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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, November 23, 2021, Vol. 22, No. 228

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Antigua & Barbuda in Support of 50% Payment to Ex-Employees


B E R M U D A

NABORS INDUSTRIES: Prices $700M in Guaranteed Notes Offering


B R A Z I L

ELETROBRAS: Profit Plunges on Provisions for Loan Litigation


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Exports Will Close 2021 with US$11.9 Billion
DOMINICAN REPUBLIC: Oct. Prices Up 0.64%, Paced By Transportation


J A M A I C A

JAMAICA: Inflation to Rise to 8.8% by Year-End, IMF Projects


P U E R T O   R I C O

AMADO AMADO: Unsecureds to Recover 4% in 6 Semi-Annual Payments


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Moody's Lowers Long Term Issuer Rating to Ba2


X X X X X X X X

[*] LATAM: IDB Visits Spain to Encourage Investment in Region

                           - - - - -


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A N T I G U A   A N D   B A R B U D A
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LIAT: Antigua & Barbuda in Support of 50% Payment to Ex-Employees
-----------------------------------------------------------------
RJR News reports that the Antigua and Barbuda government is in
support for an offer of 50 per cent of the severance payment owed
to former employees of the cash-strapped regional airline, LIAT.

A Cabinet statement said the amount could be paid before Christmas
for distribution to all the severed employees of LIAT throughout
the system, according to RJR News.

The proposed settlement to the former employees include one third
in cash, one third in binds and one third in lands, the report
notes.

The Cabinet said all LIAT unions must agree to the 50 per cent
severance for the offer to take effect, the report adds.

                           About LIAT

LIAT Ltd., formerly known as Leeward Islands Air Transport or LIAT,
is an airline headquartered on the grounds of V. C. Bird
International Airport in Antigua.  It operates high-frequency
inter-island scheduled services serving 15 destinations in the
Caribbean.  The airline's main base is VC Bird International
Airport, Antigua and Barbuda, with bases at Grantley Adams
International Airport, Barbados and Piarco International Airport,
Trinidad and Tobago.

The airline is owned by seven Caribbean governments, with three
being the major shareholders: Barbados, Antigua & Barbuda and St.
Vincent and the Grenadines along with Dominica(94.7 %); other
Caribbean governments, private shareholders and employees (5.3%).

In the last few years, LIAT has been challenged with financial
difficulties, often needing additional funding as the airline dealt
with the high cost of operations.  In November 2016, the Barbados
government defended LIAT's operations, even as opposition
legislators called for a cessation of the business.  In early 2015,
LIAT offered early retirement packages to employees in efforts to
downsize.  In 2014, LIAT knew it had to deal with unprofitable
routes to make operations viable.  In the third quarter of 2013,
the airline's top management was shaken, with news Chief Executive
Officer Captain Ian Brunton's sudden resignation.

LIAT's current chief executive officer is Julie Reifer-Jones,
chairman is Jean Holder, and chief financial officer is Rojer
Inglis.

Dr. Ralph Gonsalves, prime minister of St. Vincent & the
Grenadines, serves as chairman of LIAT shareholders.




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B E R M U D A
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NABORS INDUSTRIES: Prices $700M in Guaranteed Notes Offering
------------------------------------------------------------
Nabors Industries Ltd. (NYSE: NBR) ("Nabors") announced that Nabors
Industries, Inc. ("NII") has priced $700 million in aggregate
principal amount of senior priority guaranteed notes due 2027 (the
"Notes") in the offering it announced earlier. The Notes will bear
interest at an annual rate of 7.375% and are being offered to
investors at an initial price of 100% of par. The Notes will be
fully and unconditionally guaranteed by Nabors and certain of
Nabors' indirect wholly-owned subsidiaries consisting of Nabors
Drilling Holdings Inc., Nabors Drilling Technologies USA, Inc.,
Nabors International Finance Inc., Nabors Lux Finance 1, Nabors Lux
2, Nabors Global Holdings Limited, Nabors International Management
Limited, Nabors Holdings Ltd and Nabors Drilling Canada Limited.
The sale of the Notes to the initial purchasers is expected to
close on November 23, 2021, subject to customary closing
conditions, and is expected to result in approximately $688.9
million in net proceeds to Nabors after deducting offering expenses
payable by Nabors.

