/raid1/www/Hosts/bankrupt/TCRLA_Public/211126.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

          Friday, November 26, 2021, Vol. 22, No. 231

                           Headlines



B R A Z I L

BRAZIL: Distressed Funds Buy Real Estate Loans as Defaults Soar
MRS LOGISTICA: Fitch Affirms 'BB' LT FC IDR, Outlook Negative


C A Y M A N   I S L A N D S

AUTOPISTAS DEL NORDESTE: Fitch Affirms BB- Rating on USD52.9M Notes


C O L O M B I A

COLOMBIA: Gets $300M IDB Loan for Venezuelan Migrants' Integration


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Minimum Wage in Tourism Sector Will be RD$14K


E C U A D O R

ECUADOR SOCIAL: Fitch Affirms B- Rating on Class B Repack Notes


P A N A M A

PANAMA: IDB OKs $15M Loan to Improve Early Childhood Education


P E R U

PERU: Economy Grew 9.71% Year-On-Year in September


P U E R T O   R I C O

AMADO AMADO: Dec. 7 Plan & Disclosure Hearing Set
ORGANIC POWER: Jan. 12, 2022 Plan Confirmation Hearing Set


X X X X X X X X

LATIN AMERICA: Begins to Feel Effects of Global Shortages

                           - - - - -


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B R A Z I L
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BRAZIL: Distressed Funds Buy Real Estate Loans as Defaults Soar
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globalinsolvency.com, citing Bloomberg News, reports that surging
construction costs are sending delinquency rates skyrocketing among
Brazilian developers, persuading a growing number of lenders to
dump their loans and creating a feast for distressed-asset funds.

"I'm dealing with explosive demand from banks trying desperately to
sell loans they made to construction firms," said Eduardo Martins,
a partner at MGC Holding, one of Latin America's biggest
distressed-asset managers, according to globalinsolvency.com.

MGC, which oversees a face value of BRL23 billion ($4.21 billion)
in consumer loans, has hired three executives since August to start
a unit to analyze corporate real estate credit, the report notes.

The delinquency rate for builders reached as high as 20% in May for
loans carrying market rates, meaning borrowers weren't paying on
time on BRL3.4 billion in loans, according to the central bank, the
report relays.

The rate fell to 4%, or about BRL141 million in defaults in
September, a reduction the central bank said could be explained by
different forms of debt renegotiation, the report adds.

                       About Brazil

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

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


MRS LOGISTICA: Fitch Affirms 'BB' LT FC IDR, Outlook Negative
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Fitch Ratings has affirmed MRS Logistica S.A.'s (MRS) Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BB', Long-Term
Local Currency IDR at 'BBB-' and Long-Term National Scale Rating at
'AAA(bra)'. In addition, Fitch has affirmed the Long-Term National
Rating for MRS's unsecured debentures and promissory notes at
'AAA(bra)'.

The ratings reflect MRS's mature railroad operation, strong and
resilient operational cash generation and margins, conservative
capital structure, and adequate liquidity over the rating horizon.
The company's business model consists of captive demand for
transportation, take-or-pay protection clauses for most of its
contracts and well-defined tariff model.

Brazil's 'BB' Country Ceiling constrains MRS's Foreign Currency
IDR. The Rating Outlook for the Foreign and Local Currency IDRs is
Negative, and Stable for the National Scale rating. The Negative
Outlook for the IDRs reflects the direct link with the sovereign's
Negative Rating Outlook.

KEY RATING DRIVERS

Solid Business Profile: MRS runs a mature and important railway
concession in Brazil that expires in 2026. It benefits from its
prominent position as sole provider of railway transportation for
large clients, which are also the company's major shareholders. Its
network connects Brazil's center region to the most important ports
in the southeast region. The competition from other transportation
modes is marginal, enhancing the company's cash flow
predictability.

Railway transportation in Brazil enjoys solid demand, low
competition among operators, high barriers to entry and medium to
high profitability. These advantages, along with the great
opportunities to enhance the country's transportation
infrastructure, make for a favorable credit environment for
Brazilian railway companies.

Captive Clients: Captive clients demand enforceable take or pay
clauses for most of MRS contracts, and positive long-term industry
fundamentals benefit the ratings. Positively, the company's main
individual shareholder is Mineracoes Brasileiras Reunidas S.A.
(MBR), which is controlled by Vale (Foreign and Local Currency IDR
BBB/Stable). In 2020, MBR and Vale were responsible for almost half
of MRS's revenues. MBR and Vale's operations, as well as those of
its other main shareholders, such as CSN (37.2%), Usiminas (11.1%)
and Gerdau (1.3%), are heavily dependent on MRS's iron ore cargo
capacity.

