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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, November 24, 2021, Vol. 22, No. 229

                           Headlines



A R G E N T I N A

GAUCHO GROUP: Posts $931K Net Income in Third Quarter


B R A Z I L

BRAZIL: Can Grow 5% This Year, Says Bolsonaro
BRAZIL: Central Bank Does Not Expect Stagflation, Says Director


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: IDB to Help Gov't Clean Up Its Act


E C U A D O R

ECUADOR: Gets 500M IDB Loan to Foster Economic Recovery


G U A T E M A L A

GUATEMALA: To Get $400M IDB Support to Tackle Natural Disasters


P E R U

PERU: Central Bank Joins Global Push to Develop Digital Currency


T R I N I D A D   A N D   T O B A G O

CL FINANCIAL: CLICO Now Owes Gov't TT$1.21 Billion
NATIONAL GAS: Moody's Lowers CFR to Ba2 & Alters Outlook to Stable
TOBAGO HOUSE: Moody's Lowers Issuer Rating to Ba2, Outlook Stable
TRINIDAD PETROLEUM: Moody's Affirms Ba3 CFR, Outlook Now Stable

                           - - - - -


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

GAUCHO GROUP: Posts $931K Net Income in Third Quarter
-----------------------------------------------------
Gaucho Group Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $931,207 on $2.61 million of sales for the three months ended
Sept. 30, 2021, compared to a net loss of $934,299 on $60,228 of
sales for the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $1.53 million on $3.22 million of sales compared to a
net loss of $3.74 million on $474,546 of sales for the nine months
ended Sept. 30, 2020.

Commenting on the results, Scott Mathis, chief executive officer of
Gaucho Holdings, stated, "We are absolutely thrilled to report our
first quarterly profit as a public company.  Earlier this year we
completed an $8 million public offering and achieved our
long-desired goal to uplist our shares to Nasdaq.  Since then, we
have taken significant strides to complete our vision of becoming
recognized as the LVMH of South America.  These strides include
operating in the boutique hotel, hospitality and luxury vineyard
property markets, featuring our 4,138-acre Algodon Wine Estates in
Mendoza, Argentina.  We have created an e-commerce platform, Gaucho
Buenos Aires, for consumers to access Argentine style and
high-end products with a concentration on leather-goods and
ready-to-wear accessories.  By the end of the year, we expect to
launch a line of luxury textiles and home accessories.  We are
making progress towards the opening of our flagship retail location
in Miami's Design District and have recently completed another
installment investment in our Las Vegas project to further expand
opportunities in lodging, hospitality, retail and gaming.

"Our third quarter financial results reflect early sales of real
estate lots at our Algodon Wine Estates as well as a small increase
in hotel, restaurant and wine sales after Argentine hotels reopened
with COVID-19 measures in place.  We are encouraged by the pace of
lot sales occurring at Algodon Wine Estates.  Recognition of
revenue from these sales is contingent on deeding requirements, a
process that has been made a bit more time consuming given the
pandemic environment.  This pushed some revenues into the fourth
quarter, but we are pursuing this process as quickly as possible,
and we are encouraged by the pace of lot sales that we see in the
fourth quarter and the environment for ongoing sales throughout
next year. Argentina officially "reopened" from Covid related
shutdowns, and as the world continues to reopen, we believe we will
benefit from a surge in pent up consumer demand for travel and
luxury experiences. Over the years we have been opportunistic about
acquiring new acreage, and our earlier engagement of architectural
design firm EDSA has resulted in substantial improvements to the
infrastructure and amenities of Algodon Wine Estates.  Recently
drilled water wells should further enhance the appeal and market
value of these properties.  And, lastly, as we have previously
announced, we are actively seeking to partner with a 5-star hotel
chain to potentially bring in an 80-120 room hotel with branded
residences.  If we are successful with finding a partner, we
believe it can add immeasurable value and result in even stronger
revenue growth at Algodon Wine Estates.  We look forward to
finishing the year strongly and growing even stronger in 2022."

