/raid1/www/Hosts/bankrupt/TCRLA_Public/220118.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

          Tuesday, January 18, 2022, Vol. 23, No. 7

                           Headlines



A R G E N T I N A

ARGENTINA: Value of Bond Plummets


B R A Z I L

ACU PETROLEO: S&P Rates $600MM Senior Secured Notes Due 2035 'BB'


C A Y M A N   I S L A N D S

CHINA FISHERY: Unsecured Creditors to Get 8.75% in PAIH Plan


C H I L E

LATAM AIRLINES: Local Creditors Cry Foul Over 80% Losses


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Central Bank Closed 2021 With $13B+ in Reserves


J A M A I C A

NCB: Downgrades Two Branches, Cuts Jobs


M E X I C O

CYDSA SAB: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Food, Drink Prices Jumped 7.6% as of October
TRINIDAD & TOBAGO: No Suspension of Property Tax Rollout

                           - - - - -


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

ARGENTINA: Value of Bond Plummets
---------------------------------
Rio Times Online reports that Argentina's sovereign debt in dollars
lost value again on Jan. 13 both on Wall Street and in the local
market.

Bonds traded under foreign legislation showed significant drops
along the whole curve and the one that suffered the most was the
Global 2030 (GD30), with a drop of 1.75%.  The yield of this
security, redeemable in US dollars and maturing in 2030, is already
above 24% and does not seem to have a ceiling, according to Rio
Times Online.

On the other hand, Argentine legislation bonds closed with losses
of around 1% in Bolsas y Mercados Argentinos (ByMA), the report
notes.

In addition to the fiscal situation, the Nasdaq index has been hit
hard by the Argentine companies MercadoLibre and Globant, 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.

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.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  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
===========

ACU PETROLEO: S&P Rates $600MM Senior Secured Notes Due 2035 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and a
recovery rating of '2' to Brazilian transshipment terminal operator
Acu Petroleo S.A.'s (Acu or the project) 7.5% $600 million senior
secured amortizing notes due 2035 issued by Acu Petroleo Luxembourg
S.a.r.l. (not rated).

S&P said, "Our rating action follows the closing of the transaction
as well as the receipt and satisfactory review of all the
transaction documents that remained in line with our expectations.
The amount issued ($600 million) is lower than that initially
announced ($650 million), and the interest rate is now slightly
higher. However, the financial metrics are slightly better than
initially expected, but in lined with the 'BB' rating.

"Our analysis focuses on the project's operations, considering that
it started operating in 2016. We assess the assets' class
stability--the risk that a project's cash flow will differ from
expectations due to operational issues--at '4' (on a scale of '1'
to '10', with '1' as the strongest). The score mainly reflects the
risk of performing oil transshipment operations, which we view as
more complex than transshipment of other materials, such as
minerals, due to oil's flammable nature.

"Considering Acu's contracted status, we then analyze the project
in two phases. The take-or-pay contracts contribute to Acu's cash
flow stability, considering that they reduce the potential
volatility in both volumes and tariffs. The first phase takes place
in 2022, when the project has contracts for around 74% of its
volumes. The second phase starts in 2023 and ends in 2035, when Acu
holds contracts for 17% of the total volumes sold. Although we
expect that Acu will renew or sign new contracts in the next few
years, we cannot capture them in our analysis until they are
effectively in place.

"We view the market exposure as low in the first stage, given that
the CFADS might vary less than 20% in case of a market downside
scenario. In the second stage, we expect higher volatility with
CFADS potentially varying close to 50%. Our market downside
scenario includes lower volumes transshipped mainly due to lower
oil production amid long-term Brent oil prices at $40 per barrel,
versus the $55 per barrel we consider in the base-case scenario. In
addition, the market downside scenario captures stable tariffs,
aligned with those included in the latest contracts signed, versus
rising tariffs included in the base-case analysis.

"In our base case, we expect a minimum and average annual DSCR of
1.35x in the first stage. In the second stage, we expect minimum
and average metrics slightly higher, of 1.7x and 2.2x,
respectively. In addition, the project shows some resiliency under
a downside scenario that includes stresses to macroeconomic,
industry, and operating variables, because we think that Acu's
liquidity reserves would not be depleted during a five-year
downside period. Due to these factors, we assess the project's
operational phase SACP as 'bb'."