While volumes increased by 2.2% per year from 2014 to 2018, they
declined by 16% in 2019, due to an accident at Vale's facility. In
2020, volume increased by 14.2%, and is expected to increase by
7.5% per year in 2021 and 2022, helped by the maturing
investments.

Shareholder Agreement Protects Margins: MRS's shareholder agreement
provides a tariff model that protects the company's profitability
and cash flow generation capacity. In recent years, MRS's operating
cash flow generation has been resilient against strong economic
downturns and unfavorable exchange rate movements, fuel and iron
ore prices. The tariff model establishes, on an annual basis,
freight rates for each captive client, through a pre-defined cargo
volume and a return target over equity ratio.

Furthermore, the model determines tariff adjustments on a monthly
basis in the event of substantial cost increases, chiefly regarding
fuel. This operating model has proven efficient over many years,
and has translated into high EBTIDA margin resilience in the
40%-45% range over the cycles.

Negative FCF: MRS has reported consistent operating cash flow
generation. Its EBITDA should gradually increase, as the company
gains scale and continues to benefit from increases in non-captive
freight orders, following capex completion in infrastructure and
undercarriage material. MRS's EBITDA and FFO are expected to reach
BRL1.9 billion and BRL1.3 billion in 2021, and BRL2.2 billion and
BRL1.6 billion in 2022.

MRS' FCF should be temporarily negative at around BRL300
million-BRL350 million per year, during the rating horizon. An
average capex of BRL1.9 billion per year is expected; 1.9x the
annual capex over the last three years. The capex plan is part of
the company's strategy to improve network productivity. In Fitch's
base case scenario, investments are expected to push volumes up by
about 4.5% per year from 2021 to 2024; and by 6.5% per year, in
case of higher capex requested by the concession contract
addendum.

Leverage Remains Conservative: MRS's leverage should remain
conservative, consistent with current ratings, while the company
run its aggressive capex plan. During the last five years, MRS's
net debt/EBITDA was around 1.5x, and should slightly decline to
1.0x-1.2x during the rating horizon. The company should also report
low FFO-adjusted net leverage within the 1.2x-1.4 range.

Current Ratings Support Potential Early Concession Renewal: Fitch
does not foresee major pressures on MRS' credit quality, motivated
by the likely early concession extension that should be defined by
the regulator in 2022. MRS has strong capital structure to support
the additional capex of around BRL3.0 billion from 2021 to 2024, to
address the contract addendum. The early contract renewal should be
neutral to slightly positive to MRS' operational cashflow and lead
FCF to BRL890 million per year in average from 2021 to 2024. In
this scenario, MRS should continue reporting conservative net
leverage ratio below 2x.

DERIVATION SUMMARY

MRS rating is below those of the other mature rail companies in the
U.S. and Canada, which are generally rated in the mid 'BBB' to low
'A' range. MRS's operations businesses are concentrated solely in
Brazil, and its captive clients (shareholders) are rated 'BBB' or
below. Compared with other Brazilian railroads, MRS is the best
positioned based on consistent operating cash flow generation,
relatively flat operating margins, historical positive FCF, low
leverage and sound liquidity. Rumo (BB+/AAA[bra]/Stable) and VLI
(NR/AAA[bra]/Stable) present negative FCF trends from substantial
capex plans that need to be financed, and higher leverage, which is
compatible with their growth momentum.

A broader comparison shows MRS with lower leverage metrics than
other large rail companies, such as Norfolk Southern, Canadian
Pacific and Kansas City Southern. MRS also exhibits operating
margins in line with Brazilian railroads. Solid credit metrics are
partially offset by MRS's geographic concentration compared with
other large world rail companies, which constrains the IDRs. MRS's
'BB'/Negative Foreign Currency IDR is capped by Brazil's Country
Ceiling, due to its total concentration in that country.

KEY ASSUMPTIONS

-- Volumes from 2022 onwards: heavy haul to increase by the GDP
    growth and the general cargo by twice the GDP growth;

-- Tariffs: 2021 remains the same tariffs as of Sept. 2021; from
    2022 onwards increase by inflation;

-- Capex of BRL7.4 billion from 2021 to 2024, being BRL1.4
    billion in 2021 and BRL1.9 billion in 2022;

-- Payout of 25% of net Income;

-- No anticipated concession renewal.

