/raid1/www/Hosts/bankrupt/TCRLA_Public/211201.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

          Wednesday, December 1, 2021, Vol. 22, No. 234

                           Headlines



C H I L E

LATAM AIRLINES: LATAM Parent Unsecureds Have 2 Options in Plan
LATAM AIRLINES: Presents $8.19-Bil. Recovery Plan to Creditors


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Central Bank Specifies Liquidity Policy
DOMINICAN REPUBLIC: Fuel Prices Will Remain Unchanged
[*] DOMINICAN REPUBLIC: Registers 4,200+ Deaths From the Virus


M E X I C O

ALSEA SAB: Fitch Assigns FirstTime 'BB-' LT IDRs, Outlook Stable
ALSEA SAB: Moody's Puts First-Time 'B1' CFR, Outlook Stable
CEMEX SAB: Fitch Raises IDRs to 'BB', Alters Outlook to Pos.


P U E R T O   R I C O

BORINQUEN NATURAL: Taps Trebilcock & Rovira as Special Counsel


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: To Sweeten Terms For Gas Drilling


U R U G U A Y

URUGUAY: Gets IDB Loan for Gender Equality Project

                           - - - - -


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C H I L E
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LATAM AIRLINES: LATAM Parent Unsecureds Have 2 Options in Plan
--------------------------------------------------------------
LATAM Airlines Group S.A., and its Debtor Affiliates filed with
the U.S. Bankruptcy Court for the Southern District of New York a
Disclosure Statement with respect to Joint Plan of Reorganization
dated Nov. 26, 2021.

After a careful consideration of the Debtors' business and their
prospects as a going concern, the Debtors, in consultation with
their legal and financial advisers, concluded that recoveries to
creditors will be maximized by implementing the Plan. Pursuant to
the Plan, the company will continue to operate as an integrated
group (the "Reorganized Debtors") under LATAM Airlines Group S.A.,
on or after the Effective Date ("Reorganized LATAM Parent"). The
Debtors believe that the creditors of the Debtors will receive
more value through the continuation of the Reorganized Debtors as
a going concern than they would receive upon liquidation of the
Debtors.

The Plan is the culmination of eighteen months of effort by the
Debtors, their management, directors and employees, and the
Debtors' advisors to stabilize the Debtors' business, right-size
their operations for the future and develop a plan for the Debtors'

restructuring and emergence. The Plan also is the result of intense

negotiation and collaboration with various stakeholders, including

certain of the Debtors' key creditor groups and Holders of Existing

Equity Interests.

The primary terms of the Plan reflect the terms of an agreement
between the Debtors, an ad hoc group of LATAM Parent Creditors and
four of the Debtors' large holders of Existing Equity Interests
(the Backstop Shareholders, together with the Eblen Group). That
agreement is embodied principally in a restructuring support
agreement, dated November 26, 2021, (the "Restructuring Support
Agreement", or "RSA"). The transactions contemplated in the Plan
will strengthen LATAM by substantially reducing its existing debt,
increasing its available cash at emergence and ultimately
delevering the reorganized companies following their emergence from

the Chapter 11 Cases.

The Plan provides for a multi-billion dollar capital infusion that
will further strengthen LATAM's balance sheet. As part of the Plan,
the Backstop Shareholders and the Eblen Group, as applicable,
shall, subject to obtaining the Subsequent Approvals and the
execution of definitive documentation, make various contributions
to the Debtors' reorganization including, without limitation: (i)
waiver of certain preemptive rights under applicable Chilean law,
(ii) agreements to provide required shareholder approvals of
certain corporate actions required by LATAM under Chilean law to
implement the Plan and related transactions, (iii) agreement to
backstop a portion of the Equity Rights Offering and issuance of
the New Convertible Notes Class B without requiring payment of a
backstop payment and (iv) entry into the Shareholder's Agreement.

The obligations of the Backstop Shareholders and the Eblen Group
under the RSA that are applicable to such parties are conditioned
upon their receipt of certain internal board approvals (the
"Subsequent Approvals"). Further, the obligations of Lan Cargo S.A.
under the RSA are conditioned on receiving certain shareholder
approvals.

The terms of the Plan also further the Debtors' ability to
implement the Plan and successfully emerge from their Chapter 11
Cases as the Plan construct contemplates distributions and a rights
offering that both comply with the Bankruptcy Code and respect
applicable Chilean corporate law, including the offering of the New
Convertible Notes Eligible Equity Holders in the New Convertible
Notes Preemptive Rights Offering Period, which can be converted
into New Common Stock of Reorganized LATAM Parent; provided that
solely with respect to the New Convertible Notes Class A and the
New Convertible Notes Class C, to the extent not subscribed and
purchased by Eligible Equity Holders during such period, will be
distributed to LATAM Parent General Unsecured Creditors in
accordance with the terms of the Plan.

Under applicable Chilean law, Holders of Existing Equity Interests
have certain preemptive rights to subscribe and purchase their pro
rata share of any newly issued equity and convertible debt prior
to
such equity and debt being offered for sale to any other party. In
compliance with such laws, the Plan contemplates that all Plan
Securities issued pursuant to the Plan will first be made available
to all Eligible Equity Holders before being distributed, offered or
sold to other parties, and LATAM Parent will obtain the requisite
shareholder approvals for such capital raises from Holders of
Existing Equity Interests at an extraordinary shareholders' meeting
prior to the Effective Date. Pursuant to the RSA, the Backstop
Shareholders and the Eblen Group, who hold collectively hold
approximately 50.95% of the outstanding equity of LATAM Parent,
have agreed, subject to obtaining the Subsequent Approvals, to vote
in favor of the issuance of all New Common Stock contemplated by
the Plan.