As of Sept. 30, 2021, the Company had $17.61 million in total
assets, $4.03 million in total liabilities, and $13.58 million in
total stockholders' equity.

As of Sept. 30, 2021, the Company had cash and working capital of
$2,836,500 and $4,314,335 respectively.

Subsequent to Sept. 30, 2021, the Company raised gross proceeds of
$1,096,561 from the sale of its common stock and net proceeds of
$5,573,187 from the sale of convertible notes to its investors.
  
The Company expects that the cash on hand plus additional cash
from
the sales of common stock under the Purchase Agreement will fund
its operations for a least 12 months after the issuance date of
these financial statements.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1559998/000149315221028679/form10-q.htm

                        About Gaucho Group

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

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

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





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B R A Z I L
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BRAZIL: Can Grow 5% This Year, Says Bolsonaro
---------------------------------------------
Rio Times Online reports that President Jair Bolsonaro, while
giving a speech at the Arab-Brazilian Chamber of Commerce in
Bahrain on Nov. 16, said that Brazil can show 5% growth in 2021.

Bolsonaro was analyzing the country's economic situation before and
during the Covid-19 pandemic when he made the comment with the
projection, according to Rio Times Online.

"Brazil was one of the five countries that behaved best in fighting
the virus. We are almost ending [2021] with the possibility of
growing 5%," he said, attributing the forecast to the team of
Economy Minister Paulo Guedes.

In addition, the president also stated that "our trade balance is
one of the fastest-growing in the world" when commenting on
possible agreements between Brazil and Bahrain, the report notes.

                           About Brazil

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

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


BRAZIL: Central Bank Does Not Expect Stagflation, Says Director
---------------------------------------------------------------
Rio Times Online reports that the director of international affairs
and corporate risk management of the Central Bank (BC), Fernanda
Guardado, said that the monetary authority does not work with a
stagflation scenario for the Brazilian economy.

She said that "many people" predict a recession next year, based on
recent revisions. "We have great difficulty in seeing these
numbers," she said, in a virtual event promoted by the Association
of Banks in the State of Rio de Janeiro (Aberj), according to Rio
Times Online.  "We don't work with a stagflation scenario," she
added.

She pointed out that some sectors "will be pillars of growth" in
2022, such as farming and services, the report notes.

                           About Brazil

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

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




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

[*] DOMINICAN REPUBLIC: IDB to Help Gov't Clean Up Its Act
----------------------------------------------------------
Dominican Today reports that the Inter-American Development Bank
(IDB) will help the country to strengthen and consolidate its
integrity mechanisms in the public procurement system, strengthen
internal control, promote open government and public ethics, and
support the implementation of public procurement policies and
transparency of public spending.

During the Regional Policy Dialogue on Transparency and Integrity,
in which President Luis Abinader participated, the general manager
of IDB Invest, James Scriven, said that support shows a commitment
to transparency and integrity in Latin America and the Caribbean by
being this area a key element to promote sustainable and inclusive
economic recovery in the post-pandemic within the Vision 2025
strategy, according to Dominican Today.

According to Scriven, by supporting countries in advancing their
transparency and integrity agendas, the IDB promotes a better use
of public resources and is giving a strong signal that the rule of
law and its institutions are being strengthened in the region,
which are important pillars for the attraction of private
investments that will be vital pillars to sustain the continuous
development of our region, 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).




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E C U A D O R
=============

ECUADOR: Gets 500M IDB Loan to Foster Economic Recovery
-------------------------------------------------------
Ecuador will promote economic recovery, macroeconomic stability,
and social protection with assistance from a $500 million loan from
the Inter-American Development Bank (IDB).

The program was structured under the Special Development Lending
(SDL) category and will be disbursed in a single tranche. Its
specific objectives are ensuring fiscal sustainability while
safeguarding social safety nets and strengthening money market
stability. This operation complements fiscal consolidation efforts
agreed upon by the Ecuadorian government and the International
Monetary Fund.

