
percent of GDP in 2022 and to push for reforms currently in
congress to increase the efficiency of spending. However, should
adverse shocks materialize, revenue enhancing measures may also be
needed to avoid an undue restriction of public investment and
social expenditures in the years ahead."

"The sweeping global changes and challenges call for an
acceleration of reforms to ensure a higher, greener, and more
inclusive growth. Particular focus should be placed on
strengthening governance, the business climate, as well as health
and education services. Addressing climate change vulnerabilities
and diversifying the sources of economic growth toward
non-agricultural sectors will also be key going forward."

"IMF staff also discussed with the authorities a capacity
development (CD) project to continue strengthening Paraguay's
overall Anti-Money Laundering and Combating the Financing of
Terrorism (AML/CFT) regime."

The IMF mission met with government officials, development
partners. and private sector representatives during its stay. It
wishes to thank the authorities for their hospitality and fruitful
discussions.

As reported in the Troubled Company Reporter-Latin America in May
2021, S&P Global Ratings affirmed its 'BB/B' long- and short-term
sovereign credit ratings on Paraguay.  The outlook remains stable.
S&P's transfer and convertibility assessment is unchanged at
'BB+'.




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

NATIONAL FLOUR MILL: Continues to Grapple With Higher Int'l Price
-----------------------------------------------------------------
Trinidad Express reports that Nigel Romano, chairman of National
Flour Mills Ltd (NFM), said the majority state-owned company is
looking at all options, as it continues to grapple with higher
international price of wheat, the primary input into flour, which
is by far the favorite staple of Trinidad & Tobago citizens.

"It is a perfect storm," said Romano, referencing higher prices of
wheat and the higher cost of transporting the commodity from the
country's main import markets in North America, according to
Trinidad Express.

Romano said since 2019, NFM's raw material cost per metric ton of
flour has increased by just under 30 per cent and is expected to
increase by another 5 per cent in the fourth quarter of 2021, the
report notes.

He said, however, the company's overall production cost per metric
ton of flour only increased by 12 per cent, due to savings as a
result of improvements in labor and process efficiencies from our
continuous improvement efforts, the report discloses.

"We are trying to do everything we can. The focus has been on what
we can control. . . . but at some point in time we have to look at
other alternatives," he said, the report relays.

The report discloses that asked if he is warning the public to
brace for higher flour prices, Romano said: "I am not warning the
public about anything. I am saying that we have to look at all
options. At the end of the day, we cannot be running an
unprofitable operation. We cannot be producing at a loss,
especially at a gross profit loss."

For the six months ended June 30, 2021, NFM's gross profit declined
by 26.6 per cent to $41.13 million, from $56.08 million for the
first six months of 2020. But the publicly listed company's
after-tax profit for the period January to June 2021 plunged by
84.3 per cent to $2.14 million from $13.68 million in 2020, the
report notes.

Romano said he does not think the recent signals of higher wheat
prices on the North American markets would push NFM into a
loss-making position at the end of its current financial year on
December 31, 2021, the report relays.

He said, though, the company is more concerned about the price of
wheat next year, "because this thing does not seem to be settling
down, the report says.

"Prices of inputs into the production of wheat are going up. And on
top of that, you have the transportation cost. So, it is not just
the higher prices of wheat, the cost of shipping wheat has
increased as well," the report notes

Climate change and the impact of the coronavirus on the ability of
people to work is also impacting the price of wheat, he said, the
report relates.

And he ruled out accessing lower-priced wheat from elsewhere in the
world than North America, the report says.

That is because, globally, the price of wheat has increased
substantially, the report says.

The Wall Street Journal reported that "a poor harvest of spring
wheat and concern over the winter crop have pushed prices for the
grain to its highest levels in years and signal more food inflation
ahead," the report relays.

The newspaper reported that futures prices for hard-red spring
wheat, which grows over summer on the northern Plains and is
favoured by bakers and pizza makers, hit its highest price on the
Minneapolis Grain Exchange since the 2008 planting season, the
report notes.

The Wall Street Journal said drought across the Northern Hemisphere
is the main driver of higher wheat prices, but that strong demand
around the world, snarled supply lines and rising costs of farm
inputs, like fertilizer and fuel, are contributing, the report
notes.

"What we have done is try to substitute a different type of wheat,
which has not gone up as much. But even that is being impacted by
the unprecedented increases. But you can only do so much of that
without impacting quality," said Romano, the report says.

NFM has traditionally imported two types of wheat: soft-red winter
and dark-northern spring. An official of the company told the
Sunday Express that NFM has recently reintroduced hard-red winter,
the report notes.

In his chairman's report accompanying NFM's financial results for
the six months to June 30, 2021, Romano said NFM "remains committed
to keep the price of flour at 2008 levels at this time," the report
discloses. He said the company had not adopted a policy not to pass
on higher wheat prices to local customers in higher flour prices,
the report relays.

Romano added: "We have taken a decision to hold (flour prices) as
long as is possible, without impacting profitability. And as you
know, we have worked very hard on improving productivity, by
getting more efficient on the production side," the report
relates.

He said though the company is still looking at all options because
these price increases are unprecedented, NFM had not adopted a
policy, the report adds.


TRINIDAD & TOBAGO: Bars Resume Full Service
-------------------------------------------
Kimoy Leon Sing at Trinidad Express reports that as the Trinidad &
Tobago Government's easing of restrictions allowed bar owners to
resume full-service operations at the start of November, president
of the Barkeepers and Owners Association of T&T (BOATT) Sateesh
Moonasar said he had seen a change for the better.

Moonasar said he was pleased to see more bars had decided to open
their doors, according to Trinidad Express.  "Everything is a work
in progress. We anticipate seeing more and more (bars) reopen in
the coming weeks," he said, the report notes.

There were a few 'grey areas' from the onset of the Government's
Safe Zone Initiative for bar owners, but it has all since been
sorted out, Moonasar added.

"There were a few situations which needed to be resolved in
different districts, but there were no major issues. As an
association, we have liaised with the different enforcement
agencies across the country, with the health inspectorate, with the
TTPS (Trinidad and Tobago Police Service) at the different
divisions and those issues have been ironed out.  Now it is just a
matter for the bars and restaurants adhering to the proper
protocols and guidelines," he said, the report relays.

On October 16, the Government announced that restaurants and bars
were allowed to resume full service and serve alcohol to vaccinated
patrons, the report notes.

Capacity however remains at 50 per cent.

                        Reduce Curfew Further

President of the Greater San Fernando Chamber of Commerce Kiran
Singh said while many restaurant and bar owners were optimistic
with the full resumption of services, some bars may not be able to
reopen due to the economic fallout from the pandemic, the report
says.

He said, "We remain hopeful that the ease of restrictions can
encourage some confidence to invest in this sector once again."

As the Divali and Christmas festivities loom, Singh says the
industry will take some time to recover, the report notes.

He said, "We are anticipating that sales will increase during this
period. It may not be on par with pre-pandemic sales for some time
to come as many remain unemployed and inflation continues to
increase the cost of living across the board. The Chamber continues
to advocate for a further reduction in the curfew hours as
businesses in the entertainment sector see increased activity after
regular working hours," the report adds.



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

Troubled Company Reporter-Latin America is a daily newsletter
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