/raid1/www/Hosts/bankrupt/TCRLA_Public/220121.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

          Friday, January 21, 2022, Vol. 23, No. 10

                           Headlines



B A H A M A S

BAHAMAS: Blames Imported Inflation for Rise in Prices of Goods


B R A Z I L

BRAZIL: Will Have to Boost Spending in 2023, Lula's Adviser Says
EMBRAER SA: S&P Affirms 'BB' ICR & Alters Outlook to Negative


C H I L E

LATAM AIRLINES: Bondholders Losing 80% Cry Foul


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Builders Question Rise in Cement Prices


G U A T E M A L A

INGENIO MAGDALENA: Fitch Assigns 'BB-' LT IDRs, Outlook Stable


P E R U

PERU: To Improve Storm Drainage in Two Cities With IDB Support


P U E R T O   R I C O

METROPISTAS: Moody's Ups Rating on $435MM Sr. Secured Notes to Ba1
PUERTO RICO: Judge Approves Deal to Resolve Bankruptcy
PUERTO RICO: Oversight Board Touts Plan Approval


T R I N I D A D   A N D   T O B A G O

CHUCK E CHEESE: Remains Closed as Children Are Still Not Allowed

                           - - - - -


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B A H A M A S
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BAHAMAS: Blames Imported Inflation for Rise in Prices of Goods
--------------------------------------------------------------
RJR News reports that the Bahamas Economic Affairs Minister Michael
Halkitis says imported inflation is to blame for the noticeable
increase in the price of goods despite the reduction in value-added
tax (VAT) from 12 to 10 per cent earlier this month.

Mr. Halkitis told reporters the reduction in the VAT rate has
contributed to prices not going up as high as they could have in
light of supply chain issues driving up the cost of goods for
importers and ultimately consumers, according to RJR News.    

A supermarket owner recently warned consumers that food prices will
continue to rise as a result of global inflation, the report
notes.

He urged consumers to stock up on items at current prices as they
will increase in the coming months, the report adds.

As reported in the Troubled Company Reporter-Latin America on Nov.
16, 2021, S&P Global Ratings lowered its long-term foreign and
local currency sovereign credit ratings on the Commonwealth of The
Bahamas to 'B+' from 'BB-'. At the same time, S&P Global Ratings
revised its transfer and convertibility assessment to 'BB-' from
'BB'. The outlook is stable.




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B R A Z I L
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BRAZIL: Will Have to Boost Spending in 2023, Lula's Adviser Says
----------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazil's
next president will have to temporarily increase public spending to
fight poverty and unemployment, according to a close economic
adviser to Luiz Inacio Lula da Silva, who leads opinion polls ahead
of the October vote.

Nelson Barbosa, a former finance minister during the administration
of Dilma Rousseff, a Lula ally, said financial markets have already
realized that the current rule limiting the growth of public
expenditures to the inflation rate "is unfeasible," according to
globalinsolvency.com.

The so-called spending cap was created without effective mechanisms
that would allow the government to comply with it, and needs to be
replaced as part of a wider overhaul of Brazil's budget laws, he
said, the report notes.

"Poverty has increased, so it will probably be necessary in the
short term to increase cash transfers" to the poor, he said in
video interview from home, where he recovered from Covid-19. "For
this fiscal expansion to be compatible with the stability of the
economy, it has to come within a broader fiscal framework and as
part of a strategy that may increase public debt in the short term,
but stabilize it later on," the report adds.

                     About Brazil

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

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


EMBRAER SA: S&P Affirms 'BB' ICR & Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Brazil-based aircraft
manufacturer, Embraer S.A., to positive from negative, and affirmed
the 'BB' issuer credit rating.

S&P said, "At the same time, we affirmed the 'BB' issue-level
ratings on the company's senior unsecured debt and the '4' recovery
rating.

"The positive outlook indicates that we could raise our ratings by
one notch if Embraer is able to keep its EBITDA margin above 10%
and debt to EBITDA rising to 2.0x-2.5x on a three-year moving
average."