Planned budgetary support will help meet short-term financial
needs, stimulate economic recovery, and provide resources for
social protection networks. In particular, it will help shore up
the primary fiscal balance, expand the scope of social programs for
vulnerable families, bolster international reserves, and strengthen
debt management.

The program will directly benefit the county at large by
contributing to its macroeconomic stability through fast-disbursing
resources to finance short-term balance of payments needs and the
government's financing requirements. The loan provides a strategic
framework to advance a program of structural fiscal reforms.

The program will also directly benefit more than 300,000 vulnerable
families by expanding the coverage network of social programs, and
will indirectly benefit all citizens through economic recovery that
will increase opportunities for high-quality, productive jobs.

The $500 million loan is for a 7-year term, with a 3-year grace
period, and an interest rate based on LIBOR.




=================
G U A T E M A L A
=================

GUATEMALA: To Get $400M IDB Support to Tackle Natural Disasters
---------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $400
million contingency loan financing program to mitigate the impact
of natural disasters and health emergencies on Guatemala's public
finances.

The operation was approved under the IDB's Contingent Credit
Facility for Natural Disaster and Public Health Emergencies (CCF),
an innovative instrument that bolsters member countries' financial
resiliency and increases the Bank's climate financing for Latin
America and the Caribbean.

Guatemala is a country with a high exposure to natural events and
public health hazards. As climate change effects intensify, it is
expected that the frequency of events like floods and droughts will
increase.

The project will help the country build up its financial resilience
and responsiveness by boosting the availability of efficient,
quick-access contingency financing to cover extraordinary public
expenses targeting populations affected by natural disaster and
public health emergencies.

The $400 million operation will be structured under the CCF's I and
II modalities. The $300 million modality I will provide parametric
coverage for earthquakes, hurricanes, and rainfall excess
associated with cyclonic systems. The $100 million modality II will
provide coverage for volcanic eruptions, droughts, and eventual
epidemic and pandemic outbreaks.  

In addition, the loan is expected to help upgrade the country's
integrated disaster risk management through improvements to the
five strategic pillars of the Integrated Disaster Risk Management
Plan (IDRMP): governability and policy framework development; risk
identification and knowledge; disaster risk reduction; emergency
preparedness; and financial risk management.    

Considering disasters tend to have a greater impact on the most
vulnerable segments of the population, the program also seeks to
integrate a gender perspective and attention to vulnerable groups
in disaster risk management through specific activities included in
the IDRMP.

The contingent loan's potential beneficiaries are Guatemala's
population at large, particularly those segments receiving the
aforementioned emergency assistance.

This operation is in line with Vision 2025 - Reinvesting in the
Americas: A Decade of Opportunities, a plan created by the IDB to
promote economic recovery and inclusive growth of Latin America and
the Caribbean in the field of climate change.

The IDB's $400 million loan is for a 25-year term, with a 5.5-year
grace period, and interest rate based on LIBOR.





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P E R U
=======

PERU: Central Bank Joins Global Push to Develop Digital Currency
----------------------------------------------------------------
Maro Aquino at Reuters reports that Peru is joining the global push
to develop a central bank digital currency (CBDC), central bank
President Julio Velarde said, as policymakers worldwide seek to
keep pace with fast-spreading cryptocurrencies.

Speaking at a conference with business leaders in Lima, Velarde
said that Peru's central bank is working with the central banks of
India, Singapore and Hong Kong in developing a CBDC, according to
Reuters.

"We are not going to be the first, because we don't have the
resources to be first and face those risks," Velarde said, the
report notes. "But we don't want to fall behind. At least we are at
the same level or perhaps even further ahead than similarly sized
peers, although behind Mexico and Brazil."

Neighboring Chile is also discussing the rollout of a CBDC in 2022,
says the report.

A digital currency issued by the central bank would be different
from other cryptocurrencies such as bitcoin, because this currency
would give a person or business a direct claim on the central bank,
the same as with physical cash, the report relays.

