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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

          Friday, November 19, 2021, Vol. 22, No. 226

                           Headlines



B A R B A D O S

BARBADOS: Revising Import Duties to Collect Owed Revenue


B R A Z I L

CYRELA BRAZIL: S&P Affirms 'BB-' ICR, Outlook Still Stable


C O L O M B I A

PA CONCESION RUTA: Fitch Rates COP522MM Senior Sec. Notes 'BB+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Price of Homes Rises Up to 30% per Square Meter
DOMINICAN REPUBLIC: Retailers Guarantee Product Supply


J A M A I C A

JAMAICA: BOJ Again Increases Policy Interest Rate


M E X I C O

DER NEUE: Fitch Affirms 'B' IFS Rating, Outlook Stable


P U E R T O   R I C O

MOVIMIENTO PENTECOSTAL: Taps Tamarez CPA, LLC as Accountant
STONEMOR INC: Incurs $4.85 Million Net Loss in Third Quarter

                           - - - - -


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B A R B A D O S
===============

BARBADOS: Revising Import Duties to Collect Owed Revenue
--------------------------------------------------------
RJR News reports that the Barbados government is seeking to ensure
that the Treasury collects all the revenue owed to the State by
revising its master list of duties on imported goods.

Finance Minister Ryan Straughn piloted a new Customs Bill in
Parliament that the Mia Mottley government said will update tariffs
and ensure that all revenues owed to the State are paid up,
according to RJR News.

He dismissed suggestions that the Customs Department was charging
excessive duties on items, the report notes.

Mr. Straughn hinted at the possibility of the state absorbing some
of the costs associated with the importation of some items given
the disruption in the global supply chain due to the impact of the
COVID-19 pandemic, the report adds.



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B R A Z I L
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CYRELA BRAZIL: S&P Affirms 'BB-' ICR, Outlook Still Stable
----------------------------------------------------------
On Nov. 17, 2021, S&P Global Ratings affirmed its long-term 'BB-'
global scale and 'brAAA' national scale issuer credit ratings on
Brazil-based homebuilder Cyrela Brazil Realty.

S&P said, "The stable outlook reflects our view that Cyrela will
increase launches at a moderate pace, while also focusing on
selling its inventories. We expect debt to capital below 30% and
funds from operations (FFO) to debt consistently higher than 12% in
the next 12-18 months.

"We believe that despite the recent cost hikes and increasing
interest rates, demand remains strong in all segments the company
operates, such that housing starts and sales have kept a strong
pace. Under this scenario, we expect Cyrela's launches sales value
to grow on average 10% annually until 2022 and depending on the
market cycle, to rise marginally in 2023. While higher launches
will gradually require greater capital than in the past years, we
believe that cash generation from sales of current inventories and
adequate sales speed will compensate for that factor."

This is because the company can adjust its product mix depending on
industry conditions. For instance, in the first nine months of
2021, Cyrela's launches under the low-income government-housing
program, Casa Verde Amarela (CVA), represented 24% of its total
launches, in line with its historical average of about 30%. Given
that this program has been more resilient to Brazil's weak economy
over the past years and faces lower cancelations than in the mid-
to high-end housing segments, S&P believes Cyrela will benefit from
higher earnings predictability.

S&P said, "For the following years, we expect the company to
continue reporting robust cash flows, which translate into a
stronger financial profile. Its diligent land acquisition and
prudent approach to leverage are also credit strengths.

"We stress the company under a hypothetical sovereign default
scenario for Brazil, in which we don't believe the company would
have sufficient sources of cash to cover its obligations. Given
that the homebuilding industry is strongly correlated and sensitive
to macroeconomic conditions, and because homebuilders depend on the
banking sector that provides financing for both construction and
homebuyers, we believe that during sovereign distress, the
homebuilders' operations would face significant bottlenecks."




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

PA CONCESION RUTA: Fitch Rates COP522MM Senior Sec. Notes 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' and 'AA(col)' ratings of the
UVR-denominated senior secured notes of P.A. Concesion Ruta al Mar
(Ruta al Mar) for COP522,000 million due in 2044. The Rating
Outlook has been revised to Stable from Negative.

