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       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, April 5, 2022, Vol. 23, No. 62

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Deal's 1st Quarterly Review Moved to May


B R A Z I L

BRAZIL: Industrial Production Grows by 0.7% From Jan to Feb
BRF SA: Approves Nomination of Marfrig's Molina as New Chairman
INTERCEMENT PARTICIPACOES: Fitch Raises LT IDR to 'B-'


C H I L E

ALTO MAIPO: Int'l Jurisdiction Fight Sparks Up in Hearing
[*] CHILE: IMF Says Economic Recovery is Well Underway


T R I N I D A D   A N D   T O B A G O

CARIBBEAN CEMENT: Approves Dividend Policy for Future Payments


U R U G U A Y

SANCOR SEGUROS: Fitch Affirms 'B+' IFS Rating, Outlook Stable


X X X X X X X X

[*] IDB Governors Propose Capital Increase for IDB Invest

                           - - - - -


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A R G E N T I N A
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ARGENTINA: IMF Deal's 1st Quarterly Review Moved to May
-------------------------------------------------------
Buenos Aires Times reports that the International Monetary Fund
admitted that its new financing program for Argentina faces "high
risks" due to the country's economic and social situation, with
added complications due to the global fall-out of Russia's invasion
of Ukraine.

The multilateral lender agreed a new financing programme with
President Alberto Fernandez's government to restructure Argentina's
US$44.5-billion debt with the IMF, Buenos Aires Times recounts.

Celebrations, however, have been short-lived, the report notes.
With the ruling Frente de Todos coalition split on the deal and
tensions rising, Fund officials now say they will now bring forward
the deal's first quarterly review to May, the report discloses.  It
was originally scheduled for June, the report relays.

The IMF believes that it may be necessary to recalibrate policies,
taking into account the war in Ukraine, Argentina's socio-political
context and the latent effects of the coronavirus pandemic, the
report notes.

Fund officials are also said to be concerned by the ruling
coalition's internal tensions, the report says.  The new deal's
approval in Congress was marked by the resignation of Maximo
Kirchner as head of the ruling bloc in the Chamber of Deputies, the
absence of Vice-President Cristina Fernandez de Kirchner for much
of the debate in the Senate, and the number of negative votes from
hard-line Kirchnerite lawmakers, the report discloses.

Addressing the dispute, the IMF warned that the political backing
given to the agreement "may be fragile and could be weakened before
the presidential elections in October 2023 or before if confidence
is not rebuilt quickly," the report relays

                         'Fragile'

Speaking during an international press briefing, IMF Spokesperson
Gerry Rice described Argentina's situation as "fragile," citing
problems like runaway inflation, high levels of poverty and
economic growth as cause for concern, among other factors, the
report notes.

"We believe that Argentina's program, now supported by the IMF with
this [new round of] financing, sets pragmatic and realistic
objectives along with credible policies, which when implemented
will strengthen macroeconomic stability and begin tackling
Argentina's deep-seated challenges," he said, the report notes.

Conceding that Argentina's inflation is "persistently high," he
said Fund officials would work the government to tackle runaway
price hikes "through a multi-pronged strategy involving a gradual
elimination of monetary financing of the fiscal deficit and an
enhanced monetary and exchange rate policy framework," the report
relays.

Rice said, however, that the program "is fragile" and that "new
shocks have materialized," pointing to the global fall-out of the
Ukraine war, the report relates.

"So, it's no surprise that the risks to the Argentine economy, and
therefore to the program, are high," he said, adding that the IMF
would work closely with Argentine authorities to ensure successful
implementation of the program, the report says.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America.  Its 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.

Argentina obtained on March 25, 2022, approval from the Executive
Board of the International Monetary Fund (IMF) of a 30-month
extended arrangement under the Extended Fund Facility (EFF)
amounting to SDR 31.914 billion (equivalent to US$44 billion).
Under the new terms, Argentina secured a much-needed grace period
that postpones repayment of its debt. However, IMF warned of
exceptionally high risks to the program.