RATING SENSITIVITIES

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

-- Improvements on cargo diversification;

-- Material improvement of credit quality of its major clients
    and/or shareholders combined with positive rating actions on
    Brazil's sovereign IDR (BB-/Negative);

-- Positive actions toward the sovereign rating may lead to
    positive actions regarding MRS's Foreign Currency IDR,
    currently limited by the Brazilian Country Celling.

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

-- Deterioration of EBITDA margins to lower than 35% on a
    sustainable basis;

-- Net debt/EBITDA ratios consistently above 3.0x;

-- Severe deterioration of credit quality of its major clients
    and/or shareholders;

-- A downgrade of Brazil's sovereign rating and of the country
    ceiling could lead to a negative rating action regarding MRS's
    Foreign and Local Currency IDRs.

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

Sound Liquidity: MRS' liquidity profile is satisfactory, supported
by adequate cash position and manageable debt amortization
schedule. As of September 2021, MRS' cash and marketable securities
peaked at BRL2.0 billion, which covered short-term debt of BRL904
million by 2.2x. Fitch expects MRS's cash to remain close to BRL2.0
billion by the end of the year, and range BRL1.0 billion to BRL600
million over the next three years, covering satisfactorily
short-term debt.

MRS also benefits from proven access to credit and equity markets
to adequately fund its investments and support negative FCF in 2021
and 2022. Liquidity is not expected to be pressured in case of
early concession contract renewal, as the additional capex of
BRL2.8 billion from 2021 to 2024 is expected to be financed by
long-term debt. In Sept. 30, 2021, MRS's total debt was BRL3.9
billion, BRL3.1 billion of which was debentures (79%); BRL 303
million (BNDES; 8%) outstanding debt with Banco Nacional de
Desenvolvimento Economico e Social; and other long-term credit
(13%).

ISSUER PROFILE

MRS is a Brazilian railroad concessionaire, which operates the
mature Southeastern stretch of the country's railnet. MRS's cargo
includes iron ore, coal, coke (60% of the total volume) and general
cargo, including agricultural, siderurgy and cement products (40%
of total volume).

SUMMARY OF FINANCIAL ADJUSTMENTS

Net derivatives adjusted to debt. D&A removed from Costs and
allocated as other operating expenses. Assets sales excluded from
EBITDA account.

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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C A Y M A N   I S L A N D S
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AUTOPISTAS DEL NORDESTE: Fitch Affirms BB- Rating on USD52.9M Notes
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Fitch Ratings has affirmed Autopistas del Nordeste (Cayman) Ltd's
(AdN) notes at 'BB-'. The Rating Outlook remains Negative. The
notes are due in 2026 and have an outstanding balance of USD52.9
million.

AdN's Negative Outlook mirrors that of the sovereign ratings of the
Dominican Republic and reflects the transaction's exposure to the
credit quality of the Minister of Public Works and Communications,
as the concession's grantor and provider of the Minimum Revenue
Guarantee (MRG). The latter is viewed as a credit-linked entity to
the government of the Dominican Republic (Local Currency Issuer
Default Rating [IDR] BB-/Negative). It also reflects the increase
in the days to receive the quarterly MRG payments made by the
Ministry of Public Works. In 2020, the average payment days went up
to a historical peak of 306 days, significantly above historical
averages around 140 days. The last payment received corresponds to
the invoice of September to November 2020.

RATING RATIONALE

The rating is supported by the MRG paid by the Dominican Republic's
government, which largely mitigates the project's volume and price
risks, as toll revenues continue to fall short of covering
operational costs and debt service. MRG payment delays are still
significant but this risk is mitigated by AdN's adequate liquidity
to meet debt service in the short to medium term. Fitch believes
there is a heightened risk of increased delays in the MRG payment
as a result of the effects related to the coronavirus pandemic.
Further increments in the days of payment, depending on its
materiality and duration, could rapidly deteriorate AdN's payment
capacity.

The rating also reflects a flexible debt structure with principal
payments that can be deferred for two years if needed and robust
liquidity in the form of the typical reserve accounts and
additional resources retained by the stockholders within the
project to face its operational and financial obligations should
delays in receipt of the MRG continue or increase significantly.
Considering the MRG cash inflows, Fitch's rating case assumed
revenues according to MRG as traffic volumes are not expected to
reach levels above those guaranteed, even as its performance during
the pandemic was resilient and has shown a strong recovery.