The Outlook revision reflects Fitch's alleviated concerns with
respect to the assets' traffic recovery. Traffic performance in
2021 has been stronger than expected, which has allowed the toll
road not only to recover to pre-pandemic levels, but also to reduce
the pressure for growth in the coming years while the ramp up is
still on.

Also, the revision of the Outlook reflects that the construction
phase, which has been delayed for about two years with respect to
the original plan, is now in line with the current work plan and
additional time relief is expected from grantor Agencia Nacional de
Infraestructura (ANI) for the remaining works that present issues,
which further mitigates completion risk.

RATING RATIONALE

The rating reflects the project's acceptable mitigation of
completion and ramp-up risks, the latter related to the expected
increase in long distance and commercial traffic. It also reflects
a satisfactory rate-setting mechanism that allows for toll rates to
be adjusted annually by inflation rate. Debt structure is adequate
despite some back-loading and a bullet-payment structure for one of
the senior tranches. Fitch also views positively the presence of
prepayment mechanisms in scenarios of traffic underperformance or
outperformance, according to certain thresholds.

Fitch's Rating Case shows a minimum loan life coverage ratio (LLCR)
at 1.4x in 2023, which is in line with the current rating according
to the applicable criteria. This metric assumes a five-year ramp-up
period starting in 2022 when the majority of the toll tranches are
expected to be delivered and the road will begin its operation &
maintenance (O&M) phase.

KEY RATING DRIVERS

Completion Risk Reasonably Mitigated - Completion Risk: Midrange

Construction works are being performed by Construcciones El Condor
(BBB+(col)/Negative) under a fixed-price date-certain engineering,
procurement and construction (EPC) contract. The works comprise the
construction of short road stretches and minor bridges, and the
improvement of existing roads. Fitch views the complexity of the
construction works as low and without a critical path.

According to the independent engineer (IE), the EPC contractor has
the experience and the ability to successfully develop the project.
The budget is adequate and includes contingency levels that are in
the middle range compared with similar projects. The sizes of the
performance bond and the retention provision of 15.8% and 5.0% of
the EPC contract price, respectively, are sufficient to cover cost
overruns should the EPC contractor need to be replaced.

Ramp-Up Risk Present - Revenue Risk (Volume): Midrange

The road is continuous and crosses several small cities with around
65% of its traffic composed of light vehicles. It is mainly used
for short- and medium-distance trips. Upon completion, the traffic
consultant, Steer Davies Gleave, expects long distance trips to
increase substantially and a surge in heavy vehicle traffic. The
project is expected to become the preferred option versus the two
existent competing roads because of the time and cost savings.

Toll Tariffs Adjusted by Inflation - Revenue Risk (Price):
Midrange

Tariffs are adjusted by inflation on an annual basis according to
the concession agreement. Toll rates are moderate, and differential
tariffs are being applied by the government to specific vehicle
categories on some of the toll stations.

Moderately Developed Plan - Infrastructure Development and Renewal:
Midrange

The project depends on a moderately developed capital and
maintenance plan funded from project cash flows only. The plan is
to be implemented by the EPC contractor in the construction phase
and by the concessionaire in the O&M phase. The IE believes the
concessionaire has the experience and the ability to successfully
operate the project.

The O&M plan, organizational structure and budget are reasonable
and in line with similar projects in Colombia. The structure
includes a dynamic six-month, forward-looking O&M reserve equal to
the O&M costs projected to be incurred during the next six months
and a dynamic major maintenance reserve account equivalent to the
maximum six-month major maintenance payment amount scheduled for
the next 60 months.

Adequate Debt Structure - Debt Structure: Midrange

All debt is senior pari passu and is denominated either in UVR or
COP; all of the tranches are fully amortizing but one, which has a
bullet payment structure. Interest payments for all tranches are
indexed to inflation. The custom amortization profile is
back-loaded with over 50% of repayments for all tranches
concentrated on the last four years of their respective debt
tenors. Structural features include a six-month principal and
interest prefunded debt service reserve account, a lock-up test for
dividends distribution, and mechanisms that are triggered in
scenarios in which traffic performance is either significantly
higher or lower than expected.