The Notes will be senior unsecured obligations of NII and will rank
pari passu with NII's existing 9.00% Senior Priority Guaranteed
Notes due 2025 and 6.50% Senior Priority Notes due 2025 (the
"Existing Senior Priority Guaranteed Notes"). The Notes will be
guaranteed by (i) Nabors, (ii) each of the subsidiaries that
guarantee Nabors' existing 7.25% Senior Guaranteed Notes due 2026
and 7.50% Senior Guaranteed Notes due 2028 (together, the "Existing
Guaranteed Notes") and (iii) certain lower tier subsidiaries of
Nabors that guarantee NII's revolving credit facility (the
"Revolving Credit Facility") but do not currently guarantee the
Existing Guaranteed Notes (the "Lower Tier Notes Guarantors"),
other than Nabors Alaska Drilling, Inc. The guarantee of the Notes
by the Lower Tier Notes Guarantors will be contractually
subordinated in right of payment with respect to the Lower Tier
Notes Guarantors' guarantee of the Revolving Credit Facility. Each
of the guarantors of the Notes have guaranteed the Existing Senior
Priority Guaranteed Notes and will guarantee the Notes on an equal
and ratable basis. As a result, the Notes and the Existing Senior
Priority Guaranteed Notes will be structurally senior to all
outstanding notes issued by Nabors and NII, including the Existing
Guaranteed Notes.

Nabors intends to use the net proceeds from the offering to repay
approximately $457.5 million of the amount outstanding under NII's
Revolving Credit Facility and the remainder for general corporate
purposes. As of Nov. 18, there is $585 million outstanding under
the Revolving Credit Facility, excluding $62.6 million of letters
of credit.

The Notes will be offered and sold to persons reasonably believed
to be qualified institutional buyers in accordance with Rule 144A
under the Securities Act of 1933, as amended (the "Securities
Act"), and to persons outside the United States in accordance with
Regulation S under the Securities Act and applicable exemptions
from registration, prospectus or like requirements under the laws
and regulations of the relevant jurisdictions outside the United
States. The Notes will not be registered under the Securities Act
and may not be offered or sold in the United States except pursuant
to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. The Notes will also not be registered in any
jurisdiction outside of the United States and no action or steps
will be taken to permit the offer of the Notes in any such
jurisdiction where any registration or other action or steps would
be required to permit an offer of the Notes.

The Notes will not be offered or sold in any such jurisdiction
except pursuant to an exemption from, or in a transaction not
subject to, the relevant requirements of laws and regulations of
such jurisdictions.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes or any other securities
of Nabors or its subsidiaries, nor shall there be any offer,
solicitation or sale of the Notes in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful.

The information above includes forward-looking statements within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Such forward-looking statements are subject
to certain risks and uncertainties, as disclosed by Nabors from
time to time in its filings with the Securities and Exchange
Commission. As a result of these factors, Nabors' actual results
may differ materially from those indicated or implied by such
forward-looking statements. Nabors does not undertake to update
these forward-looking statements.

                     About Nabors Industries

Nabors Industries is a leading provider of advanced technology for
the energy industry. With operations in approximately 20 countries,
Nabors has established a global network of people, technology and
equipment to deploy solutions that deliver safe, efficient and
sustainable energy production. By leveraging its core competencies,
particularly in drilling, engineering, automation, data science and
manufacturing, Nabors aims to help shape the future of energy and
enable the transition to a lower carbon world.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on Nov.
22, 2021, Fitch Ratings has affirmed Nabors Industries, Ltd.'s and
Nabors Industries, Inc.'s (collectively, Nabors) Issuer Default
Ratings (IDRs) at 'CCC+'. Fitch has assigned a 'B'/'RR2' rating to
the company's proposed senior unsecured priority guaranteed notes.