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B R A Z I L
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BRAZIL: Industrial Production Grows by 0.7% From Jan to Feb
-----------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazilian industrial
production rose by 0.7% from January to February this year. This
increase only offset part of the 2.2% loss recorded between
December and January.

Data from the monthly industrial survey were released by the
Brazilian Institute of Geography and Statistics (IBGE), according
to Rio Times Online.

According to the survey, the industry also registered an increase
of 0.4% in the quarter and 2.8% in the last 12 months, the report
relays.  However, compared to February last year, there is a
decrease of 4.3%, the report notes.  There is also a loss of 5.8%
for the current year, the report discloses.

This increase made up for part of the 2.2% loss recorded in the
previous month, the report says.  The increase from January to
February affected 16 of the 26 industries surveyed by IBGE, with
the extractive industries (5.3%) and the food industry (2.4%)
standing out, the report adds.

                        About Brazil

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

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



BRF SA: Approves Nomination of Marfrig's Molina as New Chairman
---------------------------------------------------------------
thepigsite.com reports that Brazilian meatpacker BRF SA approved
the nomination of Marfrig's controlling shareholder Marcos Molina
as the company's new chairman, in a move that expands his influence
over the company's management, reported Reuters.

Marfrig is currently the largest BRF shareholder and previously
said that it wished to appoint its own board members after buying a
33.3% stake, according to thepigsite.com.

At a shareholders meeting, BRF also approved the appointment of
Santander Brasil Chairman Sergio Rial as vice-president of the
board, according to the meeting minutes, the report notes.  Rial's
nomination was also proposed by Marfrig, the report relays.

Marfrig started building its stake in poultry and pork processor
BRF in May 2021 but said at the time the move was aimed at
diversifying its holdings rather than influencing management, the
report says.

The latest move comes almost three years after previous failed
merger talks between the two companies, the report adds.

As reported in the Troubled Company Reporter-Latin America on Feb.
4, 2022, S&P Global Ratings raised its global scale issuer credit
rating on Brazil-based food company BRF S.A. to 'BB' from 'BB-' and
its national scale issuer credit rating to 'brAAA' from 'brAA+'.
S&P also raised the issue-level rating to 'BB' from 'BB-', with a
recovery rating remaining at '3'.


INTERCEMENT PARTICIPACOES: Fitch Raises LT IDR to 'B-'
------------------------------------------------------
Fitch Ratings has upgraded InterCement Participacoes S.A.'s
(InterCement) and InterCement Brasil S.A.'s Long-Term Local and
Foreign Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC.'
InterCement Financial Operations BV's 2024 notes are upgraded to
'B-'/'RR4' from 'CCC'/'RR4'. InterCement's National Scale rating
are upgraded to 'BB+(bra)' from 'B-(bra)'. A Stable Outlook has
been assigned to the corporate ratings.

The upgrade reflects past quarters of improvement on Intercement's
capital structure, both on a consolidated basis and when excluding
Argentinean operations (giving the limitations to access its cash
flow). This improvement was a result of solid volumes, benign
pricing environment and profitability gains. Adequate cash balance
helps financial flexibility in the short term. InterCement remains
with the important challenge to refinance its 2024 unsecured bonds
in the next 2-4 quarters, while navigates the current negative
scenario in terms of inflationary and raw material cost pressures
and spike in interest rates in Brazil.

KEY RATING DRIVERS

High Leverage Excluding Argentina: InterCement faces currency
control restrictions with its operations in Argentina, which
increases its dependence to the Brazilian's operating cash flow
generation to serve its financial obligations. Loma Negra
C.I.A.S.A., InterCement's 51% owned Argentine subsidiary, generates
around 50% of InterCement's consolidated adjusted EBITDA but holds
only 2% of the net debt. Excluding Loma Negra, InterCement net debt
to adjusted EBITDA would be approximately 6.0x, per Fitch's
calculations.

