---

       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

          Thursday, November 18, 2021, Vol. 22, No. 225

                           Headlines



A R G E N T I N A

AGUA Y SANEAMIENTOS: Fitch Affirms 'CCC' LT IDRs
GAUCHO GROUP: Makes Add'l $3.5M Investment for Las Vegas Project


B R A Z I L

BRAZIL: Vehicle Sales Down 24.5% in October, Anfavea Says
JBS SA: To Make Changes in Corporate Leadership
USINAS SIDERURGICAS: Moody's Ups CFR & Sr. Unsecured Notes to Ba2


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Justice Ministry Shuts Quarries in the East


M E X I C O

GRUPO MEXICO: Receives Joint Proposal From Key Stakeholders


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Business Chamber Urges Reopening of Beaches

                           - - - - -


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

AGUA Y SANEAMIENTOS: Fitch Affirms 'CCC' LT IDRs
------------------------------------------------
Fitch Ratings has affirmed Agua y Saneamientos Argentinos S.A.'s
(AySA) Long-Term Local and Foreign Currency Issuer Default Ratings
(IDRs) at 'CCC'. Fitch has also affirmed AySA's USD500 million
senior unsecured 6.625% notes due 2023 at 'CCC'/'RR4'. The 'RR4'
Recovery Rating for the company's senior unsecured notes
incorporates an average expected recovery given default of 31% to
50% and is the soft cap established for Argentine corporates.

AySA's ratings reflect its 'very strong' linkage with the Republic
of Argentina (CCC) and the 'moderate to strong' incentive that the
government has to support the company. The government has a
positive track record of injecting cash at the company. Fitch
assessed AySA's standalone credit profile (SCP) at 'ccc-',
reflecting its negative operating cash generation, with unbalanced
revenue and cost structure, and unsustainable capital structure.

KEY RATING DRIVERS

Equalization with the Sovereign: Fitch equalizes the ratings of
AySA and Argentina based on linkage strength, considered 'very
strong', and the incentive of support, considered 'moderate to
strong', both based on the "Government-Related Entity Criteria."
AySA is key for implementation of the government's water/wastewater
sector capex plan in addition to 90% ownership on the company.

The government's incentive to support AySA is based on moderate
social and political implications, due to private-sector players'
probable ability to provide substitutes, and that a financial
default would not materially affect the provision of services. The
estimated impact of AySA's default on the availability and cost of
domestic or foreign financing options for the sovereign and/or
other government's subsidiaries is considered strong.

Relevant Parent Support: AySA is dependent on government capital
injections to support its loss-making operations, capex and debt
obligations. The company provides important water/wastewater
utility services for the most economically relevant region in
Argentina, which underpins expectations of continued government
support. The government's capital injections totaled ARS41 billion
in the first half of 2021 and ARS82 billion in all 2020. The
company is subject to the Argentine government's water/wastewater
policy with operations and financing activities controlled by the
government, which also validates its budget, debt issuances and
investments.

Negative EBITDA: AySA should continue reporting negative EBITDA
estimated at ARS36 billion in 2021 and ARS48 billion in 2022. The
company's unbalanced tariff levels and cost structure (latest
tariff increase was 2019) has led to negative EBITDA of ARS29
billion during the last twelve months (LTM) ended June 2021.

AySA's FCF is also expected to remain negative, projected at ARS113
billion in 2021, falling to ARS194 billion in 2022 due to
increasing negative operating cash flow generation and higher
capex. The base case scenario assumes tariff growth in line with
inflation rates in 2022. Negative FCF should continue to be funded
with Capital injections estimated at ARS100 billion in 2021 and
ARS190 billion in 2022 should continue to fund the negative FCFs
and maintain minimum liquidity levels.

Low Business Risk Industry: AySA's operations present low business
risk and benefits from predictable and resilient demand given its
provision of an important utility to the population within its
concession area. The company has sustained its total volume billed
during the first half of 2021, after reducing by 2.3% in 2020,
given the impact of the coronavirus pandemic.