Financial Profile

The main metric to be considered is LLCR due to the bullet-payment
debt structure of one of the senior tranches, which represents
about 30% of the debt; this is also supported by the potentially
abnormal retentions of liquidity due to an Outperformance Cash Trap
Mechanism and a conservative distribution test of 1.45x.

Fitch's rating case minimum LLCR is 1.4x in 2023, which is
commensurate with the current rating according to the applicable
criteria. This metric assumes a five-year ramp-up period starting
in 2022 when the majority of the toll tranches have been delivered
and the road will begin its operation & maintenance phase. A
minimum debt service coverage ratio (DSCR) of 0.6 is expected in
2027 after the maturity of the tranche of debt that has a bullet
amortization. This is not a concern considering that available
liquidity at maturity will cover most of the outstanding balance,
and that the issuer has demonstrated market access to refinance any
deficit if needed.

PEER GROUP

Ruta al Mar is comparable with Red de Carreteras de Occidente (RCO;
BBB/Stable) in Mexico. Although both projects have a similar mix of
light and heavy vehicle traffic, RCO is as a road network with long
track record and more diversified traffic, so deemed to have lower
volume risk. Both projects share price, infrastructure development
and renewal and debt risk midrange assessments. The absence of
completion risk coupled with a stronger coverage metric at 1.6x,
support RCO's higher rating.

RATING SENSITIVITIES

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

-- Stagnant traffic performance in 2022 along with a slower and
    extended recovery in the following years;

-- Significant deterioration on available liquidity levels to
    face operating and financial obligations;

-- Unexpected completion difficulties leading to delays and cost
    overruns beyond those already contemplated in Fitch's
    scenarios.

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

-- Traffic significantly overperforming Fitch's expectations,
    resulting in an LLCR above 1.5x along with absence of pending
    construction works.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

CREDIT UPDATE

As of September 2021, construction works have reached 78.3%
advance, which is consistent with the new construction schedule.
This new work plan was approved by ANI on April 24, 2021 and
considers the Liability Exculpatory Events approved for UF2 due to
a family court in Bogota ruling that forced the EPC contractor to
stop construction works and the existence of right of way (ROW)
difficulties, and for UF8.3 which has also presented ROW issues.

On May 31, 2021, the Concessionaire requested the ANI to modify the
work plan to extend the construction deadline again considering the
need to have more time to obtain the ROW in UF2, the fact that the
resolution concerning the Caimanera Toll Plaza location had not yet
been received for UF6 (it was received until August 2021), and the
fact that works in UF7.1 are still on hold due to environmental
concerns. The concessionaire has expressed its confidence in
getting this extension from ANI. The termination of works in all
other UFs is expected to happen at or before their respective
long-stop dates.

The concessionaire is also negotiating the 16th Amendment to the
Concession Agreement with ANI to include additional sectors to be
rehabilitated in UF6.3, establish the type of pedestrian crossing
to be used throughout the project (at ground level instead of
elevated crossings) and propose a new location for the Caimanera
toll plaza.

The IE notes that the Concessionaire expects to pass through to the
EPC Contractor the costs associated with these amendments. The
increase in the lump sum is expected to be paid with compensations
received from the ANI.

During 2020, average annual daily traffic (AADT) was 17,160,
equivalent to 85.2% of 2019's AADT and slightly above Fitch rating
case's expectation of 82% of 2019's AADT. As of October 2021,
traffic has recovered to an AADT of 23,450 which represents 120% of
the AADT of the same month in 2019. This is higher than Fitch's
expectation of reaching a 95% of 2019's AADT in 2021. The
concessionaire attributes this performance to the progress in the
improvements and expansions on the different sectors of the toll
road.

Similarly, to AADT, toll collections in 2020 were in line with
Fitch's rating case expectations while 2021 actual performance
reached 123.5% of October 2019 collections compared to a projected
112.5% in Fitch's rating case.

Expenses up to August 2021 are generally in line with Fitch's
forecasts, while DSCRs is 1.9x, below the expected 2.2x caused by a
lower release of trapped revenues, COP90 million compared to
Fitch's estimation of COP170 million during this period, partially
compensated by higher toll-collections.