Embraer delivered positive FOCF in the third quarter of 2021,
thanks to higher sales in both executive and commercial aviation
and better inventory management. S&P said, "As a result, we now
expect the company to post FOCF close to $200 million in fiscal
year 2021, leading to a significant improvement in credit metrics
after free operating cash burn of $1 billion in 2020. We forecast a
continued rebound of its commercial aircraft deliveries in the next
two to three years as global air traffic returns to pre-pandemic
levels. Also, the company has had solid sales in its executive
segment, supporting increases in its backlog over the past
quarters. Its backlog reached $16.8 billion in third quarter 2021
compared with $14.2 billion in first quarter 2021. Embraer should
also continue to benefit from its services and support segment,
which accounted for about 28.5% of total revenues in the first nine
months of 2021. With higher deliveries, the full reintegration of
the commercial aviation segment, and management's greater focus on
profitability, we expect an EBITDA margin close to 10% this year
and above this level in 2023."

Last week, Embraer announced the sale of two subsidiaries in
Portugal for $172 million. S&P thinks the proceeds, which Embraer
should receive in the next few months, could be used to reduce
debt, resulting in debt to EBITDA close to 3.0x and funds from
operations (FFO) to debt around 15% at the end of 2022. The
facilities sold will continue supplying Embraer with components for
its aircraft production, which will also support expected
profitability improvements, because Embraer was operating these
plants with relevant idle capacity.

Embraer's subsidiary Eve signed a business combination agreement
with Zanite Acquisition Corp., a special purpose acquisition
company (SPAC) focused on the aviation sector. The transaction
includes Embraer's contribution of its urban air mobility assets
and intellectual property and committed cash of $175 million, while
it will receive about $370 million as cash contribution from Zanite
and from a PIPE (private investment in public equity) of other
financial and strategic investors. S&P said, "Although Embraer will
control the combined company with about an 80% stake, we don't
consider Eve's expected cash position as available for Embraer's
debt repayment, so we exclude this amount from our net debt credit
metrics. The subsidiary will use the cash position in the next few
years to develop and certify its electric vertical take-off and
landing (eVTOL) aircraft, which the company expects to enter into
service by 2026."




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C H I L E
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LATAM AIRLINES: Bondholders Losing 80% Cry Foul
-----------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that local
creditors of Latam Airlines Group SA are up in arms over a
bankruptcy plan that would leave them with next to nothing even as
holders of overseas bonds get almost all their money back.

BancoEstado SA, a Santiago-based bank acting on behalf of local
noteholders, has asked Latin America's largest airline to improve
its terms, according to globalinsolvency.com.

The investors are threatening to sue if their demands aren't meant,
and contend that as a Chilean company, Latam should have filed for
protection in local courts - instead of New York - that would have
treated domestic creditors better, the report notes.

Local bonds have plunged since the airline's latest plan to exit
bankruptcy was filed in November, with inflation-linked notes due
in 2029 trading at 10 cents, according to extrapolated prices
calculated by data provider LVA Indices.   bonds, meanwhile, have
been among the country's best performers, the report relays.
Securities due in 2024 have surged to 96 cents on the dollar, from
as low as 20 cents in the weeks after the bankruptcy filing in May
2020, the report adds.

                    About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a  
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.  It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020.  Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP are the Debtors' strategic advisors while
PJT Partners LP serve as their investment banker.  Prime Clerk,
LLC
is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor.  Ferro Castro Neves Daltro & Gomide Advogados
is
the committee's Brazilian counsel.

The ad hoc group of LATAM bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel for
the ad hoc committee of shareholders.




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

DOMINICAN REPUBLIC: Builders Question Rise in Cement Prices
-----------------------------------------------------------
Dominican Today reports that the Association of Promoters and
Builders of Homes of Cibao (Aprocovici) understands that there is
no justification for the increase that the price of cement and
other construction materials has experienced in the last year.

Landy Colon, president of Aprocovici, said that this increase
cannot be attributed to the rise in the dollar or the increase in
freight, "because in the case of cement it is produced here,"
according to Dominican Today.

By January 2022, this input is marketed almost one hundred pesos
more expensive than for the same date of the previous year. In that
market, cement is sold for RD$450 per unit, the report notes.

                   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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G U A T E M A L A
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INGENIO MAGDALENA: Fitch Assigns 'BB-' LT IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings assigned Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) of 'BB-' to Ingenio Magdalena S.A. (IMSA)
and its proposed USD350 million senior secured guaranteed notes
issuance due 2029. The Rating Outlook is Stable. Co-borrowers under
the notes will be IMSA and its main electricity and ethanol
subsidiaries Biomass Energy, S.A. and Mag Alcoholes, S.A.

