/raid1/www/Hosts/bankrupt/TCRLA_Public/211125.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, November 25, 2021, Vol. 22, No. 230

                           Headlines



A R G E N T I N A

GENERACION MEDITERRANEA: Fitch Lowers LT IDRs to 'RD'


B R A Z I L

BRAZIL: Services Sector Shrinks by 0.6% in September, IBGE Says


C O L O M B I A

COLOMBIA: IDB OKs $800 Policy-Based Loan to Foster Growth
ECOPETROL SA: Fitch Affirms 'BB+' LT IDRs, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Peso Appreciates 3.07% Against The Dollar


J A M A I C A

CARIBBEAN CEMENT: Workers Remain Off the Job
JAMAICA: Moody's Affirms 'B2' Long Term Issuer Rating


M E X I C O

MEXARREND SAPI: S&P Affirms 'B' Global Scale ICR, Outlook Stable
PLAYA RESORTS: Moody's Affirms Caa1 CFR, Alters Outlook  to Pos.


P E R U

ORAZUL ENERGY: S&P Downgrades ICR to 'BB-', Outlook Stable


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Big Morsels Needed to Fill Food Deficit


U R U G U A Y

ACI AIRPORT: Moody's Rates $246.2MM Gtd Sr. Secured Notes 'Ba1'


V E N E Z U E L A

MERCANTIL C.A.: Fitch Affirms 'CC' LT IDRs


X X X X X X X X

LATAM: Exports From Region Rebound Despite Pandemic

                           - - - - -


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

GENERACION MEDITERRANEA: Fitch Lowers LT IDRs to 'RD'
-----------------------------------------------------
Fitch Ratings has downgraded Generacion Mediterranea S.A.'s (GEMSA)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'RD' from 'C' on the anticipated completion of its exchange
offer. Fitch considers the current debt exchange, which has reached
the minimum participation rate, a distressed debt exchange (DDE)
under its DDE methodology.

Subsequently, Fitch has upgraded GEMSA's IDRs to 'CCC' due to the
expected completion of the exchange. The post-exchange rating of
'CCC' reflects the company's exposure to offtaker Compania
Administradora del Mercado Mayorista Electrico (CAMMESA). Fitch has
also upgraded the senior unsecured notes due 2023 co-issued by
GEMSA and Central Termica Roca (CTR) to 'CCC'/'RR4' from 'C'/'RR4'
and assigned a final rating of 'CCC'/'RR4' to GEMSA's and CTR's
co-issued senior unsecured amortizing notes due 2027. GEMSA's and
CTR's issuances are capped at an average Recovery Rating of 'RR4'
since Argentina is categorized within Group D with a soft cap of
'RR4', per criteria.

KEY RATING DRIVERS

Minimum Exchange Participation Reached: Fitch expects GEMSA to
successfully complete its debt exchange having reached over 80% in
overall participation in the new 2027 amortizing notes. It has also
reached 75% participation in the consent solicitation to incur
additional indebtedness of up to USD150 million to complete the
Maranzana expansion and change its debt incurrence covenant from
3.75x gross leverage to 3.25x net leverage. The exchange of the
international and local notes will improve the company's debt
maturity profile with USD24 million and USD106 million due to in
2022 and 2023, respectively, versus the previous maturities of
USD44 million and USD403 million. The exchange will settle around
Dec. 1, 2021.

EBITDA Volatility Expected: Fitch expects GEMSA's EBITDA to fall
from USD157 million in 2020 to USD105 million in 2023 as 260MW of
capacity under Resolution 220/2007 is set to expire and move to
Base Energy between 2020 and 2022. Payments to legacy generation
units without a power purchase agreement (PPA) in Argentina are
determined by a regulatory framework called Base Energy. EBITDA
will rise to USD149 million in 2024, the first full year after the
completion of the Ezeiza combined cycle expansion under Resolution
287/17, which will add USD45 million of EBITDA. GEMSA will have no
further contract expirations until December 2025, when 56MW under
Resolution 220 are scheduled to expire.

Tight Debt Service Coverage: GEMSA's cash flow is relatively stable
and predictable provided that CAMMESA continues to pay within its
current time of 66 days. As of 2Q21, 99% of the company's revenue
was denominated in U.S. dollars, and over 96% of EBITDA was derived
from long-term take-or-pay contracts under Resolutions 220/2007 and
21/2016. Fitch estimates GEMSA's 2021 leverage at 4.8x in dollar
terms, which is expected to decline to 2.6x over the rating horizon
as the company pays off maturing obligations and the Ezeiza
expansion project is completed. FFO interest coverage will be tight
at below 2.0x until 2024, when it will rise to 2.6x.

Ezeiza Expansion Moving Forward: Fitch expects GEMSA to proceed
with its planned combined cycle expansion at its Ezeiza plant, for
which the company added USD130 million of debt in July 2021 and
will generate USD45 million of additional EBITDA once completed.
CAMMESA had awarded GEMSA PPAs for two projects under Resolution
287/2017. The company will incur an approximately USD20 million
penalty, payable in 48 monthly installments once operations begin,
which is expected in late 2023. The second expansion project,
Maranzana, remains on hold pending an improvement in market
conditions.

High Counterparty Exposure: GEMSA depends on payments from CAMMESA,
which acts as an agent for an association representing electricity
generators, transmission and distribution companies, large
consumers and wholesale market participants. GEMSA is exposed to
potential delays in payment from CAMMESA. Recent payments from
CAMMESA have been received within approximately 66 days, above the
agreed upon 42 days. Fitch estimates that due to the company's
financial and commercial obligations, it cannot afford prolonged
delays in payments.

Uncertain Regulatory Environment: Fitch believes Argentina's
current economic and political environment increases the
uncertainty that the Fernandez administration will be able to
effectively implement the required electricity regulatory tariff
adjustments in order for the system to be self-sustainable. The
company operates in a highly strategic sector where the government
has a role as both the price/tariff regulator and also controls
subsidies for industry players. Fitch assumes the Fernandez
administration remains committed to and prioritizes developing a
long-term sustainable regulatory environment, moving toward a more
unregulated market and reducing the deficit.

DERIVATION SUMMARY

GEMSA's (CCC) rated Argentine utility peers are Capex S.A. (CCC+),
Pampa Energia S.A. (B-/Stable), Genneia S.A. (CCC), AES Argentina
Generacion S.A. (CCC) and MSU Energy (CCC). GEMSA's ratings and
those of its pure play generation peers reflect Argentina's
sovereign rating since they all receive payments from the market
coordinator, CAMMESA, which is dependent on the government. Fitch
estimates the median gross leverage for GEMSA's Argentina utility
peers to be 2.3x.

GEMSA's expected 2021 gross leverage, measured as total
debt/EBITDA, is 4.8x in dollar terms, weaker than Capex's 2.3x for
2022 and Pampa Energia's 2.4x, AES Argentina's 3.7x, Genneia's 3.4x
and MSU Energy's 4.1x. GEMSA is undertaking a combined cycle
expansion at its Ezeiza plant under Resolution 287/2017, similar to
the ones MSU Energy recently completed in 2020, for which GEMSA
incurred an additional USD130 million in debt in 2021. Genneia
recently completed renewable energy expansions under the RenovAr
program and is now in a deleveraging phase. GEMSA's working capital
levels are vulnerable to delays in payments from CAMMESA as it
increases leverage to begin its combined cycle expansions.

