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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

          Monday, November 22, 2021, Vol. 22, No. 227

                           Headlines



B E R M U D A

NABORS INDUSTRIES: Fitch Affirms 'CCC+' IDR
NABORS INDUSTRIES: S&P Places 'CCC+' ICR on CreditWatch Positive


B R A Z I L

BRAZIL: IDB OKs $90.56M Loan to Support Education in Parana
BRAZIL: Still Has No Plans to Join OPEC, Energy Minister Says


C U B A

CUBA: Moody's Downgrades Long Term Issuer Rating to Ca


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Retailers Guarantee Product Supply
[*] DOMINICAN REPUBLIC: Inches Closer to a Stock Market


J A M A I C A

JAMAICA: Urged to Increase Importation of Electric Vehicles


M E X I C O

ALPHA LATAM: Court OKs $149.5M Colombian Asset Sale to CFG Partners
CONSUBANCO SA: Fitch Affirms 'BB-' LT IDRs, Outlook Stable
CREDITO REAL: Fitch Lowers LT IDRs to 'BB-', On Watch Negative


X X X X X X X X

[*] BOND PRICING: For the Week Nov. 15 to Nov. 19, 2021

                           - - - - -


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B E R M U D A
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NABORS INDUSTRIES: Fitch Affirms 'CCC+' IDR
-------------------------------------------
Fitch Ratings has affirmed Nabors Industries, Ltd.'s and Nabors
Industries, Inc.'s (collectively, Nabors) Issuer Default Ratings
(IDRs) at 'CCC+'. Fitch has assigned a 'B'/'RR2' rating to the
company's proposed senior unsecured priority guaranteed notes.
Fitch has downgraded the guaranteed notes to 'CCC'/'RR5' from
'B-'/'RR3' and affirmed the existing issue-level ratings for the
secured revolver, priority guaranteed notes and unsecured notes.

The downgrade to the guaranteed notes reflects the additional debt
added to the capital structure via the proposed notes and the
structural weaknesses in rig supply and demand dynamics seen
outside of the JV.

Nabors' IDR reflects the proposed note issuance, which is expected
to improve the near-term liquidity profile and allow for extension
of the revolver maturity, the modest improvements in near-term rig
activity and Nabors' high-quality rig portfolio.

These factors are offset by the company's significant bond
maturities starting in 2024-2028, which Fitch expects will need to
be refinanced through capital markets. Fitch believes a weak, more
prolonged recovery or potential decline in rig activity could
deteriorate the cash flow profile and limit near-term gross debt
reduction. Another consideration is the company's complicated
capital structure that could limit refinancing options.

KEY RATING DRIVERS

Issuance Improves Near-Term Liquidity: Nabors' proposed $750
million senior priority guaranteed note issuance is expected to
help improve the liquidity profile, which should help alleviate
refinance risk on the revolver. Proceeds from the issuance will
allow for full reduction of the outstanding revolver borrowings
($595 million as of October 26th) and additional repayment of the
remaining 2023 notes. Fitch believes this will help the company to
successfully extend the revolver, which matures in 2023, but
understands lenders may reduce commitments if the facility is
extended to or beyond the large maturity wall in 2025. Nabors' cash
balance was approximately $115 million at the end of October,
following the $335 million revolver repayment and net of $322
million held in the Saudi Aramco JV and not available to Nabors.

Meaningful Medium-Term Refinance Risk: Fitch believes there is
meaningful medium-term refinance risk given the company's
significant bond maturities starting in 2024-2028. Following the
notes issuance and expected reduction of the 2023 bonds, the next
maturity will be the $257 million of outstanding exchangeable notes
in 2024, which Fitch expects will be addressed with near-term FCF
and cash on hand.

At 3Q21, Nabors had $846 million of notes maturing in February
2025, which Fitch believes the company will continue to pay down
with FCF. However, Fitch believes a weaker recovery in the drilling
environment and a reduction in expected FCF generation, combined
with the complicated capital structure, could present difficulty
accessing capital markets to refinance the debt in the medium
term.

International Segment Stability, Limited Access: Nabors'
international drilling segment has exhibited resilience
through-the-cycle, but a considerable portion of international
EBITDA is generated through the Saudi Aramco JV in which Nabors has
a limited ability to extract cash from. New builds for the JV are
ramping up with the company projecting five rig additions annually
through the medium-term to meet their long-term goal of 50 new
builds over 10 years. Double-digit EBITDA growth is expected for
the JV; however, Fitch does not forecast distributions to Nabors in
the near-term given the continued cash outspend.

The International segment rig count has improved slightly to 67
rigs from the low of 63 in 4Q20, but did not experience as
significant of a decline in rig activity during 2020 versus the
U.S. segment. International margins are slightly higher than U.S.
margins and the longer term of the contracts provide for more
clarity on future utilization. Daily rig margins have remained
relatively resilient overall and have improved from $12,917 in 1Q21
to $14,375 in 3Q21; however, management expects a decline to
$13,000-$13,500 in 4Q21, reflecting the non-recurring early
termination revenue received in the third quarter.

U.S. Activity Moderately Improving: Nabors' U.S. lower 48 quarterly
average rig count improved to 68 in 3Q21 from an average of 48 for
3Q20, which is in line with overall U.S. rig count improvements
since last year. Nabors forecasts lower 48 quarterly average rig
count to increase by approximately five rigs in 4Q21, driven
primarily by private operators. Nabors' 3Q21 lower 48 daily
drilling margin was down to approximately $7,000 versus $9,527 in
3Q20 with management expecting 4Q21 margin to remain flat, as
planned compensation increases will be offset by higher day rates.
Fitch expects the U.S. rig count to gradually improve in the near
term, but believes pricing will be more competitive given the tight
labor market and inflationary pressures.

