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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 17, 2021, Vol. 22, No. 224

                           Headlines



A R G E N T I N A

SANTA FE PROVINCE: Moody's Affirms 'Ca' Issuer Rating


B R A Z I L

BRAZIL: Bolsonaro Bill Sends Prices Tumbling for Legal Claims
BRAZIL: Ore Shipments Drop 64% in Daily Average at Start of Nov.
[*] BRAZIL: Wants to Take Advantage of Mercosur Presidency


C A Y M A N   I S L A N D S

BANCO MERCANTIL: Moody's Rates New Perpetual AT1 Notes 'Ba2(hyb)'


C H I L E

LATAM AIRLINES: Azul Eyeing Bid for Whole of Airline, CEO Says


M E X I C O

BANCO MERCANTIL: S&P Rates New Tier 1 Hybrid Notes 'BB-'
GRUPO AEROMEXICO: Apollo Taking Stake in New Plan
PETROLEOS MEXICANOS: AMLO May Foot $36BB Bill for Debt Through 2024


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Quarry Operators Owe $194MM in Royalties

                           - - - - -


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A R G E N T I N A
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SANTA FE PROVINCE: Moody's Affirms 'Ca' Issuer Rating
-----------------------------------------------------
Moody's Investors Service affirmed the ca baseline credit
assessment (BCA), the Ca issuer rating (foreign currency) and the
Ca senior unsecured ratings (foreign currency) of the Province of
Santa Fe ("Province" or "Santa Fe") and changed the outlook to
stable from negative.

RATINGS RATIONALE

The change in outlook to stable from negative reflects Moody's view
that, unlike local peers, Santa Fe is unlikely to undergo any debt
restructuring proceedings in the near term and Moody's
understanding that the province has adequate liquidity to address
short term funding needs as the province does not face significant
payments in foreign currency beyond a principal payment of US$125
million in March 2022.

The affirmation of the ca/Ca baseline credit assessment, issuer and
senior unsecured ratings incorporates Moody's expectation of
adequate operating and financial balances for the rating category
despite the challenging operating environment for Argentine
issuers. Due to its close institutional, financial and operational
linkages with the Government of Argentina (Ca stable), the Province
of Santa Fe does not have enough financial flexibility and market
access for its credit quality to be stronger than that of the
sovereign.

Notwithstanding the budgetary pressures caused by the COVID
pandemic, which Moody's views as a social risk, and the deep
economic recession, the Province of Santa Fe has been able to
record operating surpluses higher than historical levels. For the
full year 2020, the Province registered a gross operating balance
of 9.4% of operating revenue, which represents an improvement over
the 4.8% registered in 2019. For the second quarter of 2021 Santa
Fe reported a gross operating balance of 8.2% of operating revenue,
higher than the 4.1% and 2.6% posted in the same period of 2020 and
2019 respectively. The robust operating surpluses are the result of
better than expected tax collection and prudent management of
operating expenditures.

Moody's expects Santa Fe's gross operating and cash financing
surpluses to improve in 2021 versus 2020 but to decrease in 2022 as
a result of higher current expenses and the execution of investment
plans. In terms of revenue growth, Moody's expects tax collection
to be supported by an economic recovery that Moody's expects will
lead to real GDP growth of 6.5% in 2021 and 2% in 2022. Moody's
also expects debt metrics to remain commensurate with the rating
category, but Moody's acknowledges that pressures on the foreign
exchange rate can weaken the province's leverage levels. Santa Fe
presents relatively low leverage levels compared to peers, as net
direct and indirect debt represented 19.2% of total revenue as of
2020 versus a median of 59% for rated local peers, but the Province
exhibits a high exposure to foreign currency debt, which
represented 76% of total debt in 2020. At the same time, Moody's
expects Santa Fe's debt affordability in terms of interest payments
to remain manageable since interest payments represent only about
1% of operating revenue.

The ratings also incorporate an expectation of a low likelihood of
extraordinary support from the Government of Argentina.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

In Moody's view, the Province of Santa Fe's exposure to
environmental risks is material. The province benefits from a
diverse economy, but is exposed to activities that would be deeply
affected by environmental risk such as agriculture. Moody's also
acknowledges that carbon transition risks are low because there is
no significant pressure for decarbonization in the near term.