KEY ASSUMPTIONS

-- Resolution 220/2007 PPAs expiring in 2021-2022 will move to
    Base Energy upon termination;

-- Maturing debt paid off with cash flow, as available;

-- Outstanding debt and cash flows are adjusted for expected
    currency exchange rate fluctuations;

-- Average FX rate of 95.32 for 2021 and 139.52 for 2022;

-- Combined cycle expansion at the Ezeiza plant comes online in
    late 2023;

-- No dividends paid over the rating horizon;

-- CAMMESA payments are made approximately 66 days after invoice.

Key Assumptions for Recovery Rating:

-- 30% EBITDA decline in bankruptcy;

-- 6.0x EBITDA multiple;

-- 10% administrative claims.

RATING SENSITIVITIES

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

-- Sovereign upgrade;

-- Given the issuer's high dependence on CAMMESA subsidies from
    the national treasury, any further regulatory developments
    leading to a market less reliant on support from the Argentine
    government or a sovereign upgrade could positively affect the
    company's collections/cash flow;

-- Improved access to capital markets and the ability to finance
    its combined cycle expansions at its Maranzana plant.

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

-- A substantial worsening of near-term operating performance
    relative to Fitch's expectations;

-- A significant deterioration of credit metrics and/or
    significant payment delays from CAMMESA;

-- Failure to lower gross leverage to 4.0x or below on a
    sustained basis, or maintain FFO interest coverage above 2.0x,
    in a timely manner after completing the Ezeiza expansion.

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

Debt Exchange Improves Liquidity: Fitch expects the company's 2027
amortizing bond to improve liquidity. Following the issuance, the
company will have USD130 million in debt maturities due in 2022 and
2023 versus USD447 million. The longer-term debt profile will also
help match the company's expected cash flow, which will fall in
2022 and 2023 due to the expiration of Resolution 220/2007
contracts and remuneration changes to Base Energy. Cash flow will
rise in 2024 once the Ezeiza combined cycle expansion is complete.
Fitch expects the company to exhibit tight FFO interest coverage of
1.8x in 2021 and 1.6x in 2022. As of Sept. 30, 2021, the company
had a cash balance of ARS1.14 billion (USD11.5 million).

ISSUER PROFILE

Generacion Mediterranea S.A. (GEMSA) is a holding company for most
of Grupo Albanesi's electricity generation assets. Albanesi has
been operating in the sector since 2004, and currently owns or
participates in four generation companies: Generacion Mediterranea
S.A. (GEMSA; 900MW), Central Termica Roca S.A. (190MW), Generacion
Rosario S.A. (140MW), and Solalban Energia S.A. (42%; 120MW).

ESG CONSIDERATIONS

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



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B R A Z I L
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BRAZIL: Services Sector Shrinks by 0.6% in September, IBGE Says
---------------------------------------------------------------
Richard Mann at Rio Times Online reports that the services sector
in Brazil shrank 0.6% from August to September this year, informed
the Brazilian Institute of Geography and Statistics (IBGE).

The drop interrupts a sequence of growth rates in the previous five
months, according to Rio Times Online.  In the period, the sector
accumulated a high of 6.2%, the report notes.

With the September result, the sector was 3.7% above the
pre-pandemic level, recorded in February last year, but is 8% below
the record reached in November 2014, the report relays.  The data
are from the Monthly Services Survey (PMS), the report discloses.

                       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).




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

COLOMBIA: IDB OKs $800 Policy-Based Loan to Foster Growth
---------------------------------------------------------
The Inter-American Development Bank (IDB) has approved an $800
policy-based loan to support sustainable and resilient growth in
Colombia. Of this total, $100 million will proceed from the Korea
Infrastructure Fund (KIF), and another $100 million from the
risk-transfer mechanism established between the IDB and the
Government of Sweden through the Swedish International Development
Cooperation Agency (ASDI).

Financing for the operation will be complemented with $228 million
(EUR200 million) in cofinancing from the French Agency for
Development and $170 million (EUR150 million) form the German
Development Bank (KfW); additionally, the United Kingdom
Government, through its UK-SIP program, will provide technical
cooperation resources to help develop the program's public
policies.

The program will support several recovery activities in the context
of the health emergency caused by COVID-19, including strengthening
the Colombian Government's ability to plan, manage, and finance
climate action. Among other measures, the program will facilitate
the publication of the updates to the country's Nationally
Determined Contributions (NDCs), of a long-term decarbonisation
strategy by 2050 for public consultation, and of the Framework for
issuing Sovereign Green Bonds.

It will also foster economic opportunities based on the sustainable
use of natural capital and the development of circular economy
models, focusing on sustainable forestry management and usage,
climate-smart agriculture, and green business.

This program also aims at promoting the country's energy transition
by encouraging alternative energies in transportation, through the
approval of the Energy Transformation Act, the publication of the
draft resolution for public consultation on low- and zero-emissions
vehicle technologies, the issuance and publication of the
resolution to encourage the establishment and use of mixed stations
with charging spots, and the decree on preferential parking for
electric vehicles.

Society at large will benefit from the resulting decline in net
greenhouse gas (GHG) emissions, reduced air pollution caused by
internal combustion vehicles, and the development of a diversified,
cleaner, and more resilient energy matrix. In addition, the
country's nearly two million agricultural producers (about 30% of
them women) will benefit from the knowledge transfer for improved
productivity with the inclusion of principles of climate-smart
agriculture and good practices for climate change resilience.

This operation is in line with Vision 2025 - Reinvesting in the
Americas: A Decade of Opportunities, created by the IDB to achieve
recovery and inclusive growth in Latin America and the Caribbean,
in the fields of digital economy, gender and inclusion, and climate
change.

The $700 million IDB loan is for a 20-year term, whereas the $100
million KIF credit has a 25-year amortization term. Both have a
seven-year period of grace.


ECOPETROL SA: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Ecopetrol S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'BB+'. The Rating
Outlook for the IDRs is Stable. Fitch has also affirmed the
company's National Long- and Short-Term ratings at
'AAA(col)'/'F1+(col)'. The Rating Outlook for the National
Long-Term rating is Stable.

Ecopetrol's ratings reflect the close linkage with the Republic of
Colombia (Foreign and Local Currency IDRs BB+/Stable), which
currently owns 88.5% of the company. Ecopetrol's ratings also
reflect the company's strategic importance for the country, as well
as its ability to maintain a solid financial profile.

KEY RATING DRIVERS

Linkage to Sovereign: Ecopetrol's ratings reflect the strong
linkage between the credit profile of the Republic of Colombia,
which owns 88.5% of the company's total capital. The ratings also
reflect the very strong incentives of the Colombian government to
support Ecopetrol in the event of financial distress, given the
company's strategic importance to the country, as it supplies
virtually all liquid fuel demand in Colombia, and owns 100% of the
country's refining capacity. The company relies on the receipt of
funds from the Colombian government, through its stabilization fund
Fondo de Estabilizacion de Precios de los Combustibles (FEPC), to
offset the difference from selling fuel in the local market at
lower prices versus the export market.

Integration with ISA is Credit Neutral: The acquisition of the
51.4% stake in ISA is a credit neutral event, as a majority of
Ecopetrol's consolidated EBITDA is generated from their energy
business. For example, on a deconsolidated basis, ISA's dividends
in 2022 adjusted to Ecopetrol's ownership, are expected to
represent 2.7% of Fitch's projected Ecopetrol EBITDA for 2022.
Thus, currently, the ISA acquisition is not expected to impact its
leverage metrics over the rated horizon.

Fitch estimates that consolidated pro forma gross leverage, defined
as total debt to EBITDA, will change modestly. On a proforma basis,
Ecopetrol's consolidated gross leverage when including ISA will go
from 1.7x to 1.9x in 2021 and 2.1x to 2.3x in 2022F. On a net debt
basis, 2021 is estimated to be 1.6x from 1.3x and 2022 will be 2.0x
compared to 1.7x. Consolidated EBITDA margin is expected to improve
to an average of 45% over the rated horizon, and free cash flow is
expected to be positive from 2022 onward, absent any unexpected
capex.