Modest FCF Generation: Fitch forecasts moderately positive FCF for
Nabors through the base case, particularly in 2023-2024 as rig
utilization increases. Nabors expects 2021 capex of approximately
$270 million for fiscal 2021, including approximately $90 million
supporting the Saudi Arabia JV, with increases thereafter as the
program ramps up. Management expects the Saudi Aramco new build
program should generate approximately five rigs annually, with each
rig contributing $10 million of annual EBITDA.

Fitch expects FCF will improve alongside rig count and utilization
rate increases, but understands capex may increase to bring idled
rigs back to service. Fitch believes management will prioritize FCF
toward reduction of the 2024 exchangeable notes, and forecasts
modest improvements in leverage over time, as activity increases
and FCF is allocated toward gross debt reduction.

DERIVATION SUMMARY

Fitch compares Nabors with Precision Drilling Corporation
(B+/Stable), which is also an onshore driller with exposure to the
U.S. and Canadian markets. It is estimated that Nabors has the
third-largest market share in the U.S. at approximately 12%
compared with Precision at 8%.

Nabors' gross margins in the U.S. are higher than Precision's
margins. This is aided by its offshore and Alaskan rig fleet, which
operates at significantly higher margins. Precision has the highest
market share in Canada, while Nabors' Canadian assets were recently
sold in July for approximately $94 million. Nabors has a
significant international presence, which typically has longer-term
contracts, partially negating the volatility of the U.S. market.

Precision has slightly better credit metrics than Nabors, while the
liquidity profiles are relatively similar. Both companies are
expected to generate FCF over their respective forecast periods and
use cash to reduce debt.

KEY ASSUMPTIONS

-- WTI oil price of $60/bbl for the remainder of 2021, $52/bbl in
    2022 and $50/bbl thereafter;

-- Henry Hub natural gas price of $3.40/mcf in 2021, $2.75/mcf in
    2022 and $2.45/mcf thereafter;

-- Double-digit revenue growth in 2022 followed by high single-
    digit growth in 2023 and thereafter;

-- Capex of $270 million in 2021 increasing toward $350 million
    in 2022 given increased growth spending from Saudi Aramco JV;

-- FCF is expected to be modestly positive with the expectation
    that any FCF proceeds will be used to reduce gross debt.

RATING SENSITIVITIES

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

-- Positive FCF generation that allows for gross debt reduction
    approaching $2.0 billion;

-- Proactive management of the maturity profile that reduces
    medium-term refinance risks;

-- Successful extension of the revolving credit facility and
    total liquidity sustained above $500 million;

-- Mid-cycle debt/EBITDA of below 3.5x on a sustained basis.

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

-- Inability to reduce gross debt and proactively manage the
    maturity schedule leading to heightened refinance risks;

-- Inability to access the revolving credit facility or other
    material reductions in liquidity;

-- Mid-cycle debt/EBITDA greater than 4.5x on a sustained basis.

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

Improving Liquidity; Heightened Refinance Risks: The proposed note
issuance will allow Nabors to reduce the outstanding secured
revolver balance ($595 million as of October 26th) and should help
reduce refinance risk given the maturity in 2023. Cash attributable
to Nabors at the end of October was approximately $115 million.
This is following the company's $335 million revolver repayment in
late October and net of approximately $332 million the Saudi Aramco
JV and not available to Nabors. The revolver is secured by first
lien security interests in certain drilling rigs located in the
U.S. (following the credit agreement amendment in September 2020)
and is subject to a minimum liquidity requirement of $160 million.

Fitch believes the company's large maturity wall starting in
2024-2028 presents meaningful refinance risk in the medium-term.
The company's expected positive FCF generation should allow for
modest gross debt reduction of the 2024 notes in the near term;
however, the company will likely need to access capital markets for
the larger 2025-2028 maturities. Fitch believes a weaker, more
prolonged recovery or downward trends in drilling activity and
margins could reduce FCF generation and present difficulty
accessing capital markets in the medium term.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes Nabors would be reorganized as a
    going-concern in bankruptcy rather than liquidated.

-- Fitch has assumed a 10% administrative claim.

Going-Concern Approach:

Nabors' going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the enterprise valuation. The going-concern EBITDA assumption
for commodity sensitive issuers at a cyclical peak reflects the
industry's move from top of the cycle commodity prices to mid-cycle
conditions and intensifying competitive dynamics.

The going-concern EBITDA assumption equals EBITDA estimated for
2024, which represents the emergence from a prolonged commodity
price decline. Fitch assumes WTI oil prices of $32/bbl in 2022,
$42/bbl in 2023 and $45/bbl for the long term.

The going-concern EBITDA assumption reflects a loss of customers
and lower margins, as E&P companies pressure oil service firms to
reduce operating costs. The EBITDA assumption also incorporates the
structural weakness outside of the Saudi Aramco JV and overall high
rig supply and weak, but improving demand.

The assumption reflects corrective measures taken in the
reorganization to offset adverse conditions that triggered default,
such as cost-cutting and optimal deployment of assets.

An enterprise value multiple of 4.0x EBITDA is applied to
going-concern EBITDA to calculate a post-reorganization enterprise
value.

The choice of this multiple considered the following factors:

The historical bankruptcy case study exit multiples for peer energy
oilfield service companies have a wide range with a median of 6.1x.
The oil field service sub-sector ranges from 2.2x to 42.5x due to
the more volatile nature of EBITDA swings in a downturn.

Fitch used a multiple of 4.0x to estimate a value for Nabors
because of concerns of a downturn with a longer duration and a high
mix of international rigs that are not easily mobilized.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

Fitch assigns a liquidation value to each rig based on management
discussions, comparable market transaction values, and upgrades and
new build cost estimates.

Different values were applied to top of the line super spec rigs,
lower-value super spec rigs, non-super spec rigs, and higher value
international rigs.