Currently, only around one third of the project's revenue comes
from toll collection. This case yields a solid debt service
coverage profile with minimum and average debt service coverage
ratio (DSCR) of 1.3x in 2023 and also 1.3x, respectively,
considered strong for the rating category, in light of the
transaction's reduced exposure to volume risk. AdN's rating is
constrained by Fitch's assessment of the credit quality of the
Minister of Public Works and Communications' MRG grantor
obligation, which is commensurate with that of the Dominican
Republic's sovereign (BB-/Negative).

Fitch believes the delays in the payment of the MRG are not signs
of the sovereign's incapacity or unwillingness to pay but rather a
strategic use of the financial flexibility offered by the project's
liquidity position and a reflection of the complex administrative
process needed to make budget appropriations. If such a buffer was
not available, Fitch believes the government would try and reduce
the payment cycle. The presence of Multilateral Investment
Guarantee Agency (MIGA) insurance may also incentivize the
government to treat the MRG as a senior expenditure.

KEY RATING DRIVERS

Adequate Governmental Support: The government of the Dominican
Republic pledged under the concession agreement in 2001 an MRG that
protects noteholders from the risk of insufficient traffic over the
life of the notes. The government has continued to honor this
pledge, and Fitch expects required payments to be made over the
life of the notes. The concession agreement also calls for the
government to post a SBLC under certain circumstances to provide
additional support to the transaction.

Financial Guarantee: The notes benefit from a partial political
risk guarantee provided by the MIGA, a member of the World Bank
Group. A failure by the government to honor the MRG would be
covered under this guarantee; however, disbursements can be
delayed, and internal liquidity is essential to the project's
capacity to service debt. Fitch believes the MIGA guarantee
provides additional incentives for the government to honor its
obligations under the concession.

Low Volume Touristic Asset (Revenue Risk - Volume: Weaker): The
toll road connects Santo Domingo and the northern province of
Samana. It provides an efficient route but has competing free
alternatives. Moreover, despite robust gains in recent years,
actual traffic remains far below initial projections requiring
substantial payments via the MRG. This dependence on external
revenues is expected to continue.

Regular Toll Increases (Revenue Risk - Price: Midrange): The
operator of the road is able to increase tolls annually by
inflation under the concession agreement and has historically
completed annual rate adjustments without issue.

Predictable Operating Costs (Infrastructure Development & Renewal:
Midrange): A fixed O&M agreement with an experienced toll road
operator. The project benefits from oversight from an independent
engineer who provides quarterly reports on the overall condition of
the toll road along with current and future maintenance needs.
There is a 12-month major maintenance reserve account.

Conservative Debt Structure (Debt Structure: Stronger): The notes
are fully amortizing, fixed-rate obligations with typical project
finance covenants. Liquidity available within the structure
includes a six-month debt service reserve account, working capital
voluntarily contributed by the stockholders, among others.
Additional flexibility is also available as targeted principal
amortization on the notes is deferrable.

Financial Profile: The project's rating case and base case ratios
are strong for the rating category with minimum and average DSCRs
at 1.3x (2023) and also 1.3x, respectively. The rating is
constrained by Fitch's assessment of the credit quality of the
Minister of Public Works and Communications' MRG grantor
obligation, which is commensurate with that of the Dominican
Republic's sovereign.

PEER GROUP

Given AdN's revenue profile, the most comparable transactions are
P.A. Pacifico 3 and P.A. Costera, two Colombian toll road
transactions rated 'BB+', with Rating Watch Negative and Stable
Outlook, respectively, with revenues that are mostly dependent on
grants and traffic top up payments by the concession's grantor.
AdN's rating case credit metrics are slightly lower than those of
the Colombian transactions, which present LLCRs of 1.5x and 1.4x,
respectively. In the case of these toll roads in Colombia, their
metrics are also high for their ratings, but constrained by the
risk of the grantor.

RATING SENSITIVITIES

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

-- Failure to see the payment days of the MRG going back to the
    historical average, which may trigger the use of the DSRA or
    the deferral of debt amortizations; or

-- A negative rating action on the Dominican Republic sovereign
    rating or Fitch's perception that the counterparty risk posed
    by the MRG has increased; or

-- Deterioration on available liquidity levels to face operating
    and financial obligations.

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

-- A positive rating action on Dominican Republic's sovereign
    rating could trigger a corresponding positive rating action on
    the rated notes as far as the project fundamentals support it,
    and the days in which the MRG payments are received get
    reduced to levels consistent with the historically observed.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

TRANSACTION SUMMARY

The toll road, completed in 2009, extends 106 kilometers
(approximately 66 miles), connects Santo Domingo with the northern
province of Samana, and includes three toll plazas. In comparison
to alternative roads in the region, it considerably reduces the
travel distance between Santo Domingo and Samana. AdN is the
issuer, created under the laws of the Cayman Islands, and is an
exempted limited liability company.