Strong Financial Profile: Ecopetrol's 'bbb' SCP reflects the
company's strong financial profile. Fitch calculated gross leverage
as measured by total debt to EBITDA increased to 2.9x in 2020 from
approximately 1.2x at YE 2019. Fitch expects deconsolidated
leverage, which does not include ISA's debt, but does include the
incremental debt at Ecopetrol to finance the acquisition, will be
below 2.5x over the rating horizon.

The flat leverage profile over the rating horizon is supported by
strong Brent prices. The strong financial profile is supported by
the strong coverage ratios. Fitch expects Ecopetrol's interest
coverage as measured by EBITDA to interest expense to average
approximately 6.5x over the next three years.

Neutral to Positive FCF Expected: Fitch expects Ecopetrol's FCF to
be neutral to marginally positive going forward, subject to
revisions to investment and dividends plans. Fitch's base case
assumption includes the company having an average annual capex
budget of approximately USD5.0 billion over the next three years,
and that it will pay 60% of previous year's net income in line with
its 40% to 60% dividend policy. This, coupled with Fitch's price
assumptions for Brent crude oil price of USD63/bbl in 2021,
USD55/bbl in 2022, and USD53/bbl in the long term, would result in
positive FCF over the next three years.

Stable Operating Metrics: After production cuts of 4% implemented
in 2020, and subsequent 6% reduction in reserves resulting from
lower global hydrocarbon prices, Ecopetrol's operating metrics are
expected to recover going forward to levels in line with those
reported in 2019.

Fitch assumes total hydrocarbons production to be 680 thousand
barrels of oil equivalent per day (boe/d) in 2021 before starting
to recover to historical levels over the next three years. The
company's proved reserve (1P) of 1,770 million boe gave the company
a reserve life of 7.5 years as of 2020.

Ecopetrol's leverage, as measured by total debt/proved reserves
(not including ISA's debt), improved to USD7.5/boe as of YE 2020
from USD10/boe in 2016 due to the decrease in debt. Fitch's
calculated implied pretax break-even crude oil price for Ecopetrol
has remained relatively stable over the past three years at
approximately USD38/bbl.

DERIVATION SUMMARY

Ecopetrol's rating linkage to the Colombian sovereign ratings is in
line with the linkage present for most national oil and gas
companies (NOCs) in the region; including Petroleos Mexicanos
(Pemex; BB-/Stable), Petroleo Brasileiro S.A. (Petrobras;
BB-/Negative), Petroperu S.A. (BBB/Stable) and Empresa Nacional del
Petroleo (A-/Stable).

In most cases in the region, NOCs are of significant strategic
importance for energy supply to the countries where they operate,
as is the case in Mexico, Colombia and Brazil. NOCs can also serve
as a proxy for federal government funding as in Mexico, and have
strong legal ties to governments through their majority ownership,
strong control, and governmental budgetary approvals.

Ecopetrol's SCP is commensurate with a 'bbb' rating, which is in
line with that of Petrobras at 'bbb' given Petrobras' recent
significant debt reduction. Excluding IFRS16 leases, Ecopetrol's
leverage as of in year-end 2020 was 2.9x. Ecopetrol's credit
profile is materially higher than that of Pemex 'ccc-' SCP as a
result of Ecopetrol's deleveraging capital structure versus Pemex
increasing leverage trajectory. Ecopetrol will continue reporting a
stable production, which Fitch expects to stabilize between
690,000-700,000boe/d. These production trajectories further support
the notching differential between the two companies' SCP.

KEY ASSUMPTIONS

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

-- Ecopetrol remains majority owned by Colombia;

-- Brent average USD63/bbl in 2021 and USD55/bbl in 2022 before
    trending toward USD53/bbl in the long term;

-- USD 5bbl discount to Brent;

-- Stable production growth of 1-2% per annum between 2021
    through 2024;

-- 100% reserve replacement ratio per year;

-- Aggregate capex of approximately USD5.0 billion per year for
    the next three years;

-- Dividends of 60% of previous year's net income.

RATING SENSITIVITIES

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

-- Although not expected in the short- to medium term, an upgrade
    of Colombia's sovereign ratings.

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

-- A downgrade of Colombia's sovereign ratings;

-- A significant weakening of the company's linkage with the
    government and a lower government incentive to support couple
    with a deterioration of its standalone credit profile.

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

Strong Liquidity: Ecopetrol's strong liquidity profile is supported
by cash on hand, strong access to the capital markets and an
adequate debt maturity profile. Ecopetrol reported COP 10 trillion
(USD2.6 billion) of cash and equivalents on hand in Sept. 30, 2021
compared with roughly USD594 million of principal maturities due in
2021 and 2022 and the USD2.0 million of debt service over the same
period of time. The company has a USD1.2 billion committed credit
line that has not be disbursed and is available until 2023 for
general corporate purposes to support liquidity if needed.

ISSUER PROFILE

Ecopetrol is a leading integrated energy and infrastructure company
in the Latin American and Central American region. The company is
the largest in Colombia in relation to their Upstream, Midstream,
and Downstream business segments, and the company is the largest
energy transmission company in region in connection with the
Interconexion Electrica S.A. acquisition. The Colombian government
controls 88.49% of the voting capital stock.

ESG CONSIDERATIONS

Ecopetrol has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to multiple attacks to its pipelines, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Ecopetrol has ESG Relevance Score of '4' for Governance Structure,
due to its nature as a majority government-owned entity and the
inherent governance risk that arise with a dominant state
shareholder. This has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

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



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

DOMINICAN REPUBLIC: Peso Appreciates 3.07% Against The Dollar
-------------------------------------------------------------
Dominican Today reports that the remittances which Dominicans
received between January and October not only allowed many to
withstand the economic onslaught caused by the COVID-19 pandemic or
make investments in different sectors, mainly in construction, but
have also contributed to maintaining the relative stability of the
exchange rate.

Only in remittances, the country received in the referred period
US$8.7 billion, an increase of US$2.0 billion compared to
January-October 2020, an increase of 30.7%, as reflected by the
statistics of the Central Bank of the Dominican Republic (BCRD),
according to Dominican Today.

Between January and October of this year, the exchange rate of the
peso against the US currency appreciated 3.0%, when taking the
average values during that period for the spot market, the report
notes.

The average sale of the currency in the spot market went from
RD$58.30 last January to RD$56.51 in Oct. this year, resulting in
an appreciation of the peso of RD$1.79 against the dollar, the
report adds.

                About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).





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J A M A I C A
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CARIBBEAN CEMENT: Workers Remain Off the Job
--------------------------------------------
RJR News, citing Financial Report, reports that production workers
at Caribbean Cement remain off the job following sick out.

President of the Union of Clerical, Administrative and Supervisory
Employees, Vincent Morrison, disclosed that about 60 workers were
off the job, according to RJR News.

They are reportedly upset about salary related issues, the report
notes.

"We a situation at the company where other groups were paid the
profit sharing earlier this year, while the production workers  -
the company claims that they are not paying the workers because
they didn't meet the target and that they are not paying
retroactive benefits in the profit sharing scheme," Morrison said,
the report adds.

                     About Caribbean Cement

Caribbean Cement Company Limited, together with its subsidiaries,
manufactures and sells cement and clinker in Jamaica and other
Caribbean countries. The company was incorporated in 1947 and is
based in Kingston, Jamaica.  

