/raid1/www/Hosts/bankrupt/TCRLA_Public/220106.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, January 6, 2022, Vol. 23, No. -1

                           Headlines



A R G E N T I N A

ARGENTINA: Extends 2021 Budget and Restructures Double Severance


B R A Z I L

GLOBO COMUNICACAO: Fitch Rates Proposed USD400MM Unsec. Notes 'BB'
GLOBO COMUNICACAO: S&P Rates New $400MM Notes 'BB+'


C H I L E

LATAM AIRLINES: Will Have 6 New Destinations in Brazil as of 2022


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: APHIS Keeps Country on Swine Fever List
DOMINICAN REPUBLIC: Gov't. Assumes Debt to Freeze Fuel Prices Again


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Businesses Worry Over Flour Price Increase

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Extends 2021 Budget and Restructures Double Severance
----------------------------------------------------------------
Buenos Aires Times reports that the extension of the 2021 Budget
and the phasing out of double severance were published in the
Official Gazette, via decrees signed by President Alberto
Fernandez, as anticipated by Economy Minister Martin Guzman.  The
employment emergency has been extended until next June, according
to Buenos Aires Times.

The government prolonged the 2021 Budget, after the harsh defeat
suffered by its 2022 successor in the Chamber of Deputies, while
restructuring the payment of double severance, the report notes.  
The presidential decrees thus make official the use of the old
budget to govern the country in the new year, thus countering the
posture of the opposition, which prevented the Frente de Todos
government from commanding the necessary funding for public
spending, the report relays.

The government's 2022 Budget was defeated by the opposition in the
Chamber of Deputies by a 132-121 vote after a marathon session, the
report discloses.

The national government extended until mid-2022 the employment
emergency, accompanied by a timetable scaling down double severance
which is to be phased out during the first half of the new year,
the report relays.

"If there is currently a marked process of recovery of wage labour
in the private sector, as revealed by the formal employment of
129,000 men and women in the first three quarters of 2021, even if
in the most recent month, the number of workers with registered
employment in private companies remains five percent below the
level of December, 2015," maintained the decree, the report notes.

After the various rumors regarding introduction of this measure in
2022, the government finally decided to implement in the new year a
gradual reduction in the double severance for unjustified
dismissals, the report discloses.

The new norm disposes that in the event of dismissal without cause,
the affected worker "will have the right to collect, along with the
severance prescribed by the corresponding legislation, an increment
equivalent to 75 percent of that sum between January 1 and February
28, 2022," the report relays.

That percentage will go down to 50 in March and April and to 25
percent from May 1 to June 30, 2022. Along with the ban on
dismissals, which will end next December 31, double severance was
one of the two measures implemented by the Casa Rosada in the
context of the pandemic crisis, the report relays.  Both were
successively extended throughout 2020 and also 2021 in the light of
the continued advance of the coronavirus pandemic. Both these
decisions respond to the claims of various business chambers in
recent months, the report adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Fitch Ratings' affirmed Argentina's 'CCC' Long-Term
Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs)
at 'CCC' last Oct. 18, 2021, reflecting macroeconomic imbalances
and acute financing constraints that continue to undermine debt
repayment capacity following 2020 bond restructurings, and
significant political uncertainty around how these challenges will
be addressed.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020. Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.  DBRS' credit rating for Argentina is CCC, given
on Sept. 11, 2020.

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.



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B R A Z I L
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GLOBO COMUNICACAO: Fitch Rates Proposed USD400MM Unsec. Notes 'BB'
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Globo Comunicacao e
Participacoes S.A. (Globo)'s proposed USD400 million senior
unsecured sustainability-linked notes due 2032. The issuer will use
the proceeds from the issuance to prepay part of its notes due 2025
and 2027. Fitch currently rates Globo's Foreign Currency Issuer
Default Rating (IDR) 'BB'/Negative and Local Currency IDR
'BBB-'/Stable.

