/raid1/www/Hosts/bankrupt/TCRLA_Public/220428.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, April 28, 2022, Vol. 23, No. 79

                           Headlines



B A R B A D O S

BARBADOS: Royal Caribbean Signs Deal to Hire More Barbadians


B R A Z I L

BRAZIL: Meat Exporters Face Hurdles Shipping Product via Shanghai
GOL LINHAS: Updates Q1 2022 Earnings Guidance
PETROLEO BRASILEIRO: Egan-Jones Hikes Sr. Unsecured Ratings to BB


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fuel Prices to Remain Unchanged Until April 29


J A M A I C A

JAMAICA: BOJ Issues New Warning to Microcredit Providers


M E X I C O

FORTALEZA MATERIALES: S&P Affirms 'BB-' ICR, Outlook Stable
GRUPO AEROMEXICO: Moody's Assigns B3 CFR & Rates $762.5MM Notes B3
OAXACA DE JUAREZ MUNICIPALITY: Moody's Withdraws 'B1' Issuer Rating
RAMOS ARIZPE: Moody's Withdraws 'Ba3' Issuer Ratings
REYNOSA MUNICIPALITY: Moody's Withdraws 'B1' Issuer Ratings



P U E R T O   R I C O

FIRSTBANK PUERTO RICO: S&P Raises ICR to to 'BB+', Outlook Stable
STONEMOR INC: Axar Agrees to Terminate Subadvisor Deal

                           - - - - -


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B A R B A D O S
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BARBADOS: Royal Caribbean Signs Deal to Hire More Barbadians
------------------------------------------------------------
RJR News reports that the Chief Executive Officer of Royal
Caribbean Cruise Lines, Michael Bayley, says Barbados is about to
reap the rewards from opening the Bridgetown Port to cruise ships
at the height of the COVID-19 pandemic, when other countries were
denying entry to the cruise lines.

Minister of Tourism and International Transport Senator Lisa
Cummins and Mr. Bayley on April 25 signed a memorandum of
understanding that is expected to see Barbadians securing jobs
internationally with Royal Caribbean, according to RJR News.

Ms. Cummins says the agreement covered a broad range of employment
opportunities, the report notes.

Headquartered in Miami, Florida, Royal Caribbean Cruises Ltd.
operates as a global cruise company operating a fleet of vessels in
the cruise vacation industries, the report relays.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 16, 2022, the International Monetary Fund said that the
ongoing COVID-19 pandemic continues to pose economic challenges to
Barbados. Tourism has rebounded in recent months, leading to real
GDP growth of 1.4 percent for 2021, and 11 1/2 percent in Q4 2021
(over the same quarter in 2020). A gradual economic recovery is
expected over the medium term, but risks to
the outlook remain high.



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B R A Z I L
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BRAZIL: Meat Exporters Face Hurdles Shipping Product via Shanghai
-----------------------------------------------------------------
Ana Mano at Reuters reports that Brazil's ABPA, a lobby group
representing large pork and chicken processors like JBS SA and BRF
SA, said its member companies are facing difficulties shipping
products through the Port of Shanghai.

The statement, sent in response to a question from Reuters about
the effects of the COVID lockdown in the Chinese city, said cargoes
are being redirected to other ports, such as Yantian, according to
Reuters.

"There are no reports of suspension of sales," the statement said,
referring to rumors about potential contract cancellations, the
report notes.  "At the same time, ABPA member companies hope that
the situation in Shanghai will soon return to normal," the
statement added.

Strict lockdown measures after a COVID-19 outbreak began in March,
affecting 25 million Shanghai residents, hampering businesses and
the circulation of goods, the report relays.

After the lockdown was imposed, containers of frozen food began
backing up at the port, with inspections for incoming meat halted,
the report notes.

Shanghai is the main point of entry for Brazilian meat imports to
mainland China, which is Brazil's top trade partner, the report
discloses.

Reuters reported at least one shipping line operator had stopped
sending Brazilian meat to Shanghai, instead offering clients the
alternative of sending cargo to Xingang and Ningbo.

As reported in the Troubled Company Reporter-Latin America on April
15, 2022, Moody's Investors Service has affirmed the Government of
Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings and maintained the
stable outlook.



GOL LINHAS: Updates Q1 2022 Earnings Guidance
---------------------------------------------
Gol Linhas Aereas Inteligentes (NYSE:GOL) updated its first quarter
2022 earnings guidance on April 26. The company provided earnings
per share guidance of $-0.780-$-0.780 for the period, compared to
the Thomson Reuters consensus earnings per share estimate of
$-0.100. The company issued revenue guidance of -.

A number of research firms have recently weighed in on GOL.
StockNews.com raised shares of Gol Linhas Aereas Inteligentes from
a sell rating to a hold rating in a research report on Tuesday,
April 5th. Barclays raised their price target on shares of Gol
Linhas Aereas Inteligentes from $8.00 to $9.00 and gave the stock
an overweight rating in a research report on Wednesday, February
23rd. Finally, Seaport Res Ptn downgraded shares of Gol Linhas
Aereas Inteligentes from a buy rating to a neutral rating in a
research report on Monday, March 7th. Two equities research
analysts have rated the stock with a sell rating, three have
assigned a hold rating and two have given a buy rating to the
stock. According to data from MarketBeat.com, the company has an
average rating of Hold and a consensus price target of $12.46.