As reported in the Troubled Company Reporter-Latin America on
August 16, 2021, Jamaica Observer said that after enduring years
of sluggish results and a mountain of debt, Caribbean Cement
has shrunk its long-term debt from $11.39 billion in 2018 to
$500 million as at June 30, 2021.  At the same time, the company
reported $3.09 billion in net profit over the six months which
ended June 30. Its profit for all of 2020 was $3.2 billion.
The performance is coming off a challenging decade for the
cement producer which included four consecutive years of losses
from 2009 to 2013.


JAMAICA: Moody's Affirms 'B2' Long Term Issuer Rating
-----------------------------------------------------
Moody's Investors Service has affirmed the Government of Jamaica's
long-term issuer and senior unsecured ratings at B2. The senior
unsecured shelf rating has also been affirmed at (P)B2. The outlook
on the ratings remains stable.

The rating affirmation at B2 reflects the following key drivers:

Jamaica's strong commitment to fiscal consolidation will support
declining government debt metrics after a temporary increase

Low growth, limited diversification and the small size of the
economy are structural factors that constrain Jamaica's economic
and credit prospects

The stable outlook reflects balanced risks to the rating. The pace
of economic recovery will remain tied to that of tourism, and the
economy will remain vulnerable to weather-related shocks. Moody's
expectation for a return to pre-pandemic fiscal trends of large
primary surpluses and declining government debt ratios rests on the
authorities' continued adherence to medium-term debt targets.

In a related action, Moody's has also affirmed the senior unsecured
debt ratings of government-related entities Air Jamaica Limited and
National Road Operating and Construct. Co Ltd. at B2. These ratings
are based on an explicit debt guarantee provided by the government.
The outlook on the ratings remains stable.

Jamaica's long-term local-currency (LC) bond ceiling remains
unchanged at Ba1 and its long-term foreign-currency (FC) bond
ceiling remains unchanged at Ba3. The four-notch gap between the LC
ceiling and issuer rating reflects very low political risk and
predictable and reliable institutions balanced against a reliance
on tourism, which represents a shared macro risk. The two-notch gap
between the LC and FC ceilings balances the recent track record of
improved policymaking against a high level of external indebtedness
and limited capital account openness.

RATINGS RATIONALE

RATIONALE FOR AFFIRMING THE B2 RATING

JAMAICA'S STRONG COMMITMENT TO FISCAL CONSOLIDATION WILL SUPPORT
DECLINING GOVERNMENT DEBT METRICS AFTER A TEMPORARY INCREASE

Moody's expects the rise in debt and deterioration in Jamaica's
fiscal accounts to be temporary compared to most B-rated peers,
which will experience a permanent increase in debt burdens.
Jamaica's debt burden will begin to decline in fiscal 2021/22 (year
ending March 2022), driven by an improvement in the primary surplus
to around 6% of GDP. Government revenue has recovered quickly, with
tax revenue up 20% year-over-year through the first six months of
fiscal 2021/22 (April to September 2021) compared to the same
period in the prior fiscal year, and down just 2.7% compared to the
same period in fiscal 2019/20, the last pre-pandemic fiscal year.

Total government revenue also benefits from a JMD33 billion
dividend from the Bank of Jamaica, which reflects three years of
profits by the central bank. Even excluding the Bank of Jamaica
dividend, the easing of containment measures and normalization of
economic activity will support revenue returning to pre-pandemic
levels by fiscal 2022/23. With pandemic-related spending measures
being temporary and equal to around 1% of GDP, Jamaica's primary
and fiscal balances will be consistent with the government's target
to reduce government debt to 60% of GDP by fiscal 2027/28.

Despite improving debt burden and debt affordability, fiscal
metrics will remain weaker compared with other B-rated sovereigns.
Moody's estimates Jamaica's government debt will end fiscal 2021/22
at 103% of GDP, compared to the B-rated median of 58%. Debt
affordability, as measured by interest to revenue, has improved
from 30% in fiscal 2014/15 to 22% in fiscal 2020/21, but will
remain above the median of B-rated peers (8.4%).

With around 60% of debt denominated in foreign currencies, the
government's balance sheet has a high exposure to exchange rate
shocks. Moody's expects the debt structure to improve over time, as
the government seeks to fund 70% of its gross financing needs in
the domestic market on an annual basis in the coming years. Over
time, this will reduce the share of foreign-currency-denominated
debt.


Jamaica's ability to withstand the coronavirus shock without a
permanent deterioration in its credit fundamentals reflects
structural reforms undertaken prior to the pandemic, which resulted
in the buildup of buffers to limit the impact of the economic
shock. The establishment of the Fiscal Responsibility Law, which
sets medium-term target for government debt, supported a reduction
in the interest burden, fiscal consolidation efforts and lower
gross borrowing requirements. Very large primary surpluses,
averaging over 7% of GDP between 2015 and 2019, afforded the
government space to provide fiscal stimulus without jeopardizing
the government's medium-term fiscal objectives.

LOW GROWTH, LIMITED DIVERSIFICATION AND A SMALL SIZE OF THE ECONOMY
CONTINUE TO CONSTRAIN JAMAICA'S ECONOMIC AND CREDIT PROSPECTS

Jamaica's economic strength is constrained by its historically low
growth rates, small size, limited diversification and exposure to
natural disasters, which result in high real GDP growth volatility.
Between 2010 and 2019, Jamaica averaged real GDP growth of 0.6%,
significantly lower than the median 4.2% growth rate for B-rated
sovereigns over the same period. Jamaica's economy also displayed
higher volatility in real GDP growth, a reflection of structural
features that constrain economic strength. These include the
economy's small size and reliance on tourism as a key source of
employment, income and export earnings, and vulnerability to
external shocks.

Given large direct and indirect contributions from tourism,
economic activity declined more significantly in 2020 than most
other B-rated sovereigns, with real GDP contracting by 10%. Moody's
expects a subdued recovery, in part because tourism will recover
more slowly than most other sectors. Jamaica will be one of only
two B-rated sovereigns that will not return to 2019 levels of
output until 2023.

The tourism industry has enjoyed a robust recovery since the
beginning of 2020, driven primarily by pent-up demand from US
travelers. Recent monthly data show tourist arrivals are around
70%-75% of 2019 levels, up from the start of the year when tourist
arrivals were 20%-25% of 2019 levels. The recovery has occurred
despite a relatively low vaccination rate on the island and
restrictions on movement, which included curfews and limits of
social gatherings.

Jamaica's economy will experience very high growth in 2021, with
real GDP expanding 4.5%, followed by another year of above-normal
growth in 2022 at 2.7%, before growth returns closer to its
potential rate of around 2%.

RATIONALE FOR A STABLE OUTLOOK

The stable outlook reflects balanced risks to the rating. The pace
of economic recovery will be tied to the outlook for the tourism
sector, while the economy will remain vulnerable to weather-related
shocks. Moody's expectations for a return to pre-pandemic fiscal
trends of large primary surpluses driving a reduction in government
debt rests on the government's continued adherence to its
medium-term debt targets. An increase in exchange rate volatility
could slow the pace of debt reduction, while inflationary pressures
could lead to an increase in public sector wages and higher
domestic borrowing costs.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Moody's assesses Jamaica's exposure to environmental risks as
moderately negative (E-3 issuer profile score) reflecting physical
climate risks and water risk, given the significant risks posed by
climate events on the economy and government finances. Hurricanes
and tropical storms have a significant negative impact on Jamaica's
tourism industry and its physical capital stock. Water risks
capture the impact of droughts and heavy rain on Jamaica's
agriculture production, which represents a significant share of GDP
and employment.

Exposure to social risks is highly negative (S-4 issuer profile
score), and it is mainly related to health and safety, which
captures the country's very high crime and murder rate. In
addition, high rates of outward migration, particularly among
highly skilled workers, result in a loss of human capital.