CREDIT UPDATE

As of October 2021, traffic has increased 29.7% compared to the
same period of 2019, while toll revenues, in USD, have also
increased 30.1%. This positive performance is mainly driven by the
performance of trucks in the Marbella toll booth, in the Santo
Domingo outskirts, as the local government has recently applied a
heavy vehicle traffic restriction to alleviate traffic congestion
in the capital city. Additionally, traffic in the other two toll
booths have benefited from the government's campaign to promote
travel inside Dominican Republic, which has attracted travelers to
the Samana area.

Although traffic continues to be significantly below the original
forecast translating approximately into one-third of the project's
revenue, the project liquidity remains strong in the form of a debt
service reserve account (USD15.0 million) and operational reserves
permitted by the Indenture to be used for debt service if needed
(USD21.8 million). All reserves totaled USD36.7 million as of
October 2021, enough to cover more than a year's worth of quarterly
debt service payments.

Since 2017, the SBLC required by the concession agreement to cover
any deficiencies in MRG has not been renewed. However, the
concession agreement states that the SBLC is not required if the
Revenue Deficit Reserve Account is at least USD1.0 million. This
account is properly funded with USD1.0 million as of October 2021.

During 2020, the average government delays in the payment of the
MRG increased to 239 days, an all-time high, from 156 in 2019.
According to the concessionaire, this was explained by a general
audit at all government branches mandated by the new administration
which targets to fight corruption and bureaucratic inefficiencies
yet, temporarily halting payments to third parties like Autopistas
del Nordeste. The last payment that was received corresponds to the
invoice of September to November 2020. The concessionaire's
expectation is that the pending payments will resume within the
remainder of the year.

As of today, three MRG payments are still pending to be disbursed,
corresponding to the periods of December 2020 to February 2021,
March to May 2021, and June to August 2021. The first invoice
accumulates a 259 delay as of the date of this commentary. Fitch
will closely monitor collection days and liquidity available within
the issuer accounts. If the expected payments are not received
within the next weeks, the agency will act accordingly.

FINANCIAL ANALYSIS

Fitch's base case assumed revenues according to MRG, as traffic
volumes are not expected to reach levels above those guaranteed by
the Minister of Public Works and Communications. The Dominican
Republic's Consumer Price Index (CPI) was assumed at 6.1% for 2021,
4.7 for 2022, and 4.0% onwards. The United States' CPI was assumed
at 4.4% for 2021, 2.7% for 2022, 2.5% for 2023 and 2% onwards. O&M
expenses were increased annually by inflation plus 5%. Under this
scenario, DSCR resulted in an average DSCR of 1.3x with a minimum
of also 1.3x in 2023.

Fitch's rating case uses the same assumptions as in the base case,
except for the O&M expenses that were increased annually by
inflation plus 7.5%. Under this scenario, DSCR is similar,
resulting in an average DSCR of 1.3x with a minimum of also 1.3x in
2023.

Fitch projected traffic for both cases, yet the resulting figures
are far from representing toll revenues greater than the
correspondent MRG payments over the life of the transaction.

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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C O L O M B I A
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COLOMBIA: Gets $300M IDB Loan for Venezuelan Migrants' Integration
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The Inter-American Development Bank (IDB) approved a $300 million
loan for the social and economic inclusion of the Venezuelan
migrant population in Colombia. The operation also includes a
non-refundable $17,589,000 leveraged by the Bank through the Global
Financing Mechanism (GCFF).

The program's objective is to contribute to the effective
socioeconomic integration of Venezuelan migrants through the
expansion of the regularization and management of the information
of this migrant population, the improvement of access to social
services and protection against human trafficking, and promoting
the recognition of labor competencies.

The program will seek to benefit the 1.74 million Venezuelan
migrants, focusing on the 983,000 estimated who need to regularize
their immigration status. Its regularization will allow them access
to social services, protection, and certification of labor
competencies. According to an evaluation study conducted by the
IDB, it will help improve their income and access to formal jobs.
This process will also benefit host populations by promoting
policies that will strengthen coordination and information exchange
capacities among public agencies.

Colombia is the main host country for the second-largest migratory
exodus today. Since 2015, it has received more than 1.74 million
Venezuelan migrants, equivalent to 37.4% of the total flow that has
left Venezuela.

This operation is aligned 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,
with a focus on reactivating the productive sector, promoting
social progress, strengthening good governance and adequate
institutions and gender equality and diversity.