Additional key components of the Plan include:

     * Payment in full of all Allowed Administrative Expense
Claims, Priority Tax Claims, Other Priority Claims, and DIP
Claims;

     * A rights offering (the "ERO Rights Offering") in an amount
of $800 million of new common stock of Reorganized LATAM Parent
(the "ERO New Common Stock");

     * The issuance of three series of convertible notes by
Reorganized LATAM Parent, each with a maturity date of December 31,
2121, (collectively, the "New Convertible Notes"). Eligible Equity
Holders will have the right to subscribe and purchase the New
Convertible Notes during the New Convertible Notes Preemptive
Rights Offering Period, in compliance with applicable Chilean Law.

     * The inclusion of $2.25 billion of new Exit Notes/Loan and a
$500 million revolving credit facility, which shall be undrawn at
emergence (collectively, the "Exit Financing").

Under the Plan, the issuance and distribution of New Convertible
Notes Class A and Class C will provide recovery to certain Holders
of Allowed Claims on account of their Allowed Claims. The cash
generated by the sale of New ERO Common Stock and the New
Convertible Notes will provide the Reorganized Debtors with the
funding necessary to both satisfy the Plan's cash payment
obligations and, together with the Exit Financing, will finance the
Reorganized Debtors' ongoing operations and capital needs following
their emergence from Chapter 11.

Class 5 consists of General Unsecured Claims against LATAM Parent.
Each Holder of an Allowed General Unsecured Claim against LATAM
Parent shall receive a distribution pursuant to Class 5a Treatment,
unless an Eligible Holder elects to receive Class 5b Treatment in
connection with the solicitation of this Plan. For the avoidance of
doubt, such election to receive Class 5a Treatment or Class 5b
Treatment shall apply to all of such Holder's General Unsecured
Allowed Claims against LATAM Parent.

     * Class 5a Treatment. Each Holder of Allowed General Unsecured
Claims against LATAM Parent shall receive, in full satisfaction,
settlement, discharge and release of, its Allowed Class 5 Claim (x)
(A) its Pro Rata share of New Convertible Notes Class A, subject to
reduction by the subscription and purchase of New Convertible Notes
Class A by Eligible Equity Holders during the New Convertible Notes
Preemptive Rights Offering Period, and (B) its Pro Rata share of
the New Convertible Notes Class A Preemptive Rights Proceeds in an
amount up to the Allowed Class 5a Treatment Cash Amount; or (y)
such other less favorable treatment as to which the Administrative
and Disputed Claims Agent and the Holder of such Allowed Class 5
Claim shall have agreed upon in writing.

     * Class 5b Treatment. Each Participating Holder of General
Unsecured Claims shall receive, in full satisfaction, settlement,
discharge and release of, its Allowed Class 5 Claim (x) its share
of New Convertible Notes Class C, subject to reduction by the
subscription and purchase of New Convertible Notes Class C by the
Eligible Equity Holders in the New Convertible Notes Preemptive
Rights Offering Period.

Class 6 consists of General Unsecured Claims against Debtors other
than LATAM Parent, Piquero Leasing Limited and LATAM Finance. Each
Holder of an Allowed General Unsecured Claim against a Debtor other
than LATAM Parent, Piquero Leasing Limited or LATAM Finance shall
receive, in full satisfaction, settlement, discharge and release of
its Allowed Class 6 Claim (x) Cash equal to the amount of such
Allowed Class 6 Claim; (y) such other less favorable treatment as
to which the Administrative and Disputed Claims Agent and the
Holder of such Allowed Class 6 Claim shall have agreed upon in
writing, or (z) such other treatment such that the applicable
Allowed Class 6 Claim will be rendered Unimpaired.

The Debtors and Reorganized Debtors, as applicable, shall fund
distributions under the Plan with: (i) Cash on hand, including Cash
from operations or asset dispositions; (ii) Cash proceeds from the
subscription of ERO New Common Stock pursuant to the ERO Rights
Offering Procedures, (iii) the New Convertible Notes Class A, (iv)
the New Convertible Notes Class C, (v) the Cash proceeds from the
subscription of the New Convertible Notes (including any Cash
proceeds from the subscription of the New Convertible Notes Class A
and New Convertible Notes Class C by Eligible Equity Holders during
the New Convertible Notes Preemptive Rights Offering Period above
the Allowed Class 5a Cash Amount), and (vi) the proceeds of the
Exit Financing.

Each distribution and issuance referred to in the Plan shall be
governed by the terms and conditions set forth in the Plan
applicable to such distribution or issuance and by the terms and
conditions of the instruments or other documents evidencing or
relating to such distribution or issuance, which terms and
conditions shall bind each Entity receiving such distribution or
issuance.

Counsel for the Debtors:

     CLEARY GOTTLIEB STEEN & HAMILTON LLP
     Richard J. Cooper
     Lisa M. Schweitzer
     Luke A. Barefoot
     Thomas S. Kessler
     One Liberty Plaza
     New York, New York 10006
     Telephone: (212) 225-2000
     Facsimile: (212) 225-3999         

                  About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.  It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020.  Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.

LATAM AIRLINES: Presents $8.19-Bil. Recovery Plan to Creditors
--------------------------------------------------------------
Yadunandan Singh of Play Crazy Game reports that Latam Airlines
Group announced, earlier Nov. 27, 2021, a Reorganization Plan to
get out of Chapter 11 of the US Bankruptcy Law. According to a
statement from the company, the plan is accompanied by a
Restructuring Support Agreement (RSA) with the Ad Hoc Group of
Creditors of the Matrix, which is the largest group of unsecured
creditors in these Chapter 11 cases, and certain shareholders of
Latam.

The plan proposes injecting $8.19 billion into the group through a
combination of new equity, convertibles and debt, which will allow
the group to exit Chapter 11 with adequate capitalization to
execute its business plan, the statement says.