Due to construction delays, investment requirements have been
postponed, allowing the issuer to receive higher revenues and
reducing additional debt needs to finance the completion of
construction works. However, the concessionaire may draw down
additional debt in order to optimize its capital structure.

FINANCIAL ANALYSIS

Fitch Cases

Fitch is not differentiating between its case and rating case
assumptions, given the level of uncertainty about future traffic
performance.

Given traffic in 2021 has overperformed Fitch's expectations, for
this review the projections for Fitch's Rating case have been
adjusted assuming a recovery in 2021 at 121% of 2019 traffic. Fitch
also assumed a five-year ramp-up period in 2022-2026 with a traffic
CAGR of 4.5%, period in which the majority of the toll tranches
will be delivered and the road will begin its O&M phase. Traffic
growth after this period is projected at a 2.0% CAGR.

Fitch also adjusted its projections for construction delays
reflecting the most recent expectations for each UF. Toll rates are
assumed to increase by inflation, which was projected at 4% in 2021
and 3.0% onward. O&M and major maintenance expenses were increased
by inflation for every year from the concessionaire's budget. Under
this scenario, minimum LLCR is 1.4x, while minimum and average DSCR
are 0.6x and 1.6x, respectively.

The minimum DSCR is expected in 2027 after the maturity of the
tranche of debt that has a bullet amortization. This is not a
concern considering that available liquidity at maturity will cover
most of the outstanding balance, and that the issuer has
demonstrated market access to refinance any deficit if needed.

LLCR has improved materially compared to Fitch's last review (LLCR
of 1.1x) mainly as the result of a higher baseline traffic which
considers the better actual performance of the toll-road and serves
as the base for Fitch's adjusted projections which are close to
Fitch's pre-pandemic traffic expectations. In this review Fitch
also considered a larger release of trapped revenues during the
upcoming years of the ramp-up period, which similarly contributed
to a higher metric.

SECURITY

Ruta al Mar is a public-private partnership (PPP) concession based
on a private initiative. The main purpose of the project is to
develop a primary route with high performance specifications to
ensure the Antioquia-Bolivar connection, and link the center and
south of the country with the northern coast. The project consists
of the construction, improvement and operation of a 491km long toll
road located in Antioquia, Cordoba, Sucre and Bolivar, in
Colombia.

The concession has a term of 34 years, with a maximum extension of
six years and nine months more depending on reaching the net
present values of the revenues established in the concession
agreement. The road is currently in the construction phase, and
construction work is expected to be completed in 2021, with 25-30
years of O&M to follow.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



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

DOMINICAN REPUBLIC: Price of Homes Rises Up to 30% per Square Meter
-------------------------------------------------------------------
Dominican Today reports that the rise in the prices of construction
materials caused the cost of homes in the Dominican Republic to
skyrocket between 25% and 30% during the last year, per square
meter, as revealed by the president of the Dominican Association of
Builders and Housing Promoters (Acoprovi).

Jorge Montalvo, head of Acoprovi, explained that the rising cost of
building inputs meant that a house that previously cost RD$2
million currently has a price of RD$2.5 million on the market,
according to Dominican Today.

Montalvo said that in many cases, home developers have had to
assume an important part of the increases in materials, although he
warned that new projects will reflect the changes that have
occurred in the price of the square meter of construction, the
report notes.

"We estimate that with the increases that have been taking place
since last year in this part, with materials that have shot up to
120%, that translates into the cost of the square meter of
construction having skyrocketed in that period in 25-30%, which is
an important number," he explained, the report relays.

He said that these increases in construction supplies in the short
term have caused housing developers to have difficulties in
transferring that cost to purchasers, the report discloses.

However, the president of Acoprovi considered that the
stabilization of freight prices is good news for the sector, which
has been affected by this issue, the report says.

He added that the cost of freight has caused a shortage in the
construction sector of some materials such as floors and electrical
wires, although he clarified that for the moment the situation has
not reached a critical point, the report relays.

The top executive of the association that brings together the
country’s home builders stressed that the sector "is doing well,
growing by 36.5% as of last July and with a share in gross domestic
product (GDP) of about 15%," the report discloses.