The influence of governance on Jamaica's credit profile is
moderately negative (G-3 issuer profile score) and captures
Jamaica's history of default, which weighs on otherwise improving
institutional capacity and policy effectiveness. Jamaica ranks
particularly well in terms of government effectiveness, control of
corruption and regulatory quality relative to other B-rated peers.

GDP per capita (PPP basis, US$): 9,993 (2020 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): -10% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.2% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -3.1% (2020 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -0.3% (2020 Actual) (also known as
External Balance)

External debt/GDP: 159.7% (2020 Actual)

Economic resiliency: ba3

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

On November 19, 2021, a rating committee was called to discuss the
rating of the Jamaica, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have materially increased.
The issuer's fiscal or financial strength, including its debt
profile, has not materially changed.

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

WHAT COULD MOVE THE RATING UP

Moody's would upgrade Jamaica's rating if it were to conclude a
steady and extended recovery in tourism is sufficiently strong to
assure a return to pre-pandemic GDP growth rates in the order of
1%-2%. A sustained improvement in fiscal metrics, including
steadily declining government debt and interest burdens would also
place upward pressure on the rating.

WHAT COULD MOVE THE RATING DOWN

A reversal of the progress observed in previous years on Jamaica's
fiscal position and government debt metrics driven by
lower-than-expected economic growth, insufficient fiscal
consolidation efforts or the effect of adverse exchange rate shocks
on the government's balance sheet, would weigh negatively on
Jamaica's credit profile. Increased external credit vulnerability
caused by a decline in international reserves and reduced coverage
of external debt-service payments would also be negative. Severe
weather-related events that would materially undermine the
government's ability to service debt could also trigger a negative
rating action.

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



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

MEXARREND SAPI: S&P Affirms 'B' Global Scale ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' global scale issuer credit
rating on Mexico-based leasing company Mexarrend S.A.P.I. de C.V.
S&P also affirmed its 'mxBB+/mxB' national scale issuer credit
ratings on the company. The outlook on the ratings on both scales
remains stable. At the same time, S&P affirmed its 'B' issue-level
rating on the company's senior unsecured notes.

S&P said, "We expect Mexarrend's operating revenue and net income
to recover gradually in 2022. The rating on Mexarrend incorporates
our view that it will keep its broad presence in Mexico's leasing
market, and our expectation that it will improve gradually its
operating revenue base during the next 12 months. Aside from its
leasing business, we believe Mexarrend will continue boosting its
product offering to raise its fee and commission income, which we
view as positive since the company will increase its revenue
without consuming capital. Additionally, we believe Mexarrend will
return to double-digit growth rates during the next two
years--resulting in loan portfolio growth of about 15% for 2021 and
18% in 2022--despite the low origination of the first months of
2021, still hit from the prolonged lockdowns in Mexico. Likewise,
we expect Mexarrend will continue developing its digital channels
to originate low ticket loans and improve its response times to
customers through its digital platform.

"Stable capitalization metrics to support credit growth, although
still modest internal capital generation. We project Mexarrend's
RAC ratio at 8.3% on average for the next two years. Despite
expected gradual recovery, we still foresee a low internal capital
generation with modest profitability metrics for 2022 and 2023. We
forecast Mexarrend's return on average assets (ROAA) to be
0.7%-1.0% during 2021-2022, reflecting still adverse economic
conditions, which could be translated into high funding costs and
loan portfolio deterioration. Mexarrend's shareholders subscribed
an increase in the lender's capital base by up to $10 million in
early 2021. This agreement in which shareholders have the option to
contribute additional equity of up to $10 million remains valid.
Nonetheless, due to the uncertainty over the timing of this
potential capital injection, we don't consider any amount as part
of our base case scenario.

"We think Mexarrend's management will keep its commitment to
improve asset quality and limit potential credit losses.

"We don't foresee significant credit losses for Mexarrend in the
next 12 months thanks to the company's efforts made during the
pandemic to keep a close track of its customers' needs, its robust
schemes of guarantees-collaterals and its loan portfolio
diversification in terms of economic sector. Additionally, only 1%
of the company's borrowers are still under a relief program, which
consists in the extension of the loan tenor. Nonetheless, the deep
recession and lockdowns in Mexico took a toll on Mexarrend's
non-performing assets (NPAs) during the last quarters. The ratio
increased 117 bps since 2019 up to 7.5% in September 2021. In our
view, this erosion coupled with a relatively high single-name risk
concentrations will remain as one of the Mexarrend's main barriers
to reach more manageable asset quality metrics going forward.
Therefore, we expect Mexarrend's NPAs to be close to 7.9% and
credit losses about 0.3% in the next 12 months.

"We think the broader range of Mexarrend's funding sources will
enable the company to leverage its growth targets. Our funding
assessment incorporates Mexarrend's significant concentration in
its single issuance maturing in 2024. Nonetheless, the company
could gradually achieve a broader diversification of funding
sources after the approval of two asset-backed credit facilities
from a commercial and a development bank --equivalent to MXN 3,000
million and USD 45 million respectively. In this sense, we expect
Mexarrend's secured debt will increase during the next 12 months
but we believe this priority debt --senior secured debt has a
priority claim ahead of senior unsecured debt-- won't exceed 30% of
its adjusted assets. We believe these lines, along its local
currency debt program –MXN 2,000 million-- and its stable
collection levels will provide the additional resources to leverage
Mexarrend's future growth plans for the next few years. Finally,
the lender will have to face the obligation of about USD 30 million
during October 2022, which is related to the maturity of its bond
issued in 2017. We believe the lender will have enough broad liquid
assets from its funding sources as to meet this obligation.

"The stable outlook reflects our expectation that Mexarrend's
business will continue recovering gradually during the next 12
months. Additionally, we forecast Mexarrend's RAC ratio at about
8.3% in 2021-2022, while we expect the company to benefit from a
more diversified funding base to face its short-term maturities
without any disruptions during the next 12 months. Finally, we
expect the company to maintain nonperforming assets below 8% with
credit losses close to 0.5%.

"We could lower the ratings in the next 12 months if Mexarrend's
RAC ratio drops consistently below 7% as result of
higher-than-expected loan portfolio growth and/or
deeper-than-expected credit losses without the appropriate capital
base to absorb them. Additionally, we could lower the rating if
liquidity erodes as a result of lower collections, unexpected
outflows, or a funding shortage, although this is not part of our
base case scenario.

"We could raise our ratings on Mexarrend if the projected RAC ratio
is consistently above 10% in the next 12-24 months thanks to a
stronger capital base that supports the lender's expected credit
growth."


PLAYA RESORTS: Moody's Affirms Caa1 CFR, Alters Outlook  to Pos.
----------------------------------------------------------------
Moody's Investors Service affirmed Playa Resorts Holding B.V.'s
corporate family rating at Caa1. Moody's also affirmed the Caa1
rating on Playa's senior secured term loan due 2024 and its $85
million revolving credit facility. The outlook has been changed to
positive from negative.

The affirmation of the Caa1 CFR and change in outlook to positive
reflect Moody's expectations for improving operating performance
and financial results over the next 12 to 24 months as travel
demand continues to recover. Moody's continues to focus its credit
analysis on liquidity strength and projected credit metrics through
2023. "The rating action on Playa Resorts reflects its good
liquidity, that provide runway to recover" said Sandra Beltran, a
Moody's Vice President Senior Analyst. Moody's expects a meaningful
improvement in operating cash flow in 2022 and positive free cash
flow in 2023, which will help preserve cash above $200 million over
the next 24 months. Leverage will improve through earnings growth
and debt repayment.