After the exit, the document continues, Latam should have a total
debt of approximately US$ 7.26 billion and liquidity of
approximately US$ 2.67 billion. The group determined that this
is a conservative level of indebtedness and adequate liquidity in
a period of continuous uncertainty for world aviation, which will
allow a better positioning of the group for future operations,
says the statement.

After confirming the plan, the group intends to launch an offer of
capital rights through the issuance of common shares in the amount
of US$ 800 million, which will be open to all Latam shareholders,
respecting their preemptive rights under the law Chilean current,
and which will be fully supported by the RSA participants.

The document also states that three distinct classes of convertible

bonds will be issued by Latam, and will be offered preferentially
to the company's shareholders.

The unsubscribed Class A convertible bonds will be provided to
certain general creditors unsecured by Latam's parent company as
settlement for their claims permitted under the plan; Class B
convertible bonds will be registered and purchased by the
shareholders and Class C convertible bonds will be offered to
certain unsecured creditors in exchange for further capital
contributions to Latam and the settlement of its credit claims,
subject to certain limitations and impediments on the part of the
participants.

The document also says that convertible bonds belonging to
convertible classes B and C will be provided, in whole or in part,
in consideration of a new capital contribution in the total amount
of approximately US$ 4.64 billion, fully supported by the parties
involved in the RSA, subject to receipt of corporate approvals by
supporting shareholders.

Latam will also raise $500 million in a new revolving credit
facility and approximately $2.25 billion in debt financing through
new resources, either through a new term loan or with new bonds;
and the group has also used, and intends to use, Chapter 11 to
refinance and amend the pre-process leases, the revolving credit
facility, and the aftermarket engine facility.

The hearing to approve the adequacy of the Chapter 11 Disclosure
Statement and voting procedures is scheduled to take place in
January 2022, with a specific timetable that will depend on the
Court.

"If the Disclosure Statement is approved, the group will initiate
the application process to seek approval of the plan by creditors.
Latam requests that the hearing to confirm the plan be held in
March 2022," continues the press release.

                  About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.  It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020.  Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.




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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: Central Bank Specifies Liquidity Policy
-----------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic (BCRD) informed economic agents and the population that
the decision to increase its monetary policy rate (MPR) from 3.00%
to 3.50% does not apply to the liquidity facilities granted by said
institution for an amount of up to RD$215.8 billion, for financial
entities to channel loans to productive sectors, households and
micro, small and medium-sized enterprises.

The BCRD reported that the resources granted to financial
intermediation entities through the Rapid Liquidity Facility (FLR)
are maintained at an invariable interest rate until their maturity
of 3.0% per year, guaranteed with securities issued by the Ministry
of Finance, the Central Bank, private companies and low-risk credit
portfolio, according to Dominican Today.

                   About Dominican Republic

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

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

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

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

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

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



DOMINICAN REPUBLIC: Fuel Prices Will Remain Unchanged
-----------------------------------------------------
Dominican Today reports that in a press release, the Ministry of
Industry, Commerce, and Mipyemes (MICM) informed that the prices of
all fuels would remain unchanged from the week of November 27 to
December 3.

Premium gasoline will continue to be sold at RD$272.80, while
regular gasoline will be at RD$256.30, according to Dominican
Today.

Optimum diesel will continue to be sold at RD$221.40 per gallon and
regular diesel at RD$199.10, the report notes.

Liquefied Petroleum Gas (LPG) will be sold at RD$139.10 per gallon
and natural gas at RD$28.97 per cubic meter, the report relays.

Avtur will be sold at RD$180.68, Kerosene at RD$209.80, Fuel Oil at
RD$153.64, and Fuel Oil 1% at RD$172.01, 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).


[*] DOMINICAN REPUBLIC: Registers 4,200+ Deaths From the Virus
--------------------------------------------------------------
Dominican Today reports that at a time when the world is reacting
with concern to a new variant of the coronavirus detected in South
Africa, which the World Health Organization baptized with the name
of Omicron, the Dominican Republic experienced one of the most
crowded days of the year, the Black Friday or "Black Friday."

This affluence of people in the main commercial arteries of the
country occurred at a time when the Public Health authorities
registered a reduction in the number of contagions, 508 in the last
hours, but with five deaths, reaching 4,202 deaths in a little more
than a year and eight months since the first case was detected in
the country, according to Dominican Today.

Also, it is warned that the restrictions for the Christmas holidays
will depend on the rate of contagion that occurs in the coming
days. Of the five deaths due to coronavirus, two happened in the
last 24 hours. Meanwhile, 508 new infections were recorded out of
9,547 samples processed, placing the daily positivity at 8.29%, the
report notes.

To date, the number of infections is 406,021, of which 3,946 are
active cases, the report relays.

Hospitalizations

433 people were hospitalized in standard covid beds for 19%; 195 in
Intensive Care Units, equivalent to 33%, and 137 patients connected
to ventilators, equal to 29%, the report discloses.

Provinces With The Most Cases

Of the 508 new infections, the National District registered 98, and
Santo Domingo province 97, followed by Santiago with 72; Espaillat
with 44; Valverde 37 and Barahona with 29, the report says.

Risk Groups

Young people continue their contagion scale upwards, with 44,803
under 20 years of age having contracted the coronavirus, while
1,645 health care workers and 1,586 pregnant women added to the
statistics, 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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M E X I C O
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ALSEA SAB: Fitch Assigns FirstTime 'BB-' LT IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned first-time Foreign and Local Currency
Long-Term Issuer Default Ratings (IDRs) of 'BB-' to Alsea, S.A.B.
de C.V. (Alsea). The Rating Outlook is Stable. Fitch has also
assigned a 'BB-' to Alsea's proposed USD500 million senior
unsecured notes due 2026. Proceeds will be used entirely to
refinance a portion of existing debt. Fitch currently rates Alsea's
National Long-Term rating 'A-(mex)' with Stable Outlook and its
National Scale Short-Term Rating at 'F2(mex)'.