Fitch has downgraded the guaranteed notes to 'CCC'/'RR5' from
'B-'/'RR3' and affirmed the existing issue-level ratings for the
secured revolver, priority guaranteed notes and unsecured notes.




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B R A Z I L
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ELETROBRAS: Profit Plunges on Provisions for Loan Litigation
------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that shares in
Brazilian state-run power company Eletrobras plunged on Nov. 17
after it reported third-quarter net income of BRL965 million
($175.4 million), down 66% year-on-year, hit mainly by provisions
relating to ongoing litigation.

The lawsuits relate to a compulsory energy loan program, which
required industrial energy customers to provide money to pay for
Brazil's electricity sector, according to the report. The
government promised to repay the companies but this has been
repeatedly postponed.

Centrais Eletricas Brasileiras SA, as the company is formally
known, said adjustments in provisions for contingencies totaled
9.43 billion reais in the third quarter, the report notes.

This included a 5.25 billion reais reclassification to "probable"
from "remote" for the so-called "compulsory loan on electricity"
lawsuits, the report adds.

                       About Eletrobras

Eletrobras (NYSE: EBR) or Centrais Eletricas Brasileiras S.A. --
eletrobras.com -- is a major Brazilian electric utilities company.
It is Latin America's biggest power utility company, having a
generating capacity of about 43,000 MW.  The company holds stakes
in a number of Brazilian electric companies and employs more than
25,000 people.  The Brazilian federal government owns 52% stake in
Eletrobras.  The company was founded in 1962 and is based in Rio de
Janeiro, Brazil.

Its subsidiaries include Eletrobras Distribuicao Acre; Eletronorte
(Centrais Eletricas do Norte do Brasil SA); Eletrobras Electropar;
CHESF (Companhia Hidro-Eletrica do Sao Francisco; Sao Francisco's
Hydroelectric Company); and Eletrobras CGTEE.

Moody's upgraded Eletrobras' ratings to Ba2 from Ba3, including the
company's senior unsecured debt and corporate family rating (CFR),
in September 2020.  S&P Global Ratings affirmed its 'BB-' global
scale issuer credit and issue-level ratings on Eletrobras in March
2021.  As for Fitch Ratings, it recently affirmed (in early June
2021) Eletrobras' Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) and outstanding senior unsecured bond
ratings at 'BB-'. Fitch's National Scale ratings of Eletrobras, its
rated subsidiaries and their outstanding local debentures ratings
were also affirmed at 'AA(bra)'.  The Outlook is Negative for the
IDRs and Stable




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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: Exports Will Close 2021 with US$11.9 Billion
----------------------------------------------------------------
Dominican Today reports that the president of the Dominican Export
Association (Adoexpo) reported that 2021 is a record year for
exports, which shows the resilience of the sector in times of
crisis.

Elizabeth Mena indicated that in the months of January-October,
Dominican exports totaled US$9,738,832,312, which represents a
growth of 20.74% compared to January-October 2020 and 16.64%
compared to January-October 2019, according to Dominican Today.

"According to estimates, this 2021 we will close with about US $
11,887 million, representing a 20.5% growth if we compare it with
2020 and 17.51% in 2019," said Mena, the report notes.

The owner of Adoexpo offered her statements within the framework of
the 2021 Export Resilience Awards and the presentation of the
Export Check UP tool, the report relays.

In this activity, several companies were awarded in equal numbers,
seven categories, in a ceremony led by President Luis Abinader,
directors of the association, and representatives of the export
sector, the report discloses.

Regarding Export Check-Up, Mena pointed out that Adoexpo works to
achieve macro-level transformations so that companies can boost
their activities in international trade with this tool that, rather
than verifying standards in all of Latin America, will allow
exporters to see their level of compliance and take the necessary
measures to access and stay in the most rigorous markets, 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.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).