Moody's assesses social risk as material for Santa Fe. The province
is exposed to labor and income related risks and faces moderate
demographic, housing and health and safety pressures. Argentina has
history of low job creation and macroeconomic instability that has
increased domestic poverty but the country benefits from
comparatively strong educational outcomes.

In terms of governance, Santa Fe presents an overall stable
institutional framework, with a relatively defined revenue profile
supported by a federal tax sharing regime established by law. Santa
Fe's policy credibility and effectiveness are underpinned by the
province's adherence to debt and investment policies that are
neither notably conservative nor lax, while at the same time there
is acceptance of exposure to foreign currency risk. Santa Fe also
presents relatively good transparency and disclosure practices.

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

Given the strong macroeconomic and financial linkages between
sovereign and sub-sovereign entities in Argentina, an upgrade or an
outlook change to positive of Argentina's sovereign bonds ratings
could lead to an upgrade or to an outlook change of the Province of
Santa Fe ratings. Conversely, the ratings could face downward
pressure if Argentina's bond ratings were downgraded or outlook
changed to negative. Downward rating pressure could also arise if
Santa Fe's idiosyncratic risk profile were to deteriorate or if the
province were to undergo any potential debt restructurings in which
Moody's viewed investor losses would likely be greater than 65%.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.



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B R A Z I L
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BRAZIL: Bolsonaro Bill Sends Prices Tumbling for Legal Claims
-------------------------------------------------------------
globalinsolvency.com, citing Bloomberg New, reports that
secondary-market prices for legal claims against Brazil's
government tumbled to less than two-thirds their face value on
President Jair Bolsonaro's proposal to delay court-ordered payments
on the debt.

The securities had been trading at about 90% of face value as
recently as the first half of this year, and are now closer to 60%,
according to executives at banks and asset-management firms who
trade the debt, according to globalinsolvency.com.

The market for legal claims has been attracting investors seeking
higher returns after the nation's benchmark interest rate fell to
as low as 2% last year, the report notes.  

The government has made court-ordered payments on time since 2010,
enticing newcomers to the market including hedge funds, rich
individuals and midsize banks and driving prices to record highs,
adds the report.

Global investors have also been buying the assets with help from
firms including Bank of America Corp., which has been trading legal
claims bigger than 50 million reais ($8.9 million) since 2008 and
is one of the most active players, notes globalinsolvency.com.

                          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).

BRAZIL: Ore Shipments Drop 64% in Daily Average at Start of Nov.
----------------------------------------------------------------
Rio Times Online reports that exports of iron ore from Brazil fell
by an average of 63.8% in the first three working days of November,
compared to the amount shipped per day in the same month last year,
according to data released by the Secretariat of Foreign Trade
(Secex).

The shipments totaled about 527 thousand tons a day in the
accumulated first week of the month, versus 1.46 million tons of
the daily average of the entire November in 2020, according to Rio
Times Online.

The reduction in shipments comes amid a sharp drop in iron ore
prices in China, with weaker demand from the main global buyer, the
report notes.

                         About Brazil

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

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


[*] BRAZIL: Wants to Take Advantage of Mercosur Presidency
----------------------------------------------------------
Rio Times Online reports that Brazil wants to take advantage of the
pro tempore presidency of Mercosur to move forward with the
modernization of the bloc, including digitalization, said the
Minister of Economy, Paulo Guedes, at the Mercosur Regional Digital
Market seminar, sponsored by the Ministry of Foreign Affairs and
ECLAC.

The modernization of the bloc also involves the tariff dimension,
adding that this has been worked out with the partners, according
to Rio Times Online.

He said that this year, digital trade in Brazil is 72% above the
levels observed in 2020, the report notes.

Mercosur will remain relevant for Brazil, Paulo Guedes said,
depending on "its capacity to respond to these market opportunities
that exist," relates the report.

                         About Brazil

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

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

credit rating for Brazil is BB (low) with stable outlook
(March 2018).