The notes will be unconditionally and irrevocably guaranteed by
Maquinaria Agricola, S.A., Servicios CM, S.A., Comercializadora de
Energia para el Desarrollo, S.A., Preparados y Comestibles, S.A.,
Agropecuaria del Pacifico, S.A., and 17 land holding entities with
arable land of 12,000 hectares. Simultaneously with the offering,
IMSA will execute a bank agreement for USD200 million. Total
Proceeds of USD550 million will be used primarily to refinance
total combined debt of USD533 million.

KEY RATING DRIVERS

Solid Business Position: The company is Guatemala's leading
domestic producer and exporter of refined sugar with an approximate
domestic market share of 25% in sugarcane crushing. IMSA crushes on
average 6.5 million tons of sugarcane per year. The remaining sugar
cane bagasse, and coal, is used to generate approximately 6% of
Guatemala's total electricity consumption.

Contracted Electricity Business Provides Stability: IMSA generates
approximately 40% of its EBITDA from its stable electricity
business. The company has an installed capacity of 324MW, of which
approximately 60MW are consumed by IMSA's production processes.
Slightly more than 200MW of capacity are contracted through
purchase power agreements with cost pass-through provisions and an
average life of six years, which provides cash flow visibility.

Export Market is Volatile: The company is a price taker in the
international market where it exports approximately 400,000 tons of
sugar. Global prices are driven often by dynamics affecting Brazil
and India, which combined produce approximately 40% of the world's
sugar. High global fuel prices, including ethanol, should result in
Brazilian producers continuing to favor sugarcane ethanol
production, resulting in lower supply of sugar in the near term.
The export market is a material source of cash flow during periods
of high international prices.

Stable Local Sugar Market: Sugar consumption in Guatemala, where
IMSA sells around 200,000 tons, should continue to grow with
demographics and economic growth. Pricing in this market is
determined with reference to regional central American markets, and
should remain stable, providing visibility to IMSA's cash
generation. Local sales volumes grew 3% in 2018, 6% in 2019 and 12%
in 2020.

Debt Reduction Should Continue: IMSA built 180MW of electricity
co-generation capacity during 2012-2015 for approximately USD200
million, which it funded with debt and cash generation. Total debt
peaked at USD745 million in 2015 and declined to USD533 million as
of 3Q21. Debt repayment was funded mainly with cash flow and to
lesser extent divestments. Projected cash flow from operations
(CFFO) of USD80 million per year should allow IMSA to comfortably
meet debt amortizations of USD20 million per year as proposed in
the transaction while building its cash position.

Net Leverage Around 3.5x: Current hedging for the 2022 harvest
should allow IMSA to realize export prices in 2022 roughly 10%
higher than in 2021. Fitch's forecasts include expectations of
elevated white sugar prices in 2022 of roughly USD450 per metric
ton (mt) and mid-cycle expectations trending down toward USD400 per
mt, which is approximately USD50 per mt above depressed levels of
2018-2020 and $75 per mt lower than current future contracts for
2022. These expectations result in a mid-cycle net leverage of
around 3.5x.

Production Site Concentration: The company derives essentially all
of its EBITDA from a single location where all sugar crushing and
refining and power generation occurs. Any disruption to this site
could impair IMSA's ability to process, generate or distribute its
products, which could cause it to incur lost revenue and reduced
cash flow. The ratings do not contemplate a catastrophic event but
acknowledge the company's production concentration in a single
industrial complex.

DERIVATION SUMMARY

IMSA's ratings reflect its leading domestic position in sugar and
biomass generation, both of which have been stable cash flow
generators. The company's large export base should allow it to
boost its cash flow materially during periods of high international
sugar prices.

Compared with corn-based ethanol producer FS Agrisolutions
Industria de Biocombustiveis Ltda's (FS; BB-/Stable), which is more
exposed to commodity price fluctuations in both raw material and
product price, IMSA has a more stable cash flow profile due to the
cash generated by its electricity business as well domestic sugar
sales, which have a low price correlation with international sugar
prices.

IMSA's proximity to owned or controlled sugarcane fields and low
dependence on third-party producers is similar to Coazucar
(B+/Stable), which has a dominant position in its local market and
is mainly focused on sugar production. Coazucar benefits from the
support of the Rodriguez family, which owns other large businesses
in Peru and injected cash to the company during 2016 to 2018.
IMSA's cash flow is more stable when compared with Coazucar due to
its highly contracted electricity business.