The secured credit facility is assumed to be fully drawn upon
default and is super senior in the waterfall.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' for the secured credit facility, a
recovery of 'RR2' for the priority guaranteed notes subordinated to
the secured credit facility and a recovery of 'RR5' for the
guaranteed notes, which is subordinated to the priority guaranteed
notes. The senior unsecured notes result in a recovery of 'RR6'.

ISSUER PROFILE

Nabors is one of the largest drilling contractors in the world with
operations in both the U.S. and International markets. Nabors also
owns a Drilling Solutions business that offers specialized drilling
technologies that enhance drilling performance and wellbore
placement.

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.

NABORS INDUSTRIES: S&P Places 'CCC+' ICR on CreditWatch Positive
----------------------------------------------------------------
S&P Global Ratings placed its 'CCC+' issuer credit rating on
Bermuda-based drilling contractor Nabors Industries Ltd. and all of
its issue-level ratings on the company on CreditWatch with positive
implications to reflect the expected reduction in the outstanding
borrowings on its credit facility, as well as its forecast for a
continued improvement in its credit measures.

S&P said, "At the same time, we assigned our 'B-' issue-level
rating and '2' recovery rating to the senior-priority guaranteed
notes due 2027, which will be issued by Nabors Industries Inc. (an
indirect wholly owned subsidiary), and placed the rating on
CreditWatch with positive implications. The notes will rank pari
passu with the company's existing senior priority guaranteed notes.
The '2' recovery rating indicates our expectation for substantial
recovery (70%-90%; rounded estimate: 70%) of principal in the event
of a payment default.

"We expect to resolve the CreditWatch placement over the next few
weeks depending on the progress of the negotiations surrounding the
company's credit facility and future debt retirement plans. At that
time, we expect to raise our issuer credit rating on Nabors by one
notch to 'B-', our issue-level rating on its senior-priority
guaranteed notes by one notch to 'B', our issue-level rating on its
unsecured guaranteed notes by one notch to 'CCC', and our
issue-level rating on its unsecured debt by one notch to 'CCC'.

"We placed our issuer credit rating on Nabors Industries Ltd. on
CreditWatch with positive implications.

"The CreditWatch placement reflects the elevated likelihood that we
will upgrade the company following its successful reduction of the
outstanding borrowings on its credit facility which should help
Nabors in negotiations to amend and extend its credit facility. We
also expect Nabors will continue to reduce its total outstanding
debt and improve its maturity profile, including by repaying a
portion of its notes that mature in 2023. This offering
demonstrates the company's ability to access the capital markets.
We forecast Nabors will continue to strengthen its credit measures
due to the recovery in the demand for oilfield and drilling
services and our expectation that it will use its future free cash
flow to reduce its total debt outstanding."

Nabors' operating results continue to strengthen, which is
supporting an improvement in its credit measures.

The combination of improving conditions in the oilfield services
markets, stronger drilling demand in both the Lower 48 and
internationally, and our expectation for increased exploration and
production (E&P) capital spending in 2022 will likely lead to an
improvement in the company's financial measures and cash flow.
Nabors expects its North American rig count to increase by 5 rigs
in the Lower 48 and 1 rig in Alaska in the fourth quarter, relative
to the third quarter, and by an additional 4 rigs internationally.
While its margins will be muted in the near-term due to its rig
moves and the idle time between contracts, S&P's expect the company
to report an uptick in its margins in 2022, as well as free cash
flow of about $175 million-$225 million, which will support further
debt reduction.

S&P said, "The CreditWatch positive placement reflects the elevated
likelihood that we will raise our issuer credit rating and
issue-level ratings on Nabors following its successful reduction of
the outstanding borrowings on its credit facility, which we believe
will allow for positive discussions with its banking group as it
seeks to extend its credit facility. Additionally, we would expect
it to reduce it total debt, including a portion of its outstanding
notes maturing in 2023, before raising our rating. Furthermore, the
CreditWatch placement reflects our view that the company will
successfully negotiate the extension of its credit facility and
push out its maturity profile."




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BRAZIL: IDB OKs $90.56M Loan to Support Education in Parana
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The Inter-American Development Bank approved a loan for $90.56
million to improve education in Parana, Brazil. The initiative
seeks to improve the quality of secondary education by promoting
digital transformation, increasing coverage of relevant technical
career education in high school, and improving the quality of
services to facilitate the transition from primary education to
higher education and the labor market.

In addition, the initiative seeks to improve the quality of the
infrastructure and increase the operational and strategic
management capacity of the Secretary of State for Education and
Sports [Secretary of State for Education and Sports] by improving
its systems and educational management process and the allocation
of resources.

With 11.4 million inhabitants, Parana is the sixth most populous
state in Brazil. In 2019, 7.9% 2 of the population between 15 and
17 years old were not attending school, and 17.7% of young people
were neither studying nor working. In 2018, only 65% of students
completed high school on term. During the last decade, the quality
index of secondary education in Parana decreased from 3.9 to 3.76.
Furthermore, the current pedagogical offering does not adequately
prepare students to learn the skills necessary to succeed in the
future.

This operation will directly benefit more than 350,000 high school
students and train 30,000 teachers. Indirectly, the operation will
benefit another 500,000 elementary and middle school students and
67,000 teachers and public officials.

Boosting the social progress of vulnerable populations and
improving 21st-century skills preparation are two of the routes
that the IDB Group has identified in its Vision 2025 for the region
to achieve an inclusive and sustainable recovery.

The loan has a 5-year disbursement period, a 6-year grace period,
and an interest rate based on LIBOR.

The Inter-American Development Bank is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social, and institutional development in
Latin America and the Caribbean. The IDB also conducts cutting-edge
research and provides policy advice, technical assistance and
training to public and private sector clients throughout the
region.