Affirmations:

Issuer: Playa Resorts Holding B.V.

Corporate Family Rating, Affirmed Caa1

Senior Secured Term Loan, Affirmed Caa1

Senior Secured Revolving Credit Facility, Affirmed Caa1

Outlook Actions:

Issuer: Playa Resorts Holding B.V.

Outlook, Changed To Positive From Negative

RATINGS RATIONALE

US travel demand surged in the summer of 2021 driven by rising
vaccinations, loosened restrictions and increased confidence in
safety precautions on airplanes and hotels. Border closures
remained to many destinations outside the US, though, benefiting
near-international destinations with looser restrictions such as
Mexico and the Caribbean. Stayover tourist arrivals have recovered
sharply in the Dominican Republic, Government of (Ba3 stable),
Bahamas, Government of (Ba3 negative), and Jamaica, Government of
(B2 stable), with monthly tourist arrivals in July-August 2021
approaching 70%-80% of 2019 levels. US travelers have almost
entirely spurred the region's tourism recovery, accounting for
close to 95% of tourist arrivals in 2021 in Jamaica and The
Bahamas. In 2019, US tourists accounted for only about two-thirds
of tourist arrivals for Jamaica and 80% in The Bahamas.

Given Playa's portfolio of all-inclusive luxury and upscale coastal
resorts in the region, it has been ahead of the travel recovery.
Average Daily Rates (ADR) growth accelerated during summer,
reaching a record high of $310 in Q3 2021. Playa's current booked
position combined with expected increases in flight capacity into
its destinations, supports the sustainability of pricing gains in
the coming months. As of October 2021, revenue on the books for Q1
2022 is already 40% above on an annual basis at the same point in
time in 2019. The easing of travel restrictions from other key
source markets, including Canada and the UK, will support a further
acceleration in tourism activity through 2022.

The Caa1 CFR reflects Moody's expectations that Playa's adjusted
debt/EBITDA will remain high, between 5x and 8x through 2023,
despite the recovery of EBITDA above 2019's $145 million (Moody's
adjusted basis). In 2019 the overall tourism sector in Playa's
markets faced cost pressures and the company had high cash burn due
to a sizeable investment program. As a result, Playa ended 2019
with tight liquidity and weak credit metrics including adjusted
gross debt to EBITDA of 7.0 times and EBITA / Interest Expense of
0.8 times. Since then, the company has increased its installed
capacity significantly. In 2019, Playa opened the Hyatt Ziva &
Zilara Cap Cana in the Dominican Republic and completed the
renovation of Hilton Playa del Carmen and the Hilton La Romana in
Dominican Republic. In 2021, Playa acquired two contracts to manage
the Yucatan Resort & Hyatt Ziva Riviera Cancun. Together these
properties added 2,564 rooms to Playa's total 8,366 rooms count.
This additional capacity coupled with the strengthening travel
demand support profitability recovery above 2019 levels.
Nevertheless, the still fluid coronavirus pandemic situation poses
execution risk. Competition will also gradually stoke in successive
quarters as international borders reopen. Occupancy recovery is
less at risk given the undersupply in the Latin American lodging
industry that resulted from the pandemic and that will not be
restored before 2024. However, competition would have a larger
impact on Playa's ability to sustain ADRs. Also threatening rates
are intrinsic risks to Playa's markets, specifically safety
concerns in Mexico.

Liquidity is good after measures taken by Playa during 2021 to
preserve cash and ensure viability during the peak of the pandemic
outbreak. In January 2021, a public offering of common shares
resulted in gross proceeds of approximately $125 million to Playa.
The sale of the Dreams Puerto Aventuras and the Capri hotels later
in the year further added $90 million in cash. Playa also entered
into agreements with lenders to refinance, extend maturities and
replace the leverage ratio requirements under the financial
covenants with a minimum liquidity test through March 2022. As a
result, Playa reported cash of $256 million in September 2021, well
above the $173 million in 2020. Cash in hand positively compares
with a very low level of short-term maturities. Going forward
Moody's expects Playa to maintain strong cash balances and to be
able to fund basic requirements with internal sources.

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

The ratings could be upgraded if cash generation accelerates along
with travel recovery allowing Playa to recover credit metrics as
planned. Specifically, with debt/EBITDA sustained below 6.5x and
interest coverage above 1.2x.

Conversely, negative rating pressure will result from weaker than
anticipated travel demand either due to reimposition of travel bans
or restrictions or missteps in Playa's strategy through recovery.
Specifically, ratings could be downgraded if cash burn continues,
threatening Playa's ability to cover corporate expenses such as
interests, taxes and working capital with internal sources.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Playa Resorts Holding B.V. (Playa) owns and/or manages a portfolio
of 23 all-inclusive resorts (8,366 rooms) in beachfront locations
in Mexico, the Dominican Republic and Jamaica. As of September
2021, revenues were $302 million. The company is publicly listed
with a market capitalization of around $1.0 billion. Major
shareholders are: Farallon Capital Management which owns 23.1%,
Sagicor 15.1% and TPG 6.6%.



=======
P E R U
=======

ORAZUL ENERGY: S&P Downgrades ICR to 'BB-', Outlook Stable
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating (ICR) on
Peruvian power generator Orazul Energy Peru S.A. (Orazul) to 'BB-'
from 'BB', reflecting a weakening of the business risk profile,
more specifically, a contraction of its scale and diversification.

The stable outlook reflects S&P's view that due to its contracted
nature and stable generation, the company will maintain steady cash
flows and post leverage metrics at 4.6x-4.9x in 2021 and 4.2x-4.5x
in 2022.

After the sale, the company's total installed capacity declined to
376 MW from 568 MW, given that Termoselva represented a significant
portion of the portfolio. In addition, following the sale of
Aguaytia, which produces natural gas and natural gas liquids,
Orazul will no longer benefit from a vertical integration.
Moreover, the recent sale follows the divestment of the
transmission business in 2020, limiting Orazul's scope and
operations only to hydro power generation. As a result, S&P
considers that the company's business risk profile has weakened.
This is because compared with regional peers, Orazul would no
longer benefit from a large scale and will lack a balanced
generation portfolio of assets or business diversification.

S&P said, "Our updated base-case scenario assumes EBITDA of $70
million - $75 million for 2021, down from the previously estimated
amount of $90 million - $100 million. Nevertheless, we continue to
expect leverage to be 4.6x-4.9x in 2021 and decline to 4.2x-4.5x in
2022. Our projection is in line with the cash tender offer launched
by the company on Oct. 29, 2021, for the total amount of proceeds
from the asset sale ($41.8 million) of its $405 million note. Our
base-case scenario incorporates a high acceptance of the tender,
which will enable Orazul to further reduce outstanding debt."




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

TRINIDAD & TOBAGO: Big Morsels Needed to Fill Food Deficit
----------------------------------------------------------
Trinidad and Tobago Newsday reports that by the end of September,
global food prices had skyrocketed by almost 30 per cent,
underlining the urgency of the need for the country to produce more
of what's served on the dinner table.

Countless calls for greater food sustainability have been made in
the past, according to Trinidad and Tobago Newsday.  While the
situation is already bad, it's set to get much worse, the report
notes.

According to a recent report by the Food and Agriculture
Organization (FAO), world food prices are set to soon hit an
all-time high, the report relays.

The global food import bill is projected to surpass US$1.75
trillion, an overall increase of almost 14 per cent from last year,
driven in part by a threefold increase in freight costs as well as
increases due to labour dynamics and extreme weather, the report
discloses.

Countries like Trinidad and Tobago which have a food deficit
(importing more food than it exports) will be disproportionately
affected by these developments, the report says.

