/raid1/www/Hosts/bankrupt/TCRLA_Public/220113.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 13, 2022, Vol. 23, No. 4

                           Headlines



A R G E N T I N A

ARGENTINA: Opposition Refuses to Attend Meeting on IMF Talks
ARGENTINA: Producers Slam Gov't 'Omnipresence'; Export Ban Extended


B R A Z I L

GLOBO COMUNICACAO: Fitch Affirms 'BB' LT FC IDR, Outlook Negative
UNIGEL PARTICIPACOES: Fitch Raises IDRs to 'BB-', Outlook Stable


C A Y M A N   I S L A N D S

AUTOPISTAS DEL NORDESTE: Fitch Withdraws BB- Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Rise in Oil Price Will Impact Economy
DOMINICAN REPUBLIC: Tourism Reactivation Pushes Rescue of 3K Jobs


M E X I C O

MEXICO: Central Bank Flags Concern over Inflation, Labor Costs


P U E R T O   R I C O

PUERTO RICO: Judge to Confirm Plan, Orders Changes by Jan. 14


S T .   V I N C E N T   A N D   T H E   G R E N A D I N E S

ST. VINCENT & GRENADINES: Postpones Budget Debate

                           - - - - -


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

ARGENTINA: Opposition Refuses to Attend Meeting on IMF Talks
------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that leaders from
Argentina's top opposition bloc indicated that they won't be
attending the government's meeting at the presidential palace to
discuss the state of negotiations with the International Monetary
Fund.

President Alberto Fernandez's administration is seeking broad
political support for talks with the IMF to reschedule payments on
over US$40 billion owed to the lender. Congress must approve the
IMF programme, meaning the opposition's backing will be needed
after Fernandez's coalition lost November's midterm elections,
according to Bloomberg News.

When asked why he won't attend, Buenos Aires City Mayor Horacio
Rodríguez Larreta, one of the top opposition leaders, said that
the forum "is more of a political meeting than a serious meeting of
institutional work," the report notes.   Rodríguez Larreta added
that the government should hold such discussions in Congress,
alongside leaders of each political bloc, instead of at the
presidential palace, the report relays.

A powerful party within the opposition coalition, the UCR,
reiterated the same point in a Twitter thread, and spoke for the
three opposition governors. Local media reported that Córdoba
Province Governor Juan Schiaretti, who leads his own party, won't
attend either, the report relays.  

The lack of participation from governors outside the ruling
coalition isn't a good sign for the future programme, since the IMF
said in December that "broad support" within Argentina would be
critical to its success, the report discloses.  

The meeting with governors on Wednesday, led by Economy Minister
Martín Guzman, is expected to spell out Argentina's proposals to
the IMF on targets for the fiscal deficit, monetary financing and
international reserves. Negotiations are at a critical stage as
Argentina faces large payments due to the IMF this year, and
Fernandez has already said the country can't pay, 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.

ARGENTINA: Producers Slam Gov't 'Omnipresence'; Export Ban Extended
-------------------------------------------------------------------
Buenos Aires Times reports that agricultural leaders in Argentina
have slammed the government's "omnipresence" in the beef market,
after a ban on the exporting of seven cuts for sale outside the
country was extended for a further two years.

Argentina's Agriculture, Livestock & Fisheries Ministry announced
that it would introduce new rules for meat exports as part of its
plans to guarantee domestic supply and lower prices for local
consumers, according to Buenos Aires Times.

To that end, it said it would extend a ban on the sale of seven
cuts (asado con o sin hueso, falda, matambre, tapa de asado, nalga,
paleta, vacio) abroad for a further two years, until December 31,
2023. It also prohibited exporters from shipping full cattle
carcasses and half carcasses, among others, for the same period,
the report relays.

Reacting to the news, the president of the Sociedad Rural Argentina
(Argentine Rural Society, SRA), Nicolas Pino called on the
government to stop intervening in the market and allow "free
exports" for all producers, the report discloses.

Pino said it is "convinced that the best scenario is free exports
that allow the demand and supply of products to flow, because that
is where conditions are generated so that we, the producers, can
invest and generate greater production," the report says.

"Bureaucratisation is not a factor that encourages market
normalisation either. The recent history of our country puts us on
alert," he said in a statement, the report notes.

For his part, the president of the Confederacion de Asociaciones
Rurales de Buenos Aires y La Pampa (Confederation of Rural
Associations of Buenos Aires and La Pampa, CARBAP) Horacio
Salaverri, slammed the "omnipresence" of the state in the meat
market and rejected the imposition of new measures, the report
relays.