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

CHINA FISHERY: Unsecured Creditors to Get 8.75% in PAIH Plan
------------------------------------------------------------
Pacific Andes International Holdings Limited, et al., submitted a
Fifth Amended Chapter 11 Plan of Reorganization for China Fishery
Group Limited (Cayman), et al.

The Pacific Andes International Holdings Limited, et al. ("PAIH")
Plan shall authorize and approve the sale of certain non-debtor
subsidiaries' real estate holdings and/or interests in such
entities  pursuant to, inter alia, Bankruptcy Code Sections
1123(a)(5) and 1141. Specifically, the PAIH Plan provides for the
sale of interests in 6 Property Owning Companies, which hold real
property in Hong Kong and Japan, and the sale of Real Property held
by PAE (HK) for the aggregate purchase price of $52,000,000.

The Sale Transactions Proceeds, along with all other assets
inclusive of the proceeds of the release of the Maybank Share
Pledge, shall be distributed (i) to satisfy Allowed Administrative
Expense and other priority claims; (ii) to satisfy the Maybank
Secured Facility Claim through an incremental payment of $4.0
million; (iii) to satisfy and pay allowed unsecured claims of the
creditors of PAIH and PAIH (BVI) an amount equal to 8.75% of their
Allowed General Unsecured Claims; (vi) to satisfy and pay allowed
PAE HK Loan Claims in an  amount equal to 60% of the Allowed claim
amount; and (v) to satisfy and pay allowed unsecured claims of Teh
Hong Eng from any Residual Assets.  All Intercompany Claims (except
for Intercompany Claims that become Allowed Administrative Claims),
including those set forth on Schedule 5.20, shall be deemed
satisfied and extinguished under the PAIH Plan. Further, the
Qingdao Related-Plant Facilities Claims, which consist of claims
arising from guarantees or expired guarantees of loans secured by
property in the People's Republic of China (excluding Hong Kong
SAR)("PRC"), shall be satisfied in full through their secured
interests in the Qingdao Related-Plant and through actions
previously taken by these creditors in the PRC.  Further, the PAIH
Plan and the Confirmation Order shall incorporate by reference (a)
the Liquidator-Controlled Companies Settlement Agreement and order
of the Court approving same, and (b) the HSBC Settlement Agreement
and order of the Court approving same. In the event of any
inconsistency between the PAIH Plan and the Liquidator-Controlled
Companies Settlement Agreement, the Liquidator-Controlled Companies
Settlement Agreement shall control.

The PAIH Plan contemplates the appointment of a Plan Administrator
to administer the wind down of the Plan Debtors and their
non-Debtor affiliates in the PAIH Group.  Upon confirmation of the
PAIH Plan, the Plan Administrator shall be authorized to take all
corporate actions necessary consistent with applicable non-United
States law to wind down and liquidate the Plan Debtors.  It is
anticipated that the liquidation shall extinguish all Existing
Interests (other than the Existing Interests of NS Hong).  In
addition, the Plan Administrator will have the authority to pursue
the Retained Causes of Action on behalf of the Plan Debtors,
conduct the claims reconciliation process, and make distributions
to holders of Allowed Claims.

Under the Plan, holders of Class 18 PAIH General Unsecured Claims
will each receive a cash payment in an amount equal to 8.75% of the
allowed general unsecured claim.  Class 18 is impaired.

Attorneys for the Plan Debtors:

     Tracy L. Klestadt
     John E. Jureller, Jr.
     Brendan M. Scott
     KLESTADT WINTERS JURELLER
     SOUTHARD & STEVENS, LLP
     200 West 41st Street, 17th Floor
     New York, New York 10036
     Telephone: (212) 972-3000
     Facsimile: (212) 972-2245

A copy of the Plan dated Jan. 12, 2021, is available at
https://bit.ly/3I0E3KE from Epiq11, the claims agent.

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr. Weil, Gotshal
& Manges LLP has been tapped to serve as lead bankruptcy counsel
for China Fishery and its affiliates other than CFG Peru
Investments Pte. Limited (Singapore).  Weil Gotshal replaces Meyer,
Suozzi, English & Klein, P.C., the law firm initially hired by the
Debtors.  The Debtors have also tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as conflict counsel; Goldin Associates,
LLC, as financial advisor; RSR Consulting LLC as restructuring
consultant; and Epiq Bankruptcy Solutions, LLC, as administrative
agent.  Kwok Yih & Chan serves as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.