Minister of Agriculture Clarence Rambharat once more urged the
population not only to grow more food but also consume more of it
as well, the report relates.

"(We) need to eat what we grow," Mr. Rambharat said, noting the
seasonal availability of local produce at often favorable prices,
the report notes.

The minister also noted there is a key issue with regard to grain
prices which affect the prices of some sources of protein, the
report relays.  On this point, not only is there a need to eat more
of what we grow, but there is also a need to diversify the sources
of our nutrients, the report discloses.

No longer are the notions of "Meatless Mondays" and wholly
plant-based diets theoretical options.  For many, these habits are
already a way of life and could become even more so if prices
continue to rise or if shortages hamper the market, the report
relays.

On the other hand, there are many who have not yet had any good
reason to heed the calls made by the minister and by officials such
as agriculture economist Omardath Maharaj, the report notes.

Food security is not just a matter of giving farmers more
incentives and tax holidays (the effects of which remain unclear
given the gaps in accountability with regard to budgetary
allocations and fiscal measures), the report discloses.  It's also
about changing the way consumers view food and the habits that have
often resulted in us importing what we simply cannot afford to
import any longer, the report says.

The budget presentation opened a debate over which foods should be
tax-free and which should not, but the impact of the VAT (value
added tax) removal seems to have been negligible in the greater
scheme of things, the report notes.

What we are left hungry for is a sense that the country can put its
arable land to productive use and can avoid moving from oil and gas
dependency to food dependency, the report relays.






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U R U G U A Y
=============

ACI AIRPORT: Moody's Rates $246.2MM Gtd Sr. Secured Notes 'Ba1'
---------------------------------------------------------------
Moody's Investors Service assigned a definitive Ba1 rating to ACI
Airport Sudamerica, S.A. ("ACI" or "the Issuer") $246.2 million Gtd
Senior Secured Notes due 2034. The rating outlook is stable.

ACI Airport Sudamerica, S.A. is a holding company unconditionally
and irrevocably guaranteed by its subsidiary Cerealsur S.A.
("Cerealsur"). Cerealsur owns 100% of Puerta del Sur S.A. ("PDS"),
whose purpose is the administration, exploitation and operation,
construction and maintenance of the Carrasco International Airport
in Uruguay ("Carrasco"). Carrasco is the busiest private airport in
Uruguay in terms of passenger traffic, with about 2 million
passengers in 2019, and the main international airport in the
country. ACI is ultimately owned and controlled by Corporacion
America Airports S.A.

PDS has recently amended its concession contract, which entails an
extension of the concession term to 2053 and the incorporation of
six regional airports in Uruguay in addition to Carrasco to the
scope of the concession. The amendment also involves a commitment
of $67 million in capital expenditures (capex) to perform works on
these six airports to be incorporated to the concession.

Proceeds from the issuance of $246.2 million Gtd Senior Secured
Notes were used to finance the purchase of the Issuer's existing
notes due 2032 (2015 Notes and 2020 Notes), fund an interest
payment account, repay in full the local notes outstanding under
the operating company PDS and to pay all the related transaction
expenses. The purpose of the issuance is to extend the life of the
debt and support additional capital expenditures required under an
amendment to PDS' concession contract.

RATINGS RATIONALE

The assigned Ba1 rating mainly reflects the liquidity provisions
embedded in the financial structure, balanced against the
challenges related to air traffic recovery amid the COVID-19
Pandemic. The issuance entails an interest payment account funded
at closing to service debt in 2022 and partly in 2023 and a Letter
of Credit (LC) provided by a creditworthy financial institution to
cover six months of debt service. Through the combination of the
liquidity enhancements (interest payment account and LC) and a
principal grace period, ACI would not need to rely on its internal
cash generation for debt service until May 2024. Moody's views that
the liquidity features partly offset the challenges related to
traffic recovery and the renewal of the duty-free concession
contract in 2023.

Moody's notes that while air traffic has started to recover after
the abrupt decline in 2020 (-73% versus 2019), there is still a
high degree of uncertainty given the evolving nature of the
pandemic and the restrictions imposed by the Government of Uruguay
(Baa2 stable). Due to stringent travel restrictions, Carrasco has
presented one of the slowest traffic recovery trends of the region.
However, an important consideration for the Ba1 rating is that
traffic restrictions were lifted since November 1st, supporting a
gradual revenue recovery. Alternatively, these restrictions could
be considered force majeure under the amended concession contract
and as such PDS could eventually negotiate a deferral in the
schedule of capital expenditure requirements if needed.

The Ba1 rating reflects Carrasco's favorable asset fundamentals as
the main international airport in Uruguay. Carrasco is the leading
private airport in Uruguay in terms of passenger traffic, serving
approximately 2 million passengers in 2019. The airport's service
area, Uruguay, is relatively large, with a population of
approximately 3.5 million people. Moody's views the service area's
economic base as evolving, reflecting Moody's expectation of
Uruguay's moderate potential growth and a relatively high income
per capita, counterbalanced by the small size of the economy. In
2020, the economy contracted by 6% in real terms, and Moody's
expects that the economy will expand by an average of 3% per year
in 2021 and 2022.

At the same time, the rating acknowledges that while Carrasco
captures almost all international air travel within Uruguay, the
airport is exposed to substantial competition from other modes of
transport. In terms of Carrasco's service offering, Moody's
considers that the very high share of Origin and Destination (O&D)
traffic, above 95%, grants resiliency to the airport's traffic
profile. Nevertheless, Moody's assessment also incorporates its
expectation that Carrasco's future traffic performance will exhibit
significant volatility due to its exposure to traffic from
Argentina (Government of Argentina, Ca Stable) and Brazil
(Government of Brazil, Ba2 Stable), countries with a more volatile
and subdued economic growth. The assigned rating also balances that
the airport's primary carrier, LATAM Airlines Group S.A (LATAM),
accounts for approximately 30% of total traffic and that the
remaining passenger traffic is well diversified across other
airlines.

The Ba1 rating incorporates that all airport key assets are managed
by PDS under a long-term concession. PDS has recently amended its
concession contract, which entails an extension of the concession
term to 2053 and the incorporation of six regional airports in
Uruguay - in addition to Carrasco - to the scope of the concession.
The rating also reflects Uruguay's favorable framework for
aeronautical tariff setting, which entails annual adjustments by a
clear formula at the request of the operator and subject to
government approval, and a reasonable track record of supportive
regulatory decisions.

The assigned rating incorporates that Carrasco can easily
accommodate traffic growth and that it will not require meaningful
capital expenditures before the Notes mature in 2034. Under the
amendment to the concession, PDS will have to disburse $67 million
in capital expenditures on the six regional airports that will be
incorporated into the concession. While the planned capital program
is quite significant in comparison to Carrasco's historical levels,
Moody's does not expect that the new investments will contribute to
a material increment of cash flows, so eventual delays on the
execution would not result in a material reduction in expected
revenues. In addition, the investments' amount will be fixed under
the concession amendment, so there is no risk of cost overruns.
Moreover, Moody's views that Corporacion America Airports S.A., the
sponsor under the transaction, has a long track record of operating
airports and sufficient expertise to carry out the works arising
from the concession amendment.

Moody's Ba1 rating acknowledges that the transaction will result in
prospective credit metrics adequate for the rating category. On a
consolidated basis, Moody's expects a Cash Interest Coverage of
2.3x, a Debt Service Coverage Ratio of 1.9x and Funds From
Operations to debt and Retained Cash Flow to Debt of 8.4% as an
average over the 2022-2024 period.