Regulators around the world are cracking down on digital coins,
alarmed at a rapidly expanding market that has bypassed sovereign
central banks and could undermine their control of global financial
systems, the report adds.



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

CL FINANCIAL: CLICO Now Owes Gov't TT$1.21 Billion
--------------------------------------------------
Asha Javeed at Trinidad Express reports that the Colonial Life
Insurance Company (Trinidad) Ltd (CLICO) now owes the Government
TT$1.21 billion as part of its 2009 bailout arrangement.

It's taken 12 years to have the debt reduced from TT$18 billion in
2009 to now TT$1.2 billion in 2021, according to Trinidad Express.

This is according to the 40th quarterly report of the Central Bank,
which was filed in the High Court pursuant to section 44E (7) of
the Act, for the quarter that ended September 30, 2021, the report
notes.

The report is a progress report of proposals to restructure CLICO,
BAT and Clico Investment Bank (CIB), the report relays.

"Payments for interest on the preference shares due to the
Government have commenced.  As at August 31, 2021, the remaining
interest due to the Government on these preference shares amounted
to approximately TT$27.9 million.  In summary, of the approximately
TT$18 billion (inclusive of preference interest due) provided by
the Government in respect of CLICO, approximately TT$16.78 billion
has been repaid by CLICO, leaving a balance of approximately
TT$1.21 billion, as at September 30, 2021," according to the
report, Trinidad Express relates.

The report noted that pursuant to directions from the Minister of
Finance of July 13, 2016, Government received at least 15 payments,
totaling TT$5 billion from CLICO between July 25, 2016 and October
30, 2020, Trinidad Express discloses.

In March 2021, according to that quarterly report, the Central Bank
had said that CLICO was now solvent and that it still owed the
Government TT$2.09 billion as part of its bailout, Trinidad Express
relays.

By May 2021, a ministerial directive was given to the Central Bank
to release TT$400 million to the State, Trinidad Express notes.

At that time the Central Bank said, "At May 31, 2021, CLICO's
outstanding debt to the Government of Trinidad and Tobago is
approximately TT$1.6 billion, Trinidad Express relates.

"Pursuant to a Ministerial direction, CLICO was directed on
September 21, 2021 to pay GORTT approximately TT$380 million in
cash in consideration for an appropriate reduction in liabilities
owed to GORTT in order of priority.  The payments were made on
September 30, 2021," the latest report said, Trinidad Express
relays.

"Over the period July 25, 2016 to August 31, 2021, approximately
TT$486.2 million (15 per cent balance or, where applicable, 100 per
cent of contractual liability plus interest) and TT$1,155 million
was paid to 757 CLICO STIP holders and 34 mutual fund holders,
respectively of the total value payable. The balance of monies
owing to this group is available for payment as and when the
individuals involved make the appropriate requests," it said,
Trinidad Express notes.

CLICO has been under the control of the Central Bank since 2009, in
accordance with Section 44D of the Central Bank Act.

In an interview earlier this year, Central Bank Governor Dr Alvin
Hilaire said he was anxious for T&T's regulator of financial
institutions to close the book on this country's largest bailout,
the report relays.

"As I told you before, we want to get out of this thing, right? We
are not in the business of running insurance companies. Most of the
conditions are no longer there in terms of the systemic issue. And
in terms of the health of the financial system, so we don't have a
systemic problem," he had said, the report discloses.

The sale of the CLICO traditional portfolio to Sagicor remains
stalled following an injunction granted to Maritime Life
(Caribbean) Ltd in July 2020, the report notes.

The 2020 financials of CLICO noted: "The long-term insurance and
investment contract liabilities represented in the balance sheet of
the company amounting to $7.7 billion make proper provision for the
future obligations under the companies' policies and meets the
requirements of the Act and any other regulations made thereunder,"
the report relays.

                    Ministerial Directives

Despite CLICO being under the management of the Central Bank, the
report noted that a number of transfers were made pursuant to
ministerial directive over the course of the Central Bank's
management of CLICO, the report discloses.