=========
C H I L E
=========

LATAM AIRLINES: Local Creditors Cry Foul Over 80% Losses
--------------------------------------------------------
Eduardo Thomson of Bloomberg News reports that local creditors of
Latam Airlines Group SA are up in arms over a bankruptcy plan that
would leave them with next to nothing even as holders of overseas
bonds get almost all their money back.

BancoEstado SA, a Santiago-based bank acting on behalf of local
noteholders, has asked Latin America's largest airline to improve
its terms.  The investors are threatening to sue if their demands
aren't meant, and contend that as a Chilean company, Latam should
have filed for protection in local courts -- instead of New York
--
that would have treated domestic creditors better.

Banco del Estado de Chile, in its capacity as indenture trustee
under the Chilean Local Bonds issued by LATAM Airlines Group S.A.
in the aggregate amount of $490.5 million (the "Chilean Bonds"),
filed an objection to (a) the Debtors' Motion for Entry of an Order
Approving Settlement Stipulation By and Among the Debtors and
Sajama Investments, LLC and (b) the Debtors' Motion for Entry of an
Order (I) Authorizing the Debtors to Implement Certain
Transactions, Including Entry Into Long Term Restructuring
Agreements with the Centaurus/Triton Lessors, the SBI Lessors, and
Pilar II Leasing Limited and (II) Approving the Related Settlement
Agreement with Certain Claimants.

Several portions of the objections were redacted from publicly
available filings.

"The proposed settlements embodied in the Motions are unreasonably
expensive compromises for the Debtors' estates and their
creditors.

This, in and of itself, requires denial of the Motions.  In
addition, the facts and circumstances of the Motions, including the
facts adduced during discovery, serve to further expose the
deficiencies in the proposed settlements and explain why the
Debtors proceeded with these settlements notwithstanding such
deficiencies.  The mere fact that the Debtors may believe the
proposed settlements are "worth it" from their perspective, and
with their own interests in mind, is not what Rule 9019 requires.
A chapter 11 debtor may not put its needs, desires, and interests
ahead of its creditors, whose interests are "paramount."  In re
Foster Mortg. Corp., 68 F.3d at 917 (internal citations omitted).
Accordingly, and for the reasons set forth above, the Motions
should be denied," BancoEstado SA said in court filings.

                  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.




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

DOMINICAN REPUBLIC: Central Bank Closed 2021 With $13B+ in Reserves
-------------------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic (Spanish: Banco Central de la República Dominicana, BCRD)
closed 2021 with net international reserves (RIN) of more than
US$13 billion, a historical level that allows it to guarantee the
relative stability of the exchange rate.

At the end of last December, the balance of net international
reserves was US$13.03 billion, a figure that represented a gain of
US$510.2 million in relation to the availability of foreign
currency that began in January 2021, a volume of US$12.52 billion,
according to Dominican Today.

Just in August was there a peak (US$13.60 billion) in international
reserves higher than the amount at the end of the last fiscal year,
the report notes.

                     Advance Calculation

"In its preliminary report at the end of December on the behavior
of the Dominican economy in 2021, the BCRD had anticipated that
remittances and total exports continued with significant dynamism,
with year-on-year growth of 11.2% and 21.7%, respectively," the
report discloses.

It added that imports (which represent the main demand factor for
foreign exchange) increased 69.7% in total, while non-oil ones
increased 57.9%, "in line with the accelerated recovery of domestic
demand," 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.

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, in December 2021, 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-'.  The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.  S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings.  The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden,
despite lack of progress with broader tax reforms, S&P said.  A
rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody’s affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.




=============
J A M A I C A
=============

NCB: Downgrades Two Branches, Cuts Jobs
---------------------------------------
RJR News reports that National Commercial Bank (NCB) has downgraded
two of its branches, separated from one manager, reassigned another
and has cut an undisclosed number of jobs.

More job cuts are expected and branches rationalized as the bank
conducts a reorganisation exercise, according to RJR News.

According to NCB's Assistant General, Sheree Martin, two branches -
UWI Mona in St. Andrew and another at the Bay West complex in
Montego Bay St. James - have been converted to agencies, the report
notes.




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

CYDSA SAB: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Cydsa, S.A.B. de C.V.'s Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) and senior
unsecured debt at 'BB+'. The Rating Outlook is Stable.

The ratings reflect Cydsa's diversified business profile, low cost
position, business resilience of some of its operations, vertical
integration and strong domestic brand recognition in table salt.
The ratings are tempered by Cydsa's limited geographic
diversification, price volatility of its chlorine and caustic soda
business and track record of moderate leverage.