Shares of GOL opened at $6.33 on April 26. The business's fifty day
moving average price is $6.65 and its 200 day moving average price
is $6.41. Gol Linhas Aereas Inteligentes has a 12-month low of
$4.78 and a 12-month high of $11.43. The stock has a market
capitalization of $1.25 billion, a PE ratio of -0.92 and a beta of
0.85.

A number of institutional investors and hedge funds have recently
made changes to their positions in the stock. Morgan Stanley lifted
its stake in Gol Linhas Aereas Inteligentes by 48.8% during the
second quarter. Morgan Stanley now owns 1,384,154 shares of the
transportation company's stock worth $12,762,000 after purchasing
an additional 454,252 shares during the last quarter. BlackRock
Inc. lifted its stake in Gol Linhas Aereas Inteligentes by 0.8% in
the fourth quarter. BlackRock Inc. now owns 1,040,065 shares of the
transportation company's stock valued at $6,292,000 after buying an
additional 8,120 shares during the last quarter. Credit Suisse AG
lifted its stake in Gol Linhas Aereas Inteligentes by 17.4% in the
fourth quarter. Credit Suisse AG now owns 123,070 shares of the
transportation company's stock valued at $744,000 after buying an
additional 18,254 shares during the last quarter. BNP Paribas
Arbitrage SA lifted its stake in Gol Linhas Aereas Inteligentes by
87.4% in the third quarter. BNP Paribas Arbitrage SA now owns
63,230 shares of the transportation company's stock valued at
$482,000 after buying an additional 29,488 shares during the last
quarter. Finally, Squarepoint Ops LLC bought a new stake in Gol
Linhas Aereas Inteligentes in the fourth quarter valued at
$248,000. Hedge funds and other institutional investors own 2.27%
of the company's stock.


                     About Gol Linhas

Founded in 2000 and based in Sao Paulo, Brazil, Gol is the largest
low-cost carrier in Latin America, offering over 750 daily
passenger flights to connect Brazil's major cities and various
destinations in South America, North America and the Caribbean,
along with cargo and charter flight services.  Gol also owns 100%
of Smiles, a loyalty program company with more than 18.5 million
participants that allows members to accumulate miles and redeem
tickets in more than 900 destinations around the world and offer
non-ticket reward products and services. In the twelve months
ended
June 2021, Gol reported consolidated net revenues of BRL5.5
billion.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2021, Fitch Ratings has upgraded GOL Linhas Aereas
Inteligentes S.A.'s (GOL) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) to 'B-' from 'CCC+' and upgraded its
Long-Term National Scale rating to 'BB+(bra)' from 'B-(bra)'. Fitch
has also upgraded GOL Finance's unsecured bonds to 'B-'/'RR4' from
'CCC+'/'RR4'.  Fitch has assigned a Stable Outlook for the IDRs and
the Outlook for the national scale rating remains Stable.


PETROLEO BRASILEIRO: Egan-Jones Hikes Sr. Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company on April 4, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Petroleo Brasileiro S.A. - Petrobras to BB from BB-.

Headquartered in Rio de Janeiro, State of Rio de Janeiro, Brazil,
Petroleo Brasileiro S.A. - Petrobras explores for and produces oil
and natural gas.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Fuel Prices to Remain Unchanged Until April 29
------------------------------------------------------------------
Dominican Today reports that the Ministry of Industry, Commerce,
and Mipymes (MICM) disclosed that for the week of April 23 to 29,
the price of almost all fuels would remain unchanged.

The average rate weighted by the Central Bank of the Dominican
Republic(BanCentral) was RD$55.16, according to Dominican Today.
Therefore, the subsidy implies an investment by the State of 1,160
million pesos, the report notes.

The average price of WTI on April 27 was US$105.12 per barrel,
reducing 6.5% compared to the previous week, the report relays.

In this sense,  Premium Gasoline will remain at RD$293.60, and
Regular Gasoline will remain at RD$274.50, the report discloses.

Meanwhile, Regular Gasoil will continue at RD$221.60, and Optimal
Gasoil will continue at RD$241.10 per gallon, the report relays.

Likewise, Liquefied Petroleum Gas (LPG) remains at RD$147.60 per
gallon, and Natural Gas maintains its price at RD$28.97 per m3, the
report says.

Fuel Oil will also be priced at RD$192.11 per gallon and  Fuel Oil
1% at RD$211.77, the report notes.

                           Increase

However, for that same week, there will be a variation of up to
12.70 pesos in the price of Kerosene and RD$12.38 in Avtur, the
report relays.

The Avtur will be sold at RD$276.78 and the Kerosene at RD$313.40,
the report relates.

                    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.