                         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: Still Has No Plans to Join OPEC, Energy Minister Says
-------------------------------------------------------------
Rio Times Online reports that Brazil has no plans to join the
Organization of Petroleum Exporting Countries (OPEC) for the time
being.  However, it is working with the group, Mines and Energy
Minister Bento Albuquerque said, according to Rio Times Online.

President Jair Bolsonaro said in 2019 that he wanted his country to
join OPEC, a move that would likely require Brazil, the world's
seventh-largest oil producer based on 2020 figures, to limit oil
production.

"At the moment, there are no plans to join OPEC. We continue to
work with OPEC cooperatively," the minister told reporters in Abu
Dhabi, the report notes.

OPEC groups the largest exporter, Saudi Arabia with 12 other
countries, including the United Arab Emirates, the report relates.
Since 2017, OPEC has maintained an agreement with non-member
producers, except Brazil, in a grouping known as OPEC+ to limit
supply and support the market, the report adds.

                           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).

                       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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CUBA: Moody's Downgrades Long Term Issuer Rating to Ca
------------------------------------------------------
Moody's Investors Service has downgraded the government of Cuba's
long-term local and foreign-currency issuer ratings to Ca from
Caa2. The outlook remains stable.

The downgrade of Cuba's ratings to Ca reflects (i) reduced
hard-currency inflows because of the pandemic and economic
sanctions that further limit the government's external debt-service
capacity; and (ii) the currency unification process that will
remove a key distortion in the economy, but points to a weaker
assessment of Cuba's overall credit profile.

The stable outlook on the rating reflects Moody's view that upside
and downside risks to Cuba's credit profile remain balanced. Risks
to the upside are constrained by current economic sanctions imposed
by the US and internal economic distortions, which limit growth
prospects. Downside risks reflect external liquidity challenges,
which along with financial sanctions, curb the likelihood that the
Cuban government would be able to access additional external
funding. As a result, Moody's expects Cuba's credit profile to
remain very weak and in line with a Ca rating.

Cuba's local and foreign-currency country ceilings have been
lowered to Ca from Caa2. The alignment between the local-currency
ceiling and the sovereign rating reflects very high government
presence in the economy, weak predictability of institutions and
high political and external vulnerability risks. The alignment
between the foreign-currency ceiling and the local-currency ceiling
incorporates Cuba's limited policy effectiveness, constraints on
external indebtedness and a closed capital account.

RATINGS RATIONALE

RATIONALE FOR DOWNGRADE TO Ca FROM Caa2

REDUCED HARD-CURRENCY INFLOWS BECAUSE OF THE PANDEMIC AND ECONOMIC
SANCTIONS FURTHER LIMIT THE GOVERNMENT'S EXTERNAL DEBT-SERVICE
CAPACITY

Cuba's hard-currency inflows, particularly those related to
tourism, were severely hindered by the pandemic and adversely
affected by hardened constraints imposed by the Government of the
United States on remittance flows to the island.

In 2020, the Cuban economy contracted by 10.9%, following a 0.2%
contraction in 2019. It was severely impacted by the travel
restrictions and quarantines that were implemented both
domestically and internationally by governments of key tourism
source markets to contain the spread of the coronavirus. The number
of visitors to Cuba had already fallen by 9.3% in 2019 as a result
of the US revoking educational and export authorizations in June of
that year. In 2020, visitor numbers dropped by another 74.6%
compared to 2019, and through September 2021 they were equivalent
to only 17% of 2020's full-year figure. A major decline in tourism
has significantly reduced foreign-currency inflows to the country.
Although Cuba fully reopened its borders to tourism on November 15,
2021, Moody's expects hard-currency inflows to recover only
gradually because Cuba will face strong competition from other
tourism destinations in the Caribbean and due to strict limitations
imposed on travelers by the US government.

Meanwhile, although there is no official data on remittances, these
flows also play an important role in bringing hard currency to the
island. US sanctions that restricted the flow of remittances in
2019 and 2020 were maintained through 2021. Along with the
multi-year decline in financial support from Venezuela, as well as
the adjustment to the new exchange rate regime, Cuba experienced a
significant tightening of external financial conditions in 2020 and
2021, which has resulted in more limited availability of hard
currency to import basic goods and medicines and to service
external liabilities.

The sharp deterioration of economic conditions in 2020-21 --
including a limited ability to import basic goods and medicines and
accelerated inflation -- contributed to an increase in social
discontent. The government's severe crackdown on protests will
likely prolong economic and financial sanctions that were imposed
in recent years, further constraining financial flows to the
island.

Cuba's limited external debt-service capacity was confirmed by the
announcement made in June 2021 by the Paris Club, a group of
official creditors,[1] which amended the 2015 restructuring
agreement reached with Cuba. Although the new terms have not been
fully disclosed, the Paris Club indicated that the revised
agreement would include a deferral of payments, after anecdotal
evidence pointed to Cuba missing payments in 2020. Overall, Moody's
considers that Cuba's limited debt-service capacity is consistent
with a credit risk profile that is associated with a Ca rating.

CURRENCY UNIFICATION PROCESS WILL REMOVE A KEY DISTORTION IN THE
ECONOMY, BUT POINTS TO A WEAKER ASSESSMENT OF CUBA'S OVERALL CREDIT
PROFILE

In 2021, Cuba began unifying its multiple exchange rates, targeting
an ultimate rate of CUP24 per USD. This will help reduce a major
economic distortion that contributed to an overestimation of Cuba's
GDP. However, Moody's expects the devaluation of the CUP to lead to
a material deterioration in Cuba's key economic and fiscal
metrics.

Moody's assessment of economic strength will weaken given the
smaller scale of the economy and lower wealth levels. Moody's
estimates nominal GDP could decrease to around $15-$20 billion in
2021 from $107 billion in 2020, and income levels will be pushed
lower as well. Overall, changes in these metrics point to lower
resilience to shocks, which, combined with Cuba's weak economic
performance, the impact distortions caused on labor flexibility,
and negative demographic dynamics, denote weaker economic
strength.