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C A Y M A N   I S L A N D S
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BANCO MERCANTIL: Moody's Rates New Perpetual AT1 Notes 'Ba2(hyb)'
-----------------------------------------------------------------
Moody's Investors Service has assigned a foreign currency junior
subordinated debt rating of Ba2(hyb) to Banco Mercantil del Norte,
S.A.(Cayman I)'s ("Banorte") proposed issuance of perpetual
callable subordinated non-preferred non-cumulative Additional Tier
1 (AT1) capital notes, with an optional redemption on the first
call date. The Contingent Convertible Capital Notes ("the notes")
will be issued through Banorte's Cayman Islands branch, Banco
Mercantil del Norte, S.A. (Cayman I). The capital notes will be
split into two tranches of different maturities of five and ten
years.

LIST OF AFFECTED RATINGS:

The following rating was assigned to the Perpetual Convertible
Capital Notes issued by Banco Mercantil del Norte, S.A. through
Banco Mercantil del Norte, S.A. (Cayman I):

Long-term foreign currency junior subordinated debt rating of
Ba2(hyb)

RATINGS RATIONALE

The assigned Ba2(hyb) rating is positioned three notches below
Banorte's baa2 adjusted baseline credit assessment (adjusted BCA),
in line with Moody's standard notching guidance for contractual
non-viability securities and reflects both the high probability of
default of these notes as well as the high loss given default
resulting from their subordination to the bank's senior debt and
deposits. Because the level at which the instrument will be written
down is very close to the expected point of non-viability, the
notes will not materially reduce the risk of a bank failure in
Moody's view. However, the issuance is nevertheless credit positive
for Banorte because it could reduce depositor and senior bondholder
losses if the bank is liquidated by enhancing its already ample
total loss-absorbing capacity (TLAC) as requirements are phased-in
between 2022 and 2025.

Under the terms of the notes, principal will be partially or fully
written down in the event that (i) the bank's fundamental capital
ratio, as calculated pursuant to applicable Mexican capitalization
regulations, is equal to or below 5.125%; (ii) the bank's license
is revoked, or (iii) if Mexico's Banking Stability Committee makes
a determination that Banorte requires financial assistance, prior
to the revocation of its license, in order to avoid a systemic
risk.

In the case that any of the aforementioned events occur, the notes
would be written down, together with any concurrent pro rata write
down or conversion of any other subordinated non-preferred
indebtedness issued by the bank and then outstanding, in an amount
sufficient to return the bank's Common Equity Tier 1 (capital
basico fundamental, or CET1) ratio to the minimum level required by
local regulations at that time and to restore any countercyclical
and/or systemically important bank (D-SIB) supplemental capital
requirements then in place.

Under the Mexican banking regulation, the minimum CET1 ratio is 7%,
plus the D-SIB requirement of 0.9%. In September 2021, Banorte
reported a Common Equity Tier 1 (CET1) ratio of 14.86%, which was
well above the write-down trigger of 5.125%. Moody's estimate that
Banorte's TLAC requirement when fully implemented will be 17.9%,
well below its Tier 1 ratio of 20.92% and its total regulatory
capital ratio of 21.86% as of September 2021.

Banorte will automatically cancel interest due on the notes if (a)
the bank is classified as Class II or below pursuant Articles 121
and 122 of the Mexican Banking Law, or (b) the bank is classified
as Class II or below as a result of the applicable interest
payment. Based upon current regulations, the bank will be
classified as Class II if its capital levels fall below the
following minimum thresholds: 10.5% for the Total Capital (Capital
Neto) ratio, 8.5% for the Tier 1 (Capital Basico) ratio, and 7.0%
for the CET1 ratio. The bank will also be classified as Class II if
it fails to meet any additional D-SIB and countercyclical capital
supplements required by the regulator.

In addition to the contractual write-down provisions, interest on
the notes will be due and payable subject to Banorte's sole and
absolute discretion, always and for any reason, to cancel any
interest payment in whole or in part. These notes constitute
subordinated non-preferred indebtedness and will rank: (i)
subordinate and junior in right of payment and in liquidation to
all of the bank's present and future Senior Indebtedness; (ii) pari
passu without preference among themselves and with all the bank's
present and future other unsecured Subordinated Non-Preferred
Indebtedness and; (iii) senior only to all classes of the bank's
equity or capital stock.

Despite the very high probability that the government will support
Banorte's depositors considering the bank's large deposit market
share of 12.1% in September 2021, the ratings assigned to these
notes do not benefit from uplift stemming from government support
because they are intended to provide loss absorption.