Globo's net cash and strong competitive position within the
Brazilian media sector supports its Local Currency IDR, despite the
decline in its operating performance in recent years due to the
migration of advertising revenues to other platforms and negative
impact of the pandemic. The ratings incorporate an expectation of a
gradual recovery in Globo's profitability, mainly based on
initiatives to monetize the content it produces, and the resumption
of positive FCF in 2022. The Negative Outlook on the Foreign
Currency IDR mirrors the sovereign rating Outlook.

KEY RATING DRIVERS

Challenging Sector Environment: Globo faces strong and increased
competition on its advertising and content/programming revenues,
and challenges offering new and attractive platforms to viewers and
advertisers. In addition, Brazilian pay-TV market has shrunk, with
14.8 million subscribers at the end of 2020, down by 24% versus
19.5 million in 2014. Globo's strategy to address the market
changes, and decline of its traditional TV broadcasting business,
included the launch of Globoplay. Subscriptions for Globoplay have
grown quickly, with 27% growth in a 12-month period ended September
2021. Content/programming share on revenues should reach 40% in
2022 from 36% in 2019.

Strong Business Position: Globo's strong business position as
Brazil's leading media company is an important pillar for the
ratings. The company had a TV broadcasting audience share of 34% in
the first months of the year, with 39% share during prime time.
Globo also has several major channels for the distribution of
produced content. Globoplay is expanding its subscriber base
through partnerships and bundled offerings, which should continue
to play an important strategic role for Globo.

Cash Position Supports Local Currency IDR: Globo boasts one of the
strongest financial structures in the region, backed by its net
cash position. Globo's cash and equivalents of BRL12.1 billion is
substantially higher than its total debt of BRL5.7 billion. The
company should maintain BRL7 billion-BRL10 billion in net cash. The
size of the cash position provides the company with significant
financial flexibility, despite the depreciation of the Brazilian
real against the dollar. The company also has the flexibility to
delay or reduce its dividend payments.

Low Margins to Remain: Globo's EBITDA margin should remain in the
single digits during the rating horizon, due to the challenging
environment for the sector. The base case scenario considers net
revenues and EBITDA of BRL14.1 billion and BRL122 million,
respectively, in 2021, with an EBITDA margin of 0.9%. The
rescheduling of season 2020 games to 2021 increased the sports
rights amortization in the current year and negatively impacted
EBITDA by around BRL503 million. For 2022, net revenues should grow
11% to BRL15.7 billion, mainly due to increase in the number of
Globoplay subscribers, while EBITDA of BRL891 million will lead to
an EBITDA margin of 5.7%.

Positive FCF Benefits Credit Profile: The manageable capex and
dividend payment levels give some flexibility to Globo's cash flow,
with an expectation that the company's financial profile will
benefit from positive FCF from 2022 onwards. In 2021, the base case
scenario for the rating considers cash flow from operations (CFFO)
of BRL95 million and a negative FCF of BRL405 million, with BRL826
million and BRL326 million, respectively in 2022. Fitch
incorporates an average annual capex of BRL300 million and a
dividend payment of BRL200 million during the 2021-2024 period.

Country Ceiling Constrains Foreign Currency IDR: Globo's Foreign
Currency IDR and USD notes' ratings are constrained by Brazil's
'BB' Country Ceiling, as the company no longer holds sufficient
dollar-denominated balances abroad to warrant an uplift. The vast
majority of Globo's revenues are BRL-denominated, with insufficient
USD-denominated revenue to pierce Brazil's country ceiling, absent
consistently holding larger cash balances abroad.