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J A M A I C A
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JAMAICA: BOJ Issues New Warning to Microcredit Providers
--------------------------------------------------------
Avia Collinder at Jamaica Observer reports that HE Bank of Jamaica
(BOJ), by way of notices in the press, has issued a new warning to
microcredit institutions (MCIs) about the need for licensing for
the continuation of their businesses.

The BOJ, the regulatory authority under the Microcredit Act said,
in its new advisory, that all applications for licenses must be
done in accordance with action 10 of the act, using the prescribed
form set out in the Microcredit (License, Form of Application)
Rules, 2021, according to Jamaica Observer.

There are an estimated 260 individuals involved in microlending,
with 60 of these registered with two representative bodies, the
report notes.  The Government of Jamaica introduced regulation of
the sector in a bid to reduce the possibility of money laundering
and to reduce consumer-hostile practices such as loan sharking, the
report relays.

The BOJ, in its latest notice, said, "By way of reminder, and in
accordance with section 64 of the Act, a person who at the
commencement date (July 30, 2021) was operating a business which
falls within the criteria set out by the act for a microcredit
institution or for the offering of a microcredit service, shall
within 12 months of the commencement date (by July 30, 2022) be
licensed by the central bank," the report discloses.

MCIs or micro financing institutions (MFI's) affected by the new
regime have been complaining about audit and compliance costs for
microlenders seeking to gain licensing through the BOJ to operate
as a microfinance institution (MFI) under the new Microcredit Act
(MCA), 2021 are estimated at over $1 million, the report relays.

Former banker Courtney Lodge, who offers consultation services to
the sector, told the Jamaica Observer that "Most MFIs do not have
policies and procedures, systems and tools in place to address the
requirements related to the following five key areas: corporate
governance; human resource management; operations, including risk,
compliance, and information technology; sales, marketing, corporate
communications, and business development; and finance and
accounting," the report notes.

The new Act, meanwhile, indicates the Consumer Affairs Commission
has been appointed to investigate complaints brought to it by a
consumer of a microcredit company such as a borrower and outlines
the requirements for loan agreements, the report discloses.

In terms of the actual application to become licensed, some MFIs
have expressed a desire to be assisted with the interpretation of
some of the issues outlined and to be guided in its preparation,
says Courtney Lodge, whose company has developed just such a
programme in collaborating with the Blossom O'Meally-Nelson-led
Jamaica Association for Micro Financing (JAMFIN) to provide
assistance for MFIs to get ready for, and then to apply for the
required licence. One such assistance is an MFI Licensing Readiness
Survey/Self-Audit that is free of cost, the report relays.

As reported in the Troubled Company Reporter-Latin America on March
11, 2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




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M E X I C O
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FORTALEZA MATERIALES: S&P Affirms 'BB-' ICR, Outlook Stable
-----------------------------------------------------------
On April 26, 2022, S&P Global Ratings affirmed its 'BB-' issuer
credit rating on Mexico-based cement producer, Fortaleza
Materiales, S.A.B. de C.V. (Fortaleza) and removed it from
CreditWatch, where S&P placed it with negative implications on Nov.
11, 2021.

The stable outlook on Fortaleza reflects S&P's expectation that it
should continue to deliver steady results and to fund its capex
with internal cash flows. This should result in adjusted leverage
below 3.0x and free operating cash flows (FOCF) to debt approaching
15% for the next 12-18 months.

On April 21, 2022, Fortaleza completed the acquisition of most of
its free-floating shares (about 17% of its total shares). The
company funded the transaction mainly through a MXN2 billion
syndicated loan with a three-year tenor. S&P said, "We expect the
buyback to only have a moderate short-term impact on the company's
key credit metrics, because we forecast its adjusted leverage ratio
to peak at about 3.2x by the end 2022 and drop to 2.0x-2.5x by the
end of 2023. The ratio's rise will be due to the incremental debt
that Fortaleza used for the buyback and higher capex for 2022 to
expand its cement production across its markets. We expect
Fortaleza's installed production capacity to increase to about 7.4
million tons per year (mtpy) by the end of 2023, on a consolidated
basis, from about 6.3 mtpy, currently. Therefore, we expect
Fortaleza's capex to total about MXN1.7 billion in 2022 to support
these investments and maintenance works at its plants. We expect
the company to fund these investments with operating cash flows. As
result, we expect FOCF to debt close to 0% in 2022, but to be above
15% by the end of 2023, as capital investments should plummet to
about MXN450 million."

S&P sad, "In 2022, we expect the company to continue to benefit
from favorable construction activity in its key markets,
particularly in Mexico and the U.S., where its revenues grew 12%
and 5%, respectively in 2021. We believe that the solid demand in
Mexico's informal sector, spurred by high level of remittances, and
the growing residential housing market in the U.S. to fuel demand
for Fortaleza's cement in the next 12-18 months. The U.S.
infrastructure bill could also boost construction spending over the
next few years, prompting a rise in Fortaleza's volumes. While the
U.S. and Mexican economies are slowing down, we expect those growth
drivers to remain in place in the next 12 months."

Moreover, our updated base-case scenario assumes that Fortaleza
will increase its cement prices at least by high-single digits, on
a consolidated basis, to partly offset inflationary headwinds on
key input costs due to the surge in energy, labor, and
transportation costs. This should allow the company to post EBITDA
margin above 25% for the next 12-18 months.