Similarly, fiscal strength will weaken as the debt stock relative
to GDP will increase significantly given the large share of
foreign-currency-denominated debt. Because of the currency
devaluation, external government debt will be equivalent to three
times GDP, pointing to a heavy debt burden.

Overall, these developments confirm the underlying weaknesses of
Cuba's credit profile, which is reflected in the Ca rating.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on the rating reflects Moody's view that upside
and downside risks to Cuba's credit profile remain balanced.
Moody's expects economic performance to remain subdued in the
coming years because of a gradual recovery in tourism flows. The
continuation of economic sanctions will continue to weigh on
investment prospects, while existing economic distortions will
hinder domestic demand.

Downside risks reflect external liquidity challenges, along with
the effect of financial sanctions, which curb the government's
ability to access external funding. Given these elements, Moody's
expects Cuba's credit profile to remain very weak and in line with
a Ca rating.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Cuba's ESG Credit Impact Score is highly negative (CIS-4),
reflecting moderate exposure to environmental risks, high exposure
to social risks and a very weak governance profile. Opaque
policymaking, and very low data and information transparency weigh
heavily on Cuba's credit profile.

Cuba's exposure to environmental risks is moderately negative (E-3
issuer profile score). The country is exposed to hurricanes that
have the potential to cause flooding, loss of crops and life, and
damage to infrastructure, in particular vital hotel infrastructure
on which the country depends to generate foreign exchange from
tourism.

Exposure to social risks is highly negative (S-4 issuer profile
score). An aging population will weigh on growth potential and
raise government expenditure. Government repression of basic social
freedoms and deteriorating economic conditions, as well as an aging
ruling class, could spark social and political unrest, particularly
as the power is very slowly transitioning away from historical
leaders.

The influence of governance on Cuba's credit profile is very highly
negative (G-5 issuer profile). The policymaking process is opaque,
resulting in very limited policy predictability and a lack of
transparency that also weakens data quality. Policy effectiveness
is low, as reflected by the severe distortions in Cuba's economy,
policymakers' unwillingness to address social risks in favor of
maintaining a tight grip on power, and their inability to increase
climate resilience by investing in better infrastructure.

GDP per capita (PPP basis, US$): [not available] (also known as Per
Capita Income)

Real GDP growth (% change): -10.9% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 18.5% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -17.7% (2020 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 0.8% (2020 Actual) (also known as
External Balance)

External debt/GDP: 21.4% (2020 Actual)

Economic resiliency: caa1

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On November 15, 2021, a rating committee was called to discuss the
rating of the Cuba, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have materially decreased. The issuer's
fiscal or financial strength, including its debt profile, has
materially decreased. The issuer has become more susceptible to
event risks.

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

Moody's would change the stable outlook on Cuba's Ca ratings to
positive in the event of an easing of US economic sanctions or a
renewed push toward domestic economic reforms that significantly
improve Cuba's economic prospects. A significant increase in
hard-currency inflows that reduces Cuba's external vulnerability
would also have positive rating implication.

Evidence of increased stress on Cuba's external finances,
deteriorating economic prospects because of external shocks, and
reform reversals that jeopardize progress achieved on economic
liberalization would exert downward pressure on the country's
rating.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



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

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.

"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, notes the
report.

Perez said that the CNCP is 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.

"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, adds 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: Inches Closer to a Stock Market
-------------------------------------------------------
Dominican Today reports that the Association of Industries of the
Dominican Republic (AIRD) organized a thematic panel in what the
qualitative leap that law 163-21 means by allowing and encouraging
the issuance of public shares of companies in the market of
securities of the country, as well as the potential for business
growth that this step means.

By leaving the activity open, Celso Juan Marranzini, AIRD
president, said that thanks to this legislation, the market for
issuing shares on the stock market will be able to develop and that
the time comes when any person or group can become a shareholder of
another company at through a public stock market, according to
Dominican Today.

"We are leading Dominican companies to make the decision to make
public enough information for potential investors to decide whether
or not to participate as shareholders," he said, the report notes.

                      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).




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

JAMAICA: Urged to Increase Importation of Electric Vehicles
-----------------------------------------------------------
RJR News reports that an appeal is being made for the Jamaican
government to expand avenues for the importation of  more electric
vehicles.  The call came from the Managing Director of
TotalEnergies Christopher Okonmah as TotalEnergies announced that
it will operate charging stations for electric vehicles in
Jamaica.

News came that negotiations are taking place at the Cabinet level
for the reduction of  duties on Electric Vehicles imported to
Jamaica, according to RJR News.

Minister of  Science, Energy and Technology, Daryl Vaz says the
Ministry of  Finance has concluded its review of the fiscal regime
to support the Electric Vehicle industry, the report notes.

Mr. Vaz says the E-mobility Strategic Framework is to be submitted
to Cabinet and he hopes to have an interim policy arrangement for
Electric Vehicles in place, until the full policy is announced in
April, 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.




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

ALPHA LATAM: Court OKs $149.5M Colombian Asset Sale to CFG Partners
-------------------------------------------------------------------
Jeff Montgomery of Law360 reports that Latin American payday lender
Alpha Latam Management LLC secured bankruptcy court approval in
Delaware Tuesday, Nov. 16, 2021, for a $149.5 million sale of its
Colombian assets to an affiliate of Puerto Rico-headquartered CFG
Partners, topping a stalking horse offer by $16.5 million.

U.S. Bankruptcy Judge J. Kate Stickles approved the deal during a
teleconference hearing without objections being raised.  The
winning offer included an agreement to keep the company's Colombian
headquarters in Bogota open, a provision that Alpha Latam said
would preserve 45 jobs in that city and avoid the complications and
expense of rejecting the operation.