Alsea's ratings reflect its solid position as an owner and
franchise operator of QRS, cafeterias, and casual dining
restaurants in Mexico, Latin America and Europe. Alsea's ratings
also incorporate the diversified portfolio of recognized brands,
store formats and geographic diversification. In addition, the
ratings incorporate that Alsea will successfully refinance all of
its bank debt in the short term.

KEY RATING DRIVERS

Recovery After COVID-19: Alsea's operations have been recovering
progressively after being impacted in 2020 by the social mobility
restrictions and lockdowns to contain the coronavirus pandemic.
Consolidated revenues declined 34% during 2020, but operations are
gradually recovering. For the first nine months of 2021,
consolidated revenues increased by 34.7%. Fitch expects Alsea to
reach its pre-pandemic revenues within the next 18 months, due to a
more favorable economic environment in the countries where it
operates as well as the execution of commercial and digital
strategies to boost sales.

Revenues and EBITDA Improvement in 2021-2022: Alsea's revenues in
2021 are estimated to be approximately 88% of its 2019 revenue and
EBITDA margin (calculated pre-IFRS 16) to be close to 12% (versus
12.9% in 2019). The projection assumes higher sales through new
channels such home delivery and digital platforms which would
somewhat offset the limited capacity operation in stores during
most part of the year. For 2022, Alsea's revenues are expected to
increase by around 15%, with EBITDA margin improving to levels
between 12%-13% due to the continuation of productivity
initiatives, savings generated by the execution of cost reduction
programs and a relatively stable commodities outlook.

Leverage to Gradually Improve: Alsea's total debt to EBITDA and
total lease-adjusted debt to EBITDAR should be around 5.3x and 5.6x
by YE 2021, respectively, and then decline close to 4.0x and 4.8x
by YE 2022, based mainly on EBITDA recovery during this period.
Alsea's leverage metrics deteriorated significantly during 2020 due
to the impact coronavirus pandemic-related restrictions had on the
company's operations. During 2021 and along with the ease of the
pandemic restrictions, leverage has been gradually improving and
for the LTM ended Sept. 30, 2021, Alsea's gross leverage level,
calculated by Fitch, was 6.3x with a total debt of MXN31.9
billion.

Positive FCF: Alsea's FCF is expected to be positive. Fitch's
expectation is based on the projected EBITDA recovery and
subsequent improvement and the several measures the company has
implemented to privilege internal cash generation, which includes
working capital efficiencies, reduction of capex and no dividend
payments. Alsea is projected to generate cash flow from operations
(CFFO) above MXN4 billion in 2021 and MXN5 billion in 2022. With
these results, FCF will be above MXN1.5 billion annually in 2021
and 2022, after covering capex of an average of MXN3.6 billion per
year during that period. For the LTM ended Sept. 30, 2021, Alsea's
FCF calculated by Fitch was MXN1.5 billion.

Refinancing Process Manageable: Fitch believes Alsea's refinancing
risk is manageable as its operations are improving. As part of the
company's liability management strategy, Alsea extended the
suspension of the calculation of certain covenants in its credit
agreements (leverage ratio and interest coverage ratio) from April
1, 2021 to June 30, 2022. In addition, Alsea committed to maintain
total indebtedness below MXN34 billion, as well as minimum cash
balance of MXN3 billion and minimum stakeholder's equity of MXN6.9
billion.

Solid Business Position: Alsea's business portfolio is made up of
international franchise brands and recognized national and
international own brands that lead in the segments in which they
participate. Some of these are Starbucks, Burger King, Domino's
Pizza, Vips, Foster Hollywood, Chili's, Italianni's, P.F. Changs
and Archies, among others. Fitch believes that the company's brands
portfolio provides it a significant competitive advantage by
covering different demographic segments and consumer preferences.

Good Geographic Diversification: Fitch factors positive Alsea's
geographic diversification outside Mexico and believes that its
operations in Europe balance its exposure to Latin America. During
the LTM ended Sept. 30, 2021, Alsea's operations outside Mexico
represented around 52% of consolidated revenues and 47% of
consolidated EBITDA (38% and 28% in 2014, respectively).

DERIVATION SUMMARY

Alsea's ratings are based on its business profile, which benefits
from the portfolio of recognized restaurant brands and different
formats, positive operating performance, as well as the scale and
geographic diversification of its operations. Alsea's business
position and diversification compares favorably with other
Fitch-rated issuers in the 'BB' category as Arcos Dorados
(BB/Stable); however, Alsea's financial profile is weaker than
Arcos due to higher leverage and lesser financial flexibility.
Alsea's ratings incorporate its history of debt-financed
acquisitions that have resulted in higher than expected leverage
levels. The company is currently developing a liability management
program to extend its debt maturity profile, which will allow it to
improve its financial flexibility.

Alsea's ratings are below those of international peers such as
Starbucks Corporation (BBB/Stable) and Darden Restaurants, Inc.
(BBB/Stable) given its lower size and scale, weaker operating
environment and degree of brand ownership. The company has also
lower profitability margins, higher leverage and lesser financial
flexibility when compared with Starbucks and Darden Restaurants.

KEY ASSUMPTIONS

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

-- Increase in revenues of around 33% in 2021 and 15% in 2022;

-- EBITDA margin close to 12% in 2021 and 13% in 2022;

-- Capex of MXN3 billion in 2021 and MXN4 billion in 2022;

-- Indicators of gross debt to EBITDA and gross adjusted debt to
    EBITDAR close to 4.0x and 4.8x, respectively, by YE 2022.