Banorte's BCA of baa2 benefits from a well-positioned franchise
supported by strong earnings diversification. In September 2021,
Banorte reported net income to tangible asset of 2.28% reflecting a
strong expansion of noninterest income activities, continued cost
control efforts and low provisioning expenses, which supported
solid capital generation. Although the BCA captures the risk of
asset-quality deterioration because of the higher-than-peers
expansion into relatively riskier portfolios over the past three
years, the bank's delinquencies remained low, falling to 1.2%
during Q3 2021, from 1.4% in Q2 2021, an improvement that resulted
from the resolution of an isolated corporate exposure. At the same
time, Banorte maintained strong reserve buffers that accounted for
1.84x its 90-day problem loans.

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

Upward pressure on Banorte's Ba2(hyb) ratings would occur if the
bank's baa2 BCA were to be upgraded based on the bank maintaining
its asset quality while it diversifies its loan book into retail
lending; and maintains its adequate core capitalization and
profitability.

Banorte's Ba2(hyb) ratings is likely to face downward pressure if
the baa2 BCA weakens as a result of material decline in the banks'
core capitalization or if there is a substantial deterioration of
asset quality in the event the operating environment deteriorates
sharply.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.



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C H I L E
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LATAM AIRLINES: Azul Eyeing Bid for Whole of Airline, CEO Says
--------------------------------------------------------------
Stephen Eisenhammer at Reuters reports that Brazilian airline Azul
SA is interested in buying the whole of Chile's bankrupt LATAM
Airlines Group and is ready to make an offer if creditors fail to
agree on a restructuring plan, Azul Chief Executive John Rodgerson
told Chilean newspaper Diario Financiero.

"We know exactly what we will offer," Rodgerson said in the
interview, adding that Azul would likely have to wait until Nov. 23
when a statutory limit on reaching a restructuring plan runs out,
according to Reuters.

Reuters previously reported that Azul was only interested in buying
LATAM's Brazilian operations, but in the interview with Diario
Financiero, Rodgerson said the plan was to buy and hold on to the
whole company.

"We would buy the whole asset. I believe that the group has a lot
of value and we're not thinking of splitting or selling divisions,"
he said, the report notes.

Rodgerson said that if LATAM manages to agree a restructuring, Azul
would not be able to make its offer, but that all indications were
that such an agreement would not be reached, the report relays.

LATAM officials did not immediately respond to emails seeking
comment.  In the past, the airline has said it had no intention of
selling any of its parts, the report adds.

               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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M E X I C O
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BANCO MERCANTIL: S&P Rates New Tier 1 Hybrid Notes 'BB-'
--------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue-level rating
to the proposed issuance of perpetual, callable, subordinated,
non-preferred, non-cumulative, Tier 1 capital notes by Banco
Mercantil del Norte S.A. Institucion de Banca Multiple Grupo
Financiero Banorte (BBB/Negative/A-2) through its Grand Cayman
Branch for up to $800 million. The rating is subject to S&P's
review of the notes' final documentation.

In accordance with S&P's criteria for hybrid capital instruments,
"General Criteria: Hybrid Capital: Methodology And Assumptions,"
published July 1, 2019, on RatingsDirect, the 'BB-' issue rating
reflects S&P's analysis of the proposed notes and its 'BBB'
long-term issuer credit rating (ICR) on Banorte.

S&P notched the issue-level rating below the ICR reflecting:

-- One notch because the notes are contractually subordinated to
other senior debt;

-- Two notches to reflect the notes' discretionary coupon payments
and regulatory Tier 1 capital status; and

-- An additional notch for its mandatory contingent capital clause
that would lead to a principal write-down.

Once Banorte's hybrid capital notes have been issued and confirmed
as part of its Tier 1 capital base, S&P expects to assign
intermediate equity content to them, in accordance with its
criteria. This reflects our understanding that the notes:

-- Are perpetual regulatory Tier 1 capital instruments with a call
date that we expect to be approximately five years from issuance;

-- Have no step-up clause that could increase the incentive to
redeem the notes;

-- Can absorb losses on a going-concern basis through the
non-payment of coupons and principal write-down; and

-- There are no material restrictions on deferrals because the
bank can discretionally suspend coupon payments.