Cydsa's current rating leverage headroom is limited. The company
has the challenge of completing a new capex plan, aiming to replace
one of its caustic soda facilities. Recent positive trends for
caustic soda prices, with better than initially expected spreads,
should benefit Cydsa's leverage ratios for 2022 (3.3x compared to
3.5x fiscal 2021). Fitch expects Cydsa to manage its growth
strategy and dividend distributions conservatively, and hold
consolidated net adjusted debt/EBITDA below 3.5x in the medium to
long term.

KEY RATING DRIVERS

Diversified Business Profile: Cydsa is a mid-scale domestically
focused chemical company in Mexico (BBB-/Stable) with a diversified
portfolio of products and services. The company operates in the
table salt business, where it has a strong brand and market
position, and in the chlorine-caustic soda, refrigerant gases and
underground hydrocarbon storage businesses. Fitch estimates that
around 32% and 29% of Cydsa's EBITDA is in the Energy Processing
and Logistics and Salt segments, respectively. These more resilient
operations add important stability to the company's originally
more-volatile chemicals portfolio and is a key rating
differentiator compared with pure chemical peers in the region.

Vertical Integration: Cydsa controls a good portion of its
feedstock matrix: salt and energy. This vertical integration gives
the company flexibility to withstand the volatility of the chemical
cycle and support its good margins compared to peers. The company
owns salt mines, providing the key raw material for its Consumer,
Salt and Chlorine-Caustic Soda segments. Energy cogeneration assets
supply a majority of electricity, reducing the volatility of price
fluctuations common in Mexico's electricity market.

Domestic Player: The company derives around 92% of its revenue
domestically, with most of its assets located in Mexico.
Consequently, Cydsa's financial performance is tied to Mexico's
political and economic development. The company has limited ability
to influence prices of chlorine and caustic soda, which are
volatile and significantly influenced by global supply and demand
dynamics. These products represent about 37% of Cydsa's EBITDA
portfolio on average during the last five years, and to some extent
are influenced by demand for polyvinyl chloride (PVC) resin, which
is widely used in construction and infrastructure and is subject to
demand volatility.

Exposure to PEMEX: Cydsa provides liquefied petroleum gas (LPG)
underground storage to a subsidiary of Petroleos Mexicanos (PEMEX;
BB-/Stable) at its salt caverns under a 20-year contract agreement.
This business unit's operating performance has been in line with
expectations and with no payment delays. Any changes in the
contract or relationship with PEMEX could bring volatility to
Cydsa's cash flow and pressure its credit profile. This segment
adds an important source of stable cash flow to Cydsa, partially
offsetting the current deterioration of the caustic soda prices.
Fitch's rating case scenario does not incorporate any additional
investment for developing new caverns. Depending on the speed of
the investment or funding strategy, it could pressure the company's
ratings.

Capex to Pressure FCF: For 2021 and 2022, Fitch expects Cydsa to
generate EBITDA of MXN2.9 billion and MXN3.3 billion, with EBITDA
margins in the range of 25%-28%. Better than expected caustic soda
prices are leading to stronger EBITDA in 2022. Cydsa is now in the
process of investing to increase operating efficiency at one of its
caustic soda facility and to comply with the Minamata Convention,
which bans the use of mercury by 2025. This capex is estimated
around USD120 million over a period of three years. During 2021,
Fitch estimates capex to this new plant was USD77 million and an
additional USD40 million should be invested in 2022. Fitch
estimates Cydsa's FCF to be negative around USD105 million in 2021
and USD35 million in 2022. The rating case assumes that FCF will
return to positive (USD24 million) in 2023, which includes
dividends around USD13 million.

Leverage at Peak: Cydsa's leverage profile is high for its rating,
which is explained by the temporary increase indebtedness to expand
its facilities. Fitch forecasts Cydsa's consolidated net adjusted
debt/EBITDA to move toward 3.5x by YE 2021 and 3.4x in 2022, mostly
reflecting this higher capex. Cydsa's consolidated net leverage was
2.8x in fiscal 2020 and 2.5x in fiscal 2019, which is consistent
with its rating. Considering only the restricted group leverage
(salt, caustic soda, refrigerant gases and cogeneration), total
leverage is projected to be around 3.4x in 2021.