The company's operations are regulated and present a monopoly
condition in water/wastewater services in the state of Buenos
Aires, which places high entry barriers. AySA has a track record of
adequate water supply distribution and ample access to water
resources from nearby rivers (La Plata and Parana), which mitigates
supply capacity concerns.

Relevant FX Mismatch: AySA has exposure to FX volatility as its
debt consists of the sr. unsecured notes and a Banco Nacional de
Desenvolvimento Economico e Social (BNDES) obligation, both in U.S.
dollars. This debt profile pressures for additional government
support under relevant devaluation of the Argentinean peso. BNDES'
debt counts on an implicit government guarantee from the reciprocal
payments and credit agreement (Convenio de Pagamentos e Creditos
Reciprocos; CCR) of the ALADI (Associacao Latinoamericana de
Integracao).

Weak Regulatory Environment: The regulatory environment for AySA is
weak given a demonstrated track record of reduced enforceability,
with annual tariff increase ultimately a political decision from
federal government, which poses uncertainty about future regulatory
mechanisms to adjust tariffs.

Favorably, AySA has a flexible capex policy, which benefits the
company in the case of insufficient capital injection from
controlling shareholder. AySA has the challenge of improving its
corporate governance practices in terms of control and transparency
when compared with Fitch's average monitored companies
notwithstanding it does not penalize its ratings.

DERIVATION SUMMARY

AySA's SCP is weak as compared with its main peers in other Latin
American countries owing to its fragile operating performance, weak
regulatory environment and strong dependence on shareholders to
support its negative operating cash flow generation and debt
payments.

This condition compares unfavorably with Companhia de Saneamento
Basico do Estado de Sao Paulo (Sabesp; Local Currency IDR
BB+/Stable), a state-owned company based in Brazil with sound cash
flow generation and strong credit metrics, and Aegea Saneamento e
Participacoes S.A. (Local Currency IDR BB/Watch Negative), a
privately owned company in Brazil with strong EBITDA margins and
diversified portfolio of concessions.

AySA's efficiency ratios, such as water distribution losses and
connection per employee are weak as compared with these two peers,
which also benefit from improved regulatory environment,
demonstrated financial flexibility and better corporate governance
practices.

KEY ASSUMPTIONS

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

-- Continued support from the government through capital
    injections;

-- No tariff increases in 2021 and increases in line with
    inflation estimates thereafter;

-- Annual number of connections at 2.1% in 2021 and 3.2%
    thereafter;

-- Average annual capex of around ARS178 billion within 2021-
    2024.

RATING SENSITIVITIES

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

-- Upgrade of Argentine sovereign IDR combined with material
    progress in addressing bond maturity in 2023.

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

-- Fitch's perception of weakening on strength of linkage and
    incentive to support between AySA and the sovereign;

-- Inability to address upcoming maturities in a timely manner.

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

Weak Liquidity: AySA's liquidity fully relies on the cash
injections from the shareholder given its inability to register
internal cash generation and restricted access to debt and capital
markets on a standalone basis. The company's refinancing risk will
be tested particularly by the end of 2022 as approximates its bond
issuance bullet maturity in February 2023. The challenging
government fiscal situation may also pressure the bond's coupon
payments, scheduled for every first of February and August each
year.

Next financial obligations are bond coupon payment of USD17 million
(ARS1.3 billion) by Feb. 1, 2022 and BNDES' principal instalment by
April 2022 (around USD2 million). The sizable cash balance by the
end of June 2021 of ARS32 billion should support opex and capex
throughout 2021. Budget transfers for the company in 2022 are still
pending final government approval. By the end of June 2021, total
debt was ARS49 billion, with ARS444 million maturing on short-term
and cash and equivalents of ARS32 billion.

ISSUE RATINGS BASED ON RECOVERY ANALYSIS

For issuers with IDRs of 'B+' or below, Fitch performs a recovery
analysis for each class of obligations of the issuer based on the
going concern enterprise value of a distressed scenario or the
company's liquidation value. In the case of AySA, Fitch has adopted
the approach to consider the average recovery given its condition
as a state-owned concessionaire, supported by the Argentine
government due to its negative EBITDA, which restricts assumptions
for ongoing concern or liquidation value exercises.