S&P said, "According to our criteria, a hybrid capital instrument
with intermediate equity content is eligible to be included in the
total adjusted capital (TAC) calculation until the aggregate amount
of all instruments with intermediate equity content is equivalent
to up to 33% of the bank's adjusted common equity (ACE). As of
Sept. 30, 2021, Banorte's outstanding hybrid capital issuances with
intermediate equity content already exceeded our 33% threshold of
its ACE base. Therefore, the proposed issuance wouldn't be included
in Banorte's TAC until the bank's internal capital generation
increases its ACE base, allowing Banorte's TAC to gradually
incorporate this issuance and strengthen its risk-adjusted capital
(RAC) ratio. As a result, our forecasted RAC ratio remains
unchanged and doesn't affect Banorte's capital and earnings, which
we assess as strong. We forecast our RAC ratio for Banorte to be
11.5%-12.0% for the next two years.

"The proposed notes also don't affect our view of Banorte's funding
and liquidity. The notes wouldn't significantly modify the bank's
funding mix. In our opinion, Banorte's funding structure represents
an additional credit strength--it mostly consists of core customer
deposits (79% of the bank's total funding base, as of September
2021), which we view as more stable during adverse market and
economic situations. Additionally, Banorte's wholesale deposits
have remained stable, which underscore its long-standing
relationships with institutional clients. Banorte has additional
funding sources, such as repos (10%), market debt in local and
global markets (4%), interbank loans (1%), and hybrid capital
instruments--with intermediate equity content--issued abroad by its
Grand Cayman Branch (5%). These issuances (and the one that the
bank is proposing) are part of Banorte's funding strategy and have
allowed it to extend its debt maturity profile.

"Our ratings on Banorte still reflect its solid business position
along with diversification by business lines, sectors, and
customers, which supports business and revenue stability. The
ratings also reflect the bank's conservative stance on risk taking,
its solid RAC level, and adequate funding structure that's mostly
based on fragmented deposits that also supports the bank's
liquidity position. As a result of these factors, Banorte's
stand-alone credit profile (SACP) is 'bbb+'."


GRUPO AEROMEXICO: Apollo Taking Stake in New Plan
-------------------------------------------------
Andrea Navarro of Bloomberg News reports that airline Grupo
Aeromexico SAB received a proposal to emerge from bankruptcy by
having lead lender Apollo Global Management Inc. convert some debt
into equity. A previous exit package didn't include the U.S. firm
getting a stake.

The carrier, which filed for Chapter 11 in 2020 after the pandemic
decreased travel, said that a group of new and existing creditors
and investors will repay the rest of the loan held by Apollo,
which led the carrier's debtor-in-possession financing. Amounts
were not disclosed.

                    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.


PETROLEOS MEXICANOS: AMLO May Foot $36BB Bill for Debt Through 2024
-------------------------------------------------------------------
bnnbloomberg.ca reports that Mexico's President Andres Manuel Lopez
Obrador may be poised to foot a titanic bill for the world's
most-indebted oil producer.

Petroleos Mexicanos Chief Executive Officer Octavio Romero told
lawmakers that the federal government would assume responsibility
for its bond payments, leading to a sharp rally in notes from the
beleaguered company, according to bnnbloomberg.ca.  Pemex has about
$36 billion in debt coming due by the time Lopez Obrador's term
expires in September 2024, according to data compiled by
Bloomberg.

Romero's comments were light on details, and both the Finance
Ministry and the president's office have declined to offer any
specifics about the guarantee or even back up the idea of what
Romero said at all, the report notes.  While there's always been an
implicit understanding that the government would rescue Pemex if it
needed to, Romero's comments move closer to suggesting that the
support is official policy in this administration, the report
relays.

Traders snapped up the bonds following Romero's comments, wagering
that an explicit guarantee from the government made Pemex's debt
much more appealing, the report relays.  Notes maturing in 2031
cemented their best two-day gain since March as they climbed to 99
cents on the dollar, and both credit default swaps and spreads
against equivalent U.S. Treasuries tightened, the report
discloses.

"This is more of the same, i.e., more government support for
Pemex," said Edwin Gutierrez, a money manager at Aberdeen Asset
Management in London, who holds Pemex bonds, the report notes.
"It's why we continue to like Pemex at prevailing spreads versus
the Mexican sovereign."