Tourism experts predict 'record season' as Argentines flock to
their favorite destinations, the report relates.

"We view this with concern, because although we have been improving
on the meat issue, there are still restrictions that should not
exist," said the leader in a radio interview. "There is clearly an
advance of the state in many areas of our activity, which affects
commercialization," the report discloses.

For the head of CARBAP, "we have to start on a different path,
where the government does not have these short-term projects in
mind that have nothing to do with development," the report notes.

The government said in a its decree, published in the Official
Gazette that it was setting new parameters in order to secure
domestic market supplies and counter rising prices, the report
relays.

"This package of measures establishes a regulatory framework for
the marketing and export of Argentine livestock for the years 2022
and 2023," reads the text. Decree 911/21 "reserves for the domestic
market the cuts preferred by Argentines until 31 December 31, 2023
inclusive," 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.



===========
B R A Z I L
===========

GLOBO COMUNICACAO: Fitch Affirms 'BB' LT FC IDR, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Globo Comunicacao e Participacoes S.A.'s
Long-Term Foreign Currency Issuer Default Rating (IDR), and USD
unsecured notes at 'BB'. The Rating Outlook for the Foreign
Currency IDR is Negative. In addition, Fitch has affirmed Globo's
Long-Term Local Currency IDR at 'BBB-', and National Scale ratings
at 'AAA(bra)', both with a Stable Rating Outlook.

Globo's net cash and strong competitive position within the
Brazilian media sector supports its Local Currency IDR, despite a
decline in its operating performance in recent years, due to the
migration of advertising revenues to other platforms and
pandemic-related impacts. The ratings incorporate an Fitch's
expectation of a gradual recovery in Globo's profitability, mainly
based on initiatives to monetize produced content, 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's advertising and
content/programming revenues face strong and increased competition,
and challenges offering new and attractive platforms to viewers and
advertisers. In addition, the 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 the 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

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

-- 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.

The company raised USD400 million in 2032 notes in January 2022,
which it will use to fund a tender for the 2025 and 2027 notes.
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.

UNIGEL PARTICIPACOES: Fitch Raises IDRs to 'BB-', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Unigel Participacoes S.A.'s (Unigel)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'BB-' from 'B+' and its National Scale Long-Term rating to
'AA-(bra)' from 'A-(bra)'. Fitch has also upgraded Unigel
Luxembourg S.A.'s unsecured notes to 'BB-' from 'B+'/'RR4.'The
Rating Outlook has been revised to Stable from Positive.

The upgrade reflects Unigel's improved credit profile from
increased scale and business diversification following the ramp-up
of its fertilizer operations (agro segment), while maintaining an
adequate credit metric profile through the chemical cycle. The
ratings also reflect Unigel's improved financial flexibility and
ongoing proactive liability management strategy.

Strong chemical product spreads in 2021 brought record operating
cash flow generation, which supported the high capex levels for the
agro segment and others' debottlenecking processes. Fitch forecasts
Unigel's net debt/EBITDA ratio to move toward 2.0-2.5x by YE
2023/2024 since deterioration and normalization of chemical spreads
is likely.

KEY RATING DRIVERS

Business Diversification: Unigel has increased its nitrogen
fertilizer segment by leasing two plants from Petroleo Brasileiro
S.A. (Petrobras, BB-/Negative) in the states of Bahia and Sergipe.
This should more than double Unigel's EBITDA generation in the
medium term on a sustained basis. Fitch forecasts this segment will
contribute around USD100-USD120 million in EBITDA in the next three
years, considering current natural gas price contracts. It will
also bring significant business diversification compared to
Unigel's acrylics and styrenics business exposures.

Unigel's total production capacity is 1.125 kilotons (kt)/year of
urea, 925kt/year for ammonia, 320kt/year of ammonium sulfate and
220kt/year of automotive liquid reducing agent. The contract is for
10 years for an estimated total lease cost of BRL177 million, and
renewable for an equal period.

Intermediate Player in Cyclical Industry: The cyclical nature of
the commodity chemicals sector means Unigel is subject to feedstock
and end-product price volatility, driven by prevailing market
conditions and demand/supply drivers. It is a chemical producer
with a medium business scale operating in the midstream of the
petrochemical industry value chain, placing the company in a weak
position against much larger single-product suppliers and large
manufacturing groups. Unigel's long-term contract sales with a
price formula based upon raw material prices are mitigating factors
that help offset major deterioration in its product spreads.
Excluding the record 2021 operating margins, its EBITDA margin
averaged 13.6%, which is comparable with small- to medium-size
chemical peers.