The IDB loan of $300 million has a repayment term of 18 years, a
grace period of 6.5 years, and an interest rate based on LIBOR.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Minimum Wage in Tourism Sector Will be RD$14K
-----------------------------------------------------------------
Dominican Today reports that the Minister of Labor, Luis Miguel de
Camps, together with representatives of the employer and worker
sectors of the tourism sector, announced an increase in the minimum
wage, considered "historic" for workers in the so-called
non-smokestack industry.

According to the agreement, in companies exceeding four million
pesos, the increase will be 20.7%, so that the salary will go from
RD$11,598 to RD$14,000. In those ranging from two to four million,
the growth will be 28%, so employees will go from earning RD$8,321
to RD$10,650, the report notes.

Finally, in companies in the tourism sector of less than two
million, the increase will be 27%, so that workers will go from
earning RD$7,488 to RD$9,500, according to Dominican Today.

The average increase will be 23%.  According to the information
provided, the expansion will be effective as of the second
fortnight of this month and will be retroactive to August 1, the
report relates.

Both the president of the National Association of Hotels and
Tourism (Asonahores), Rafael Blanco Tejera, and the representative
of the hotel workers' organizations, Manolo Ramírez, described the
increase as historic because it is the highest in recent years, 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).




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

ECUADOR SOCIAL: Fitch Affirms B- Rating on Class B Repack Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Ecuador Social Bond S.a.r.l.'s (ESB)
class A and B 144A/Reg S notes (together, the Repack Notes) at
'AAAsf' and 'B-sf', respectively. The Rating Outlook on the Repack
Notes is Stable.

           DEBT                       RATING             PRIOR
           ----                       ------             -----
Ecuador IDB Repack

Class A (secured) XS2106052827   LT AAAsf   Affirmed     AAAsf
Class B (secured) XS2106053635   LT B-sf    Affirmed     B-sf

TRANSACTION SUMMARY

The Social Bond, issued by the Republic of Ecuador and partially
guaranteed by the Inter-American Development Bank (IDB;
AAA/Stable), is the asset backing the Repack Notes.

The assigned ratings address timely payment of interest and
principal on a semi-annual basis.

KEY RATING DRIVERS

Social Bond Backed by Full Faith and Credit of Ecuador: The Social
Bond issued by the Republic of Ecuador is the asset backing the
Repack Notes issued by ESB. The Social Bond shares all
characteristics of other external indebtedness of the sovereign and
is backed by the full faith and credit of Ecuador. The only
difference is that its proceeds are for specific investment in
Ecuador's social housing program, and its debt service benefits
from a partial credit guarantee by the IDB.

IDB's Partial Credit Guarantee Comprehensive in Scope: The partial
credit guarantee between the IDB and ESB, as initial purchaser of
the Social Bond, partially covers Ecuador's failure to meet its
obligations on the Social Bond. After Ecuador's default on the
Social Bond, all draws from the IDB guarantee will be exclusively
applied by the Trustee to cover 100% of class A's debt service,
covering a percentage of the underlying Social Bond.

The IDB guarantee is comprehensive in scope and effectively covers
100% of the class A notes to be issued by ESB within the 23-day
cure period. IDB's obligations under the partial guarantee
constitute direct, unsecured obligations of IDB.

IDB's Credit Quality Remains Strong: The rating assigned to the
class A notes is commensurate with the Issuer Default Rating (IDR)
of the guarantee provider. On Nov. 18, 2021, Fitch affirmed IDB's
IDR at 'AAA'/Outlook Stable.

Class B Notes Ratings Commensurate with Sovereign: Given that all
flows from the IDB guarantee will be applied to the class A notes
to meet debt service according to the guarantee's schedule, a
default by Ecuador under its obligations of the Social Bond would
lead to a default of ESB's obligations under the class B notes.
Hence, the credit quality of the Class B notes is a pass-through of
Ecuador's rating (B-/Stable; affirmed on Aug. 31, 2021).

The KRDs listed in the applicable sector criteria, but not
mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

-- The class A notes' ratings are linked to the IDB's LT FC IDR;
    hence, a downgrade of the IDB's IDR would trigger a downgrade
    of class A notes in the same proportion. Additionally, changes
    in Fitch's view regarding the strength of the IDB guarantee
    may affect the class A notes' ratings;

-- The class B notes' credit quality reflects Ecuador's rating
    and, therefore, is sensitive to changes in Ecuador's LT IDR.
    Hence, a downgrade to Ecuador's IDR would trigger a decrease
    in the class B note ratings in the same proportion.