                   About Alpha Latam Management

Wilmington, Del.-based Alpha Latam Management, LLC and its
affiliates operate a specialty finance business that offers
consumer and small business lending services to underserved
communities in Mexico and Colombia.

Alpha Latam Management and certain of its affiliates sought Chapter
11 protection (Bankr. D. Del. Case No. 21-11109) on August 1, 2021,
disclosing assets of between $100 million and $500 million and
liabilities of between $500 million and $1 billion. Judge J. Kate
Stickles oversees the cases.

The Debtors tapped Richards, Layton & Finger, P.A. and White &
Case, LLP as legal counsel; Rothschild & Co US Inc. and Rothschild
& Co Mexico S.A. de C.V. as investment bankers; and AlixPartners,
LLP as financial advisor. Prime Clerk, LLC is the claims and
noticing agent and administrative advisor.

On Aug. 11, 2021, Alpha Holding, S.A. de C.V. and AlphaCredit
Capital, S.A. de C.V. SOFOM, ENR commenced in Mexico City a jointly
administered voluntarily filed proceeding pursuant to the Ley de
Concursos Mercantiles.  Through this proceeding, the Mexican
Debtors intend to pursue a controlled restructuring and possible
sale of their assets.

CONSUBANCO SA: Fitch Affirms 'BB-' LT IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Consubanco, S.A., Institucion de Banca
Multiple's Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB-' and Short-Term Foreign and Local Currency
Ratings at 'B'. In addition, Fitch has affirmed Consubanco's Long-
and Short-Term national scale ratings at 'A-(mex)' and 'F2(mex)',
respectively. The Rating Outlook for the Long-Term ratings is
Stable.

Fitch is withdrawing the Support Rating (SR) and the Support Rating
Floor (SRF) as they are no longer relevant to the agency's coverage
following the publication of Fitch's updated Bank Rating Criteria
on 12 November 2021. In line with the updated Criteria, Fitch has
assigned Consubanco's Government Support Rating (GSR) of 'No
Support'.

KEY RATING DRIVERS

IDRs, VR, NATIONAL RATINGS

Consubanco's IDRs and National Ratings are driven by its intrinsic
creditworthiness, reflected in its 'bb-' Viability Rating (VR). The
VR considers Consubanco's business profile, which is characterized
by a modest but well-recognized franchise in payroll-deductible
loans to public sector employees, and concentrated and stable
business model. Consubanco less diversified funding profile than
peers such as mid-sized banks and NBFIs rated by Fitch is also
incorporated in the agency's assessment. The ratings also factor in
the bank's well-controlled asset quality, reasonable capital and
profitability levels but with downside risks, and the operational
and political risks inherent to its business model focused on
public sector employees and retirees.

Consubanco showed ability to manage refinancing risk. It maintained
appropriate liquidity levels despite loan portfolio acquisitions
and its deposit franchise continues to improve; however, its
funding profile continues to be less diversified than peers. At
3Q21, Consubanco does not have funding lines and its deposit base
is still reliant on brokerage term-deposits (33.8% of deposits);
while unsecured debt and securitization were around 41.9% of total
funding.

Although Fitch considers the growth of deposits as a positive step
in diversification, an important part of its funding is wholesale
and brokerage term-deposits (61.5%), which is more sensitive to the
investor appetite and could be subject to further stress given some
recent reputational events in the Mexican payroll lending segment.
Considering the NBFI criteria, the unsecured funding to total
funding ratio of 85.1% compares adequately with rated NBFIs.

Fitch expects asset quality to continue improving due to its
prudent underwriting standards focused on federal dependencies, but
metrics will remain commensurate with current ratings levels. Asset
quality improvement relies on moderately higher charge-offs and the
relevant increase of the loan portfolio (27.8% yoy), due to
portfolios acquisitions. At 3Q21, the bank's NPL ratio, which
includes accounts receivables from employers more than 90 days past
due, was 4.4% (2020: 6.8%).

The bank has high concentrations by employer; the largest 20
agreements represented 2.7x its common equity Tier 1 (CET1), while
the main agreement represents a very high 1.3x its CET1. Subsector
concentration is high, being health sector around 59% of the
payroll portfolio. Asset quality of the payroll segment has been
more resilient compared to other segments during the crisis, even
considering the recent impairment and closure of some state
dependencies and the inherent risk in its concentrated business
model.

Fitch considers Consubanco's profitability will continue facing
pressures given that some of its main agreements remain inactive.
Operating profit to risk weighted assets (RWA) reached 2.4% at
3Q21; higher than 2020 (1.8%) but still below previous years
(average 2017-2019: 3.7%). Although credit costs have decreased
compared to 2020, operating expenses, intermediation losses by
derivatives and other expenses have increased. The recent
acquisitions are supporting the interest margin by higher business
volumes.

Fitch considers pressured profitability, higher RWAs or capital
outflows could impact the capitalization and leverage factor.
Capitalization ratios showed some pressures due to dividend
payments (4Q20: MXN400 million), increase of RWAs and increase in
intangible assets derived from higher payments for advanced
commissions due to portfolio's growth. At 3Q21, its CET1 to RWAs
ratio was 14.4%, significantly lower than previous years (2020:
16.9%; 2019: 21.5%). The bank is working in some strategies to
return to levels above 15% in the short term.

Due to the bank's business model concentration on payroll deducted
loans, it is exposed to operational, political and event risk. The
willingness and ability of public sector entities to fully disburse
retained collections usually impact asset quality and liquidity.

Although 80% of Consubanco's loan portfolio corresponds to federal
entities, which tend to be operationally efficient and exhibit
virtually null delays in transferring payments, the bank's very
high concentration on some of the public sector entities such as
the IMSS (Mexican social security agency) exposes the entity to
operational risks, such as the slight delay in payment experienced
with the IMSS by sector in general. Fitch's assessment of
Consubanco's risk profile also incorporates the suspension of some
agreements with public sector entities. The risk profile has been
assigned at 'bb-', since Fitch acknowledged Consubanco's
underwriting standards as a relative credit strength.