Elemat also bought back most of its free-floating shares through a
similar transaction. S&P said, "We continue to analyze Fortaleza
and Elemat within the same group credit profile, although there's
no common controlling parent entity and Fortaleza will stop
guaranteeing Elemat's various debt instruments in July 2022. This
is because we consider the two entities to have interlocking
business relations, given that they have a common management, board
composition, in addition to shared corporate support functions and
corporate history. Therefore, potential changes in each company's
credit profile could affect our group assessment and our issuer
credit rating on Fortaleza, at least until the close operational
and corporate ties between them dissipate."

ESG credit indicators: E-3, S-2, G-3


GRUPO AEROMEXICO: Moody's Assigns B3 CFR & Rates $762.5MM Notes B3
------------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
to Grupo Aeromexico S.A.B. de C.V. in connection with its
post-bankruptcy exit financing. Moody's has also assigned a B3
rating to Aeromexico's exit $762.5 million senior secured notes due
2027. The outlook is stable.

Assignments:

Issuer: Grupo Aeromexico S.A.B. de C.V.

Corporate Family Rating, Assigned to B3

Senior Secured Regular Bond/Debenture, Assigned B3

Outlook Action:

Issuer: Grupo Aeromexico S.A.B. de C.V.

Outlook, Assigned Stable

On March 17, 2022 Aeromexico concluded its financial restructuring
and emerged from Chapter 11. "The ratings consider Aeromexico's
post-bankruptcy exit consolidated credit profile, including good
liquidity, improved cost structure and an efficient fleet and
network" said Sandra Beltrán, a Moody's VP Senior Analyst.

RATINGS RATIONALE

Aeromexico's B3 corporate family rating reflects its leading
position in the Latin American passenger airline industry and the
improved cost structure following a business reorganization under
Chapter 11. The bulk of the savings are related with fleet
optimization, including mark to market lease agreements of current
and future fleet, and also with lower labor costs. Conversely, the
B3 rating recognizes that the prospects for the recovery of
business travel by air remain highly uncertain. As a full service
carrier Aeromexico has higher exposure to business travel than its
low cost peers. The invasion of Ukraine by Russia also pose risks
to the airline sector, due to its effect in oil prices, demand for
travel and prevailing inflationary pressures. Aeromexico's
strengthening travel demand allows it to raise prices and cover
some the increase in fuel costs; however, continued sharp increases
in Brent oil prices will deter demand.

Aeromexico will maintain its pre pandemic business model based on a
full-service global hub & spoke airline. As such, premium services
for corporate travelers are at the core of its value proposition
that is also underpinned in Club Premier, Mexico's largest and
loyalty program, and in partnerships and alliances, including
shareholder Delta and global airline alliance SkyTeam. The fleet
plan includes aircraft simplification and upgauging, closing the
unit cost gap to Mexican low-cost carriers. The company's plan also
includes acquiring the 48.9% stake in PLM, holding company of Club
Premier that is currently in hand of Aimia Holding. The transaction
is still subject to approval, but expected to close in the second
half of 2022. Upon completion, it will allow Aeromexico have full
control of the loyalty program that in 2020 reported 6.7 million
members. PLM's revenues will account for 6% of Aeromexico's total
revenue and EBITDA.

Liquidity is good. After the reorganization, Aeromexico refinanced
$1.12 billion under Debtor-in-Possession (DIP) facilities; $920
million were converted into equity and the balance was paid. The
company also raised $460 million through incremental equity and
issued the $762.5 million senior secured notes. As a result, cash
at emergence amounted close to $1.3 billion. Pro forma for the
acquisition of Aimia's stake on PML, Aeromexico's cash will fall
below $1.0 billion, but will still be enough to provide runway to
recover. In terms of cash generation, Aeromexico should reach its
breakeven point in 2022, after lease liabilities, and turn free
cash flow positive from 2023 and onwards. Aeromexico plans capital
expenditures at $280 million in 2022 and $380 million in 2023.
There is limited flexibility to scale investments back given
ongoing efforts to turn around the operation. However, it will have
ample flexibility to manage capacity and cash burn under fully
variable power-by-the-hour compensation agreement with aircraft
counterparties that will run through the end of 2022.

Exit financing notes will be guaranteed by Aerovias de Mexico, S.A.
de C.V., Aerolitoral, S.A. de C.V., and Aerovías Empresa de Cargo,
S.A. de C.V., Aeromexico main subsidiaries. The issuers and the
guarantors will grant security interest and liens in all of their
rights, title and interests in all of their property. The notes and
the guarantees will be senior secured obligations of the issuers
and the guarantors. Accordingly, they will be secured by a
first-priority lien on the collateral and pari passu in right of
payment with all existing and future unsubordinated indebtedness.

The stable outlook reflects Moody's expectations that Aeromexico
will experience a stronger recovery in demand going forward while
keeping its conservative financial practices towards liquidity,
costs and capacity management.