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

-- The class A notes' ratings are linked to the IDB's LT FC IDR
    of 'AAA'/Stable, which is the highest rating assigned by
    Fitch;

-- The ratings on the class B notes could be upgraded if
    Ecuador's IDR, currently rated 'B-'/Outlook Stable, is
    upgraded.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The credit risk of class A notes is linked to the credit quality of
the IDB (AAA/Stable) as the only beneficiaries of the IDB
guarantee. The credit risk of class B notes is directly linked to
Ecuador's LT IDR (B-/Stable).



===========
P A N A M A
===========

PANAMA: IDB OKs $15M Loan to Improve Early Childhood Education
--------------------------------------------------------------
The Inter-American Development Bank (IDB) approved the granting of
a non-reimbursable $15 million to increase the learning and skills
of students, nationals, and foreigners in Panama's public education
system. The project estimates that it will directly benefit more
than 25 thousand students and indirectly more than 200 thousand
students registered in schools throughout the country. The
initiative aims to break down the specific barriers to access,
learning, and integration faced by migrant, refugee, and host
community girls, boys, and adolescents.

The operation supports the construction of a more inclusive and
intercultural educational system through teacher training and
support, educational resources, diagnostic-formative evaluation,
and community participation, leveraging the use of information
technologies for digital transformation. Likewise, it seeks to
promote the coexistence and development of civic and
socio-emotional competencies both for migrant and refugee minors
and for students from host communities through comprehensive and
continuous pedagogical support and the equipping and maintenance of
school infrastructure.

The program also foresees the collection of data on school climate
and socio-emotional competencies to determine the current state of
well-being of the student community and identify risks and needs to
improve learning environments and school coexistence.

Panama is one of the countries eligible to access the resources of
the Non-Reimbursable Facility to Support Countries that Receive
Sudden and Large-Magnitude Migratory Flows of $100 million that the
IDB created with its resources.

Between 2017 and 2019, Panama has received more than 75,000
migrants and refugees from Latin America and the Caribbean,
equivalent to 1.8% of its population. Currently, almost 6% of the
people in Panama are foreigners, coming mainly from Venezuela,
Colombia, Nicaragua, Costa Rica, the Dominican Republic, Cuba, and
Haiti. Half of the migrants are Venezuelans, and it is estimated
that 9% of them are children and adolescents.

The project's main beneficiaries will be migrant, refugee, and host
community students from Panama's official primary and pre-middle
schools. Comprehensive pedagogical tools and support will also be
provided for teachers, directors, and officials of the Ministry of
Education. Likewise, the inhabitants of host communities who do not
have access to formal education but who can access services in
community centers and shelters will benefit.
Promoting social progress for vulnerable populations is one of the
routes that the IDB Group has identified in its Vision 2025 to
achieve an inclusive and sustainable recovery for the region. This
effort is also aligned with the IDB's Country Strategy 2021-2024 in
Panama, which seeks to contribute to the post-COVID-19 economic
recovery, with basic services being a priority area.




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

PERU: Economy Grew 9.71% Year-On-Year in September
--------------------------------------------------
Marco Aquino at Reuters reports that the Peruvian economy grew
9.71% year-on-year in September, slightly above a recent central
bank projection, but its slowest pace of expansion since March as
it recovers from the COVID-19 pandemic, the government reported.

Three days earlier, the central bank estimated that the economy had
grown between 8.5% and 9.5% in September, according to Reuters.  In
September last year, the economy of the world's second-largest
copper producer fell 6.10% year-on-year, when Peru closed large
swathes of its economy due to the pandemic, the report notes.

The National Institute of Statistics and Information (INEI) said in
a statement that the economy grew 17.49% in the first nine months
of the year, while in the 12 months through September it expanded
11.95%, the report relays.

The mining and hydrocarbons sector, the engine that drives 60% of
Peru's exports, grew 11.07% in September, its highest increase in
four months, a statement from the INEI said, the report notes.

The economy sank 11.1% in 2020, one of the worst contractions in
Latin America, due to strict lockdown measures and other
restrictions, the report adds.




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

AMADO AMADO: Dec. 7 Plan & Disclosure Hearing Set
-------------------------------------------------
On Nov. 19, 2021, debtor Amado Amado Salon & Body, Corp. filed with
the U.S. Bankruptcy Court for the District of Puerto Rico a
Disclosure Statement and Plan of Reorganization under Subchapter
V.