With the additional contribution of the agro segment, EBITDA margin
is expected to be around 16%-18% through the cycle. For full year
2021, Fitch expects Unigel's EBITDA split to be 43%, 27%, and 32%,
respectively, for styrenics, acrylics, and agro, and a total EBITDA
margin around 21%.

Operational Flexibility: Unigel's credit profile benefits from a
diversified product range under the acrylics and styrenics segments
and end markets. Varying degrees of integration are present along
the production value chain for its key products, providing greater
flexibility in sales and fewer constraints from raw material
supply, and bolstering its operating margins. The company's small
business scale also provides some ability to switch product lines
relatively swiftly to take advantage of favorable price movements.

Record CFFO to Support High Capex: Overall record styrenics and
acrylics spreads during the past five quarters have boosted
Unigel's operating cash flow generation. Fitch expects Unigel's
CFFO to be around BRL700 million in 2021/22, which compares to
around BRL200 million in 2020. For 2021, Unigel's capex should
reach around BRL770 million, per Fitch's estimates, most related to
expansion (75%), and should move around BRL680/700 million in
2022/2023. The ongoing capex program should continue to lead
negative FCF around BRL130/180 million in the next two years. Fitch
expects dividends to be in line with covenants, at around 25% of
net income from 2022 onward.

Leverage to Remain Adequate: Fitch's base case incorporates an
expectation that spreads will deteriorate in the medium term in
line with past cycles. Fitch forecasts Unigel's net debt/EBITDA
ratio to move toward 2.1x by YE 2023/24, considering around BRL700
million of capex. This already represents an improvement from the
average of 3.3x during 2017 -2019. For 2021 and 2022, leverage is
around 1.3x and 1.4x. This strong deleverage reflects the strong
product spreads and volumes during 2021 and start of the agro
operations. Unigel has flexibility to reduce capex levels for 2023
if EBITDA is weaker than expected, in order to avoid leverage above
2.5x.

DERIVATION SUMMARY

Despite Unigel's good market share in Latin America, the company is
a price-taker and is medium-sized relative to the global chemical
industry, with EBITDA generation moving around USD200 million,
including the agro segment. Product diversification and some
business integration help to reduce profit margin volatility,
although cash generation is still affected by commodity price
movements and any change in the supply/demand dynamics of its end
products.

Compared with other Latin America petrochemical peers, Unigel is
smaller than Braskem S.A. (BBB-/Stable), Alpek S.A (BBB-/Stable)
and Orbia Advance Corporation, S.A.B. de C.V. (BBB/Stable). Unigel
is well positioned in terms of leverage ratios compared with other
Latin American peers in the 'BB-' category and with Cydsa S.A.B. de
C.V. (BB+/Stable).

KEY ASSUMPTIONS

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

-- Stable volumes during 2021-2023;

-- Average EBITDA margins around 17%-18%, from 2021-2023;

-- Capex of around BRL770 million in 2021 and BRL670/700 million
    in 2022 and 2023;

-- Dividend payouts at 25% of net profits.

RATING SENSITIVITIES

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

-- An upgrade is unlikely in the medium term given the company's
    business risks;

-- Fitch would view positively expected net debt/EBITDA below
    2.0x through growth cycles combined with sustainable
    performance of the Agro Segment and total EBITDA Margin above
    20%.

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

-- Operating EBITDA margin consistently below 10% on a sustained
    basis;

-- Deterioration in liquidity, leading to recurring refinancing
    risks;

-- Net debt/EBITDA moving above 3.5x on sustainable basis;

-- Change in imports tariffs in Brazil that could allow increased
    competition.

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: Unigel has maintained an adequate liquidity
position relative to its debt amortization profile. As of Sept. 30,
2021, Unigel reported total debt of BRL3.0 billion (net of
derivatives), BRL455 million of which was short-term debt, and had
a readily available cash position of about BRL760 million. Beside
the short-term debt, the majority of the company's debt is due in
2026 (USD530 million bonds).

Fitch expects Unigel to remain proactive on its liability
management strategy to avoid exposure to refinancing risks. Total
debt at Sept. 30, 2021 consisted of the senior notes (78%) and
working capital lines (14%). The majority of the company's debt is
denominated in U.S. dollars, but 100% of the 2026 bonds swapped to
BRL.