DERIVATION SUMMARY

Globo is well-positioned relative to Latin American peers, such as
TV Azteca (RD), in terms of market position, content production,
and financial profile. Globo's profitability and lack of
operational diversification compare unfavorably with Grupo Televisa
S.A.B. (BBB+/Stable), which has a large telecommunications presence
and less reliance on advertising. Similarly, compared with
U.S.-based investment-grade media companies, such as ViacomCBS Inc.
(BBB/Stable), Globo's higher reliance on cyclical advertising
revenue generation is a weakness, as is the declining amounts spent
on Brazilian television broadcast advertising space and Pay-TV
penetration.

This lack of cash flow diversification is offset by its materially
stronger capital structure that supports Globo's 'BBB-'/Stable
Local Currency IDR. Globo's Foreign Currency IDR is constrained by
Brazil's country ceiling, which reflects Brazil's sovereign rating
and Fitch's assessment of higher transfer and convertibility risk.

KEY ASSUMPTIONS

-- Revenue growth of around 13% in 2021 and 11% in 2022;

-- EBITDA margins between 0.9% and 8.9% on the rating horizon;

-- Average annual capital expenditures of around BRL300 million;

-- Average annual dividend payments of around BRL200 million;

-- Sale of Som Livre concluded in 2022 with a cash inflow of
    BRL1.4 billion.

RATING SENSITIVITIES

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

-- An upgrade of the Foreign Currency IDR is unlikely, given the
    Negative Outlook on the Brazilian sovereign; a stabilization
    of Globo's Foreign Currency IDR is contingent upon a
    stabilization of the Brazilian sovereign ratings.

-- An upgrade of the Local Currency IDR is unlikely, absent a
    significant improvement in advertising spending and/or
    increased spending on the company's content through
    traditional Pay-TV or Globoplay.

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

-- A downgrade of Brazil's Foreign Currency IDR would likely
    result in a negative rating action for Globo's Foreign
    Currency IDR and USD notes.

-- A downgrade to the Local Currency IDR is unlikely for now, as
    the net cash position mitigates concerns about revenues and
    margin contraction.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Globo has a net cash position, with total debt of
BRL5.7 billion and Fitch-adjusted cash and cash equivalents of
BRL12.1 billion, as of Sept. 30, 2021. More than 95% of the
company's debt consists of three USD-denominated senior unsecured
notes due in 2025, 2027 and 2030, with interest rates ranging from
4.8% to 5.1%. The remaining debt liabilities comprise
BRL-denominated bank credit notes and commercial paper, maturing
until 2024. Globo hedges its operational and financial exposure to
foreign currency considering a 24-month period ahead.

ISSUER PROFILE

Globo is the largest media group in Brazil, operating through the
leading broadcast television and pay-TV networks, with presence on
content distribution. The company is owned by the Marinho family.

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.

GLOBO COMUNICACAO: S&P Rates New $400MM Notes 'BB+'
---------------------------------------------------
S&P Global Ratings assigned its 'BB+' foreign currency issue-level
rating to Globo Comunicacao e Participacoes S.A.'s (Globo:
BB+/Stable/--) planned sustainability-linked notes for up to $400
million due in 2031. S&P also assigned a '3' recovery rating to the
proposed notes, indicating it expects a significant recovery of
50%-70% (rounded estimate 65%) in the event of default. Globo will
use the proceeds of the new notes, together with available cash, to
purchase up to $325 million of its 4.843% senior notes and up to
$200 million of its 5.125% senior notes validly tendered and
accepted for purchase in the tender offer, and the rest for general
corporate purposes.

Brazilian media company Globo has established sustainability
performance targets to reduce carbon dioxide (CO2) emissions. Its
target is to achieve absolute tCO2e (tons of CO2 equivalent gases)
emissions (without considering carbon offsetting) of 17,506 tCO2e
or less for the year ending Dec. 31, 2026, which S&P estimates is
equivalent to a 15% reduction from Globo's 2019 baseline. If the
company doesn't meet the requirement, it will face an interest rate
step-up on the notes of 25 basis points per year.