These directives are permitted under section 44F (5) of the Central
Bank Act, which states: "In the performance of its functions and in
the exercise of its powers under section 44D the Bank shall comply
with any general or special directions of the Minister and shall
act only after due consultation with the Minister," the report
relays.

Among them recorded in the court document:

  --  In January 2017, in light of the unanticipated delay in the
sale of MHIL shares and pursuant to directions from the Minister of
Finance to the Central Bank, CLICO obtained an independent
valuation of CLICO's 100 per cent shareholding in Occidental
Investment Limited (OIL) and Oceanic Properties Limited (OPL) in
preparation for the transfer of these shareholdings to the
Government, thereby appropriately reducing CLICO's liabilities to
Government. The valuation report was completed and the share sale
and purchase agreement executed by the parties on March 28, 2017.
On May 8, 2017, the parties signed the necessary share transfer
forms to facilitate the transfer of CLICO's 100 per cent
shareholding in OIL and OPL to the State Enterprise, Golden
Grove-Buccoo Ltd.

  --  On April 11, 2018, approximately $107 million of a WASA loan
facility together with a cash payment of TT$21 million were
effectively transferred to the Government for an appropriate
reduction in liabilities owed by CLICO to the Government in order
of priority.

  --  Pursuant to directions from the Minister of Finance,
agreements were executed on March 29, 2018 for the transfer of
CLICO's approximately 21 per cent shareholding in One Caribbean
Media Ltd (OCM) and approximately five per cent shareholding in
West Indian Tobacco Company Ltd to the Government based on an
independent valuation, in consideration for an appropriate
reduction in liabilities owed by CLICO to the Government in order
of priority. These shares were transferred on April 25, 2018.

  --  On April 30, 2018, CLICO received from the liquidator of CIB,
the Deposit Insurance Corporation, an interim distribution of
27,619,219 Republic Bank Ltd (RBL) shares and 848,564 OCM shares.
Pursuant to directions from the Minister of Finance, the Central
Bank directed CLICO to transfer to the Government the RBL shares
and the OCM shares based on the price determined by an independent
valuation in consideration for an appropriate reduction in
liabilities owed to the Government in order of priority. These
shares were transferred to the Government on July 4, 2018.

                   About CL Financial/CLICO

CL Financial was one of the largest privately held conglomerate in
Trinidad and Tobago. It was originally founded as an insurance
company and has since expanded to be the holding company for a
diverse group of companies and subsidiaries.

CL Financial is the parent company of Colonial Life Insurance
Company (Trinidad) Limited (Clico).  CLICO is now the Company's
insurance division.

CL Financial however experienced a liquidity crisis in 2009 that
resulted in a "bail out" agreement by which the government of
Trinidad and Tobago loaned the company funds ($7.3 billion as of
December 2010) to maintain its ability to operate, and obtained a
majority of seats on the company's board of directors.

The companies to be bailed out were: CL Financial Ltd (CLF);
Colonial Life Insurance Company Ltd (CLICO); Caribbean Money
Market
Brokers Ltd (CMMB); Clico Investment Bank (CIB) and British
American Insurance Company (Trinidad) Ltd (BAICO).

As reported in the Troubled Company Reporter-Latin America in July
2017, CL Financial Limited shareholders vowed to pay back a TT$15
billion (US$2.2 billion) debt to the Trinidad Government.

NATIONAL GAS: Moody's Lowers CFR to Ba2 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service downgraded National Gas Company of
Trinidad and Tobago's (NGC) corporate family rating to Ba2 from
Ba1. Simultaneously, Moody's lowered the company's baseline credit
assessment (BCA) to ba2 from ba1. The outlook on all ratings is
stable. These rating actions follow Moody's announcement on
November 19, 2021 that it had downgraded the Government of Trinidad
& Tobago's ("Trinidad & Tobago") rating to Ba2 from Ba1 and changed
the outlook to stable from negative.