In terms of ESG considerations, Moody's expects that Aeromexico's
post-bankruptcy exit financing provisions will act as a guidepost
for the financial policy of the pro-forma company, including debt
incurrence limitations and restricted payments and investments.

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

The ratings could be downgraded if Aeromexico's sustains negative
free cash flow beyond 2023 due to a combination of weaker than
anticipated travel demand and sustained high fuel prices. A
deterioration in liquidity would also lead to a downgrade;
specifically with cash falling below $600 million due to cash burn,
debt-to-EBITDA sustained above 6.5x, funds from operations plus
interest-to-interest remains below 2.5x, or EBIT margin remains
below 7.5%.

A rating upgrade could result from passenger demand increases to
near pre-coronavirus levels and the company achieving revenues
close to $4.0 billion. Stronger credit metrics, including EBIT
margin closer to 15%, debt-to-EBITDA approaching 5x and funds from
operations plus interest-to-interest above 3.25x could support an
upgrade.

Based in Mexico City, Grupo Aeromexico, S.A.B. de C.V. (Aeromexico)
is a leading airline in the country with more than 20 million
passengers transported in 2019. The company follows a hub & spoke
network model based in the Mexico City airport. Aeromexico filed
for Chapter 11 in 2020 and emerged in March 2022. Upon emergence,
it will serve more than 85 destinations (42 domestic) in Mexico,
the US, Europe, Central and South America, Asia and Canada through
a 152 aircraft fleet. The largest shareholders of the reorganized
company include funds managed by Apollo Global Management, Delta
Air Lines, Inc. (Baa3, stable), as well as existing and new Mexican
investors. Close to 20% of the company's equity stake is publicly
listed. For 2022 Moody's expects Aeromexico to generate revenue of
$3.4 billion.

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

OAXACA DE JUAREZ MUNICIPALITY: Moody's Withdraws 'B1' Issuer Rating
-------------------------------------------------------------------
Moody's de Mexico S.A.de C.V, has withdrawn the B1 (Global Scale,
local currency) and Baa3.mx (Mexico National Scale) issuer ratings
of the Municipality of Oaxaca de Juarez. Moody's has also withdrawn
the negative outlook and the b1 baseline credit assessment (BCA).

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.

RAMOS ARIZPE: Moody's Withdraws 'Ba3' Issuer Ratings
----------------------------------------------------
Moody's de Mexico S.A. de C.V has withdrawn the Ba3 (Global Scale,
local currency) and A3.mx (Mexico National Scale) issuer ratings of
the Municipality of Ramos Arizpe. Moody's has also withdrawn the
stable outlook and the ba3 baseline credit assessment (BCA).

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.

REYNOSA MUNICIPALITY: Moody's Withdraws 'B1' Issuer Ratings
-----------------------------------------------------------
Moody's de Mexico S.A. de C.V has withdrawn the B1 (Global Scale,
local currency) and Baa2.mx (Mexico National Scale) issuer ratings
of the Municipality of Reynosa. Moody's has also withdrawn the
stable outlook and the b1 baseline credit assessment (BCA).

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.



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P U E R T O   R I C O
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FIRSTBANK PUERTO RICO: S&P Raises ICR to to 'BB+', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings took rating actions on three Puerto Rican banks.
S&P raised its issuer credit rating on FirstBank Puerto Rico (FBP)
to 'BB+' from 'BB'. The outlook is stable. S&P raised its issuer
credit rating on Popular Inc. to 'BB+' from 'BB-'. The outlook is
stable. S&P affirmed its 'B+' issuer credit rating on OFG Bancorp
(OFG) and maintained its stable outlook.

S&P said, "We continue to view capital ratios as a positive for
FBP, Popular, and OFG with risk-adjusted capital (RAC) ratios of
17.6%, 13.9%, and 13.4% as of Dec. 31, 2021, respectively, by our
calculation. All three banks' RAC ratios compared favorably with
the 10.0% median of rated U.S. banks. In 2021, FBP and Popular
increased their risk-weighted capital ratios due to solid
profitability, historically low loan losses, and shareholder
returns that were lower than we had expected. This was in contrast
with our expectations that capital ratios would decline--a primary
reason for our upgrades of FBP and Popular. We think the risk of
large declines in capital ratios has fallen given banks' focus on
organic growth and a lower likelihood of bulk loan sales at large
discounts to par values. We expect OFG and Popular to maintain RAC
ratios of 10%-15% and FBP to maintain a RAC ratio above 15% over
the next several years.

"We believe the Puerto Rican government's exit from debt
restructuring in March 2022, pandemic-related fiscal stimulus, and
the disbursement of private insurance payments and federal aid
following Hurricane Maria will continue to boost the Puerto Rican
economy over the next few years. We think the economic outlook for
Puerto Rico has improved as indicated by rising real estate prices,
lower unemployment, and a rebound in the tourism sector in recent
quarters. We expect the Puerto Rican government to have better
fiscal flexibility given the much smaller proportion of the budget
used to service its debt. Still, we expect the economic recovery in
Puerto Rico to lag economic growth in the mainland U.S.