DOMINICAN REPUBLIC: Oct. Prices Up 0.64%, Paced By Transportation
-----------------------------------------------------------------
Dominican Today reports that consumer prices in the Dominican
Republic rose 0.64% last month, placing accumulated inflation from
January to October at 6.56%.

"Interannual inflation stood at 7.72%, registering a slight
decrease of 0.02 percentage points compared to September 2020,
according to a Central Bank report, reports Dominican Today.

It said annualized core inflation stood at 6.31% in October 2021.
"This indicator excludes some items whose prices tend to be
volatile or do not normally respond to monetary conditions, such as
fuels, managed services and transportation," the report notes.

It adds that the group with the highest contribution to inflation
in October was transportation, varying 1.00%, 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.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).




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J A M A I C A
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JAMAICA: Inflation to Rise to 8.8% by Year-End, IMF Projects
------------------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) says it
expects inflation in Jamaica to increase to 8.8 per cent by the end
of 2021.

It has projected movement in prices to recede to 6.7 per cent in
2022, according to RJR News.

However, in its Article Four Mission statement, the IMF said there
are significant risks that could push inflation higher, the report
notes.

The Washington-based financial institution said global inflationary
pressures may last longer and be more intense than currently
expected, and pass-through of global food and energy prices to
local inflation may be stronger than projected, the report adds.

               Risks to Country's Economic Recovery

RJR News further reports that the IMF said the Jamaican economy is
recovering but there could be risks on the horizon.

The IMF noted that tourism has rebounded to near 70 per cent of
pre-crisis levels, despite two COVID-19 waves this year, while
other sectors have also recovered, according to RJR News.

It has projected growth of 8.25 per cent for the current fiscal
year but moderating to 3.5 per cent in 2022/23, the report notes.

However, the IMF says risks to the outlook are significant, the
report relays.

It warned that new COVID-19 waves in Jamaica or abroad could lead
to a more prolonged disruption of tourism, trade, and capital
flows, the report discloses.

Another risk is the uncertain duration of global inflationary
pressures, the report notes.

The IMF says the sharp rise in world food and energy prices helped
boost year-on-year inflation to 8.2 per cent in September, well
above the central bank's target range of four to six per cent, the
report relays.

It also noted that natural disasters continue to be an ever-present
risk, the report adds.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

Fitch Ratings affirmed in March 2021 Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+', with a stable
outlook.  Standard & Poor's credit rating for Jamaica stands at B+
with negative outlook (April 2020).  Moody's credit rating for
Jamaica was last set at B2 with stable outlook (December 2019).  

According to Fitch, Jamaica 'B+' rating is supported by World Bank
Governance Indicators that are substantially stronger than the 'B'
and 'BB' medians, a favorable business climate according to the
World Bank Doing Business Survey, moderate inflation and moderate
commodity dependence. These strengths are balanced by vulnerability
to external shocks, a high public debt level and a debt composition
that makes the sovereign vulnerable to exchange rate fluctuations.

The Stable Outlook is supported by Fitch's expectation that the
public debt level will return to a firm downward path
post-pandemic, which is underpinned by political consensus to
maintain a high primary surplus, the resilience of external
finances, and stronger economic policy institutions.



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P U E R T O   R I C O
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AMADO AMADO: Unsecureds to Recover 4% in 6 Semi-Annual Payments
---------------------------------------------------------------
Amado Amado Salon & Body Corp. filed with the U.S. Bankruptcy Court
for the District of Puerto Rico a Disclosure Statement describing
its Plan of Reorganization dated Nov. 19, 2021.

The Debtor has a full service hair-salon and spa located at Plaza
Las Americas Shopping Center, 2nd Level Number 525, San Juan,
Puerto Rico, since May 4, 2005.