Downgrades:

Issuer: National Gas Company of Trinidad and Tobago

Corporate Family Rating, Downgraded to Ba2 from Ba1

Baseline Credit Assessment, Downgraded to ba2 from ba1

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 from
Ba1

Outlook Actions:

Issuer: National Gas Company of Trinidad and Tobago

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The changes in NGC's rating and outlook were triggered primarily by
the rating actions on Trinidad & Tobago's ratings and also
considered the deterioration on the company's credit metrics in the
last years mainly due to lower sales volumes.

NGC's Ba2 rating and ba2 BCA reflect the company's monopoly
position in the transmission and distribution of natural gas from
Trinidad & Tobago's offshore gas fields to the domestic
petrochemical, electrical power generation, steel, and light
industrial sectors. The BCA incorporates the company's economic
burden of serving as a conduit for the government for national
development, including the need to extend special credit terms to
the gas consuming electric utility company. The BCA also considers
the highly cyclical nature of the petrochemical sector and
longer-term natural gas supply risk. In addition, in its joint
default analysis, Moody's assumes a high default correlation
between NGC and the sovereign, its sole shareholder, and a very
high support probability from the government to the company, in
case of need. The high level of dependence on credit factors, such
as the oil and gas industry dynamics, that could cause stress to
both the government and the company simultaneously, hinders the
government's ability to provide extraordinary support. In addition,
Moody's expects that NGC and the government will remain committed
to avoiding NGC to increase debt to transfer funds to the
government.

NGC has strong liquidity, with a cash balance and short-term
investments of $1 billion in June 2021, which compares with
negligible debt maturities in 2021-22 and annual maintenance
capital expenditure of around $100 million. The company does not
have committed banking credit facilities but has had minimal need
for external funding over the last several years.

The stable outlook on NGC's Ba2 ratings is based on Moody's view
that the company will sustain its credit metrics stable in the next
12 to 18 months.

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

NGC's ratings could be downgraded because of materially weakened
margin or cash flow performance, greater government interference
via increased taxation or dividends that could jeopardize the
company's liquidity profile, or a diversion of the company away
from its core gas pipeline operations into public policy programs,
including the extension of special credit terms to less profitable
state entities. In addition, NGC's Ba2 rating could be downgraded
because of a decreased likelihood that the government of Trinidad &
Tobago would provide extraordinary support to NGC, or as a result
of a downgrade of the government's Ba2 rating.

NGC's BCA could be raised if size and scale improves, in
combination with sustainable low leverage and satisfactory returns.
Although unlikely at this point, an upgrade of the ratings of the
government of Trinidad & Tobago would provide a lift to the
company's rating.

The methodologies used in these ratings were Midstream Energy
published in December 2018.

NGC is a diversified natural gas transmission and distribution
company 100% owned by the Trinidad & Tobago's government. NGC is
Trinidad & Tobago's sole purchaser, transporter, and distributor of
natural gas to the domestic natural gas-based energy sector and is
also the designated agent of the Trinidad & Tobago's government to
promote and facilitate natural gas-based investment in the country.

TOBAGO HOUSE: Moody's Lowers Issuer Rating to Ba2, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service downgraded Tobago House of Assembly's
issuer rating to Ba2 (Global Scale, Local Currency) from Ba1 and
changed the outlook to stable from negative. The baseline credit
assessment (BCA) was affirmed at ba3. The action follows Moody's
November 19, 2021 rating action in which the agency downgraded
Trinidad and Tobago's government bond rating to Ba2 from Ba1 and
changed the outlook to stable from negative.

RATINGS RATIONALE

RATIONALE FOR RATING DOWNGRADE

The rating downgrade reflects the strong operational, financial and
institutional linkages between Tobago House of Assembly (THA) and
Trinidad and Tobago (TT). Roughly 99% of THA's revenues come from
the central government, which prevents THA from avoiding the same
fiscal pressures as felt by the sovereign. TT's rating action
incorporates the sovereign's diminished shock absorption capacity
given higher debt metrics following the pandemic, which will result
in a weaker credit profile even with a strong economic recovery in
2022. In addition, the hydrocarbon sector's maturing production
profile and the subdued non-hydrocarbon economic outlook expose
both the sovereign and THA to energy transition risks.