DERIVATION SUMMARY

Cydsa is well positioned against small scale chemical producers
with limited regional diversification, which are typically rated in
the low 'BB' or below rating categories. Cydsa's business profile
is more diversified and its cash flows are more stable than
companies such as Unigel Participacoes S.A. (BB-/Stable). Cydsa's
diversified business profile is supported by the strong brand
recognition of its household salt products, and its cost position
in its chlorine-alkali chain segment benefits from important
investments in technology and the operations in the energy
processing and logistic segment.

Larger and more diversified chemical companies with lower leverage
such as Orbia Advance Corporation, S.A.B. de C.V. (BBB/Stable) or
Alpek, S.A.B. de C.V. (BBB-/Stable) are typically rated in the low
to mid 'BBB' category due to their stronger financial market access
and broader geographic diversification. Chemical companies rated in
the 'BBB' category tend to be product leaders across broader
regions, often spanning several continents.

KEY ASSUMPTIONS

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

-- Cydsa generates annual EBITDA in the range of MXN3.0 billion
    MXN3.4 billion over the next two to three years;

-- Fitch expects a softening of caustic soda prices late in 2022
    through 2023, to remain in line in mid-cycle prices, and
    stable margins for most of the other business;

-- Fitch incorporates new caustic soda capex of around USD77
    million in 2021 and USD40 million in 2022;

-- Fitch estimates dividends around USD13 million 2021-2023, in
    line with average of past five years.

RATING SENSITIVITIES

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

-- A rating upgrade is unlikely in the medium term, considering
    the company's business and financial profiles.

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

-- Expectation of sustained Fitch-adjusted net debt/EBITDA above
    3.5x on a consolidated basis, and gross debt/EBITDA above
    4.5x;

-- A further steep decline of chlorine and caustic soda prices
    that erodes Cydsa's EBITDA or competitive dynamics, weakening
    Cydsa's caustic soda business;

-- Material increases in dividends that impacts liquidity;

-- Any change or disruption in the contract with PEMEX for the
    underground storage business could pressure the ratings;

-- Large debt-financed acquisitions or investments.

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: Cydsa has a strong liquidity position with no
refinancing risks in the short to medium term. As of Sept. 30,
2021, the company held cash of MXN4.5 billion and around MXN88
million of short-term debt. During May 2020, in a scenario of
uncertainties related to the COVID-19 pandemic, Cydsa withdrew
MXN2.5 billion of undrawn committed credit facilities. This line
has a bullet maturity in 2023 (renewable for an additional two
years).

Cydsa's total consolidated debt was MXN14.3 billion as of Sept. 30,
2021, and mostly reflects the USD450 million unsecured notes due
2027 (MXN9.3 billion), MXN2.5 billion of the stand-by and MXN2.9
billion of secured loans due 2036 that relates to its underground
storage business. This secured loan has non-recourse clauses to
Cydsa.

ISSUER PROFILE

Cydsa, S.A.B. de C.V. is a mid-scale chemical producer in Mexico,
with a diversified portfolio of products. The company manufactures
and commercializes salt for household and food industry use, as
well as chlorine-caustic soda, refrigerant gases and more recently,
also operates underground hydrocarbon storage.

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.




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

TRINIDAD & TOBAGO: Food, Drink Prices Jumped 7.6% as of October
---------------------------------------------------------------
Trinidad Express reports that food and non-alcoholic beverages in
Trinidad and Tobago increased by 7.6 per cent between October 2020
and October 2021, the Central Statistical Office (CSO) related.

In a memorandum on the Index of Retail Prices (RPI) published for
general information, attributed to the acting director of
statistics, Andre Blanchard, the CSO noted that the All Items Index
of Retail Prices increased by 3.9 per cent between October 2020 and
last October, according to Trinidad Express.

Contributing to the 3.9 per cent increase in all items, was a 6.2
per cent jump in the cost of housing, water, electricity gas and
other fuels, the report discloses.  That increase included a 7.7
per cent increase in home ownership and a 0.6 per cent hike in
rent, the report notes.  Prices of water, electricity, gas and
other fuels reflected no change, the report says.

Between October 2020 and October 2021, the CSO also reported that
transportation costs were 3.1 per cent higher for the period and
the cost of healthcare saw an increase of 2.3 per cent, the report
discloses.  Furnishing, household equipment and routine maintenance
of the house increased by 2.7 per cent between October 2020 and
October 2021, according to the CSO, the report relays.

The price of food and non-alcoholic beverages was 2.2 per cent
higher in October 2021 than last September, the report says.