On Nov. 22, 2021, Judge Mildred Caban Flores conditionally approved
the Disclosure Statement and ordered that:

     * Dec. 2, 2021 is fixed as the last day for filing written
acceptances or rejections of the plan of reorganization.

     * Dec. 3, 2021 is fixed as the last day to file an objection
to the conditionally approved disclosure statement and to
confirmation of the chapter 11 plan.

     * Nov. 30, 2021 is fixed as the last day to file objections to
claims.

     * Dec. 3, 2021 is fixed as the last day for the trustee to
file a statement of the estimated fees that will be incurred
through the confirmation hearing.

     * Dec. 7, 2021, at 1:30 P.M. via Microsoft Teams is the
hearing on final approval of the disclosure statement and
confirmation of the Plan.

A copy of the order dated Nov. 22, 2021, is available at
https://bit.ly/3nNKzgv from PacerMonitor.com at no charge.   

Attorney for Debtor:

     Gloria M. Justiniano Irizarry
     USDC-PR-207603
     Ensanche Martinez
     8 Ramirez Silva St.
     Mayaguez, PR 00680
     Tel: (787)222-9272 Fax 787-805-7350
     Email: justinianolaw@gmail.com

                     About Amado Amado Salon

San Juan, P.R.-based Amado Amado Salon & Body Corp. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 21-02630) on Aug. 31, 2021, disclosing up to $500,000 in
assets and up to $10 million in liabilities. Amado Navarro
Elizalde, president of Amado Amado Salon, signed the petition.

Gloria Justiniano Irizarry, Esq., an attorney practicing in
Mayaguez, P.R., and Kreston PR, LLC, serve as the Debtor's
bankruptcy counsel and accountant, respectively.


ORGANIC POWER: Jan. 12, 2022 Plan Confirmation Hearing Set
----------------------------------------------------------
On Oct. 12, 2021, debtor Organic Power LLC filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a Disclosure
Statement referring to a Chapter 11 Plan.

On Nov. 22, 2021, Judge Edward A. Godoy approved the Disclosure
Statement and ordered that:

     * Jan. 12, 2022 at 1:30 PM, via Microsoft Teams is the
hearing
for the consideration of confirmation of the Plan and of such
objections as may be made to the confirmation of the Plan.

     * That objections to claims must be filed prior to the
hearing
on confirmation.

     * That acceptances or rejections of the Plan may be filed in
writing by the holders of all claims on/or before 14 days prior to
the date of the hearing on confirmation of the Plan.

     * That any objection to confirmation of the plan shall be
filed on/or before 14 days prior to the date of the hearing on
confirmation of the Plan.

A copy of the order dated Nov. 22, 2021, is available at
https://bit.ly/30VG0rs from PacerMonitor.com at no charge.

The Debtor is represented by:

     Alexis Fuentes-Hernandez, Esq.
     Fuentes Law Offices, LLC
     P.O. Box 9022726
     San Juan, PR 00902-2726
     Tel: (787) 722-5215
     Email: alex@fuentes-law.com

                       About Organic Power

Organic Power, LLC, -- https://www.prrenewables.com/ -- is a Vega
Baja, P.R.-based company that offers food processing companies,
restaurants, pharmaceuticals, and retail outlets an alternative to
landfill disposal -- a low cost and environmentally friendly
recycling option.

Organic Power sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 21-00834) on March 17, 2021. Miguel E.
Perez, the president, signed the petition. In its petition, the
Debtor disclosed assets of between $10 million and $50 million and
liabilities of the same range.

Judge Edward A. Godoy oversees the case.

The Debtor tapped Fuentes Law Offices, LLC as bankruptcy counsel,
and Godreau & Gonzalez Law, LLC, and Vidal, Nieves & Bauza, LLC as
special counsel.




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

LATIN AMERICA: Begins to Feel Effects of Global Shortages
---------------------------------------------------------
Fertilizers for Brazil's powerful agricultural industry,
semiconductor chips for Mexican automakers, or a lack of ships to
export Colombian coffee: Latin America is also beginning to feel
the effects of the global supply crisis, reports Rio Times Online.

Although the situation is not critical as in the United States,
where the Christmas season is threatened, the supply chain in some
Latin American countries is beginning to be stressed, as the region
is a net importer and depends on world trade, according to the
report.

Since restrictions on mobility and economic activity began to be
relaxed due to the Covid-19 pandemic, the demand for goods and
services has experienced a sudden growth that manufacturers and
transporters have not been able to meet, creating bottlenecks in
different parts of the world, especially in Asia and the United
States, the report notes.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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