"The average adjusted NPA ratio (excluding restructured loans) of
the three banks declined to 2.28% at year-end 2021 from 5.95% at
year-end 2017, while the average net charge-off (NCO) ratio
declined to 0.42% in 2021 from 1.16% in 2017. However, we continue
to view the banks' risk positions as constraints for the ratings
since nonperforming loans remain much higher among Puerto Rican
banks than for rated mainland U.S. banks. Though, we think higher
loan yields, to some degree, and elevated allowances partially
offset our expectations of higher loan losses among the Puerto
Rican banks. Barring any unforeseen developments, we expect problem
loan balances to remain elevated relative to mainland banks'."

FirstBank Puerto Rico
Primary Analyst: Robert Hansen

The rating action primarily reflects FBP's maintenance of very
strong capital ratios. FBP has maintained very strong capital
ratios in recent years despite challenges, aided by solid earnings
and conservative financial policies, and we expect them to remain
elevated. For example, main bank subsidiary FBP's common equity
Tier 1, Tier 1, and total risk-based capital ratios were 18.12%,
19.03%, and 20.23%, respectively, as of Dec. 31, 2021.

S&P said, "We project that the bank's S&P Global Ratings RAC ratio
will decline modestly and gradually from 17.6% as of Dec. 31, 2021,
due to elevated capital returns and a rebound in loan growth.
Nonetheless, we expect the RAC ratio to remain above the 15%
threshold that we typically consider very strong. In addition, we
think the risk of a large decline in capital ratios has fallen
given the bank's focus primarily on organic growth and our belief
that the potential of bulk loan sales at large discounts to par
values is limited given asset quality improvements. The bank's
quality of capital is also very strong, given its high proportion
of equity capital in its capital base. The ratio of adjusted common
equity to total adjusted capital was 100% at Dec. 31, 2021, better
than most rated U.S. banks.

"We expect earnings to remain solid over the next few years, aided
by higher market interest rates and solid asset quality. However,
we expect earnings to face tough year-over-year comparisons in 2022
on likely higher provisions for credit losses compared with the
sizable provision benefit in 2021.

"The bank has successfully integrated its acquisition of Banco
Santander Puerto Rico (BSPR). We believe FBP has experienced a
notable improvement in its banking franchise following its 2020
acquisition of BSPR with considerable market share improvements in
every product segment it participates in, particularly
middle-market commercial and small business banking. The
acquisition of BSPR helped drive the company's customer base up by
about 30% in 2020 to about 675,000 customers. We believe the
synergies associated with the acquisition have also been largely
realized.

"The bank has weathered several challenges including Hurricane
Maria, government-related defaults, and the COVID-19 pandemic.We
believe the bank's experience in handling crises on a large scale,
such as Hurricane Maria in 2017, contributes to its conservative
risk appetite and may help it navigate potential uncertainties in
the future."

Outlook

S&P said, "The stable outlook incorporates our view that FBP will
maintain its very strong capital ratios, but we expect asset
quality to remain worse than most rated U.S. banks' over the
outlook horizon. We expect the company to remain firmly profitable
over the next few years, but we see tougher year-over-year
comparisons in 2022. We also expect loan losses to rise somewhat
over time from very low levels in 2021 but remain well below
pre-pandemic levels."

Downside scenario. S&P said, "We could lower the rating if we
believe the bank's RAC ratio will decline below 15%, which could
result from very high share repurchases, reduced profitability, and
strong loan growth. A meaningful acquisition paid in cash, which we
view as unlikely over the one-year outlook horizon, could also
substantially reduce the bank's RAC ratio below our very strong
threshold while also resulting in integration risks."

Upside scenario. S&P does not see an upgrade over the one-year
rating horizon given high geographic concentrations, weak asset
quality metrics relative to U.S. rated banks, and already
appropriate peer rating comparisons.

OFG Bancorp
Primary Analyst: Nicholas Wetzel

S&P said, "We affirmed our ratings on OFG as the bank continues to
perform in line with our expectations.We view OFG's geographic
concentration in Puerto Rico as a constraint on the rating due to
the territory's weaker economic performance relative to most
mainland U.S. regions. Additionally, we view OFG's smaller market
share in Puerto Rico and large concentration of vehicle loans,
which carry higher loss rates, as a negative ratings consideration.
However, as a continuation of recent trends, we expect the Puerto
Rican economy to be supported by remaining fiscal stimulus payments
related to the COVID-19 pandemic, and infrastructure and other
various government funds, which could support asset quality metrics
in the near and medium term."

OFG's capital ratios will continue to be a source of strength for
the bank. While OFG's regulatory capital ratios declined
substantially following the cash acquisition of Scotiabank de
Puerto Rico (Scotia) at year-end 2019, the common equity Tier 1
ratio has increased by 299 basis points (bps) to 13.77% as of Dec.
31, 2021. Similarly, the S&P Global Ratings' RAC ratio increased to
13.4% at year-end 2021 and compares well with the median of 10.0%
for rated U.S. banks. S&P expects the RAC ratio to decline
following the January 2022 announcement of a $100 million share
repurchase authorization and 25% increase in the quarterly
dividend, but S&P expects it to remain in the middle of the 10%-15%
range that it considers strong.