"The sector has been revitalizing and responding to monetary
measures. There are good prospects for next year and many projects
in the pipeline that require agile processes. Hopefully in a short
time we can h/ave the so-called ‘zero bureaucracy,’ that we can
have short-term permits for our projects and disbursements in 24
hours", he said, the report relates.

                      About the Government

Jorge Montalvo revealed that they have been in communication with
the Government, the report notes.  He pointed out that the measures
announced last July to curb the impact of inflation were affordable
at the time, since the prices of some materials fell, but they rose
again in a short time, the report says.

He indicated that one of the measures proposed to the Government by
the sector was that, to calculate tariffs and taxes, prepandemic
prices will be taken into account, "but they have not paid
attention," the report discloses.

               The Low-Cost Ones, The Most Affected

The rise in the square meter has had an impact on all segments,
since construction materials, such as cement and rebar, are among
the most widely used at a general level, but they are also the ones
that have increased the most, the report relays.

However, he highlighted that one of the most affected projects are
the low-cost ones due to the high amount of cement and rebar with
which they have to work to achieve the final work and the price may
vary for the portion of finishing materials that you need, the
report notes.

"But in the end they are having an increase in all lines," he
added.

He maintained, however, that the construction sector is at its best
because demand has grown, especially in low-cost areas and they
expect that next year it will increase more, the report notes.

He specified that one of the great challenges facing the sector is
precisely the issue of construction materials and their stability
in the market, the report says.

"The sector is doing well and expectations are good, interest rates
are competitive, it means that the elements are in place for the
sector to continue growing," he added, notes the report.

                   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).

DOMINICAN REPUBLIC: Retailers Guarantee Product Supply
------------------------------------------------------
Dominican Today reports that the president of the National Council
of Trade in Provisions (CNCP), Julio Perez, said that in the
agricultural sector, the supply of products is guaranteed and that
as an organization, its members will maintain the inventory
required in their commercial establishments to guarantee their
distribution.

The business leader indicated that the CNCP and its 74 affiliated
associations and more than 2,000 small, medium, and large
warehouses and importers have the commitment to the country to
guarantee the supply of the products of the family basket,
according to Dominican Today.

"We can assure that in the agricultural sector the supply of the
products of this line is guaranteed, with a satisfactory
production, such as rice, onions, beans, garlic, items, among
others," he reiterated, the report notes.

However, Perez maintained that the products of that line that are
imported present shortages, as a result of the situation in
relation to maritime freight, the report relates.

"At present the high costs of the products correspond to the high
demand for them, after we have begun the process of economic
recovery, and the inability to meet these demands, as a result of
the situation that exists with respect to international prices of
commodities, plus sea freight, also taking into account the festive
season, and making the observation that worldwide different sectors
face the same problem of scarcity, as is the case of the automotive
industry, electronic products and fertilizers," he said, the report
discloses.

Perez said that the CNCP they are confident that the situations
that currently affect commercial activities will be overcome as
soon as it is possible to establish and increase world production
since several factors are decisive to achieve it, the report says.

"Our commitment to Dominican families is to guarantee the supply of
the products of the family basket, for which we will maintain the
required inventory in our commercial establishments and thus be
able to guarantee their distribution," he explained, 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).




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

JAMAICA: BOJ Again Increases Policy Interest Rate
-------------------------------------------------
RJR News reports that the Bank of Jamaica has again increased the
policy interest rate.

In a release, the BOJ said 0.5 basis points have been added to the
rate which is now two per cent, according to RJR News. This is the
highest the rate has been since November 2018.

The BOJ says large increases in international commodity and
shipping prices, have been the principal contributor to domestic
inflation rising above the target range, the report notes.

The bank says it hopes the increase in the policy interest rate
will drive down demand in the market and slow inflation, which has
for the past three months exceeded the BOJ's four to six per cent
target, the report relays.

The new rate was to take effect last Nov. 17.

The BOJ will announce the next monetary policy decision on December
20, 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
===========

DER NEUE: Fitch Affirms 'B' IFS Rating, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Der Neue Horizont Re, S.A. de C.V.'s
(d/b/a Horizont Re) international and national scale Insurer
Financial Strength (IFS) ratings at 'B' and 'BB (mex)',
respectively. The Rating Outlook is Stable.