On a proportional basis, excluding the 49% of Loma Negra that
InterCement does not own, leverage stood at 3.9x as of YE 2021.
Those levels show an improvement from the past two years, with
average of 7.5x in 2019 and 5.8x in 2020, respectively. On
consolidated basis, InterCement leverage was 2.8x in 2021, 4.4x in
2020 and 5.6x in 2019. Fitch forecasts InterCement's adjusted net
debt/EBITDA ratio, on a consolidated basis, to move toward
3.0x-3.5x by YE 2022/2023 and around 5.8x, when excluding
Argentina's operations.

Challenge to Complete Refinancing: InterCement is seeking
alternatives to boost its Holding and Brazilian's capital structure
via an IPO of the Brazilian Subsidiary, which is unlikely to occur
in 2022 giving current market volatility in Brazil, or to resume
discussion with bondholders to refinance its 2024 bonds. As of Dec.
31 2021, InterCement total consolidated debt was USD1.6 billion,
mainly USD 548 million of 2024 unsecured bonds and USD836 million
of a local debentures due 2027. The debentures have the shares of
Loma Negra as collateral, and hold the option to anticipate its
maturity to May 2024, before the bonds, if the latter is not
refinanced.

As of Dec. 31, 2021, InterCement cash position was USD247 and
short-term debt was USD147 million. With the increasing interest
rates in Brazil, InterCement's operating cash flow is going to be
tight during 2022. The company's financial flexibility is limited
and it should continue to rely on banks to rollover its short-term
debt.

Inflationary Pressures: The scenario of soaring oil prices and
overall energy costs is expected challenge InterCement's EBITDA
generation during 2022, and its ability to partially pass it to
prices will be key. Fitch expects some profitability deterioration
but it should recover throughout the second half of 2022 and 2023.
For 2022 and 2023, adjusted EBITDA margin is forecasted to range
around 22%-24%, which represents a deterioration from the 27.4% and
24.3% of 2021 and 2020, respectively. InterCement's operating
margin is among the highest within its Latin America peers. For
2022 and 2023, Fitch foresees consolidated EBITDA of USD414 million
and USD443 million, respectively. Excluding Argentina, the figures
decline to USD189 million and USD221 million for 2022 and 2023,
respectively.

Impact of Cement Volumes in Brazil: Consumption in Brazil's cement
market is expected to be relatively flat compared to 2021, as a
result of tough scenario of increasing inflation and interest
rates, lower consumer confidence and market volatilities
pre-presidential elections. EBITDA from Brazil is projected to
decline to USD142 million in 2022, recovering in 2023 to USD167
million. This compares with USD159 million in 2021 and USD129
million in 2020. In Brazil, InterCement operated with around 74%
utilization rate in 2021 a and average of 71% during 2019-2020. The
company has around 12.3 million tons in total active capacity and 5
million tons of hibernated capacity.

Solid Business in Emerging Markets: InterCement is the
second-largest (third considering recent consolidation movements)
cement producer in Brazil, which is one of the world's largest
cement markets, and the leading cement producer in Argentina, with
close to 45% market share. The company also operates in Mozambique,
where it is the largest producer, with a 55% market share, as well
as in Egypt (4% market-share) and South Africa (13% market-share).
InterCement's businesses in Argentina is operated through its
51%-owned Loma Negra subsidiary. InterCement's EBITDA is split
among Brazil (35%), Argentina (50%) and its African subsidiaries.

Increasing Local Debt Reduces FX Exposure: Foreign exchange
mismatch was reduced after the last local debenture issuances, as
38% of total debt should be either U.S. dollar-or euro-denominated,
compared with 69% prior to the debenture issuance. This is an
important reduction as the company does not generate hard currency
revenue. InterCement mainly relies on its pricing strategy to
offset U.S. dollar cost inflation and revenue weakness resulting
from currency depreciation.

DERIVATION SUMMARY

InterCement's 'B-' rating reflects substantial credit risk due to
weak cash flows relative to a large debt burden. Meaningful debt
repayment through cash flow is limited and debt refinancing would
likely result in substantially higher interest rates than that of
existing debt. The company has a strong business position in most
of its markets and relatively large scale, particularly in
Argentina and Brazil. Despite its scale, InterCement's cash flow
has varied greatly as it operates in highly volatile markets such
as Brazil, Argentina, Egypt, Mozambique and South Africa. This
compares with a greater exposure to developed markets or highly
rated emerging markets of other cement producers, such as Cemex,
S.A.B. de C.V. (BB/Positive).