The rating on the sustainability-linked notes is at the same level
as S&P's issuer credit rating on Globo, reflecting the company's
leading position in the Brazilian broadcast network, the shifting
of its operations toward digital media, its commitment to a solid
liquidity position, and its historically positive net cash
position. However, these strengths are counterbalanced by changing
media consumption and advertising spending that pressure cash
flows, exposure to economic cycles because a significant portion of
revenues comes from advertising, and fierce competition in the
direct-to-consumer business.

Issue Ratings - Recovery Analysis

Key analytical factors

-- S&P assesses recovery prospects using a simulated default
scenario. In its analysis, Globo's EBITDA would need to decline
about 50% from its latest three-year average before triggering a
payment default, assumed in 2026, given the current rating
category.

-- At that level, S&P estimates that Globo's cash flow may not be
sufficient to cover interest expenses and maintenance capital
expenditures.

-- S&P calculated a net enterprise value (EV) of about R$3.7
billion. It believes that this value would be sufficient to provide
substantial recovery (65%) for the company's bondholders.

-- In an event of default, S&P thinks Globo would be reorganized
rather than liquidated. S&P bases this view on Globo's position as
the largest media player in Brazil, with diversified operations
that should generate consistent cash flows.

Simulated default assumptions

-- Country of insolvency: Brazil (Jurisdiction B), leading to a
jurisdictional cap at '3' for unsecured debt

-- Simulated year of default: 2026

-- EBITDA at emergence: R$610 million

-- Implied EV multiple: 6.5x

-- Estimated gross EV at emergence: R$4 billion

-- Estimated net EV, post 5% administrative expenses: R$3.7
billion

Simplified waterfall

-- Senior unsecured debt of R$5.7 billion (existing loans, bonds,
and proposed sustainability-linked notes)




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C H I L E
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LATAM AIRLINES: Will Have 6 New Destinations in Brazil as of 2022
-----------------------------------------------------------------
Rio Times Online reports that Chile-based LATAM Airlines Group S.A.
will have 6 new destination routes in Brazil as of March 2022. In
all, the airline will operate at 56 airports in the country.

Currently, the company is operating at 95% of its capacity in the
domestic market compared to December 2019. On international
flights, there are only 19 destinations, according to Rio Times
Online.

New cities served by the airline are in the interior of 5 states,
the report relays.

                 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 are the Debtors' strategic advisors while
PJT Partners LP serve as their investment banker.  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 for
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: APHIS Keeps Country on Swine Fever List
-----------------------------------------------------------
Dominican Today reports that the USDA's Animal and Plant Health
Inspection Service (APHIS) announced that it has added the
Dominican Republic to the list of regions that the APHIS considers
to be affected with African swine fever (ASF).

According to the nationalhogfarmer.com, this action was taken on
July 28, 2021, after officials in the Dominican Republic confirmed
ASF in swine in that country. This notice serves as the official
record of the action, according to Dominican Today.

ASF is a highly contagious disease of wild and domestic swine that
can spread rapidly in swine populations with extremely high rates
of morbidity and mortality, the report notes.

As a result of the detection, pork and pork products from the
Dominican Republic, including casings, are subject to APHIS import
restrictions designed to mitigate the risk of ASF introduction into
the United States, the report relays.

A list of regions where ASF exists or is reasonably believed to
exist is maintained on the APHIS website, 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.

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2021, Fitch Ratings has revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'

TCRLA 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: Gov't. Assumes Debt to Freeze Fuel Prices Again
-------------------------------------------------------------------
Dominican Today reports that the Ministry of Industry, Commerce and
Mipymes (MICM) reported that for the week of January 1-7, 2022, the
prices of all fuels will remain unchanged, after the government
assumes a debt of RD$191.6 million for keeping these prices
frozen.

As of Dec. 31, premium gasoline was to continue to be sold at
RD$270.10 a gallon and regular at RD$255.50 a gallon, according to
Dominican Today.