Still, Gutierrez says he wouldn't read too much into Romero's
comments for now, adding that the government's approach will
continue to be piecemeal, the report notes.

"These were just some off-the-cuff remarks he made," Gutierrez
said, the report adds. "They'll pay what they think they can afford
to pay."

                 About Petroleos Mexicanos

Petroleos Mexicanos is engaged in the exploration, refining,
transportation, storage, distribution, and sale of crude oil,
natural gas, and derivatives of petroleum and natural gas in
Mexico.  The Company is a major supplier of crude oil to the United
States.

As reported in Troubled Company Reporter-Latin America, Moody's de
Mexico, S.A. de C.V. in July 2021 downgraded Petroleos Mexicanos'
(PEMEX) senior unsecured ratings on the company's existing notes,
as well as the ratings based on PEMEX's guarantee, to A3.mx/Ba3
from A2.mx/Ba2. Moody's also affirmed PEMEX's MX-2 short term
national scale. These rating actions follow Moody's Investors
Service (MIS) rating action of downgrading PEMEX's corporate family
rating to Ba3 from Ba2. MIS also lowered PEMEX's Baseline Credit
Assessment (BCA), which reflects its standalone credit strength, to
caa3 from caa2.



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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Quarry Operators Owe $194MM in Royalties
-----------------------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that the government
is owed $194 million in outstanding royalties from quarry companies
for the period between 2005 and 2020.

This was revealed in Trinidad and Tobago Extractive Industries
Transparency Initiative (TTEITI) summary report called the State of
the Extractive Sectors Report for 2021, according to Trinidad
Express.

Speaking at the Oilfields Workers' Trade Union (OWTU) virtual
forum, TTEITI head of secretariat, Sherwin Long, said the
outstanding royalties are largely because of underreporting of
mineral production volumes and the concomitant challenges in
calculating and collecting royalties owed, the report notes.

"At a time where we have a revenue crunch, making attempts to
retrieve that money is key.  There are also other challenges in the
mining sector in terms of licensing operators that we have.  We
currently only have eight, out of approximately 80 to 90 operating
companies," he said, the report discloses.

He explained that the TTEITI recommended a few things to treat with
this situation, the report says.

"One of the problems with the outstanding royalties is having a
system to verify the production, using drones to verify production,
looking at stockpiles, is important as well as how do you
digitalise this licensing process, making it a single electronic
window and including the EITI clauses in mining licensing and
contracts," Long said, the report discloses.

With regard to total revenue payments from T&T extractive
industries, Long indicated using a graph that for 2020 the payment
was between $5 and $6 billion, compared to over $28 billion in
2014, the report relays.

"From 2010-2018 BPTT, the National Gas Corporation and the
now-defunct Petrotrin were the highest tax paying companies," he
said, the report relates.

He noted that the provisional data for upstream payments by
Petrotrin/Heritage Petroleum shows in 2014, the payment was $6
billion and in 2020 it dropped significantly to $600 million due to
the climate of the economy, the report relays.

Long said the TTEITI aim going forward is looking at revenue
remodelling, initial discussions were already had with EITI
International, as well as the Energy Ministry on this, the report
discloses.

"We are looking to do some projections on what we would earn using
publicly available data. Our approach to public outreach is also
going to change on more topical issues and highlighting work from
the civil society group," he added, the report note.

Also speaking was TTEITI chairman Gregory McGuire, who indicated
that EITI legislation should be implemented in Trinidad and Tobago
and the body would be advocating and pressing for this to become a
reality, the report discloses.

McGuire said some of the initiatives the TTEITI is embarking on
include getting data and reporting in more timely fashion, the
report notes.

"Persons would not have to wait for two years to know what is going
on in the extractive industries and other energy matters, so this
means using technology to make the data more current," he said, the
report relates.

Another aim is to increase mining sector participation, the report
says.

"There are only four to five companies giving reports and there is
a huge gap between the existing companies involved in mining,"
McGuire said, the report discloses.

OWTU president general Ancel Roget again reiterated his call for a
public enquiry into the now-defunct Petrotrin, the report relates.

"Subsides went from $1 billion to $200 million, the price of fuel
something we were predicting all the time, increased by 84 per
cent. More increases are expected to come," he said, the report
relays.

Roget also questioned who is holding the Government responsible for
the Train 1 fiasco, the report adds.




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