The rating acknowledges the structural protections and collateral
package contemplated in the transaction which provides a one-notch
uplift to the fundamental underlying credit quality. These
considerations include the guarantee from Cerealsur and from PDS;
collateral package; the existence of a cash flow waterfall;
interest payment account; a 6-month USD-denominated debt service
reserve account funded with a LC from closing and with cash;
limitations on distributions, additional debt and business
activities; amortizing debt structure with a cash sweep mandatory
redemption and principal payment grace period; retention event and
distribution event clauses; as well as additional terms.

Rating Outlook

The stable outlook reflects Moody's expectation of a gradual
recovery of cash flows as traffic numbers recover to approximately
75% of pre pandemic levels by mid-2023, balanced against the
liquidity embedded in the financial structure.

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

Given the still ongoing recovery of traffic levels, there is
limited potential for the rating to be upgraded over the next 12 to
18 months. Nevertheless, better-than-expected traffic growth after
the pandemic abates that results in a sustained improvement in
credit metrics could exert upward pressure. Specifically, a Cash
Interest Coverage above 3.5x and Funds From Operations to debt
above 14%, as measured by Moody's, could lead to positive rating
pressure.

A significant reduction of anticipated cash flows due to
lower-than-expected traffic levels, which causes credit metrics to
deteriorate, could exert downward pressure on the rating.
Quantitatively, a Cash Interest Coverage below 1.8x and Funds From
Operations to debt below 8%, as measured by Moody's, could lead to
a rating downgrade. At the same time, lower-than-expected
commercial revenues from the renewal of the duty free shop
concession in 2023 could trigger a downgrade. Moreover, an
anticipated reduction in available liquidity or a disruption in the
flow of dividends from the operating companies, or both, could lead
to a downgrade.

The principal methodology used in this rating was Privately Managed
Airports and Related Issuers published in September 2017.



=================
V E N E Z U E L A
=================

MERCANTIL C.A.: Fitch Affirms 'CC' LT IDRs
------------------------------------------
Fitch Ratings has affirmed Mercantil, C.A. Banco Universal's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'CC'. Fitch expects the bank to continue meeting its deposit
obligations in the absence of government intervention, given the
bank's and the market's high level of liquidity.

Fitch is also withdrawing Mercantil's Support Rating and Support
Rating Floor as they are no longer relevant to the agency's
coverage following the publication of Fitch's updated Bank Rating
Criteria on Nov. 12, 2021. In line with the updated criteria, Fitch
has assigned a Government Support Rating (GSR) of 'no support' to
Mercantil.

The Support Rating of '5' and Support Rating Floor of 'NF' is due
to a change in Fitch's Bank Rating Criteria. These ratings are
replaced by a new Government Support Rating (GSR) of 'n.s.' (No
Support).

KEY RATING DRIVERS

Mercantil's Viability Rating (VR) of 'cc' drives its IDRs. The
operating environment highly influences the bank's VR. The analysis
of profitability ratios, risk management and asset quality under
the current operating environment and hyperinflationary conditions
is not meaningful to the ratings at this time.

Capitalization metrics continue to benefit from unrealized gains on
Mercantil's U.S. dollar-denominated position, due to the
depreciation of the currency. Fitch expects Mercantil to continue
meeting regulatory requirements for capitalization due to currency
depreciation and the favorable risk weighting of assets. However,
the bank's tangible common equity/tangible assets ratio as of
September 2021 decreased to 16.5% from 31.1% a year earlier.
Capital ratios are likely to benefit from unrealized gains on its
USD denominated securities, which could offset some capitalization
pressures from high nominal growth. The low risk nature of the
bank's assets continues to limit the bank's profitability.

The bank's loan portfolio accounted for nearly 20% of total assets
as of Sept. 30, 2021. The bank has remained conservative with is
risk appetite as loans only represented 27% of customer deposits as
of September 2021. The bulk of the bank's loans have maturities
under 60 days and are secured by some form of collateral. Given the
bank's high level of liquid assets, the negative mismatch between
short-term assets and liabilities is manageable, as long as
domestic monetary market conditions remain liquid and any potential
liberalization of capital controls is measured. Most liquid assets
consisted of cash and bank deposits, which represented nearly 59%
of total assets.

Mercantil's liquidity metrics remain satisfactory, as the bank's
customer deposits account for nearly 100% of the bank's funding at
Sept. 30, 2021, relatively unchanged from the last few years. The
bank's well-known franchise and reputation for conservative
management has attracted a stable depositor funding base. Retail
demand deposits account for the majority of Mercantil's funding
base; however, this is closely followed by deposits from SMEs and
large corporations.

Mercantil's Government Support Rating of 'ns' reflects Fitch's
expectation of no support as support cannot be relied upon given
Venezuela's weak fiscal position and lack of a consistent policy on
bank support.

RATING SENSITIVITIES

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

-- While not Fitch's base case, due to capital controls and
    domestic market liquidity, a persistent decline in deposits
    would pressure ratings.

-- A sustained decline in the bank's regulatory capital ratio,
    either due to nominal growth or losses, which increases the
    risk of some form of regulatory intervention, could also lead
    to a downgrade.

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

-- Upside potential to Mercantil's ratings is limited in the near
    term due to the current operating environment.

VR ADJUSTMENTS

The adjustments to the implied viability rating factor scores that
resulted in the overall Viability Rating of 'cc' were as follows:

Business Profile: The implied score of 'b' was adjusted to 'cc' due
to Business Model

Asset Quality: The implied score of 'bb' was adjusted to 'cc' due
to Growth

Earnings and Profitability: The implied score of 'bb' was adjusted
to 'cc' due to Revenue Diversification

Capitalization and Leverage: The implied score of 'bb' was adjusted
to 'cc' due to Capital Flexibility and ordinary support

Funding and Liquidity: The implied score of 'bb' was adjusted to
'cc' due to Deposit Structure

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

Mercantil, C.A. Banco Universal has an ESG Relevance Score of '4'
for Financial Transparency due to the distortion of financial
indicators from hyperinflation and limited regulatory transparency,
which has a negative impact on the credit profile, and is relevant
to the rating[s] in conjunction with other factors.

Mercantil, C.A. Banco Universal has an ESG Relevance Score of '4'
for Governance Structure which reflects the extent to which the
regulatory framework negatively affects the operating environment
and the bank's financial performance. This has a moderately
negative impact on the rating 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
===============

LATAM: Exports From Region Rebound Despite Pandemic
---------------------------------------------------
Exports from Latin America and the Caribbean increased 31.2 percent
in the first semester of 2021, driven by the dynamism of external
demand, the lifting of restrictions on mobility, and progress of
vaccination campaigns against COVID-19, according to a new report
from the Inter-American Development Bank.

The rebound puts the region's external sales of goods 11 percent
above the same period in 2019, after falling 9.2 percent in 2020
due to the economic crisis caused by the pandemic.

In contrast, exports of services registered a 33.8 percent drop
after contracting 38.5 percent in 2020. More traditional items such
as travel and transportation were hit hardest, while intensive
knowledge-based services proved more resilient.

This year's issue of the Trade and Integration Monitor report,
which analyzes trade flows in Latin America and the Caribbean
through the first half of 2021, projects the continuation of an
upward trend in the region's exports for the rest of the year,
despite some signs of a slowdown.

"For Latin America and the Caribbean, importing economic growth
from the rest of the world through international trade is
critical," said Paolo Giordano, Principal Economist at the IDB's
Integration and Trade Sector, who coordinated the report. "The
slowdown in export expansion indicates that, to reactivate a cycle
of sustained and inclusive growth, it is essential to place
external competitiveness at the center of the development agendas
of the countries of the region."

A full text copy of the press release is available free at
https://bit.ly/3cyAGwH



                           *********


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