KEY RATING DRIVERS

Horizont Re's ratings reflect its strong capitalization, leverage,
and liquidity ratios and its conservative investment strategy. This
is tempered by the risks inherent to the agricultural sector and by
the influence of the sovereign risk on Fitch's assessment of
investment and asset risk and capitalization.

The agricultural insurance sector faces pressure due to the
cancellation of the federal agricultural insurance subsidy,
seasonality of premiums, exposure to weather events, dependence on
retrocession, limited operating scale and entity's monoline
operation. Horizont Re was able to maintain net written premium
volume levels prior to the exogenous events of 2019 and 2020 but
experienced significant claims pressure from the February 2021
frost, which was the highest claim event in the company's history.

As of 3Q21, Horizont Re had MXN28 million (USD1.4 million) of net
written premiums, an increase of 3% versus 3Q20. The entity's
capital totaled MXN178 million (USD8.7 million), which places its
operating scale in the "least favorable" category. Fitch does not
expect changes in the company's business profile since both the net
written premiums and the capital will remain below USD10 million.

Horizont Re's premium distribution is highly concentrated with 97%
of its gross written premiums in three states and 100% in the
agricultural and livestock sector as of 3Q21. This concentrated
exposure caused high loss ratios from the February 2021 frost that
affected the southern U.S. and northern Mexico. Since 2019 the
combined ratio of the entity exceeded 100%. Despite an improvement
in the ratio in 2020 (145% as of December 2020 versus 334% as of
December 2019) after adjustments to reinsurance commissions and
stable premiums in 2020, the combined ratio in 3Q21 increased to
169.6% due to the February frost.

As of 3Q21, Horizont Re recorded a 7% annual capital decline,
mainly due to the catastrophic reserve provision for that period.
Fitch expects this to be reversed by the end of 2021, but a
decrease in capital derived from an accumulated negative net result
is possible. During 2Q21 Horizont Re increased its paid-in capital
to MXN95 million from MXN59 million due to changes in its
shareholding structure and the conversion of Horizont Re to a
public variable capital limited company. This change is neutral for
Fitch's assessment since the transferred capital was already part
of the contribution reserves for future capital increases. Solid
capital and low leverage ratios allow Horizont Re to grow premium
volume without pressuring its financial profile.

Horizont Re has a conservative investment policy. As of 3Q21, its
investments were 91% concentrated in instruments with a duration
less than 30 days, in accordance with its need for short-term
liabilities. Horizont Re concentrated 93.9% of the investments in
instruments backed by the Mexican government, considering the
participation in repurchase agreements that also correspond to
government instruments, and 6.1% in real estate. As of 3Q21,
Horizont Re had a risky assets over capital ratio of 39%, although
Fitch's evaluation of this credit factor is capped by the sovereign
investments over capital ratio of 76% at the end of September
2021.

Horizont Re maintains retrocession treaties with a broad portfolio
of good quality retrocessionaires. It manages quota-share treaties
and a stop-loss treaty focused on mitigating deviations in claims.
According to Fitch's methodology, the maximum probable net loss to
capital (considering catastrophic reserves) was 82% as of 3Q21. The
maximum retention limit was 2.3% of capital.

RATING SENSITIVITIES

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

-- Stabilization of the Latin American agricultural insurance
    sectors and Horizont Re's business profile;

-- Execution of strategic plans accompanied by sustained growth;

-- Net profit accompanied by stable and favorable financial
    performance ratios;

-- An upgrade of the national scale rating would come from a
    change in Fitch's perception of the relativity of the
    company's financial profile in relation to the local universe
    and from upward movement of the international scale rating.

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

-- Weakened profitability represented by negative net result
    during 2021 and 2022;

-- A downgrade in the national scale rating would come from a
    change in Fitch's perception of the relativity of the
    company's financial profile in relation to the local universe
    and from downward movement of the international scale rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



=====================
P U E R T O   R I C O
=====================

MOVIMIENTO PENTECOSTAL: Taps Tamarez CPA, LLC as Accountant
-----------------------------------------------------------
Movimiento Pentecostal Apostolico Cristiano Inc. seeks approval
from the U.S. Bankruptcy Court for the District of Puerto Rico to
employ Tamarez CPA, LLC as its accountant.