The Plan will treat claims as follows:

     * Class 1 consists of the claim of the Internal Revenue
Service ("IRS").  IRS filed claim number 11 secured in the amount
of $20,776, priority in the amount of $42,509, and unsecured in the
amount of $65,441.  IRS' secured portion of claim number 11 plus 4%
annual interest will be paid in 55 monthly installments of $414
each beginning January 15, 2022.

     * Class 2 consists of the claim of Condado 3, LLC.  Condado
has filed Claims Number 4 and 5 secured in the amount of $75,703.92
and $1,223.66, respectively. Treatment for these claims shall be
according to the Stipulation filed by the Debtor and this Creditor
on Sept. 23, 2021. According to the Stipulation the parties agreed
that these claims are secure for the amount of $42,000, and
unsecured in the amount of $34,988.  Secured portion, plus 4.25%
interest will be paid in 58 monthly installments of $802.33
beginning October 1, 2021.

     * Class 3 consists of the claim of Plaza Las Americas, Inc.
("PLA").  The Debtor assumes the Lease with PLA as per the
stipulation filed by the parties on November 10, 2021, according to
all terms and conditions set forth in the Lease, the Second
Amendment, Rent Relief and Payment Plan Agreement ("the
Agreement"), and the Stipulation.

     * Class 4 consists of the claim of Small Business
Administration ("SBA").  SBA granted the Debtor a loan for the
amount of $150,000 guaranteed by property of the Estate.  The
Debtor is in full compliance with the terms and conditions of this
loan.

     * Class 5 consists of General Unsecured Creditors. General
unsecured creditors were listed by Debtor and/or filed proof of
claims total the amount of $1,482,284.  Creditors in this class
shall receive a total repayment of 4% of their claim in 6
semi-annual payments.  The first payment is due on May 30, 2022,
and the second payment is due on Nov. 30, 2022. This Class is
impaired.

     * Class 6 consists of equity holder of the Debtor. The only
equity holder of the Debtor and President is Amado Navarro
Elizalde. He has a yearly salary of $114,400. He has no other
income or benefit from the Debtor. Equity holder has not voting
rights. Any amount receive by Mr. Navarro from the sale of his
interest in the businesses will be used to fund the Plan.

The funds to make payments due under this Plan will bee obtained
from Debtor's business. Additional work stations will be added to
the Salon beginning September, 2022. A second SBA loan will be
submitted to increase loan amount to $500,000. Loan proceeds will
result in additional equipment and services to increase income.

Lump sum to pay off the Department of Treasury will be obtained
from private lenders. On the effective date of the Plan, the
distribution, administration, management of Debtor's affairs,
collection of money, sale of property and distribution to creditors
will be under the control of the Debtor.

A full-text copy of the Disclosure Statement dated Nov. 19, 2021,
is available at https://bit.ly/3cBlmzE from PacerMonitor.com at no
charge.

Attorney for Debtor:

     Gloria M. Justiniano Irizarry
     USDC-PR-207603
     Ensanche Martinez
     8 Ramirez Silva St.
     Mayaguez, PR 00680
     Tel: (787)222-9272 Fax 787-805-7350
     Email: justinianolaw@gmail.com

                     About Amado Amado Salon

San Juan, P.R.-based Amado Amado Salon & Body Corp. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 21-02630) on Aug. 31, 2021, disclosing up to $500,000 in
assets and up to $10 million in liabilities. Amado Navarro
Elizalde, president of Amado Amado Salon, signed the petition.

Gloria Justiniano Irizarry, Esq., an attorney practicing in
Mayaguez, P.R., and Kreston PR, LLC, serve as the Debtor's
bankruptcy counsel and accountant, respectively.




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Moody's Lowers Long Term Issuer Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service has downgraded the Government of Trinidad
& Tobago's long-term issuer and senior unsecured ratings to Ba2
from Ba1. The outlook was changed to stable from negative.