RATING SENSITIVITIES

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

-- Consistent improvement in operational performance to levels
    prior to the coronavirus pandemic;

-- Positive FCF generation;

-- Gross debt to EBITDA and gross adjusted debt to EBITDAR below
    4.5x and 5.5x, respectively, in a sustained basis;

-- Net debt to EBITDA and Net adjusted debt to EBITDAR below 4.0x
    and 5.0x, respectively, on a sustained basis.

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

-- Deterioration in financial performance greater than expected
    by Fitch;

-- Significantly weakened liquidity position;

-- Failure to refinance short-term debt in the upcoming quarters;

-- Gross debt to EBITDA and gross adjusted debt to EBITDAR above
    5.5x and 6.0x, respectively, on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: Alsea's liquidity position is limited as of
Sept. 30, 2021, as it has an available cash position of MXN3.6
billion and short-term debt of MXN7.7 billion. Fitch incorporates
in the ratings that the company will refinance its short-term debt
with a combination of bond issuances and bank loans in the upcoming
months. Likewise, Fitch expects Alsea's liquidity position to
improve by a recovery in its FCF, available committed credit lines
of around EUR68 million and a short-term local issuance program for
up to MXN2 billion.

ISSUER PROFILE

Alsea is the leading operator of fast food establishments, coffee
shops, casual dining and family restaurants in Latin America and
Europe. It operates a broad and diversified portfolio of brands
such as Domino's Pizza, Starbucks, Burger King, Chili's Bar &
Grill, Foster's Hollywood, among others.

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.

ALSEA SAB: Moody's Puts First-Time 'B1' CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Alsea S.A.B. de
C.V.'s proposed $500 million senior unsecured notes. At the same
time, Moody's assigned a B1 corporate family rating to Alsea. The
ratings outlook is stable. This is the first time Moody's rates
Alsea.

The proceeds of the notes will be used to refinance existing debt
and will be irrevocable and unconditionally guaranteed on a senior
basis by Alsea's operating subsidiaries that account for around 50%
of consolidated EBITDA. The notes will rank pari passu with the
company's existing and future debt.

RATINGS RATIONALE

"Alsea's B1 ratings reflect its position as one of the largest
restaurant operators in the fast-food, coffee shop, casual dining,
and family restaurants segments. It also incorporates Alsea's
presence in Latin America and Europe together with its diverse
portfolio with leading brands that include Starbucks and Domino's,
which accounted for 56% of revenues as of September 2021." said
Alonso Sanchez, a Vice President at Moody's.

"The rating also considers Alsea's still recovering operations and
credit metrics, which were hurt by the Covid-19 pandemic, and
Moody's expectation that the company will be able to reduce its
Moody's adjusted debt/EBITDA to around 4.5x by year-end 2023."
added Sanchez. The B1 rating assumes that Alsea will be able to
successfully place the proposed notes and refinance its existing
debt while improving liquidity and extending its debt maturity
profile. The proposed notes would also eliminate the necessity for
a waiver of Alsea's existing financial covenants.

Alsea has a large presence in Mexico and Europe where it generates
87% of its revenues. The company also operates in Argentina, Chile,
Colombia, and Uruguay. With 4,204 stores as of September 2021,
Alsea has restaurants in Mexico, Europe and South America being
Mexico its largest market accounting for 52% of revenues over the
twelve months ended June 2021, followed by Europe, mainly Spain,
where it generated 35% of consolidated revenues over the same
period of time.

The company has a broad restaurant portfolio with 17 brands, such
as Starbucks, Domino's, VIPs and Burger King among others. Its most
important brands are Starbucks, which account for 31% of revenues,
and Domino's which generate 25% of revenues. The company operates
under different business models depending on the country in which
it operates. Except for France, Alsea is the sole franchisee for
Starbuck's in all its countries of operation, which gives the
company a competitive edge with this strong brand. In Mexico, it
operates as sole franchisee for PF Chang's and The Cheesecake
Factory; as franchisee of Burger King and Chili's; as master
franchisee of Domino's Pizza and Italianni's; and is the brand
owner of VIPs, and El Portón.

Moody's believes Alsea's credit metrics will improve in 2022-23 as
the company's EBITDA recovers. Alsea's debt/EBITDA, as adjusted by
Moody's, reached 5x as of September 30, 2021; up from 4x as of
December 31, 2019, from lower EBITDA caused by the Covid-19
outbreak. Moody's estimates Alsea's adj. debt/EBITDA to decline
gradually to reach around 4.5x by year-end 2023. Similarly, Moody's
estimates Alsea's adj. EBIT/Interest expense to remain between
1.0-2.0x in 2021-23. Positive economic growth in Alsea's main
markets will support its recovery. Moody's projects Mexico's real
GDP to increase by 5.5% in 2021, by 3.0% in 2022, and by 1.9% in
2023. Similarly, Moody's forecasts a 5.2% GDP growth in 2021 in the
Euro area followed by a 4.5% growth in 2022 and a 2.1% growth in
2023.

The company has well defined corporate governance practices, which
include financial policies with a maximum net debt/EBITDA ratio of
2.5-3.0x and a maximum dividend payout of up to 50% of net income
as long as its net leverage is below 3.0x. Furthermore, Alsea is
publicly traded in the Mexican stock exchange with its Board of
Directors comprised by 11 members out of which 55% are independent
board members.