ISSUER PROFILE

Agua y Saneamientos Argentinos S.A. (AySA) is the water/wastewater
concessionaire of Buenos Aires and 28 municipalities of the
metropolitan region. The company supplies an estimated 14 million
people through an extendable 20-year concession agreement. The
Argentine Government owns 90% of the company.

ESG CONSIDERATIONS

AySA has a score of '4' for Governance Structure (GGV), due to its
nature as a majority government-owned entity and the inherent
governance risk that arises with a dominant state shareholder,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3' - 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.

GAUCHO GROUP: Makes Add'l $3.5M Investment for Las Vegas Project
----------------------------------------------------------------
Gaucho Group Holdings, Inc. (NASDAQ:VINO), a company that includes
a growing collection of e-commerce platforms with a concentration
on fine wines, luxury real estate, and leather goods and
accessories, announced it has made a new $3.5 million payment to
LVH Holdings LLC to further advance the previously announced
agreement to develop a project in Las Vegas, Nevada.

Gaucho Holdings' new payment of $3.5 million (following two
previous installments of $1 million and $2.5 million, announced
earlier this year) toward the project, brings its commitment thus
far to $7 million paid toward what is expected to be a total
commitment of $35 million for a 40% ownership of the project.
Gaucho Holdings believes the Las Vegas project can expand the
Gaucho brand in ways that could include opportunities in lodging,
hospitality, retail, and gaming. SB Architects, an international
architecture and design practice with offices in San Francisco,
Miami and Shenzhen, leads the design of this project. Mark Advent,
a partner in LVH holdings, and the creator of the highly popular
New York New York hotel and casino, is the creative visionary
working directly with SB Architects.

Gaucho Holdings' brands are intended to be featured prominently in
the project, including the development of a Gaucho-branded boutique
hotel, hospitality lodging with residential leasing, a
well-appointed Gaucho retail store featuring Gaucho's fine leather
goods & accessories, as well as an Argentinian steakhouse with the
potential curation of a tango show. Additionally intended is a wine
bodega featuring Gaucho Holdings' high end wine brand Algodon Fines
Wines, which are produced at its 4,138 acres winery in San Rafael,
Mendoza, Argentina.

Scott Mathis, CEO and Chairman of Gaucho Holdings, commented, "We
are very excited about this advancement of what has the potential
to become an extraordinary mixed-use complex with world-class
partners at an ideal moment in time when Americans and the world
are eager to have fun. As the project advances during the
pre-construction phase, we will be announcing other key elements of
the development, including an impressive assortment of
entertainment, food, and beverage offerings, as well as other
differentiated features and attractions to create a destination
with global reach and appeal. The Gaucho brand and goods will be a
prominent part of this enterprise. We could not be more excited
about our participation in this game changing project. Stay tuned
as this opportunity unfolds."

Bill Allen, one-time Chairman and CEO of publicly-traded Bloomin'
Brands who was recently named to Gaucho's board of directors added,
"We are delighted and committed to seeing this project evolve to
its next stage. We believe our Las Vegas project can become a major
draw in the market while introducing the Gaucho name and brands to
the world. The Las Vegas Strip is one of the most recognizable and
visited destinations in the United States and beyond, with some of
the most significant luxury and commercial brands showcased
there."

Mark Advent, the creator of the highly successful New York New York
casino-hotel in Las Vegas, said, "We have assembled an all-star
team of industry leaders and visionaries to work together to
deliver one of the most transformative and attractive lifestyle and
leisure, entertainment, gaming and hospitality concepts ever
conceived of in Las Vegas. We are designing an entertainment
property that will ignite awareness and become a 'must-see'
destination and in time will be revealing our plans as the various
elements are cemented in."

                        About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.  


Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned
subsidiaries, GGH invests in, develops and operates real estate
projects in Argentina.  GGH operates a hotel, golf and tennis
resort, vineyard and producing winery in addition to developing
residential lots located near the resort. In 2016, GGH formed a new
subsidiary and in 2018, established an e-commerce platform for the
manufacture and sale of high-end fashion and accessories.  The
activities in Argentina are conducted through its operating
entities: InvestProperty Group, LLC, Algodon Global Properties,
LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L.,
and Algodon Wine Estates S.R.L. Algodon distributes its wines in
Europe through its United Kingdom entity, Algodon Europe, LTD.

Gaucho Group reported a net loss of $5.78 million for the year
ended Dec. 31, 2020, compared to a net loss of $6.95 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$13.96 million in total assets, $4.62 million in total
liabilities, and $9.33 million in total stockholders' equity.




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

BRAZIL: Vehicle Sales Down 24.5% in October, Anfavea Says
---------------------------------------------------------
Rio Times Online reports that new vehicle sales fell 24.5% in
October compared to the same month in 2020. According to the
balance released November 8 in Sao Paulo by the National
Association of Motor Vehicle Manufacturers (ANFAVEA), 162,300 units
were sold.

However, from January through October, there was a 9.5% increase
compared to the same period last year, with 1.7 million vehicles
sold, according to Rio Times Online.

ANFAVEA chairman Luiz Carlos Moraes says the sales contraction in
October is a reflection of the challenges faced by the industry,
such as the lack of components in a worldwide shortage, 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).

JBS SA: To Make Changes in Corporate Leadership
-----------------------------------------------
Kimberlie Clyma at meatpoultry.com reports that JBS S.A. announced
a change in its corporate leadership.

In January, the global president of operations role will be
reinstated and held jointly by Andre Nogueira, who will lead the
operations in North America, and Wesley Batista Filho, who will
lead the operations in Latin America and Oceania, and the global
plant-based business, according to meatpoultry.com.  Both will
report to Gilberto Tomazoni, Global chief executive officer, the
report notes.

"We have reinstated this structure to ensure our focus on
operational excellence, people and our culture, and better prepare
our company to pursue our sustainability and growth strategy, while
preserving independence and speed in decision making across our
global businesses," Tomazoni said, the report relays.

Nogueira has been with the company since 2007 and is the current
CEO of JBS USA, the report discloses.  He previously served as
chief financial officer of JBS USA and also led JBS in Australia,
the report adds.

Filho, current CEO of JBS in South America and Seara, led the beef
division of JBS USA until 2017. Prior to that role, he oversaw the
company's operations in Uruguay, Paraguay and Canada, the report
discloses.

Additional restructuring included:

   -- Gilberto Xando, currently a board member of JBS, will be CEO
of JBS Brazil, reporting to Filho. Xandó was in charge of Vigor
for nine years and was also a senior executive at Natura and
Sadia.

   -- Joao Campos, currently Seara's executive officer for Prepared
Foods, will assume the position of CEO of Seara, reporting to
Gilberto Xandó. Campos has been with Seara since 2020, and prior
to that was CEO of PepsiCo Foods Brazil for over five years.

   -- Tim Schellpeper, currently CEO of JBS USA Fed Beef, will
serve as CEO of JBS USA, reporting to Nogueira. Schellpeper has
been with the company since 2017. Previously he was CEO of
Maschhoff Family Foods and worked for 25 years at Farmland Foods
and Smithfield Foods, reaching the position of CEO and chief
operating officer of Smithfield-Farmland.

   -- Steve Cohron, current head of Pricing and Sales at JBS USA
Fed Beef, will lead JBS USA Fed Beef, reporting to Schellpeper. He
has more than 22 years of experience in the US beef industry and
joined JBS in 2005.

As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook on
JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A. (JBS
USA) to positive from stable and affirmed its 'BB+' issuer credit
rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.


USINAS SIDERURGICAS: Moody's Ups CFR & Sr. Unsecured Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded Usinas Siderurgicas de Minas
Gerais S.A's. ("Usiminas") corporate family rating to Ba2 from Ba3.
At the same time, Moody's upgraded to Ba2 from Ba3 the rating of
the $750 million senior unsecured notes due 2026 issued by Usiminas
International S.a r.l. and fully and unconditionally guaranteed by
Usiminas. The outlook for the ratings is stable.