ISSUER PROFILE

Unigel is a medium-size chemical producer operating in the
midstream of the petrochemical industry value chain (acrylics and
styrenics), with facilities in Brazil and Mexico. It produces
ammonia, urea, ammonium sulfate and DEF, which are primarily used
as agricultural fertilizers.

ESG CONSIDERATIONS

Unigel Participacoes S.A. has an ESG Relevance Score of '4' for
Governance Structure due to ownership concentration and key person
risk, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

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



===========================
C A Y M A N   I S L A N D S
===========================

AUTOPISTAS DEL NORDESTE: Fitch Withdraws BB- Rating
---------------------------------------------------
Fitch Ratings has withdrawn its 'BB-' rating, and Negative Rating
Outlook, for Autopistas del Nordeste (Cayman) Limited senior
secured notes ratings.

Fitch is withdrawing Autopistas del Nordeste (Cayman) Limited
senior secured notes as they were fully prerefunded.

KEY RATING DRIVERS

Not applicable. The ratings are withdrawn.

BEST/WORST CASE RATING SCENARIO

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



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

DOMINICAN REPUBLIC: Rise in Oil Price Will Impact Economy
---------------------------------------------------------
Rio Times Online reports that the trend observed by economic
professionals in the price of oil and oil derivatives is upward,
which will impact the economy with high fuel prices and
production.

More inflation and more government debt with fuel importers is the
projection of new volatility in the oil market for this quarter,
according to Rio Times Online.

Fabrizio Gomez Mazara, Ciriaco Cruz and Luis Manuel Piantini
expressed their opinion. For Ciriaco, the rise in oil prices is the
worst news for the DR starting this year 2022, the report notes.

Brent crude futures passed US$81 per barrel, and WTI was close to
US$79, the report relays.

For economist Gomez Mazara, the increase in the price of a barrel
of oil could put upward pressure on the domestic prices of goods
and services consumed and used by households and businesses, the
report discloses.

"This external component would increase domestic inflation unless
the Government (through the Ministry of Industry and Commerce)
decides to subsidize the price of oil-derived fuels.

"This measure should be taken on a transitory basis until the end
of winter in the Northern hemisphere, which is where there is
seasonality concerning the price of a barrel of oil," he said, the
report relays.

The economist argued that the Central Bank decided to face
inflation by increasing the monetary policy rate (interest rate),
affecting domestic consumption and investment decisions, the report
discloses.  He said that the higher interest rate is expected to
reduce consumption and investment below 2021 levels, the report
says.

Fabrizio proposes a transitory subsidy, the report notes.

Gomez Mazara suggests that temporarily subsidizing the prices of
oil derivatives would help moderate the effect of domestic
inflation and, through this, the expected reduction in the demand
for goods and services, given the increase in the interest rate,
the report discloses.

In this way, he said economic growth in the first quarter would be
less impacted, the report relays.

           Piantini Suggests Not Exhausting Resources

Fellow economist Luis Manuel Piantini affirms that the authorities
have to be prepared to face high fossil energy prices, as it seems
that these are beginning to be influenced by geopolitical factors
that every day raise more uncertainties towards the red hot by more
significant verbal confrontations in the different geographic zones
where fierce conflicts could arise, the report says.

"In your analysis, you showed data and information that distances
the demand pressure for use in production and transportation from
the price hikes due to the fifth explosion of Covid cases
worldwide, which has dampened its demand due to the interruption
and or reduction of these activities. However, this would indicate
that once it is reestablished, greater pressures will be added to
the current price increases," he indicated, the report relates.

Piantini urged to look for medium and long-term solutions to lower
the demand for fuel. He recommends not exhausting external and
fiscal resources by subsidizing in a general way without imposing
certain restrictions on its use, affecting the volume marketed, the
report discloses.

            Ciriaco Sees it Likely to Reach US$80

In this first quarter, oil prices will continue to rise due to the
conditions of the international markets, which have not reached the
pre-pandemic production of 30 million b/d, since the current
production average is 28 million b/d average, the report notes.

In addition to the fact that the inventory capacity decreased by
more than 500 million b/d in 2021 due to the high demand for crude
oil given the recovery of the world economy, a trend that will
continue despite the new variant of the coronavirus, the omicron,
the report says.

For the Dominican Republic, this is terrible news, and the price of
oil will likely reach US$80 per barrel, and this will have an
impact with an increase in the prices of fuels and the production
costs of companies and sectors, which will also affect the basic
food basket and fuel inflation, he said, the report relays.