The Ba2 rating reflects the sovereign's diminished shock-absorption
capacity in the aftermath of the pandemic, evidenced by a
materially higher general government debt burden of 85%-90% of GDP
over the next three years, up from 62% in fiscal 2019 (ending
September 2019). A higher debt burden will result in a weaker
credit profile even with a strong economic recovery in 2022 and GDP
growth of about 2% in 2023-24 driven to a large extent by both by
higher energy prices and hydrocarbon production levels. Higher GDP
growth will help arrest, but not fully reverse, the loss in real
income - i.e., real GDP per capita in PPP terms - that has been
recorded over the past decade. Stronger economic activity will
support the authorities' fiscal consolidation efforts, but the
mature profile of the hydrocarbon sector and limited progress in
economic diversification are structural factors that continue to
constrain Trinidad & Tobago's credit profile.

The stable outlook incorporates Moody's view that the government's
efforts will prove effective in improving the fiscal position by
increasing non-hydrocarbon revenue and curtailing spending. Fiscal
and external buffers will continue to support Trinidad & Tobago's
rating by limiting the sovereign's exposure to government liquidity
and balance of payments risks in the case of adverse shocks.

Trinidad & Tobago's country ceilings were lowered by one notch.
Namely, the local-currency ceiling was lowered to Baa2 from Baa1.
The three-notch gap with the sovereign rating reflects the
economy's significant exposure to the hydrocarbon sector with
spillovers to activity in the non-energy sector, balanced by low
exposure to domestic and geopolitical risk. The foreign-currency
ceiling was lowered to Ba1 from Baa3. The two-notch gap with the
local-currency ceiling captures potential transfer and
convertibility risks reflected in the track record of balance of
payments weakness over the past few years, which contributed to
reported foreign exchange shortages and has the potential to affect
the import capacity of small and medium-sized businesses in the
non-energy sector.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO Ba2

HIGHER DEBT BURDEN HAS WEAKENED THE SOVEREIGN'S SHOCK-ABSORPTION
CAPACITY

The impact of the pandemic increased the general government debt-to
GDP ratio to almost 85% at the end of fiscal 2021 from 62% in 2019.
Moody's projects the debt ratio will remain in the 85%-90% range
over the next three years. The higher debt burden, which compares
with a 70% of GDP median among Ba-rated peers in 2021, is the
result of both pandemic-related fiscal support measures that drove
the fiscal deficit to 11.2% of GDP in fiscal 2020 and 9.2% in
fiscal 2021, and a track record of successive economic contractions
that have extended over a six-year period, with average annual
contractions of 2.4% in 2016-19, followed by a 7.4% contraction in
2020 and a 1% decline in 2021.

Moody's expects the fiscal deficit to decline to 5.8% of GDP in
fiscal 2022 and narrow further thereafter, with the sovereign
projected to post a primary balance by fiscal 2024 from a primary
deficit of 5.5% in fiscal 2021. Delivering on this front will
depend on the authorities' ability to address fiscal challenges
that involve increasing non-energy revenue and cutting spending. On
the revenue side, the government has introduced a bill to implement
gaming taxes starting fiscal 2022, in addition to legislation for
the establishment of the Trinidad and Tobago Revenue Authority
(TTRA) that will be operational starting in fiscal 2022, as well as
property tax reforms. Spending reduction efforts will be directed
to streamlining transfers and subsidies, which currently amount to
18% of GDP, reducing the share of SOE debt serviced by the
government, and improving cost efficiency at SOEs.

Trinidad & Tobago's fiscal strength remains supported by the
Heritage and Stabilization Fund (HSF), despite withdrawals that
amounted to almost $1.0 billion (4.6% of GDP) in fiscal 2020 and
another $892 million (4% of GDP) in fiscal 2021 -- amendments to
the HSF Act adopted on March 26, 2020 allow for government
withdrawals of up to $1.5 billion per fiscal year under specific
circumstances, including the declaration of a dangerous infectious
disease. At the end of fiscal 2021, the HSF's net asset value was
$5.6 billion, equivalent to 25% of GDP.