Alsea has adequate liquidity pro-forma for the issuance of the
proposed bonds. As of September 30, 2021, Alsea reported MXN3.6
billion ($195 million) in cash. In addition, Alsea has committed
lines of credit totaling EUR75.7 million with maturity in 2024-26,
out of which EUR68.2 million are available. The company hasn't paid
dividends in 2018-20 to support growth and liquidity. Nonetheless,
Alsea plans to resume with its dividend payments of around MXN671
million (around $33 million) per year in 2023-24 as long as it
complies with its internal net leverage policy. Capex will average
MXN5,400 million ($270 million) per year and will be used 40% for
store openings, 25% for maintenance, 25% for refurbishing, and 10%
for strategic projects. Pro-forma for the issuance of the proposed
bond and debt refinancing the company will have a comfortable
long-term debt maturity profile.

The stable outlook reflects Moody's expectation that Alsea will
successfully issue the proposed bond and improve its operation and
credit metrics.

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

The ratings could be upgraded if the company's operation and credit
metrics improve such that Alsea's debt/EBITDA, as adjusted by
Moody's, declines below 4.5x on a sustained basis and its adj.
EBIT/Interest expense remains around 2.5x. To be considered for an
upgrade the company will need to maintain strong liquidity.

The ratings could be downgraded if the company's credit metrics
don't improve with a Moody's adjusted debt/EBITDA remaining above
5.5x or if its profitability or liquidity deteriorates. Failure to
timely refinance its upcoming debt maturities could also result in
a downgrade.

The principal methodology used in these ratings was Restaurants
published in August 2021.

Alsea S.A.B. de C.V., headquartered in Mexico, is a restaurant
operator with presence in Mexico, Europe and South America. Alsea
targets the quick service restaurant, coffee shop, casual dining,
and family dining segments. Alsea operates 17 brands, such as
Starbucks, Domino's, VIPs and Burger King among others. The company
reported revenues of MXN47.9 billion ($2.3 billion) over the twelve
months ended September 30, 2021.

CEMEX SAB: Fitch Raises IDRs to 'BB', Alters Outlook to Pos.
------------------------------------------------------------
Fitch Ratings has upgraded the foreign and local currency Issuer
Default Ratings (IDRs) of CEMEX, S.A.B. de C.V. (CEMEX) to 'BB'
from 'BB-' and its senior unsecured notes to 'BB' from 'BB-'. The
Rating Outlook is revised to Positive from Stable.

The upgrade reflects CEMEX's strong operating performance during
the last 18 months, which along with the proceeds from the sale of
carbon credits for USD550 million has allowed the company to reduce
net debt by about USD1.5 billion to USD8.1 billion.

The Positive Outlook reflects expectations that CEMEX could
continue to generate robust FCF of around USD500 million per year
due to solid cement demand in the U.S. where CEMEX generates
approximately 30% of its EBITDA; U.S. demand should also allow
CEMEX to increase cement exports from Mexico.

The actions also reflect improved funding conditions following the
successful refinancing of USD3.25 billion of bank debt on a fully
unsecured basis, which along with public debt refinancing and
repayment of around USD4 billion, should increase yearly FCF by
approximately USD200 million.

KEY RATING DRIVERS

Strong Business Position: CEMEX benefits from product and
geographic diversification as one of the world's largest cement
producers, selling 63.8 million metric tons of cement in 2020. It
is the leading cement producer in Mexico and one of the top
producers in the U.S. CEMEX also has a large global presence in
ready-mix and aggregates, with 2020 sales of 47 million cubic
meters of ready-mix and 132.8 million metric tons of aggregates.
CEMEX's main geographic markets by EBITDA are Mexico at 35%, the
U.S. at 28%, Europe at 14%, Central and South America at 14%, and
Asia, the Middle East and Africa at 9%.

Mexican Market to Normalize: Fitch expects cement demand in Mexico
to return to more normal levels of around 43 million metric tons
(mt) from the 46mt registered in the last 12 months ending 3Q21 as
pandemic driven homes improvement spending gradually subsides over
the next few years. Stronger Cemex exports into the U.S. should
partially offset this market softening along with a rebound in
private formal construction.

U.S. Market Trends Positive: Long-term demand drivers remain
favorable in the U.S., supported by strong residential demand and
recovering non-residential private investment. Economic growth
should support increasing investment toward 2023 while the
execution of works related to the infrastructure bill signed into
law in November 2021 should support demand beginning in 2023 and
more intensely in 2024 and beyond. The bill provides USD110 billion
of funds for new roads, bridges, and major projects, USD40 billion
for the repair and replacement of bridges, and extends the FAST Act
through 2026 while increasing annual funding levels by over 20%.

Strong EBITDA Generation: Fitch forecasts that CEMEX's EBITDA will
increase to approximately USD2.6 billion in 2021 from USD2.1
billion in 2020. Consumers spending more time at home is boosting
home improvement and residential construction in several markets,
although this demand will likely normalize in the next few years.
Solid long-term fundamentals in the U.S., rising exports, and
additional EBITDA from bolt-on investments should offset at least
some of the potential weakness.

Low Leverage: Cemex's net debt declined to USD8.1 billion as of
3Q21 from USD9.4 billion in 2020, mainly driven by the sale of
carbon credits for approximately USD550 million, FCF and USD500
million of equity credit from hybrid security issued in June. Gross
debt reduction is forecast at USD1.2 billion this year or USD1.7
billion when considering equity credit. Lower net debt, combined
with higher EBITDA, result in net leverage of around 3.0x in 2021
from 4.4x in 2020.

Positive FCF: CEMEX generated USD674 million of FCF in 2020,
compared withUSD71 million in 2019, mainly through capex reduction,
foregone dividends and higher EBITDA cash conversion. Fitch
forecasts FCF at around USD400 million in 2021 as capex normalizes.
Yearly FCF of USD500 million in 2022 should further support
deleveraging. Continued positive FCF combined with the sustained
leverage solidly below 3.5x would likely support an upgrade to
'BB+'.