KEY ASSUMPTIONS

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

-- Brazilian volumes stable in 2022 and low-single digits in
    2023.

-- Argentine volumes low-single digits in 2022 and 2023.

-- Capex levels around USD125 million in 2022 and 2023.

-- Dividends to minorities and preferred shareholders of around
    USD20 million-USD25 million in 2022 and 2023.

KEY RECOVERY RATING ASSUMPTIONS

Going-Concern (GC) Approach

The GC EBITDA estimate reflects Fitch's view of a sustainable
post-reorganization EBITDA, excluding Loma Negra and allowing
InterCement to cover maintenance capex and interest. The enterprise
value (EV)/EBITDA multiple applied is 5.0x, reflecting
InterCement's a mid-cycle multiple considering its strong market
share in Brazil and Mozambique.

An EV/EBITDA multiple of 5.0x is used to calculate a
post-reorganization valuation and reflects a mid-cycle multiple.

Fitch applies a waterfall analysis to the post-default enterprise
value based on the relative claims of the debt in the capital
structure. Fitch's debt waterfall assumptions take into account the
company's total debt at Dec. 31, 2021. The waterfall results in a
'RR4' Recovery Rating for senior unsecured debt.

RATING SENSITIVITIES

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

-- Increasing cement demand in Brazil that leads to higher
    EBITDA;

-- Additional proactive steps by the company to materially
    bolster its capital structure in the absence of high operating
    cash flow;

-- Improved access to cash from the company's Argentina
    operations for debt service;

-- Successful refinancing of capital market debt bonds;

-- Expectations of net debt/EBITDA excluding Loma Negra below
    5.0x.

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

-- Deterioration in InterCement's liquidity profile;

-- Lack of progress in refinancing the 2024 notes by first half
    of 2023;

-- Material weakness in Brazilian construction that leads to
    expectations of lower EBITDA.

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

Adequate Near-Term Liquidity: InterCement's major refinancing risks
is from 2024, when it is due its bonds and or the local debentures.
As of Dec. 31, 2021, InterCement total consolidated debt was USD1.6
billion, mainly USD548 million of 2024 unsecured bonds and USD836
million of a local debenture due 2027. This debenture holds the
option to change its maturity to May 2024, if the bond is not
refinanced. As of Dec. 31, 2021, InterCement cash position was
USD247 million and short-term debt was USD147 million.

ISSUER PROFILE

InterCement is a large cement producer in terms of sales volume (20
million tons of total consolidated cement sales as of Dec. 31, 2021
and annual production capacity of 38 million tons). The company has
a diversified portfolio of assets with operations in South America
(Brazil and Argentina), and Africa (Egypt, Mozambique, South
Africa).



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C H I L E
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ALTO MAIPO: Int'l Jurisdiction Fight Sparks Up in Hearing
---------------------------------------------------------
Jeff Montgomery of Law360 reports that an international
jurisdiction dispute kicked up sparks on March 31, 2022,
during a Delaware bankruptcy court hearing on next steps in
Chilean
hydropower project Alto Maipo SpA's Chapter 11, with the venture's
largest proposed customer questioning the court's reach and
potentially the bankruptcy plan's feasibility.

During what was otherwise a scheduling hearing, U.S. Bankruptcy
Judge Karen B. Owens ordered briefing and argument next month on
the court's ability to enforce bankruptcy's automatic stay and
declare void a bid by Chile's Minera Los Pelambres mine to
terminate its power purchase contract without first determining if
the U. S. court has jurisdiction over the Chilean customer.

                         About Alto Maipo

Alto Maipo owns the Alto Maipo Hydroelectric Project, outside
Santiago, Chile, which is currently under construction. The project
comprises two run-of-the-river plants with a combined installed
capacity of 531 megawatts. The run-of-the-river project is a joint
venture between U.S. utility subsidiary AES Gener and Chilean
mining company Antofagasta Minerals (AMSA).