Asset quality improved in 2021 but still compares unfavorably with
many mainland U.S. peers. NCOs declined to 0.75% of customer loans
in 2021, which is the lowest level in 10 years. However, most U.S.
banks saw large declines in credit losses in 2021 as the economy
rebounded from the COVID-19 pandemic and OFG's NCO rate remained
much higher than the U.S. rated bank median of 0.2%. OFG's vehicle
loan portfolio saw net recoveries for two quarters in 2021, but S&P
expects losses in this portfolio to rise toward more normalized
level over the next year. In addition, while OFG's NPAs continue to
decline, levels remain much higher than U.S. medians. As of Dec.
31, 2021, OFG's adjusted NPAs (including troubled debt
restructurings) represented 4.45% of loans plus other real estate
compared with a U.S. median of 1.0%.

S&P said, "OFG's funding profile has incrementally improved over
the years, and we think it will remain in line with most U.S.
regional bank peers. Historically, the bank relied more heavily on
brokered deposits and wholesale funding. The proportion of
wholesale funding to the funding base decreased to 1% at year-end
2021 from 18% at year-end 2016. Years of bank consolidation has led
to fewer competitors headquartered in Puerto Rico and strengthened
OFG's deposit franchise. Additionally, OFG benefitted from
increased liquidity in the wake of U.S. fiscal and monetary actions
during the COVID-19 pandemic. As loan growth increases with a
better Puerto Rican economic outlook, we think liquidity levels
could decline slightly over time, but we expect OFG to maintain
better funding and liquidity metrics than before the pandemic."

Outlook

S&P said, "The stable outlook on OFG reflects our view that the
bank will maintain strong capital levels and solid funding and
liquidity during the next 12 months. We expect that both capital
and liquidity may decline somewhat as the improving economic
outlook in Puerto Rico provides an opportunity for OFG's loan
portfolio to grow. While we expect to see some normalization in
credit losses in 2022, we think remaining government funds
allocated to Puerto Rico will help mitigate some of the credit
risk. As OFG grows its loan portfolio, we expect provision expenses
to increase in 2022 following near zero levels in 2021 which will
likely lower profitability somewhat this year."

Downside scenario. S&P could lower the rating on OFG if economic
conditions deteriorate, leading to significantly higher provision
expenses that hurt profitability and therefore reduce capital
dramatically, or if the bank increases its wholesale funding and
brokered deposits.

Upside scenario. S&P could raise the rating or revise the outlook
to positive if OFG increases its capital, resulting in a RAC above
15% on a sustained basis, or improves its asset quality metrics to
be more in line with those of higher-rated regional bank peers.

Popular Inc.
Primary Analyst: Nicholas Wetzel

S&P said, "We raised our ratings on Popular to reflect our
expectation that the bank will maintain its strong capital ratios
amid an improving Puerto Rican economy.Popular's regulatory capital
improved in 2021 on solid profitability, very low credit losses,
and modest shareholder returns. The Tier 1 capital ratio was 17.5%
as of Dec. 31, 2021--among the highest of U.S. rated banks. In
addition, Popular's RAC ratio was 13.9% at year-end 2021, improved
by 150 bps over the prior year. We expect 2022 shareholder returns
to increase following a $500 million share repurchase authorization
for 2022 and an increase in its quarterly dividend to $0.55 from
$0.45 per share starting in the second quarter. Given that credit
performance and profitability remain generally consistent, we do
not expect capital to decline as much as we previously expected,
and we expect the RAC ratio to remain in the 10%-15% range we
consider strong. With the upgrade of Banco Popular de Puerto Rico
(the primary bank operating company of Popular) to 'BBB-' from
'BB+', we rate the holding company only one notch below this
investment-grade starting point, according to our group rating
methodology. This results in a two-notch upgrade to Popular Inc. to
'BB+' from 'BB-'.

"We expect credit losses to rise from currently low levels, but we
think NPAs and NCOs will remain manageable. NCOs in 2021 were at a
multidecade low at 0.07% of average customer loans, in part due to
the federal government's massive fiscal stimulus response to the
COVID-19 pandemic. Though this continues a longer-term trend as
Popular's adjusted NPAs and NCOs have been declining since 2018. We
expect credit losses will likely increase somewhat in 2022 as loan
performance normalizes, but the improving economic conditions in
Puerto Rican should support the loan portfolio. Recently, the
economic outlook for Puerto Rico has improved, as indicated by
generally rising real estate prices, a rebound in tourism, and the
continued disbursement of billions of dollars in U.S. federal
government funds (including remaining COVID-19 relief, hurricane
relief, and infrastructure funds). Furthermore, we think Popular's
solid profitability and healthy allowance at 2.39% of loans will
help mitigate any rise in credit losses."