The firm's services include:

   a) reconciling financial information to assist the Debtor in the
preparation of monthly operating reports;

   b) assisting in the reconciliation and clarification of proof of
claims filed and the amount due to creditors;

   c) providing general accounting and tax services;

   d) assisting the Debtor and its legal counsel in the preparation
of supporting documents for the Chapter 11 reorganization plan.

The firm will be paid $450 per month and will be reimbursed for
out-of-pocket expenses incurred.  The retainer fee is $1,900.

Albert Tamarez, a partner at Tamarez CPA, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Albert Tamarez
     Tamarez CPA, LLC
     1519 Ave. Ponce De Leon Suite 412
     San Juan, PR 00909-1713
     Tel: (787) 795-2855
     Fax: (787) 200-7912
     Email: atamarez@tamarezcpa.com

              About Movimiento Pentecostal Apostolico
                          Cristiano Inc.

Movimiento Pentecostal Apostolico Cristiano, Incorporado filed a
petition for Chapter 11 protection (Bankr. D.P.R. Case No.
21-02645) on Sept. 1, 2021, listing as much as $500,000 in both
assets and liabilities.   Judge Mildred Caban Flores oversees the
case.  The Debtor is represented by Almeida & Davila, P.S.C.


STONEMOR INC: Incurs $4.85 Million Net Loss in Third Quarter
------------------------------------------------------------
StoneMor Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $4.85
million on $82.30 million of total revenues for the three months
ended Sept. 30, 2021, compared to a net loss of $7.86 million on
$72.71 million of total revenues for the three months ended Sept.
30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $44.86 million on $243.59 million of total revenues
compared to a net loss of $2.77 million on $204.42 million of
total revenues for the nine months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $1.74 billion in total
assets, $1.87 billion in total liabilities, and a total
stockholders' deficit of $135.75 million.

Joe Redling, StoneMor's president and chief executive officer said,
"The third quarter continued to build on the positive performance
trends of the past year and half, with top-line revenue growth of
13.2% and 19.2% for the three and nine months ended September 30,
2021, respectively, when compared with the same periods in 2020.

Year-to-date, we have driven a $52.2 million improvement in our
adjusted EBITDA year-over-year.  We continue to deliver strong,
sustainable cemetery sales production results, with a 9% growth in
pre-need cemetery sales production for the third quarter."

As of Sept. 30, 2021, the Company had $115.9 million of cash,
including $16.4 million of restricted cash, and $391.4 million of
total debt.

"We have made great progress towards our previously announced
guidance targets for organic growth in our trusts and unlevered
free cash flow," said Jeff DiGiovanni, StoneMor's senior vice
president and chief financial officer.  "For the nine-months ended
September 30, 2021, we generated nearly $70 million in trust growth
and more than $36 million in unlevered free cash flow, against $50
million and $40 million annual targets, respectively.  This is a
testament to the success of our transformation plan and the
hard-work of every member of the StoneMor team."

Redling added, "We are focused on the next phase of our
transformation strategy a commitment to strategic growth.  We
have $100 million in cash on our balance sheet and access to
additional capital, if necessary.  That capital, coupled with the
operational transformation completed to date, places StoneMor in
the right position to execute on this strategy as we move
forward."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1753886/000095017021004375/ston-20210930.htm

                        About StoneMor Inc.

StoneMor Inc. (http://www.stonemor.com),headquartered in Bensalem,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 304 cemeteries and 70 funeral
homes in 24 states and Puerto Rico. StoneMor's cemetery products
and services, which are sold on both a pre-need (before death) and
at-need (at death) basis, include: burial lots, lawn and mausoleum
crypts, burial vaults, caskets, memorials, and all services which
provide for the installation of this merchandise.

StoneMor reported a net loss of $8.36 million for the year ended
Dec. 31, 2020, compared to a net loss of $151.94 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$1.71 billion in total assets, $1.84 billion in total liabilities,
and a total stockholders' deficit of $131.41 million.



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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
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
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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