SENIOR DEBT

Local senior unsecured issuances are at the same level as
Consubanco's national LT rating as the likelihood of default for
the notes is the same as the bank's.

GSR

Consubanco's 'No Support' GSR reflects Fitch expectation of there
is no reasonable assumption that such support will be available due
to the bank's omission as a domestic systemically important bank
(D-SIB). As of 3Q21, Consubanco's deposits were around 0.1% of the
Mexican banking system.

RATING SENSITIVITIES

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

-- An upgrade is possible if the bank is able to maintain its
    improvements in funding and liquidity management. Continued
    diversifying its funding base, with a greater relative
    contribution of retail deposits and credit facilities will be
    positive. Further material strengthening of its business
    profile, profitability and capitalization could also be credit
    positive over time.

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

-- An increase in its liquidity risks, a low balance liquidity or
    less access total funding that is susceptible to market
    sentiment or of depositors, would also put pressure on the
    ratings. If there are additional pressures on the bank's
    financial profile. Specifically, due to a significant
    deterioration of delinquency ratios, if its CET1 ratio falls
    below 12% in a sustained manner, or if operating profit to
    RWAs is consistently below 1%. An increased political or
    business risk could also be negative for ratings.

SENIOR DEBT

Local senior debt ratings of Consubanco would mirror any changes in
the bank's National scale ratings.

GSR

Given the bank's limited systemic importance and the almost
incipient penetration of deposits, Fitch believes that GSR are
unlikely to change in the foreseeable future.

VR ADJUSTMENTS

The Business Profile Score of 'bb-' has been assigned above the 'b'
category implied score due to the following adjustment reason:
Market Position (positive).

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has reclassified Account Receivables from employers as loans,
with those overdue by more than 90 days classified as impaired.
Loan loss reserves are increased by the amount of reserves related
to these account receivables. Capitalized fee expenses and other
deferred assets were reclassified as intangibles and deducted from
total equity due to its lower loss absorption capacity.

ESG CONSIDERATIONS

Consubanco, S.A., Institucion de Banca Multiple has an ESG
Relevance Score of '4' for Customer Welfare - Fair Messaging,
Privacy & Data Security due to its exposure to reputational and
operational risks as its main business targets are government
employees and dependencies through credits with relatively high
rates, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

Consubanco, S.A., Institucion de Banca Multiple has an ESG
Relevance Score of '4' for Exposure to Social Impacts due to its
exposure to a shift in social or consumer preferences or to
government regulation of its lending offer, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Consubanco, S.A., Institucion de Banca Multiple has an ESG
Relevance Score of '4' for Governance Structure due to the
observation occurred in 2020 regarding related parties' limits made
by the banking regulator about some receivables that could be
considered transactions with related parties, and have not been
registered as such. However, the bank took actions to reduce the
related parties and mitigate the risk of another excess of
regulatory limits. Fitch will continue to monitor this factor given
is still pending the regulator resolution, which has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.

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.

CREDITO REAL: Fitch Lowers LT IDRs to 'BB-', On Watch Negative
--------------------------------------------------------------
Fitch Ratings has downgraded Credito Real, S.A.B. de C.V., SOFOM,
E.N.R.'s (Credito Real) Long-Term (LT) Foreign and Local Currency
Issuer Default Rating (IDRs) to 'BB-' from 'BB' and were placed on
Rating Watch Negative (RWN). The Short-Term (ST) IDRs were affirmed
at 'B'. The senior unsecured debt and hybrid notes were also
downgraded and place on RWN. The LT and ST national scale ratings
have also been downgraded to 'A-(mex)' from 'A(mex)' and to
'F2(mex)' from 'F1(mex)', respectively, and both were placed on
RWN.

Credito Real's rating downgrade is driven by heightened refinancing
risk and worsened funding conditions. Some of the previously
proposed strategies to address the CHF170 million senior unsecured
bond maturity in February 2022 have not fully materialized since
Fitch's last rating action on Sept. 28, 2021. The RWN reflects the
execution risk to the detailed alternatives that the company has
shared with the agency, as a relevant portion is contingent on
market's appetite and conditions.

Fitch will continue to monitor closely within the next several
weeks the refinancing risk evolution and the company's actions to
address it, and further negative rating actions cannot be ruled out
if Fitch does not assess a stabilization of the funding and
liquidity pressures.

KEY RATING DRIVERS

The detailed existing funding and liquidity options that Credito
Real provided to Fitch, which more than covers the full amount of
the upcoming bond maturity, show that the company maintains some
degree of financial flexibility consistent with the 'BB' rating
category. However, some of those alternatives are still pending
formalization and are reliant on market sentiment, while expected
cash from the recent MXN1,500 million SME portfolio sale is pending
approval from regulator. If refinancing strategies are
unsuccessful, the company may seek to reduce loan origination as it
has a highly cash generating business model.

Credito Real's ratings reflects with high importance its funding
and liquidity profile, with a still high proportion of unsecured
funding sources (80.8% of total debt) although highly reliant on
financial market-driven sources (debt issuances represented 63.3%
of total funding as of September 2021). Fitch considers Credito
Real has shown increased refinancing risk as the maturity of its
unsecured debt issuance in February 2022 quickly approaches. The
company's core plan is to tap the Swiss market and refinance a
portion of the bond, while the alternatives consider several
secured fund sources, of which the agency received preliminary term
sheets, which are in process of approval, resources from the
portfolio sale, collections and cash among others.