Alto Maipo Delaware LLC and Alto Maipo SpA sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11507) on Nov. 17,
2021. Javier Dib, board president and chief restructuring officer,
signed the petitions. At the time of the filing, Alto Maipo
Delaware LLC estimated between $1 billion and $10 billion in both
assets and liabilities.

The cases are handled by Judge Karen B. Owens.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Cleary
Gottlieb Steen & Hamilton LLP as legal counsel; Nelson Contador
Abogados & Consultores SpA as local Chilean counsel; AlixPartners,
LLP as financial advisor; and Lazard Freres & Co. LLC and Lazard
Chile SpA as investment banker. Prime Clerk, LLC is the claims,
noticing and administrative agent.


[*] CHILE: IMF Says Economic Recovery is Well Underway
------------------------------------------------------
An International Monetary Fund (IMF) mission led by Ana Corbacho
visited Santiago, Chile, during March 21-25, 2022, to discuss with
the Chilean authorities recent economic developments, the COVID-19
pandemic, the war in Ukraine, and their implications for the
country's policy priorities. At the conclusion of the visit, Ms.
Corbacho issued the following statement:

"We welcome the Chilean authorities' far-reaching reform agenda,
which aims to tackle inequality, protect the most vulnerable, and
foster a green economy while maintaining macroeconomic stability
and fiscal sustainability.

"The economic recovery is well underway. Following a decline of 6
percent in 2020, GDP rebounded by 11.7 percent in 2021, buoyed by a
large and coordinated policy response, widespread vaccination, and
high copper prices . With the removal of fiscal and monetary
stimulus, growth is expected to slow down this year, helping
mitigate risks of overheating and the rise in inflation.

"The central bank has appropriately responded to inflationary
pressures by rapidly increasing the monetary policy rate.
Inflation, buoyed by a surge in domestic demand, global supply
constraints, and high commodity prices, reached 7.8 percent in
February, with two-year inflation expectations edging up to 3.7
percent.

"As the recovery takes hold thanks to an effective COVID-19
response, the government is embarking on fiscal consolidation
guided by the fiscal rule. The 2022 approved budget envisages
phasing out the COVID-19 fiscal stimulus measures and rebuilding
fiscal buffers. In the face of lagging job recovery in certain
sectors and higher global food and fuel prices, fiscal policy
should continue providing targeted support to the most vulnerable.

"Global risks and uncertainty are elevated, including from the war
in Ukraine . While Chile benefits from high copper prices, rising
global food and fuel prices, or further supply chain disruptions
would add to inflationary pressures. Risks also stem from sharply
tighter global financial conditions or an adverse turn of the
pandemic. A sustained track record of very strong policies and
institutional frameworks, and relatively low public debt enhance
Chile's resilience and capacity to respond to shocks.

"The IMF mission thanks the authorities for their kind hospitality
and fruitful discussions and looks forward to continuing the close
cooperation with Chile in the period ahead."




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T R I N I D A D   A N D   T O B A G O
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CARIBBEAN CEMENT: Approves Dividend Policy for Future Payments
--------------------------------------------------------------
David Rose at Jamaica Observer reports that Caribbean Cement
Company Limited (CCC) and Trinidad Cement Limited (TCL) have
approved dividend policies at their respective board meetings held
to set the framework for future payments to shareholders.

CCC hasn't paid a dividend since July 2001 while TCL hasn't paid a
dividend since July 2017 after Cemex SAB de CV gained control of
the company in January 2017, according to Jamaica Observer.  CCC's
fortunes have turned around with its net profit rising by 36% to
$4.34 billion for its 2021 financial year, the report notes.  TCL
still lagging in its domestic market with its 2021 audited results
not available on the Trinidad and Tobago Stock Exchange nor its own
website, the report relays.

"It is important to note that Caribbean Cement Company Limited's
dividend policy does not represent an undertaking and/or commitment
by the company to declare and pay any dividends, but rather
outlines the different factors that must always be considered in
order to have its board of directors determine if it will or will
not propose a declaration and payment of a dividend to shareholders
at each corresponding annual general meeting of the company," the
CCC release stated, the report discloses.