LACK OF DIVERSIFICATION AND EXPOSURE TO CARBON TRANSITION
MATERIALLY CONSTRAIN THE CREDIT PROFILE DESPITE IMPROVED NEAR-TERM
GROWTH PROSPECTS

Moody's projects an economic expansion of 5.9% in 2022 driven by
increased oil and gas production to be followed by annual GDP
growth of about 2% in 2023-24 against the government's projections
of growth above 3.5% in 2023 and 2024. Still, Trinidad & Tobago is
a mature oil and gas producer where the hydrocarbon sector accounts
for about 25% of GDP and close to 80% of exports. As part of
diversification efforts, the government is promoting policies to
support agriculture and reduce food imports, and expand
manufacturing production. However, economic diversification takes
time and structural factors including skills mismatches in the
labor market, high import dependence, and shortages of foreign
exchange, will likely limit diversification prospects.

The government remains focused on developing natural gas reserves,
a cleaner fuel option, while heeding the energy transition
imperative over the next decade. Significant reliance on
hydrocarbons for government revenue and export earnings leaves
Trinidad & Tobago highly vulnerable to price and production
downturns. The erosion of income levels (as measured by real GDP
per capita in PPP terms) to $23,359 in 2021 from $29,053 in 2015 on
the back of adverse energy sector developments highlights this
risk.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook captures the government's efforts to improve
fiscal policy effectiveness by increasing non-hydrocarbon revenue,
and to curtail spending. The current rating remains supported by
the sovereign's fiscal and external buffers, which limit exposure
to government liquidity and balance of payments risks in case of
adverse shocks.

Exposure to balance of payment risks is mitigated by foreign
exchange reserves that cover about ten months of prospective
imports and provide a solid backstop for the currency peg to the US
dollar. Moody's projects reserves will gradually increase driven by
improved revenues from the energy sector.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE RISKS

Trinidad & Tobago's ESG Credit Impact Score is highly negative
(CIS-4), reflecting very high exposure to environmental risks
derived from carbon transition.

Trinidad & Tobago's exposure to environmental risks is highly
negative (E-4 issuer profile score) and is related to carbon
transition risk. With a gradual slowdown and eventual fall in
hydrocarbon demand, Trinidad & Tobago's credit profile will face
downward pressures in the longer term.

Exposure to social risks is moderately negative (S-3 issuer profile
score). Historically, social considerations have not affected
Trinidad & Tobago's credit profile significantly, although social
demands for maintaining housing, education and health services
could strain government finances. Although the population is
markedly divided by ethnic lines, any potential tensions are
channeled institutionally, with political parties prizing social
stability.

The influence of governance on Trinidad & Tobago's credit profile
is also moderately negative (G-3 issuer profile score), reflecting
its weak government effectiveness. Despite significant efforts in
recent months to improve data reporting, data limitations and
institutional constraints limit the government's capacity to
execute fiscal policy.

GDP per capita (PPP basis, US$): 25,022 (2020 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): -7.4% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.8% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -11.3% (2020 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 0.1% (2020 Actual) (also known as
External Balance)

External debt/GDP: 62% (2020 Actual)

Economic resiliency: ba3

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On November 16, 2021, a rating committee was called to discuss the
rating of the Trinidad & Tobago, Government of. The main points
raised during the discussion were: The issuer's economic
fundamentals, including its economic strength, have not materially
changed. The issuer's institutions and governance strength have not
materially changed. The issuer's fiscal or financial strength,
including its debt profile, has materially decreased. The systemic
risk in which the issuer operates has not materially changed.

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

Sustained improvement in the government's debt burden and debt
affordability, supported by an increase in non-energy revenue and
improved tax collection (rather than asset sales or HSF drawdowns)
would be credit positive. Significant and steady progress in
structural reforms that lead to increased economic diversification
and competitiveness would result in a higher rating, as well as a
detailed strategy on how Trinidad & Tobago plans to manage carbon
transition risks.