Ratings upgraded:

Usinas Siderurgicas de Minas Gerais S.A.

Corporate Family Rating: to Ba2 from Ba3

Issuer: Usiminas International S.a r.l.

$750 million Gtd Senior Unsecured Notes due 2026: to Ba2 from Ba3

The outlook for the ratings is stable.

RATINGS RATIONALE

The upgrade of Usiminas' ratings to Ba2 reflects the strengthening
in the company's liquidity position and leverage ratios observed
since the beginning of 2021, which provides the company more
cushion to withstand future volatility in operations and mitigates
the risks associated with upcoming investments. The favorable
industry conditions for both steel and iron ore during 2021 led
Usiminas to become net cash in Q2 2021 because of an accumulated
free cash flow generation of BRL3.4 billion since October 2020. The
company's adjusted gross leverage also fell to a historical low
level of 0.7x in the twelve months ended September 2021 from 3.1x
at the end of 2020 on the higher EBITDA stream. Even though Moody's
expects that the favorable market conditions will gradually
moderate over the next 12-18 months, the cash Usiminas generated
during the last year creates a lasting buffer to net leverage
metrics, covenant compliance and liquidity, all of which reduces
the company's overall credit risk.

Usiminas' consolidated EBITDA increased to BRL10.3 billion in the
twelve months ended September 2021 from an average of BRL2.4
billion during 2017-20, supported by: (i) higher steel prices in
Brazil, (ii) a sharp recovery in domestic steel consumption after a
trough in April 2020, (iii) cost saving initiatives implemented
during the pandemic and (iv) strong iron ore prices that supported
a very strong performance of the company's mining operations. For
2022, Moody's expects Brazil's domestic HRC and 62%Fe iron ore
prices to moderate but to remain higher than historical averages.
Such price levels, combined with a still favorable demand
environment for steel in Brazil, will translate into still strong
EBITDA and cash generation for Usiminas in 2022, which will support
further cash build-up ahead of investments and the associated
working capital needs in 2022 and 2023. The company's gross
leverage ratios will remain strong at around 1.0x in 2022 before
gradually returning to a normalized range between 1.5x-3.5x through
commodity cycles, but net leverage ratios will remain stable
overtime based on a sustainably higher cash position.

Usiminas' main investment for 2022-23 relates to the BRL2.1 billion
revamp of a blast furnace (BF#3) at the Ipatinga mill, which
responds alone for approximately 60% of the company's total crude
steel production. The company's total capex will amount to BRL1.5
billion in 2021 and Moody's estimates that investments will be even
higher in 2022-23. Usiminas will also need to build a large slab
inventory through 2022-23 (about 700 thousand tons) to maintain its
rolling capacity running ahead of the furnace shut down in April
2023. In this sense, the liquidity buffer Usiminas created during
the last year coupled with Moody's beliefs that the risk of a cash
burn coming from operations is muted in the near term provide
comfort that Usiminas will have the ability to sustain its credit
quality during the execution of its investment plans.

Usiminas' Ba2 ratings continue to reflect the company's solid
position in the Brazilian flat-steel market and its history of
quickly adjusting operations to market conditions in Brazil. The
ratings are also supported by Usiminas' good credit metrics and
liquidity through economic and commodity cycles, and its enhanced
financial flexibility to withstand the volatility in its main end
markets. Usiminas has been able to pull levers to prevent cash burn
and maintain covenant compliance in the recent past, which reduces
potential liquidity risks in tougher operating environments.

The ratings are mainly constrained by Usiminas' exposure to the
volatility in the automotive industry in Brazil, given its
concentration in flat-steel production in the country, and by the
execution risks related to the revamp its main blast furnace in
2023. Usiminas' concentration of operations in two plants
introduces event risks and is an additional negative credit
consideration, although the ability to downsize provides Usiminas
with flexibility.