According to the CSO, contributing significantly to this increase
was the general upward movement in the prices of: whole
chickens-fresh; tomatoes; pumpkin; cabbage; hot peppers; soya bean
oil; other chilled or frozen chicken (parts); tea-in-bags; bodi;
and potatoes, the report relays.  However, the full impact of these
price increases was offset by the general decreases in the prices
of brown sugar; ochroes; eddoes; powdered milk-full cream; onions;
carrots; orange; banana-ripe; eggs; and white flour, the report
discloses.

The All Items Index of Retail Price was 1.5 per cent higher in
October 2021 than in September last year, the report cites.

The 2.2 per cent increase in food and non-alcoholic beverages
contributed 0.5 points to the 1.5 per cent increase in the All
Items Index between September and October 2021, the report
discloses.

The CSO review of data for October 2021 compared with September
2021 reflected increases in the sub-indices for:

  -- 2.3 per cent for housing, electricity, gas and other fuels;

  -- 2.4 per cent for Furnishings, Household Equipment & Routine
Maintenance of the House;

  -- 0.9 per cent for health;

  -- 1.6 per cent for transport

  -- 0.2 per cent for recreation and culture;

  -- 1.0 per cent for hotels, cafes and restaurants

  -- 0.4 per cent for miscellaneous goods and services

However decreases were noted in the sub-indices for Alcoholic
Beverages and Tobacco of 0.3 per cent, and Clothing and Footwear of
0.3 per cent. All other sections remained unchanged, the report
notes.

The price increases reported by the CSO came before the price of
cement sold by Trinidad Cement Ltd increased by 15 per cent on
December 20 and the increase in the price of flour sold to
wholesalers by majority State-owned National Flour Mills increased
by between 15 and 22 per cent, the report relates.  The price of
flour sold to consumers increased by between 10 and 17 per cent,
the report discloses.

The country's largest commercial bakery also increased the price of
bread, the report adds.


TRINIDAD & TOBAGO: No Suspension of Property Tax Rollout
--------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago government
will not be suspending its rollout of property tax, says Government
Minister Allyson West.

In November 2021, the Government extended the deadline for the
submission of the property tax valuation return form to January 31,
2022, according to Trinidad Express.

Failure to submit the form constitutes a criminal offence that is
punishable by a fine of $5,000 under Section 32 of the Valuation of
Land Act, the report notes.

                      Growing Concerns

At the Senate sitting, Opposition Senator Wade Mark said given the
growing concerns of citizens because of the Government's
accelerated initiative to populate the property valuation roll,
could the minister advise whether Government will consider
suspending the filing of information on property and land
ownership, the report notes.

"Madam President, the Government does not intend to suspend the
gathering and filing of returns of property as it would result in a
wastage of scarce resources, time and effort," said Minister West,
the report relates.

West, the Public Administration Minister, said as evidenced by
Clause 78 of the Local Government Reform Bill currently before the
Parliament, it is the intention of Government to empower local
government corporations, regardless of their political affiliation,
to collect and retain residential property tax, the report
discloses.  This measure is designed to provide local government
corporations with a significant and sustainable income stream for
their projects and programs, she said, the report relays.

"Any move to suspend the process of population of the valuation
rolls would therefore undermine this initiative and weaken the
local government reform process," she added.

Mark asked if it was the intention of Government to allocate 100
per cent of the property tax to local government bodies, the report
notes.  Minister West said she did not give a percentage but
reiterated that the intention was to allocate residential property
tax to local government, the report says.

                  Minimum Number of Valuations

Mark asked what would it take for the Government to reconsider its
position in seeking to impose this "draconian" property tax which
the people cannot afford to bear, the report relates.

Kangaloo said that question was not allowed. In response to other
questions, West said she was unable to provide information as to
when the population of the valuation roll will be completed, the
report relates.

She said the current exercise was ongoing and at the end of the
period "we would be in a better position to indicate when we think
we would have obtained the minimum number of valuations required to
commence the collection of property tax," the report discloses.

Last November, responding to an urgent question in Parliament from
Opposition Chief Whip David Lee, Finance Minister Colm Imbert said
the Valuation Division of the Ministry of Finance had not received
the required 200,000 valuation return forms needed to proceed with
the implementation of property tax, the report relates.

Imbert had said then that the total number of returns for
residential properties at that time was 165,000, the report
relays.

He said, according to the law, Government has to get to 200,000
before the process of implementation of property tax can commence,
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
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.
.


                  * * * End of Transmission * * *