Fitch's downward revision of the assessment of the company's
funding to 'bb-' from 'bb' with a negative trend reflects the
increased refinancing and liquidity risks arising from a
deteriorated market sentiment toward the payroll loans to
public-sector employees' industry that could hinder the company's
short-term financing strategies.

Fitch's view also incorporates the company's existing financial
flexibility in the form of access to several alternative sources of
funding and its capacity to use the loan portfolio as collateral.
Fitch estimates that if Credito Real modestly increases the use of
secured funding, it can maintain a proportion of unsecured funding
sources consistent with the 'bb' rating category as per Fitch's
criteria, and sufficient unpledged assets to remain in compliance
with its total unencumbered assets to total unsecured debt covenant
of 110%, although with a narrower buffer. As of September 2021,
unpledged assets covered approximately in 1.4x unsecured debt.

The modest profitability of Credito Real which compares unfavorably
against peers with a similar business model, is also a high
importance factor. Decreased profitability is explained by a
tighter interest margin due to a less dynamic loan portfolio and
increased funding and credit costs. The pre-tax income to average
assets was 0.9% compared to the 4.1% average of 2017-2020, although
with a slight improvement from the 0.5% reported in the 2Q21. Fitch
believes the company can progressively increase earnings as
business volume recovers and if its plans to sell some assets are
successfully executed. However, In Fitch's opinion, profitability
will remain pressured due to changes in the payroll segment that
may strain its margins.

Credito Real's asset quality metrics remain challenged by effects
of the pandemic over its loan portfolio dynamic and by the
deterioration of its SMEs portfolio. As of September of 2021
(3Q21), the adjusted NPL´s ratio including 12-month charge-offs,
the amount owed by distributors and foreclosed assets, stood at
11%. Fitch expects the company´s NPL ratio to improve once the
recent announced payment in kind for one specific SME past due loan
completes, which is a positive development from Fitch's recent
review.

Further improvement could come if the company completes its
announced asset sale plans which will reduce the exposure to the
SME segment in which the entity has lower expertise. Fitch's asset
quality assessment also considers remaining pressures from the
prevailing operating environment conditions.

Credito Real's tangible debt-to-capital ratio improved to 5.0x as
of September 2021 from 5.6x reported at YE 2020, mostly explained
by a reduction in the company's debt levels and the total retention
of earnings. The company´s capital base provides a reasonable loss
absorbing capacity. Tangible leverage is expected to improve once
the SME portfolio sale is fully executed, which could improve the
equity and liquidity profile due to Credito Real's strategy to
repurchase bonds but success will amply rely on timing.

The company has a good company profile underpinned by its national
leadership in the payroll deductible loans to unionized state and
federal public-sector employees, and ample expertise in the payroll
segment in Mexico; however, Fitch has adjusted downward the
assessment on the company profile factor from 'bb+' to 'bb' due to
Fitch's weaker view of a relatively weaker franchise on the funding
side than what it had until recently.

SENIOR DEBT

The senior global debt rating has been downgraded to 'BB-' and
remains at the same level as Credito Real's 'BB-' rating, as the
likelihood of a default of the notes is the same as for the
company. The senior notes rated at 'BB-(EXP)' have not yet been
placed on the financial market.

HYBRID SECURITIES

Credito Real's hybrid securities have been downgraded to 'B' from
'B+' and remain rated two notches below its LT IDR to reflect the
increased loss severity due to its deep subordination and
heightened risk of non-performance relative to existing senior
obligations.

Based on Fitch's assessment, the hybrid qualifies for 50% equity as
it meets Fitch's criteria.

RATING SENSITIVITIES

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

-- Fitch expects to resolve the RWN upon assessing the progress
    in the funding and liquidity plans established by the company
    and the impact on the company's financial profile. If
    refinancing risk significant heightened, Fitch does not rule
    out a multi-notch downgrade;

-- A downgrade of Credito Real's ratings could result from
    further and sustained deterioration on asset quality and if
    the company does not show a clear recovery trend in
    profitability metric above 1%;

-- A total debt-to-tangible equity ratio consistently above 7.0x;

-- A multi-notch downgrade of the national ratings is possible if
    the IDRs are downgraded by more than one notch.

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

-- The RWN could be removed and ratings be affirmed if the
    company's strategies progress as expected reducing refinancing
    risk and improving the funding and liquidity profile of the
    company;

-- The current RWN makes an upgrade highly unlikely in the near
    term;

-- Over the medium term, the ratings could be upgraded if Credito
    Real strengthen its financial profile and asset quality metric
    stabilizes, while preserving its good company profile.

SENIOR DEBT and HYBRID SECURITIES

-- The company's debt ratings would mirror any changes on those
    of Credito Real's IDRs. The senior unsecured debt ratings
    would continue to be aligned with the company's IDRs, while
    the hybrid securities would remain two notches below.

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

Credito Real, S.A.B. de C.V., Sociedad Financiera de Objeto
Multiple, Entidad No Regulada has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to its exposure to shifts in social
or consumer preferences or changes in government regulation, or
contract agreements on payroll deduction loan products, which has a
negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

Credito Real, S.A.B. de C.V., Sociedad Financiera de Objeto
Multiple, Entidad No Regulada has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
its exposure to reputational and operational risks, as its payroll
deduction loans business targets government employees and
dependencies offering relatively high interest rates }, which has a
negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

Credito Real, S.A.B. de C.V., Sociedad Financiera de Objeto
Multiple, Entidad No Regulada has an ESG Relevance Score of '4' for
Financial Transparency due to the issuer's approach to reporting
and registering accrued interest. Additionally, the loan portfolio
differs from practices disclosed by other payroll lenders, and
Credito Real's public information disclosure is weaker than
international best practices and lacks sufficient detail in some
accounts, although Fitch perceives that the company has made some
positive steps in this area. This has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.

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.



===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week Nov. 15 to Nov. 19, 2021
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR


                           *********


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
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