LIQUIDITY

Usiminas has a good liquidity profile, with a total cash position
of BRL7.3 billion at the end of September 2021, sufficient to cover
total reported debt by 1.2x, a comfortable debt amortization
schedule, with virtually no debt maturities until October 2023, and
significant buffer under financial covenants. About BRL2.7 billion
in cash is available at the parent level, with the remining sitting
mostly at the mining subsidiary, Mineracao Usiminas S.A. [MUSA],
and only accessible to Usiminas via dividend upstream, which
require approval from MUSA's minority shareholder, namely Sumitomo
Corporation (Baa1 stable). The company's normalized annual cash
flow from operations is sufficient to cover non-discretionary cash
outflow such as maintenance capital spending (around BRL1.0
billion) and net interest payments (about BRL300 million). The
company's dividend payments are usually capped at the minimum
required by Brazilian law (25% of net income).

Usiminas' current net cash position and Moody's expectations that
the company will continue to generate positive free cash flows in
the next 12-18 months are important mitigants to the execution
risks of current investments plans. Going forward, Moody's expects
Usiminas to maintain its conservative financial approach to
leverage and liquidity, matching future expansion investments (i.e.
investments at MUSA, new rolling lines) to its internal cash
generation, thus preserving its creditworthiness.

RATING OUTLOOK

The stable outlook incorporates Moody's assumptions that Usiminas
will maintain good liquidity and adequate credit metrics in the
next 12-18 months to mitigate execution risks on upcoming
investments.

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

An upgrade of Usiminas' ratings would require further strengthening
in the company's capital structure through gross debt reduction or
an improved business profile that would reduce Usiminas' exposure
to the volatility of the flat steel market in Brazil.
Quantitatively, an upgrade would also require sustainably strong
operating performance and market fundamentals, with adjusted
leverage sustainably below 2.5x and interest coverage of at least
3.5x (EBIT/interest expense). An upgrade would also require the
maintenance of strong liquidity and cash flow, which provides
Usiminas with buffer to withstand the volatility in its end
markets.

The ratings could be downgraded if the company's performance
deteriorates significantly with no prospects for improvement, with
its leverage increasing to more than 4.0x, its EBIT/interest
declining below 2.0x, if liquidity contracts meaningfully or if
market conditions deteriorates. A downgrade of Brazil's (Ba2
stable) sovereign rating could also result in a downgrade of
Usiminas' ratings.

The principal methodology used in these ratings was Steel Industry
published in November 2021.

COMPANY PROFILE

Headquartered in Belo Horizonte, Minas Gerais, Usiminas is the
largest integrated flat-steel manufacturer in Latin America, with
nominal production capacity of 5.0 million tons of crude steel and
6.9 million tons of sales capacity for flat rolled steel products,
and consolidated net revenue of BRL31.2 billion ($5.8 billion) in
the twelve months ended September 2021. Usiminas also owns iron ore
mining properties, steel distribution and capital goods
subsidiaries in Brazil. In the nine months ended September 2021,
Usiminas produced 6.7 million tons of iron ore, of which 5.2
million tons were sold to third parties.



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

DOMINICAN REPUBLIC: Justice Ministry Shuts Quarries in the East
---------------------------------------------------------------
Dominican Today reports that the Prosecutor's Office for the
Defense of the Environment and Natural Resources (Proedemaren)
carried out a mine inspection operation that gave continuity to the
on-site inspection of companies that extract materials in the
eastern and northeast region.

The Justice Ministry halted mining operations in cases in which the
administration did not present the corresponding environmental
permits and management plans, documents that must be produced in
the extraction area, according to Dominican Today.

The acting prosecutors summoned the main executives of these
companies to the national headquarters of Proedemaren, in Santo
Domingo, to present all the legal documentation, says a press
release, the report relays.