According to the report, optimum diesel was to be sold at
RD$219.10. At the same time, regular diesel was to be sold at
RD$201.10 and Liquefied Petroleum Gas at RD$141.10, Dominican Today
notes.

Likewise, natural gas is sold at (RD$28.97), avtur at (RD$180.68),
kerosene at (RD$209.80), fuel oil at (RD$153.64), and fuel oil at
1% (RD$172.01), the report relays.

The report indicates that the international market marks a clear
panorama of uncertainty with upward trends, due to the progressive
advance of the Omicron variant of COVID-19 which, despite its less
harmful effects, has significantly pressured oil prices due to the
decrease in expectations of a recovery in world fuel consumption,
Dominican Today 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.

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2021, Fitch Ratings has revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'

TCRLA 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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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Businesses Worry Over Flour Price Increase
-------------------------------------------------------------
Trinidad Express reports that doubles and roti makers, as well as
customers, worried that product prices will go up following an
announced increase in the price of flour by National Flour Mills
Ltd.

Several businessmen also felt an increase would impact poorer
people who are already struggling with high food prices amid the
pandemic, according to Trinidad Express.

Some customers did not support the move but felt they had no other
choice, the report notes.

The consensus among business people and consumers was they were
"watching and waiting," the report relays.

People wondered if doubles, a cheap meal for many, would increase
from $5 to as high as $10, the report discloses.

Another view from people in Port of Spain was that consumers would
have to learn to bake and cook by force, the report says.

Some people said they would have to reduce their flour intake, the
report relates.

Others lamented they would not be able to afford as many potato
pies, bakes or rotis as they would usually consume, the report
says.

The report discloses that the Supermarket Association of Trinidad
and Tobago (SATT) said the increase in the price of flour will
impact the vulnerable in society.

San Juan businessman Mahmood Hosein told the Express: "I'm watching
and waiting. I have to see if it will affect the price of any other
items like oil, dhal and channa.  I think (NFM) could have absorbed
the increase.  . . . They should not have had to pass it on to
working-class people. Especially with that kind of profit they
made. We are battling a pandemic. Remember flour is a basic
commodity for the whole country," the report relays.

Asked how his business had fared, Hosein said: "Thank God (I am)
surviving. I kept my 12 members of staff. A lot of businesses went
under. Besides the increase in flour, you have electricity and
water issues. We have security issues in the country. We have to
get serious about management and accountability," the report
relays.

Hosein said he found innovative ways to sell roti.

He said: "I did pre-packaging and sold roti skins to the groceries.
It's the only way I could have kept my staff and kept going. I
thank my staff. I thank my loyal customers for their support," the
report discloses.

A manager at Sauce Doubles said: "We only heard about (the price
increase). We are still selling at $5. I knew that sooner or later
flour would have gone up. Everything else went up. But I don't
think doubles will go to $10," the report relays.

She added: "My team and I have not yet discussed how we are going
forward. We will have a meeting. The main ingredient in the dishes
is flour. Eventually every doubles producer will have to raise it.
But not as much $10."

San Juan doubles man Araby Ali also complained about rising prices
and how it might affect his business, the report notes.

He said: "I don't know how I feel. It's not just flour. It's
channa, oil, chadon beni and pepper. Every raw material concerning
doubles went up. We get channa from Mexico and Canada. When you
think you raised to $6 and you will see a little profit, the price
of flour went up," the report says.

Santa Cruz caterer Elizabeth Flemming is also concerned about how
NFM's price increase will impact her, the report discloses.

The report relays that she said: "I heard about the price increase
on social media. It's ridiculous. My husband and I operate a
mini-mart and a small catering business. We are in a pandemic.
People don't have money to buy food. Now you are increasing the
price of flour?"

The report notes that Flemming added: "I have to wait and see. I
make roti to sell in the mini-mart. People order for weddings. A
portion of buss-up-shot fetches $58 and dhalpuri skins $10 each. We
may have to increase."



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