Foreign Currency Exposure: CEMEX reported 94% of total debt was
denominated in hard currency, compared with about 41% of EBITDA
generation in hard currency in 2020. Main hard currency
contributors are CEMEX's operations in the U.S., the U.K. and in
several euro-based countries. The company has maintained U.S.
dollar prices after steep currency depreciation in Mexico, its main
market. However, sharp price increases in 2015-2017 and a recent
market rejection to absorb prices in line with inflation in
2018-2020 suggest that prices measured in U.S. dollars could lag
for several years if the U.S. dollar strengthens against the
Mexican peso again.

DERIVATION SUMMARY

CEMEX's ratings reflect its diversified business position across
several large markets, notably Mexico, the U.S. and certain
European countries; its vertical integration and economies of
scale; and positive FCF. The company is the leading cement producer
in Mexico, one of the top producers in the U.S. and the largest in
Spain.

CEMEX's closest peers are large global cement producers such as
Holcim Ltd. (BBB/Stable), which CEMEX competes with in several
markets. Holcim has broader geographic diversification, with
operations in Europe, North America and Asia-Pacific, each
representing roughly 25% of EBITDA, while the remaining 25% of
EBITDA is split among the Middle East and Africa at 10% and Latin
America at 15%. Latin America is CEMEX's largest region,
representing close to 50% of EBITDA, of which 35% is generated in
Mexico. The U.S. represented almost 30% of CEMEX's EBITDA, with the
remainder from Europe at about 15% and, to a lesser extent, Israel
and the Philippines.

CEMEX's broader geographic diversification and larger scale compare
well with regional building materials companies such as Martin
Marietta Materials, Inc. (BBB/Stable) and cement producers
Votorantim Cimentos S.A. (VCSA; BBB-/Stable) and InterCement
Participacoes S.A. (CCC).

VCSA, which has a dominant position in Brazil and operations in the
U.S., Canada and throughout the world, is not a direct peer, as the
rating is tied to parent Votorantim S.A.'s (BBB-/Stable), which
includes mining, utilities and financial services subsidiaries.
Martin Marietta is focused in the U.S. and the Caribbean.
InterCement's portfolio is weighted heavily toward volatile
emerging markets such as Brazil, Argentina and Mozambique, which
creates cash flow uncertainty and higher exposure to foreign
currency risk than CEMEX.

CEMEX's ratings reflect its weaker credit metrics than higher rated
global peers. CEMEX's net EBITDA leverage is forecast below 3.5x in
2020, while Holcim's was around 2.0x and Votorantim's below 2.0x.
CEMEX's global scale, business position and funding access are all
positive, as is the company's record of reducing debt. CEMEX's FFO
interest coverage forecast at around 5.0x is in line with a 'BB'
category building materials issuer.

KEY ASSUMPTIONS

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

-- Mexican cement sales volumes rise by mid-single digits in 2021
    and contract by low single digits in 2022 to more normalized
    levels;

-- U.S. cement sales volumes rise by mid-single digits in 2021
    are flat in 2022 and rise by low single digits in 2023;

-- EBITDA of USD2.6 billion in 2021 and USD2.7 billion in 2022;

-- Capex of about USD1.2 billion in 2021 in line with management
    guidance, and a similar level in 2022;

-- An exchange rate of the Mexican peso to the U.S. dollar at
    around MXN20/USD1 or lower.

RATING SENSITIVITIES

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

-- Sustainable net debt/EBITDA of below 3.5x;

-- Positive FCF

-- Continued growth in the U.S. market coupled with sustained
    cash flows in Mexico and a rebound in other key markets,
    leading to more stable cash flows;

-- A strengthening of CEMEX's business position outside of Mexico
    that leads to expectations of higher operating cash flows.

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

-- A weakening of operating cash flow and FCF expectations such
    that net debt/EBITDA is forecast above 4.0x;

-- Expectations of a pronounced deterioration of Mexico's
    economic environment that weakens EBITDA prospects.

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: CEMEX's liquidity is solid. The company does not
face meaningful maturities until 2025, when approximately USD900
million of bank debt is due. In addition to USD869 million of cash,
CEMEX has undrawn committed credit facilities for USD1.75 billion,
which support liquidity. Fitch expects the company to generate
USD500 million in FCF in 2022. CEMEX issued USD1.75 billion in
10-year notes in January 2021 and used the proceeds to refinance
notes maturing 2025 and 2026 for a similar combined amount. The
company issued USD1 billion of perpetual notes in June 2021, which
qualify for 50% equity credit under Fitch's criteria.

Positively, CEMEX announced it had released the liens on collateral
securing its indebtedness, underscoring improvements in credit
quality and bolstering financial flexibility. The collateral
released consisted of the shares of CEMEX Operaciones Mexico, S.A.
de C.V., CEMEX Espana, S.A. and CEMEX Innovation Holding Ltd. The
notes that previously benefited from this collateral were the EUR
notes due 2024 and 2026 and the USD notes due 2027, 2029 2030 and
2031.

ISSUER PROFILE

CEMEX is a large global cement producer, selling 63.8 million
metric tons of cement in 2020. The company is the leading cement
producer in Mexico and one of the top producers in the U.S.

ESG CONSIDERATIONS

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



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

BORINQUEN NATURAL: Taps Trebilcock & Rovira as Special Counsel
--------------------------------------------------------------
Borinquen Natural, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Trebilcock &
Rovira, LLC as its special litigation counsel.

The Debtor requires legal assistance in the following civil cases:
(i) NGO Health Dist. Inc., et. al., v. Borinquen Natural Inc., et.
al., SJ2020cv07047 and (ii) Great Healthworks Inc. v. Borinquen
Natural LLC, 20-cv-1732 (RAM).  It also needs the firm's legal
services in contested matters or adversary proceedings that may
result from the civil cases.