The economist said that this year the oil market started with
certain tensions, such as the crisis that may arise between Russia,
the United States, and Ukraine, so that in this quarter, there will
be higher prices and in case the Government does not want to
transfer them, the debt with oil importers will increase, the
report discloses.

He argues that it is possible that the oil barrel will reach US$80,
and this will affect the domestic economy and important sectors
through the increase in fuel prices, 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: Tourism Reactivation Pushes Rescue of 3K Jobs
-----------------------------------------------------------------
Dominican Today reports that after the excellent performance of
tourism in December 2021, the recovery of jobs was one of the focal
and critical points dealt with by the authorities for the
reactivation of the economy.

In this sense, the Tourism authorities reported that the total
recovery of employment exceeds 300,000 places since, on a specific
basis, the interannual growth of formal employment in December 2021
was 61% and 5% compared to December 2018, according to Dominican
Today.

Likewise, one out of every five formal jobs recovered in the
country was in hotels, bars, and restaurants, the report relays.

In the entire tourism industry, more than 65 thousand formal jobs
were recovered throughout 2021, representing an estimated recovery
of 91,347 direct informal jobs and 185,000 indirect jobs, the
report discloses.

According to the statistics presented by the Tourism Cabinet, 178%
of direct formal jobs were recovered as of December 2021 compared
to 2020 and corresponded to the lodging sub-sector, the report
says.

Meanwhile, 144% are food and beverages, 150% to excursions and
adventure; 185% to gift shops; and 177% to airlines, the report
notes.

In this sense, Enrique Penson, director of economic studies at the
Ministry of Tourism ( Mitur ), indicated that statistics indicate
that the reactivation of total formal jobs is at its best and
similar to pre-pandemic moments, 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).




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

MEXICO: Central Bank Flags Concern over Inflation, Labor Costs
--------------------------------------------------------------
Reuters reports that Mexico's central bank signaled concern over
rising inflation and labor costs as its board voted last month to
raise its benchmark interest rate by 50 basis points to 5.50%,
minutes from the latest monetary policy meeting showed.

"All members mentioned that headline and core inflation
expectations for 2021, 2022 and for the next 12 months increased
again, along with medium-term expectations, while long-term
expectations have remained stable at levels above the target," the
Bank of Mexico said in the latest minutes, according to Reuters.

"Most members pointed out that expectations corresponding to the
end of 2022 are already above the upper limit of the target range,"
said the bank, which is also known as Banxico, the report notes.

Outpacing market expectations, four of Banxico's five board members
on Dec. 16 opted for a 50-point hike, and one for a 25-point
increase, the report relays.  

As of January, a new governor, Victoria Rodriguez, has taken the
helm at Banxico, the report discloses.  

Mexican inflation averaged 7.37% in November, the highest rate in
over 20 years, and more than double the central bank's target, the
report says.  Banxico aims for inflation of 3%, with a tolerance
range of one percentage point above and below that level, the
report adds.




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

PUERTO RICO: Judge to Confirm Plan, Orders Changes by Jan. 14
-------------------------------------------------------------
Having received and reviewed the Fifth Modified Eighth Amended
Title III Joint Plan of Adjustment of the Commonwealth of Puerto
Rico, et al. dated December 20, 2021, District Judge Laura Taylor
Swain said she is prepared to file its findings of fact and
conclusions of law, concurrently with a confirmation order,
promptly upon the Debtors' filing of a Sixth Modified Eighth
Amended Plan.

The judge ordered Jan. 10, 2022, that for the avoidance of doubt,
the following sections of the Proposed Plan must be modified as
follows:

     (a) With respect to Eminent Domain and Inverse Condemnation
         Claims, revisions must be made, but not limited, to
         sections 1.178, 1.285, 4.1(bbb), 58.1, 62.2, 62.3,
         82.1(b), and 84.15 to --

              (i) Conform to the Alternative Full-Payment
                  Proposal (as that term is defined in
                  Attachment 1 hereto and provided for in
                  sections 58.1 and 77.1(e) of the Proposed
                  Plan) such that, as of the Effective Date,
                  and upon the effective date of a Final Order
                  of a court of competent jurisdiction
                  determining the validity and amount of just
                  compensation attributable to an Allowed Eminent
                  Domain Claim or Allowed Inverse Condemnation
                  Claim, the holder of such a Claim shall be
                  entitled to receive, in full consideration,
                  satisfaction, release, and exchange of such
                  holder's unpaid balance of its Allowed Eminent
                  Domain/Inverse Condemnation Claim, in Cash, one
                  hundred percent (100%) of such Allowed Eminent
                  Domain/Inverse Condemnation Claim;

             (ii) Clarify that Allowed Eminent Domain/Inverse
                  Condemnation Claims shall not be treated in any
                  way as CW General Unsecured Claims for purposes
                  of distribution; and

            (iii) Confirm that nothing in the Sixth Modified
                  Eighth Amended Plan shall prevent, or be
                  construed to prevent, any determination of just
                  compensation by a court of competent
                  jurisdiction from including, where appropriate,
                  interest on an Allowed Eminent Domain/Inverse
                  Condemnation Claim.