Although THA relies on the central government for almost all of its
revenue, it has considerable flexibility over its expenditures
which has allowed THA to maintain roughly balanced operating and
consolidated cash financing results. This prudent budget management
has allowed THA to report recurrent gross operating surpluses that
have averaged 9% of operating revenue between 2016-2020, and
remained solid even during the pandemic. Moody's expects a modest
weakening of THA's gross operating balance in 2021 largely due to
lower central government transfers, though this will be followed by
a slight improvement in 2022 as transfers recover to pre-pandemic
levels in line with the anticipated recovery in TT's economy.
Furthermore, Moody's expect that the continued strong support from
the central government will support THA's ample liquidity levels.

THA's rating also reflects Moody's expectation that its debt levels
will remain modest and Moody's assessment that there is a very high
likelihood that that TT would act to prevent it from defaulting.
The strong likelihood of support reflects Moody's assessment of the
risk to the sovereign's reputation if THA were to default, and the
strong financial and debt links between the two, backed by current
regulations. TT's parliament recently approved certain reforms to
the THA Act, including a formalization of its process for issuing
long-term debt securities that reinforces the central government's
oversight role.

RATIONALE FOR STABLE OUTLOOK

The rating outlook is stable and primarily reflects the stable
outlook on the sovereign rating, as well as Moody's expectation
that THA's key credit metrics, including debt, liquidity, operating
performance and governance, will remain stable.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental, social and governance considerations were not key
drivers behind today's action but are material to THA's credit
profile.

The main environmental risk faced by THA is related to carbon
transition, given that under a scenario of a gradual slowdown and
eventual fall in hydrocarbon demand, TT's credit profile would face
downward pressure, albeit over the longer term, and would put
downward pressure on transfers to THA. THA also faces risks related
to heat stress and to other natural disasters. THA's main social
risks are related to labor and income, given the large share of the
workforce employed by the government. Finally, governance
considerations balance THA's prudent approach to budgetary
management against its challenges in the generation of timely
financial statements, which are occasionally issued after
considerable delay.

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

Given the strong financial linkages between THA and the Government
of TT, an upgrade of TT's rating would likely lead to an upgrade of
THA's rating.

Conversely, a downgrade of TT's rating would trigger a downgrade of
THA's rating. A downgrade could also occur if (1) THA loses fiscal
discipline, registering higher-than-expected cash financing
deficits, which lead to a deterioration in liquidity levels; or (2)
if there is a sharp and sustained increase in its debt.

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

TRINIDAD PETROLEUM: Moody's Affirms Ba3 CFR, Outlook Now Stable
---------------------------------------------------------------
Moody's Investors Service affirmed Trinidad Petroleum Holdings
Limited's (Trinidad Holdings) Ba3 corporate family rating, backed
senior secured bank credit facility and backed senior secured
ratings and b2 baseline credit assessment (BCA). Simultaneously,
Moody's changed Trinidad Holdings outlook to stable from negative.
These rating actions follow Moody's announcement on November 19,
2021 that it had downgraded the Government of Trinidad & Tobago's
("Trinidad & Tobago") rating to Ba2 from Ba1 and changed the
outlook to stable from negative.

Affirmations:

Issuer: Trinidad Petroleum Holdings Limited

Baseline Credit Assessment, Affirmed b2

Corporate Family Rating, Affirmed Ba3

Gtd Senior Secured Term Loan A1, Affirmed Ba3

Gtd Senior Secured Term Loan B, Affirmed Ba3

Gtd Senior Secured Regular Bond/Debenture, Affirmed Ba3

Outlook Actions:

Issuer: Trinidad Petroleum Holdings Limited

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Moody's affirmed Trinidad Holdings' ratings and changed the outlook
to stable from negative based on the view that the company's
operating and financial profile will remain solid and protective of
its credit metrics and liquidity position. This view includes debt
maturity in June 2022 of $286 million, which the company plans to
refinance but would be able to repay, in case of need. Trinidad
Holding's solid operating and financial performance offsets the
deterioration in Trinidad & Tobago's credit profile.