Trebilcock & Rovira will charge $200 per hour for the work
performed by its attorney, Thomas Trebilcock-Horan, Esq.  The firm
will also seek reimbursement for work-related expenses incurred.

The retainer fee is $5,000.

As disclosed in court filings, Trebilcock & Rovira does not
represent interests adverse to the Debtor and its bankruptcy
estate.

The firm can be reached through:

     Thomas J. Trebilcock-Horan, Esq.,
     Trebilcock & Rovira LLC
     Ochoa Building, Suite 201
     500 Tanca Street
     San Juan, PR 00901
     Phone: 787-723-0439
     Email: ttrebilcock@trebilcockrovira.com

                      About Borinquen Natural

Borinquen Natural, LLC filed a voluntary petition for Chapter 11
protection (Bankr. D.P.R. Case No. 21-01058) on March 31, 2021,
listing under $1 million in both assets and liabilities.  Judge
Mildred Caban Flores oversees the case.  

The Debtor tapped Myrna L. Ruiz-Olmo, Esq., at MRO Attorneys at
Law, LLC as bankruptcy counsel and Trebilcock & Rovira, LLC as
special litigation counsel.  Albert Tamarez-Vasquez, CPA, at
Tamarez CPA, LLC is the Debtor's accountant.




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

TRINIDAD & TOBAGO: To Sweeten Terms For Gas Drilling
----------------------------------------------------
Canute James at argusmedia.com reports that Trinidad and Tobago is
reforming its hydrocarbons fiscal regime to encourage natural gas
investment to align with terms governing the Shell-operated Manatee
field, energy minister Stuart Young said.

Shrugging off pressure to wean away from hydrocarbons, the
government is about to announce a licensing round for gas-prone
deepwater blocks as "gas is the future and is here to stay," Young
said, according to argusmedia.com.

"The intention is to change production-sharing contract terms to
keep Trinidad and Tobago as a competitive gas province," Young told
a conference, without indicating the timing of the new fiscal terms
and deepwater round, the report notes.

The government and Shell signed a production-sharing contract for
Manatee, which is part of the 10 Tcf Loran-Manatee deposit that
straddles the maritime border with Venezuela, the report
discloses.

Manatee holds an estimated 2.7 Tcf of gas, and first output is
anticipated in 2025 at 350mn cf/d, rising to a peak of 700mn cf/d,
Trinidad's prime minister Keith Rowley said, the report says.

"Manatee is an absolutely strategic project as one of the largest
gas discoveries in the country" and it will be "critical in
supplying the future of the energy industry for both domestic and
the LNG markets," Shell's Trinidad country chair Eugene Okpere said
on signing the contract for the block, the report relays.

"Shell is in the forefront of trying to accelerate the energy
transition. Gas is absolutely part of that equation," he added.

The government is counting on Manatee to replenish gas supply.
Curtailments have dogged LNG, petrochemical and fertilizer plants
for years. Shell and UK major BP are the main shareholders in
Trinidad's Atlantic liquefaction complex, the report notes.

Previous efforts by Trinidad and Venezuela to jointly develop the
cross-border deposit - with Shell's help - ran aground in 2018, in
part because of disagreement over the gas price, the report says.
The following year, the US imposed oil sanctions on Venezuela,
sinking the joint initiative altogether, the report adds.




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

URUGUAY: Gets IDB Loan for Gender Equality Project
--------------------------------------------------
A loan of $4.1 million and non-reimbursable financing of $1 million
seek to contribute to the achievement of gender equality,
benefiting more than 40,000 women, youth, boys, and girls in the
country.

The Inter-American Development Bank (IDB) approved a loan of $4.1
million and non-reimbursable financing of $1 million to promote a
life free of gender-based violence and the achievement of gender
equality in Uruguay. This operation is the IDB's first investment
loan focused exclusively on fighting gender-based violence (GBV).

The Program for Gender Equality and the Empowerment of Women
(Promujeres, for its name in Spanish) plans to increase the
capacity of the attention services of the Response System to
Gender-Based Violence (SRVBG) of the National Institute of Women
(INMUJERES) for adult women, including migrant women and trafficked
women.

In addition, it will promote gender equality and the prevention of
gender-based violence in young Uruguayans and migrants,
strengthening the work of INMUJERES in the educational field, and
will encourage the use of information on gender-based violence of
migrants and diverse groups of the population, improving its
quality and quantity.

Activities financed include expanding the coverage and improving
the quality of SRVBG services aimed at Uruguayan adult women and
migrants, including remodeling and expansion works at the
Montevideo Service Center. Likewise, it will finance the
strengthening and expansion of psychosocial and legal services for
women in situations of intimate partner violence in Montevideo and
the country's interior, including those derived from the ankle
braces program, and the expansion of the coverage of care for women
in situations of violence and victims of trafficking for sexual and
labor exploitation.

It is estimated that 17,630 women will be beneficiaries with
psychosocial and legal care services, 670 women with trafficking
services, approximately 500 women (and 450 children) annually
referred by the Entrance Portal to temporary shelter, and another
10,024 women annually with telephone counseling services. In
addition, it is estimated that 13,000 young people will be direct
beneficiaries of the actions above and 3,600 teachers for training
activities on gender equality and prevention of GBV.

This operation is aligned with Vision 2025 - Reinvesting in the
Americas: A Decade of Opportunities, a course of action created by
the IDB to achieve recovery and inclusive growth in Latin America
and the Caribbean. Vision 2025 highlights the importance of
ensuring the prevention and elimination of SGBV as part of the
Bank's work to promote gender equality and inclusion of diverse
populations in all its operations.

The IDB loan of $4.1 million has a repayment term of 25 years, a
grace period of 5.5 years, and an interest rate based on LIBOR.




                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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