     (b) With respect to preemption, section 89.3 of the Fifth
         Modified Eighth Amended Plan and Exhibit K thereto must
         be revised such that they are limited to the scope of
         preemption set forth in paragraphs 151 and 153-55 of the
         findings of fact and conclusions of law as set forth in
         Attachment 1 hereto and paragraph 3(B) of the
         confirmation order as set forth in Attachment 2 hereto,
         including the removal of Act 80-2020, Act 81-2020, and
         Act 82-2020 from Exhibit K

     (c) The Oversight Board is further directed to review and
         suggest any necessary clarification of the language the
         Debtors have proposed for paragraph 61(e) of the
         confirmation order as set forth in Attachment 2 hereto,
         including the first three words therein, and the
         Debtors' use of the defined term "Related Persons" in
         connection with AFSCME in the Proposed Plan, the
         findings of fact and conclusions of law as set forth
         in Attachment 1 hereto, and the confirmation order as
         set forth in Attachment 2 hereto.

It could mean that Puerto Rico's more than four-year bankruptcy
process, the largest ever in the $4 trillion municipal-bond
market,
may finally begin to wind down this month, according to Michelle
Kaske at Bloomberg News. Once the board files the revised plan on
Friday, Swain would then "promptly" submit her confirmation order
approving the debt restructuring plan, according to the judge's
order.

The oversight board is reviewing Swain's order and intends to file
the revised debt plan by Friday, Matthias Rieker, spokesperson for
the board, said in a statement following Swain's order.

"The oversight board welcomes this latest progress towards
confirmation of the plan, which would significantly reduce the
Puerto Rico government's total liabilities," Rieker said.

The restructuring deal would reduce $33 billion of debt and other
obligations, including cutting $22 billion of bonds to $7.4
billion. It would ease Puerto Rico's annual debt service payments
and establish a reserve trust for its broke pension system, which
owes current and future retirees an estimated $55 billion.

Judge Swain's revisions including treating allowed eminent domain
claims as secured, rather than unsecured, and that Puerto Rico
must
pay the full amount of what a court determines is the value of
those claims, according to the order.

Swain's order included a 149-page findings of fact and conclusions
of law and a 93-page confirmation order for the plan of adjustment
that the court is prepared to file "promptly" once the board
submits its revised debt plan, according to Bloomberg.

The Court order provides that overruled objections and the
Oversight Board's positions as to the proper scope of preemption
and the proper treatment of Eminent Domain/Inverse Condemnation
Claims are preserved for appeal.  The Oversight Board shall file a
compliant Sixth Modified Eighth Amended Plan by January 14, 2022,
at 11:59 p.m. (Atlantic Standard Time), which is 10:59 p.m.
Eastern
Standard Time.

A copy of the Order Regarding Plan Modifications Necessary To The
Entry Of An Order Confirming plan of adjustment for the
Commonwealth of Puerto Rico, The Employees Retirement System of
the
Government of the Commonwealth of Puerto Rico, And The Puerto Rico
Public Buildings Authority is available at https://bit.ly/3tkJXlQ

                   About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of
the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and chair of a committee to review professionals' fees.



===========================================================
S T .   V I N C E N T   A N D   T H E   G R E N A D I N E S
===========================================================

ST. VINCENT & GRENADINES: Postpones Budget Debate
-------------------------------------------------
RJR News reports that the debate on the 2022 national budget in St.
Vincent and the Grenadines has been postponed for a week to
coincide with the ceremonial opening of the Parliament on January
10.

Finance Minister Camillo Gonsalves has already indicated that his
presentation will be more than four hours, according to RJR News.

Last month, the Parliament approved Estimates of Revenue and
Expenditure for the 2022 fiscal year, amounting to EC$1.3 billion,
the report notes.

This is a 9.6 per cent increase over the approved budget for 2021,
the report adds.



                           *********


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 2022.  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
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Information contained herein is obtained from sources believed to
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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,
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