The Ba3 ratings on Trinidad Holdings are based on its b2 BCA, which
reflects the company's intrinsic credit risk regardless of
government support considerations. In turn, Trinidad Holdings' BCA
is based on the credit profile of Heritage Petroleum Company
Limited (Heritage), an Exploration and Production (E&P) oil and gas
company, the former's main operating subsidiary. Heritage's credit
profile takes into consideration its small oil and gas production
and asset base and Moody's expectation of adequate cash generation
and small production growth. Heritage's experienced management team
also supports Trinidad Holdings' ratings.

Heritage's reserve life is adequate at about eight years. Despite
the company's long operating history, the E&P industry only
recently became a core business. In 2020, Heritage managed to
increase production, which had been declining for several years,
and was able to replace reserves at a rate of 165%. However, to
maintain an annual reserve replacement rate of above 100% to
protect future cash generation, Heritage will have to manage its
operating costs closely and work with partners to grow
efficiently.

Since Trinidad Holdings' is 100% owned by the Government of
Trinidad, the company's Ba3 rating reflects the application of
Moody's joint default rating methodology for government-related
issuers (GRIs). Trinidad Holdings' Ba3 rating benefits from two
notches of uplift from the b2 BCA given Moody's assumption of a
very high probability of support from the government of Trinidad in
a distress situation. Trinidad Holdings and its main subsidiary,
Heritage, are strategically important to the energy sector in
Trinidad since it has over 60% market share of the country's crude
oil production. The government directly appoints most board members
and is closely involved in Trinidad Holdings' and Heritage's budget
approval s and business strategies. The government's ability to
provide support to both companies is measured by its Ba2 rating,
weakened by the very high correlation between the government and
the company on credit factors that could cause stress on both
simultaneously.

Trinidad Holdings counts with adequate liquidity at Heritage.
Moody's expects Trinidad Holdings to have around $452 million in
cash by the end of its fiscal year in September 2021, and generate
enough cash flow from operations in the 12 months ending in
September 2022 to cover annual interest payments of about $82
million, debt amortization of $383 million and capital spending of
around $141 million up to September 2022. Trinidad Holdings also
counts on cash generated at other smaller subsidiaries, such as
Paria: Moody's estimates that Paria will generate approximately $90
million in EBITDA from September 2021 to September 2022.

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

Trinidad Holdings' Ba3 ratings could be upgraded if Heritage
manages to increase production and reserve life efficiently, with
minimal deterioration in its financial metrics. Quantitatively, an
upgrade would require that its debt/proved and developed reserves
is consistently below $8 and EBITDA/interest expenses is well above
3.5 times. An upgrade on the ratings of the government of Trinidad
would not necessarily translate into an upgrade of Trinidad
Holding's ratings.

Trinidad Holding's Ba3 ratings could be downgraded if Heritage's
retained cash flow (funds from operations less dividends) to total
debt declines to around 15%, or if its interest coverage, as per
EBITDA to interest expense, falls to below 2 times with limited
prospects of a quick turnaround. In addition, a deterioration of
Heritage's liquidity profile coupled with a slow execution of is
growth plans could lead to a rating downgrade or if the rating on
the government of Trinidad is downgraded.

Trinidad Petroleum Holdings Limited is a holding company 100% owned
by the Government of Trinidad & Tobago and focused on oil and gas
production. The holding company has four operating subsidiaries,
including Heritage, which is focused on E&P and is Trinidad
Holdings' main source of cash generation. Heritage has assets
located onshore and offshore and has strategic partnerships with
local and international oil companies. Heritage's total assets
amounted to around $2 billion as of June 2021.

The methodologies used in these ratings were Independent
Exploration and Production published in August 2021.


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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

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