While Popular remains concentrated in Puerto Rico, it has better
market share, geographic diversification, and funding metrics
compared with its primary Puerto Rico-based competitors. Popular's
franchise benefits from its position as the largest Puerto
Rico-headquartered bank with over 50% deposit market share on the
island. In addition, Popular's mainland U.S. loan portfolio makes
up about 30% of loans, which provides better geographic diversity
than its Puerto Rican-based peers. As of Dec. 31, 2021, Popular's
funding and liquidity metrics demonstrated minimal reliance on
wholesale funding and solid levels of on-balance-sheet liquidity.
For example, the loans to customer deposits ratio declined to 43%,
and broad liquid assets to total assets was 52%, which compare
favorably with many U.S. peers. However, Popular has substantially
higher levels of public deposits, typically about 30% of total
deposits, which requires a significant portion of its securities to
be pledged as collateral for these deposits--resulting in
unencumbered liquid assets of 28% of total assets. Nonetheless, S&P
expects funding and liquidity to remain comparable or slightly
better than the median U.S. bank.

Outlook

S&P sid, "The stable outlook on Popular reflects our expectation
that the bank will maintain strong capital, solid funding and
liquidity, and its position as the largest Puerto Rican bank. While
we expect asset quality metrics to compare negatively with most
mainland U.S. peers, we believe that Popular has the earnings
capacity and allowance to weather higher credit losses without
materially affecting its capital position."

Downside scenario. S&P said, "We could lower the rating on Popular
if asset quality weakens to the point that we expect capital to
decline such that the RAC ratio remains below 10% on a sustained
basis. Additionally, we could lower the rating if the bank
significantly increases shareholder returns, resulting in a RAC
below 10%."

Upside scenario. S&P said, could raise the rating on Popular if the
bank improves its asset quality metrics to be more in line with
higher-rated U.S. regional bank peers or increases its revenue
contribution from stable noninterest income sources.

  Ratings List

  FIRST BANCORP

  UPGRADED; OUTLOOK ACTION  
                              TO              FROM
  FIRSTBANK PUERTO RICO

  Issuer Credit Rating    BB+/Stable/--   BB/Positive/--

  OFG BANCORP

  RATINGS AFFIRMED  

  OFG BANCORP

  Issuer Credit Rating    B+/Stable/--    

  ORIENTAL BANK

  Issuer Credit Rating    B/Stable/--


  ORIENTAL FINANCIAL (PR) STATUTORY TRUST II

  Preferred Stock         CCC+

  POPULAR INC.
  
  UPGRADED  
                      TO        FROM
  POPULAR INC.

  Senior Unsecured    BB+        BB-
  Preferred Stock     B+         B-

  POPULAR CAPITAL TRUST II

  Preferred Stock     B+         B-

  POPULAR NORTH AMERICA CAPITAL TRUST I

  Preferred Stock     B+         B-

  POPULAR NORTH AMERICA INC.

  Senior Unsecured    BB+        BB-

  UPGRADED; OUTLOOK ACTION  
                             TO                FROM

  POPULAR INTERNATIONAL BANK INC.

  Issuer Credit Rating    BB+/Stable/--     BB-/Positive/--

  POPULAR INC.
  POPULAR NORTH AMERICA INC.

  Issuer Credit Rating    BB+/Stable/--     BB-/Positive/--

  BANCO POPULAR DE PUERTO RICO

  Issuer Credit Rating    BBB-/Stable/--    BB+/Positive/--


STONEMOR INC: Axar Agrees to Terminate Subadvisor Deal
------------------------------------------------------
Axar Capital Management, LP agreed to terminate the Subadvisor
Agreement dated as of Feb. 1, 2021 with Cornerstone Trust
Management Services LLC, a wholly owned subsidiary of StoneMor
Inc., at the request of the Trust and Compliance Committee of
StoneMor's Board of Directors.

In connection with the termination, Axar also agreed to waive all
fees payable to it under the agreement for the period from Jan. 1,
2022 though the termination date.

Axar is currently the beneficial owner of approximately 74.9%% of
StoneMor's outstanding common stock.  The termination was requested
by the committee following its review of certain investments by
StoneMor's trusts recommended by Axar under the agreement in which
Axar had an interest.  In connection with the termination, the
committee authorized Cornerstone to engage Cambridge Associates
LLC, which is also a subadvisor to Cornerstone, to resume providing
the administrative and other investment advisory services it had
previously furnished to Cornerstone prior to the assumption of such
responsibilities by Axar under the agreement.

                        About StoneMor Inc.

StoneMor Inc. (http://www.stonemor.com),headquartered in Bensalem,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 304 cemeteries and 72 funeral
homes in 24 states and Puerto Rico.  StoneMor's cemetery products
and services, which are sold on both a pre-need (before death) and
at-need (at death) basis, include: burial lots, lawn and mausoleum
crypts, burial vaults, caskets, memorials, and all services which
provide for the installation of this merchandise.

StoneMor reported a net loss of $55.28 million for the year ended
Dec. 31, 2021, a net loss of $8.36 million for the year ended Dec.
31, 2020, and a net loss of $151.94 million for the year ended Dec.
31, 2019.  As of Dec. 31, 2021, the Company had $1.74 billion in
total assets, $1.89 billion in total liabilities, and a total
stockholders' deficit of $145.74 million.



                           *********


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
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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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