The company's principals explained at its December annual general
meeting (AGM) that it would seek shareholders approval at the 2022
AGM for the possible payment of a dividend, the report says.  This
comes as the company seeks to expand its capacity by 30 per cent
with an investment of US$30 million ($4.6 billion) during the year,
which occurs at the same time it will start paying a two per cent
royalty on its consolidated net sales to Cemex, the report relays.
CCC's consolidated revenue (sales) rose by 19 per cent to $23.84
billion while its operating cash flow topped $7.11 billion, the
report notes.

CCC paid off its $4.44 billion long-term debt between Cemex Espana
and National Commercial Bank Jamaica Limited with only $1.45
billion in redeemable preference shares to be paid off during 2022
to its direct parent TCL, the report discloses.  Despite the
general improvements in the company's activity in the last five
years, shareholders are still not satisfied following the
steamrolling by Cemex at the AGM to implement the royalty, the
report relays.  CCC's stock price remains down one per cent to
$69.17 and down 39% since the royalty resolution was made known in
October, the report notes.

TCL has failed to generate a profit since 2016 with its nine-month
net loss attributable to owners amounting to TT$22.92 million, the
report relays.  Its consolidated revenue for the nine months was up
by 12% to TT$1.14 billion (US$206.16 million) which ended the year
at US$273 million, according to Cemex's 2021 financials, the report
discloses.  Operating profit for the region totalled US$46 million
($7.13 billion), the report notes.  The company's bottom line will
continue to fall under pressure once CCC continues to grow its
revenue, the report says.

The company is currently winding up TCL Packaging Limited in which
it has an 80%stake. PricewaterhouseCoopers is leading that process,
the report says.

                    About Caribbean Cement

Caribbean Cement Company Limited, together with its subsidiaries,
manufactures and sells cement and clinker in Jamaica and other
Caribbean countries. The company was incorporated in 1947 and is
based in Kingston, Jamaica.  

As reported in the Troubled Company Reporter-Latin America on
August 16, 2021, Jamaica Observer said that after enduring years
of sluggish results and a mountain of debt, Caribbean Cement
has shrunk its long-term debt from $11.39 billion in 2018 to
$500 million as at June 30, 2021.  At the same time, the company
reported $3.09 billion in net profit over the six months which
ended June 30. Its profit for all of 2020 was $3.2 billion.
The performance is coming off a challenging decade for the
cement producer which included four consecutive years of losses
from 2009 to 2013.





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U R U G U A Y
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SANCOR SEGUROS: Fitch Affirms 'B+' IFS Rating, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Sancor Seguros S.A.'s (Sancor) Insurer
Financial Strength (IFS) rating at 'B+'. The Rating Outlook is
Stable.

The affirmation is based on the company's stable business profile,
moderate leverage indicators and improved technical performance.
The rating is impacted by Fitch's view regarding its financial
flexibility.

KEY RATING DRIVERS

The rating reflects a moderate business profile based on Sancor's
moderate market position, as well as its business risk profile and
diversification aligned to that of the domestic industry. The
Uruguayan insurance industry is highly concentrated in a
state-owned company that underwrites 68.8% of the total gross
written premium (GWP). In this context, Sancor is the sixth company
(out of 15) and has a limited operating scale that constrains
Fitch's view of Sancor's business profile, which is scored at 'b'.

Sancor's main funding source is equity and the company has no
financial debt. The debt service and financial flexibility credit
factor is scored at 'b-', reflecting Fitch's view of Sancor's
ultimate parent's industry profile and operating environment in
Argentina.

At YE 2021, Sancor maintained stable leverage indicators where the
11.4% organic annual growth in equity sustained the 9.5% and 13.0%
growth in net written premiums (NWPs) and net technical reserves,
respectively. The company's equity has been favored by the last
three years positive income, reducing the NWP to capital ratio
(3.0x) and net leverage (4.7x) slightly below the five YE average
of 3.1x and 5.0x. Fitch scores this credit factor at 'bb' and is
impacted by the high NWP to capital ratio according to Fitch's
insurance criteria and by the investment and liquidity risk credit
factor, which is linked to the sovereign investment concentration
cap.

