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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, January 4, 2022, Vol. 23, No. -3

                           Headlines



A R G E N T I N A

ARGENTINA: Grants Increases for Internet, Phone, Cable TV Services


B R A Z I L

BRAZIL: Discloses Ambitious Concession Plans
BRAZIL: Wealth Concentrated in 8 Municipalities in 2019, Says IBGE


J A M A I C A

JAMAICA: Manufacturers Restricted due to Supply Chain Issues


M E X I C O

FORTUNA SILVER MINES: Gets Three Month Reprieve From Lenders


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Food Inflation Surges to 7.6% in October

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Grants Increases for Internet, Phone, Cable TV Services
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Buenos Aires Times reports that the government has authorized
increases of up to 9.8 percent for Internet, fixed telephone line,
cable television and satellite services, but only for small and
medium-sized companies with fewer than 100,000 customers.  The
increase will be applied as from January and was formalized by a
resolution by the Enacom national communications agency in the
Official Gazette, according to Buenos Aires Times.

Prices for such services were frozen last year amid the coronavirus
pandemic, and cut-offs for non-payment were also prohibited, the
report notes.  In January 2021, a general adjustment of five
percent, followed by another eight percent, was authorized for
providers who had not increased prices for plans and services
during 2020, the report relays.  A month later, another increase of
up to seven percent was applied for companies with less than
100,000 customers. Later, the government applied another
five-percent increase, retroactive to July, for telecommunications,
the report discloses.

Enacom justified this latest move by stating that "new requests for
increases have been received after the last increases authorised
until July 2021, especially from smaller providers such as
cooperatives and PyMES," the report adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Fitch Ratings' affirmed Argentina's 'CCC' Long-Term
Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs)
at 'CCC' last Oct. 18, 2021, reflecting macroeconomic imbalances
and acute financing constraints that continue to undermine debt
repayment capacity following 2020 bond restructurings, and
significant political uncertainty around how these challenges will
be addressed.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.
Moody's credit rating for Argentina was last set at Ca on Sept.
28,
2020.  DBRS' credit rating for Argentina is CCC, given on Sept.
11,
2020.

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.



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B R A Z I L
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BRAZIL: Discloses Ambitious Concession Plans
--------------------------------------------
Rio Times Online reports that in a bold statement made in August
this year, Brazil's Minister of Infrastructure, Tarcisio Gomes de
Freitas, said that the population will see the country transforming
into a "construction site" between 2024 and 2027.

In the first half of this year, Brazil's Federal Government
delivered 51 transportation infrastructure works, the report notes.
These works improve logistics and bring more efficiency and safety
to road, rail, air, and river transportation, according to Rio
Times Online.

                           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 May 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).


BRAZIL: Wealth Concentrated in 8 Municipalities in 2019, Says IBGE
------------------------------------------------------------------
Arkady Petrov at Rio Times Online reports that despite a reduction
in the concentration of wealth, eight municipalities accounted for
almost 25% of the Brazilian GDP (Gross Domestic Product) in 2019,
according to data released on Dec. 17 by the IBGE (Brazilian
Institute of Geography and Statistics).

Besides Sao Paulo (SP), with 10.3% of the sum of all goods and
services produced in Brazil, Rio de Janeiro (RJ), accounts for
4.8%, Brasilia (DF), with 3.7%; Belo Horizonte (MG), with 1.3%;
Curitiba (PR), with 1.3% and, with 1.1% each, Manaus (AM), Porto
Alegre (RS) and Osasco (SP), according to Rio Times Online.

Although it increased its participation by 0.1 percentage points in
comparison with the previous year, the Sao Paulo capital was the
municipality that fell the most in contrast with the beginning of
the historical series of the survey in 2002, the report notes.

                         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 May 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).





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

JAMAICA: Manufacturers Restricted due to Supply Chain Issues
------------------------------------------------------------
RJR News reports that supply chain issues have restricted local
manufacturers from fully capitalizing on the increase in demand
during the current quarter.

President of the Jamaica Manufacturers and Exporters Association,
John Mahfood, said a number of  his members were not able to
increase output for what is usually a busy period, according to RJR
News.

"Leading into Christmas, I have canvassed  some of our members -
(who said) they did better than 2020, but not as good as 2019. One
of the issues was that they ran out of raw materials, finished good
- and couldn't get some goods in time for Christmas. This was
during the fourth quarter of 2021," the report relays.

Meanwhile, Mr. Mahfood says the Bank of  Jamaica's decision to
increase the policy interest rate on December 20 is likely to have
a negative effect on the sector, the report says.

"That was a disappointment that we ended the last quarter with the
BOJ taking the position that they needed to start increasing the
interest rates and the possibility of continuing to review interest
rates with the view of increasing them next year.  We would say to
the public that inflation is not caused by anything to do with what
we are doing in Jamaica. In fact, our economy in 2021 has not
achieved where we were two years ago in 2019 -so increasing
interest rates when people are not back to where they were, could
result in the slowing down of anticipated growth," Mahfood stated,
the report adds.

As reported in the Troubled Company Reporter-Latin America on Nov.
25, 2021, Moody's Investors Service has affirmed the Government of
Jamaica's long-term issuer and senior unsecured ratings at B2. The
senior unsecured shelf rating has also been affirmed at (P)B2. The
outlook on the ratings remains stable.