During this third operation, the authorities visited seven
quarries, located in various municipalities of La Romana, of which
citations could be delivered to those identified as La Noria
Concession Mine / Eastern Aggregates, Victor Rodriguez, LC Mine,
Richard Adolfo Cabrera Mine, Mina Luis Ramon Rodriguez and Mina El
Penon, Altagracia province, 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
===========

GRUPO MEXICO: Receives Joint Proposal From Key Stakeholders
-----------------------------------------------------------
Grupo Aeromexico, S.A.B. de C.V. ("Aeromexico" or the "Company")
(BMV: AEROMEX) informs that it received a joint proposal (the
"Alliance Proposal") from its lenders under Tranche 2 of our DIP
financing facility and from certain existing creditors and new
money investors with whom the Company was prepared to enter into
commitment papers upon court approval thereof.  The Alliance
Proposal has the support of our strategic partner Delta Air Lines
and provides an implementable solution, through a solid group of
long-term Mexican investors, to comply with foreign ownership
requirements.  The Board of Directors of the Company has approved,
among other matters, instructing the Company's restructuring
advisors to prepare, in coordination with advisors for the key
stakeholders, a revised version of the Chapter 11 Joint Plan of
Reorganization (the "Plan") and the disclosure statement with
respect to the Plan (the "Disclosure Statement"), including any
supplements and exhibits related thereto, reflecting the terms of
the Alliance Proposal.

The hearing to approve the Disclosure Statement and the hearing to
confirm the Plan have been adjourned to a new date to be set in due
course by the Bankruptcy Court.

The foregoing represents a key milestone under the Company's
restructuring process. Aeromexico will continue working with all of
its key stakeholders to finalize and file the Plan Documents,
obtain Court approval of the Plan, solicit votes in favor of the
Plan once the Disclosure Statement is approved and emerge from the
Chapter 11 process as expeditiously as possible.

                    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.




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

TRINIDAD & TOBAGO: Business Chamber Urges Reopening of Beaches
--------------------------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that the Tobago
Business Chamber is urging the Government to remove restrictions on
beaches, as the organization believes the beach ban has outlived
its usefulness.

The chamber chairman, Martin George, in a video post sent to the
media, said that most Trinidadians who visit Tobago for vacation
always want to go to the beach with their families, according to
Trinidad Express.

"It is high time that the restriction be lifted as the beaches are
also a tourism revenue earner and many people who work at the
various beaches have been out of a job for several months," George
said, the report notes.

Many other bar and restaurant owners in Tobago expressed the same
sentiments last week to the media, saying that while their
respective industries have reopened things will remain slow until
the beaches are reopened and international flights to the island
resume, the report discloses.

At one of last month's Ministry of Health virtual conference, Chief
Medical Officer Dr Roshan Parasram said the beaches remain a no-go
as the Delta variant's prevalence makes gatherings much riskier,
the report says.

Parasram added that although outdoor settings have been touted as
safer environments to prevent the spread of the disease, the Delta
variant is much more air-borne than the others, making it a serious
threat, the report notes.

                      Foreign Investment

George repeated his call for the Government to consider repealing
the Foreign Investment Act, the report relays.

"There are lots of persons who would love to make direct foreign
investment in Tobago, but that Act has crippled and stifled all
foreign investment in Tobago since 2008," George said, the report
relays.

In a time where the country is crying out for foreign exchange, you
still have the Government with this absurd and archaic legislation,
which is blocking direct foreign investment, he added.

He noted that all other countries in the Caribbean are welcoming
foreign investment, by implementing investment-friendly
initiatives, "yet we in Tobago are so foolishly clinging on to this
piece of Act," he said, the report relays.

He also called for VAT to be removed from all goods and services on
the island, the report notes.

"It will benefit not just Tobagonians. It will benefit
Trinbagonians generally. If you are living on a VAT-free island, it
will be very attractive to tourism and even Trinidadians who will
want to retire," the report discloses.

George called Government to try to revive the economy and stop
paying lip service to that, the report relays.

                           Vaccinations

The Tobago Business Chamber head also wants to see an increase in
the vaccination process, the report notes.

He noted that if persons do not want to do it voluntarily this
administration should consider outing a timeline of January 1,
2022, as the deadline date for mandatory vaccinations, to ensure
the country's economy is able to be fully reopened, the report
discloses.

Figures from the Tobago Regional Health Authority (TRHA) show
21,404 persons were fully vaccinated, the report adds.



                           *********


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 * * *