Prospects for the energy sector that turn out to be significantly
below those incorporated into Moody's baseline with adverse
implications for economic growth and government finances would have
a negative impact on the rating. Underperformance on the part of
the authorities on their fiscal consolidation efforts, particularly
those involving non-oil revenue, would also result in a downgrade,
as would the materialization of contingent liabilities from
state-owned enterprises. A weakening of the balance of payments
position that results in a material drawdown of external buffers
would also lead to a lower rating.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



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

[*] LATAM: IDB Visits Spain to Encourage Investment in Region
-------------------------------------------------------------
IDB President Mauricio Claver-Carone and members of his executive
team concluded a successful visit to Madrid to encourage greater
investment in Latin America and the Caribbean to boost the region's
post-pandemic recovery. The mission's main objective was to
strengthen international trade and attract financing and businesses
that will accelerate the region's digital transformation and
contribute to its sustainable and inclusive growth.

At the Multilateral Technical Conference, a central activity of the
visit, the IDB Group presented its Vision 2025 - Reinvest in the
Americas, a blueprint for spurring recovery and a decade of new
opportunity in Latin America and the Caribbean. The Conference,
organized by ICEX, the country's primary organization for the
internationalization and foreign direct investment of Spanish
firms, was attended by leading companies interested in expanding
trade relations with the region. The First Vice President and
Minister for Economic Affairs and Digital Transformation of Spain,
Nadia Calviño, and the CEO of ICEX, Maria Peña, participated in
the event.

"Spanish companies are strategic partners for the IDB for medium-
and long-term financing and foreign trade and supply chains, as
well as in advisory services and resource mobilization. I am
convinced that both the Spanish public sector and its businesses,
working with the IDB, will play a key role in the recovery phase
and modernization of Latin American and Caribbean economies," said
IDB President Mauricio Claver-Carone.

During the Multilateral Technical Conference, Vice President
Calviño announced that Spain will host the meeting of governors of
non-regional IDB member countries. The meeting will take place on
February 20-21, 2022, and will gather representatives from
approximately 20 European and Asian countries in preparation for
the Annual Meeting of the IDB Boards of Governors, to be held in
Punta del Este, Uruguay, in March.

President Claver-Carone's visit included meetings with His Majesty
King Felipe VI and the President of the Government of Spain, Pedro
SAnchez Perez-Castejon. During the meetings, he stressed the
importance of strengthening Spain's historical alliance with Latin
America and the Caribbean to reinforce the country's role as a key
IDB partner in transforming the region after COVID-19.

President Claver-Carone also signed an agreement with the Justice
Ministry to work together in advancing the digital transformation
of the administration of justice in the region.

In a meeting with the Mayor of Madrid, Jose Luis Martinez-Almeida,
the IDB president highlighted the city's potential as a gateway to
Europe and a bridge to position the region as a destination for
Spanish entrepreneurs and investors.

President Claver-Carone also met with BBVA President Carlos Torres
and Banco Santander Vice-President and CEO Jose Antonio Alvarez
during his visit to the Spanish capital. In addition, during his
meeting with Telefonica President Jose Maria Alvarez-Pallete, he
announced an initiative to connect entrepreneurs and corporations
through open innovation processes.

The companies that participated in meetings with the IDB in Madrid
are members of the Bank's Private-Sector Partners Coalition on the
Future of Latin America and the Caribbean, a group of business
leaders inaugurated in February 2021. Other Spanish members include
Cabify, Cintra, Fundacion Real Madrid, Idrica, NTT Data everis,
Sacyr and Seat.

The members of the IDB executive team accompanying President
Claver-Carone were Jessica Bedoya, Chief of Staff and Chief
Strategy Officer; James P. Scriven, CEO of IDB Invest, the Bank's
private-sector arm; Irene Arias, CEO of IDB Lab, the Bank's
innovation laboratory; and Gustavo De Rosa, Vice President for
Finance and Administration.   



                           *********


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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

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