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

FORTUNA SILVER MINES: Gets Three Month Reprieve From Lenders
------------------------------------------------------------
David Alire Garcia at Reuters reports that creditors to Fortuna
Silver Mines will give the Canadian miner three months to obtain
additional legal permission to keep operating in Mexico after the
denial this month of a key environmental permit, the company said.

Over the past decade Fortuna has operated one of Mexico's top
silver mines, but it faces possible closure due to the regulatory
denial, according to Reuters.

The company said in a statement its lenders have agreed to waive
the requirement that the company secure "a permanent injunction or
equivalent protection" for three months until Feb. 18, 2022, the
report notes.

The creditors previously required the permanent injection, the
report relays.

While Fortuna's San Jose mine has been in operation since 2011, its
main environmental authorization expired late last month, despite
company efforts since May to petition the environment ministry to
approve a 10-year extension, the report discloses.

A court order allows the mine to keep running, but only on a
temporary basis, the report relates.

Earlier this month, Fortuna disclosed that the ministry had denied
the requested extension, citing what it described as "a pending
evaluation . . . related to the regularization of ancillary
infrastructure at the mine site," the report notes.

The company added that it will submit its appeal to the denial in
Mexican courts by the end of November, arguing that it is in
compliance with all applicable environmental laws, the report
relays.

Last year, San Jose was Mexico's seventh-biggest silver producer,
responsible for 6.2 million ounces, and Fortuna has invested some
$350 million at the underground mine in the southern state of
Oaxaca, the report adds.




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

TRINIDAD & TOBAGO: Food Inflation Surges to 7.6% in October
-----------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago's Central Bank
announced that it decided to keep its main monetary policy
instrument, the repo rate, at 3.50 per cent, even though the
headline rate of inflation in T&T in October 2021 was 3.9 per cent,
its highest since September 2015.

In the Monetary Policy Announcement, the Central Bank observed that
food inflation "surged to 7.6 per cent (from 5.8 per cent in
September) and is likely to rise further given the situation in
global grain markets," according to Trinidad Express.

The Monetary Policy Announcement, which is mostly delivered on a
quarterly basis, appears to have been completed before announcement
by majority State-owned National Flour Mills that it would increase
the price of flour, the report relays.

The Central Bank noted that after a lag of several months, external
price pressures are currently having a direct and broad-based
bearing on domestic inflation, the report notes.

T&T's monetary authority and regulator of financial institutions
also noted the business credit was up in October, the first
increase since August 2018. It also noted that lending to consumers
declined in October 2021, on a year-on-year basis, the report
discloses.

Following is this month's Monetary Policy Announcement in its
entirety:

Global inflationary pressures, influenced mainly by supply-side
constraints, mounted during the second half of 2021. Such pressures
led to a tightening of monetary policies in several countries, the
report relates.

In the United States, with inflation above its two per cent target
for the ninth consecutive month, the Federal Reserve significantly
reduced its net asset purchases in a bid to restrain monetary
expansion, the report notes.

The Bank of England increased its policy rate by 15 basis points to
0.25 per cent-the first rate hike by a major central bank since the
onset of the pandemic, the report discloses.

Many emerging and developing economies also continued on a path of
interest rate rises, to deal with domestic inflation and in
anticipation of the potential impact of higher interest rates in
advanced economies on capital flows, the report says.

At the same time, the outlook for global growth has dimmed with the
onset of the rapidly spreading Omicron variant of Covid-19, with
some countries reverting to tough travel and other restrictions on
mobility and economic activities, the report relays.

Domestically, business operations are starting to recover following
the gradual opening of the economy since the third quarter, a
signal of cautious optimism for 2022 if such momentum is
maintained, the report notes.

With respect to financing, business credit rose by 1.3 per cent
(year-on-year) in October 2021-the first increase since August
2018. Recent lending was particularly buoyant to the construction,
finance and insurance sectors, alongside the 4.6 per cent rise in
mortgage lending, the report relates.

However, consumer lending contracted by 2.3 per cent, despite a
slight decrease in interest rates: the weighted average lending
rate of commercial banks declined to 7.04 per cent in September
2021, 16 basis points lower than in March 2021, the report notes.

Financial system liquidity remained ample, with banks' excess
reserves at the Central Bank averaging $7.37 billion during the
first half of December 2021. In addition, the interest rate
differential between Trinidad and Tobago and United States 90-day
treasury securities was relatively stable at around 27 basis points
since June 2021, the report discloses.

Following a lag of several months, external price pressures are
currently having a direct and broad-based bearing on domestic
inflation. Headline inflation measured 3.9 per cent (year-on-year)
in October 2021 compared with 2.4 per cent a month earlier.

Food inflation surged to 7.6 per cent (from 5.8 per cent in
September) and is likely to rise further given the situation in
global grain markets, the report relays.

Core inflation (which excludes food items) almost doubled to 2.9
percent from the previous month. Stronger price pressures were also
observed for building materials, with the Index of Building
Material Prices rising by 12.6 per cent during the third quarter of
2021 when compared to the same quarter a year earlier, the report
relates.

The Monetary Policy Committee (MPC) took note of domestic economic
developments, including the resumption of business operations in a
more open setting, alongside the transmission of external inflation
to local prices, the report says.

The MPC also considered that the outlook was clouded by significant
uncertainty regarding the path of the coronavirus. Taking all
factors into account, the MPC agreed to maintain the repo rate at
3.50 per cent, the report notes.

The Central Bank will continue to carefully monitor and analyse
international and domestic developments and prospects, the report
discloses.

The next Monetary Policy Announcement is scheduled for March 25,
2022, the report adds.



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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.

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