At YE 2021, Sancor exhibited a positive a ROAE of 10.8%. Even
though it is lower than YE 2021 (15.4%), it presents a positive
trend by comparing to the five YE average of 6.3%. The positive
trend relates to an improved technical performance reflected in a
combined ratio of 104.4% that favorably compares to the five-year
average of 106.8%. Sancor's bottom line income is supported by
financial results which according to Fitch adds volatility to final
performance. Fitch scores this credit factor at 'bbb', reflecting
the positive performance trend but it still considers that unlike
what is expected for short-tailed businesses, its bottom line
income is subject to financial results.

Aligned to Uruguay's regulatory limits, Sancor's investment
portfolio is concentrated in sovereign related securities and thus
its investment and liquidity risk are tied to the country risk.
Fitch rates Uruguay at 'BBB-' and recently revised the Outlook to
Stable from Negative, reducing the pressure of sovereign risk into
Fitch's assessment of this credit factor. Sancor's sovereign
concentration to capital ratio of 171.5% caps this credit factor at
'BB+'.

At YE 2021, Sancor's NWP/GWP of 74.0% remained stable to the
five-year average pf 77.3%, while the reinsurance recoverable to
capital ratio of 78.5% was below it (110.2%) due to past large
claims with reinsurance participation. Fitch scores this credit
factor at 'bbb', considering the high creditworthiness of
reinsurance counterparties.

RATING SENSITIVITIES

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

-- An improved business profile driven by larger operating scale
    and improved diversification.

-- Increasing net income retained at the company.

-- Positive changes in Fitch's view about the impact of the
    parent's creditworthiness.

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

-- Consistent negative income metrics that pressure the leverage
    indicators.

-- Negative changes in Fitch's view about the impact of the
    parent's creditworthiness.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

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.



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

[*] IDB Governors Propose Capital Increase for IDB Invest
---------------------------------------------------------
Jamaica Observer reports that the boards of governors of the
Inter-American Development Bank (IDB) and IDB Invest has approved a
historic road map for a series of institutional reforms for the IDB
and mandated a proposal for a capital increase for IDB Invest, the
bank's private sector arm.

The governors' actions are expected to modernize the IDB, IDB
Invest and IDB Lab, which is the innovation laboratory, ushering in
a new, 21st-century business model that will help countries across
Latin America and the Caribbean more effectively address
challenges, including poverty and inequality, climate change and
the need for digitalization, according to Jamaica Observer.

The proposed reforms will also empower the bank to accelerate
inclusive and sustainable growth by strengthening the synergies
between the public and private sectors, ensuring equal
opportunities for women in areas including education, business and
justice, and doing more to help countries reach net-zero emissions
targets, the report notes.

"Our record year in 2021 proved how the IDB can optimize its
balance sheet and mobilize resources, but the new IDB can do even
better.  This is a historic moment for the IDB and IDB Invest.  The
boards' actions mean we are gaining the muscle, flexibility and
tools needed to support the urgent needs of Latin America and the
Caribbean in the 21st century," said IDB President Mauricio
Claver-Carone at the bank's annual meeting, the report relays.

"The pandemic hit our most vulnerable citizens hard.  Now the
region faces rising inflation, higher global interest rates, and
shifting geo-economic and geopolitical concerns.  We rose to the
occasion in 2020 and 2021, but we can now do even more by
leveraging our strengths.  Thanks to the governors' actions, we are
now empowered to better help the region by mobilizing more private
sector resources and doing more in critical areas such as climate
change and gender equality," he said, the report discloses.

The new business model envisioned for IDB Invest, or IDB Invest
2.0, will be developed over the next six months and submitted to
the boards for approval this fall, the report relays.

The IDB will act as a hub, linking the private sector work of IDB
Invest with partnerships and projects on the public sector side,
the report notes. This will enable the bank to better leverage
trillions of dollars in private sector assets that the region must
access to successfully combat climate change, 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
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Chapman, Editors.

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