The stability of IMSA's highly contracted electricity business
allows it to carry higher net leverage of 3.5x compared with
Coazucar at 3.0x and FS below 2.0x.

KEY ASSUMPTIONS

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

-- Productivity yields of 110Mt/Ha in 2022 and thereafter;

-- Local sugar prices rise low single digits in 2021 and 2022 and
    stabilize in 2023;

-- Export sugar prices in U.S. dollars per mt average 410 in
    2021, 450 in 2022 and 430 in 2023;

-- Electricity EBITDA of around USD50 million per year;

-- Dividends of 30% of net income in 2022 and beyond;

-- Capex of around USD20 million in 2021 and USD25 million in
    2022 and beyond;

-- Debt refinancing in 2022.

RATING SENSITIVITIES

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

-- A combination of debt reduction or higher EBITDA generation
    throughout sugar industry cycles with a record of positive FCF
    generation leading to continued organic debt reduction would
    be viewed as positive to credit quality;

-- Expectations of mid-cycle net debt to EBITDA below 2.5x.

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

-- Expectations of sustained weakness in local sugar prices or in
    the contractual position of the company's electricity
    business;

-- Expectations of mid-cycle net debt to EBITDA above 3.5x;

-- Weakening liquidity which could be signaled as cash declining
    below USD25 million or a failure to complete the debt
    refinancing transaction as proposed.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

IMSA's liquidity is adequately supported by solid cash flow
generation. The company should generate CFFO in the range of USD80
million which should be sufficient to cover capex of around USD25
million per year and projected debt amortizations of USD20 million
per year.

The company is looking to refinance total combined debt as of 3Q21
of USD533 million through the issuance of senior secured notes for
USD350 million and the execution of USD200 million in bank loans.
The bank debt, which consists in a USD140 million seven-year
amortizing loan and a USD60 million credit facility, will rank
equal in right of payment to the notes.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




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P E R U
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PERU: To Improve Storm Drainage in Two Cities With IDB Support
--------------------------------------------------------------
Peru will improve and enhance the storm drainage service provided
to more than 30,000 homes in the districts of Puerto Maldonado and
El Triunfo with help from a $74 million loan approved by the
Inter-American Development Bank (IDB).  The government of Peru will
assign an additional $29.3 million, taking total investment in the
project to $103.3 million.

The operation's overall goal is to increase the number of
households with adequate access to urban storm drainage services in
the two cities, protecting the population from flooding in the
areas of intervention and improving the sustainability of the storm
drainage service in the Municipality of Tambopata.

The project consists of two components.  The first one includes a
$96.5 million investment in urban storm drainage infrastructure
works, including construction, rehabilitation and enhancement of
sewer networks as well as green infrastructure systems for runoff
control.

The second component will assign $3.4 million to support local
governments' efforts to improve storm drainage infrastructure
management with the aim of boosting the sustainability of drainage
systems and the management of hydrometeorological risks.

This project complements the work that the IDB Group has been
developing to support PROINVERSION in the formulation, structuring
and transaction of the private participation process under the
public-private partnership modality of the investment project:
Improvement of the Sewerage and Treatment System of Sewage of the
city of Puerto Maldonado.

This operation is in line with the IDB's Vision 2025 in the areas
of economic integration, development of micro, small, and medium
sized enterprises, gender and inclusion, and climate change.

The IDB's financing will be disbursed over a five-year term. It has
a 14.5-year repayment period, with a 6.5-year grace period and
interest rate based on SOFR.




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P U E R T O   R I C O
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METROPISTAS: Moody's Ups Rating on $435MM Sr. Secured Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service upgraded the rating assigned to
Metropistas' $435 million (original issuance amount) 6.75%
amortizing Senior Secured Notes due 2035 to Ba1 from Ba2. The
outlook on the rating is stable.

Upgrades:

Issuer: Metropistas

Senior Secured Regular Bond/Debenture, Upgraded to Ba1 from Ba2

Outlook Actions:

Issuer: Metropistas

Outlook, Remains Stable

RATINGS RATIONALE

The rating upgrade to Ba1 from Ba2 reflects Metropistas' adequate
traffic profile and solid revenue trends that Moody's expect to
continue. The upgrade incorporates the favorable traffic recovery
since the outbreak of the Covid-19 pandemic, as well as Moody's
views of a stronger resilience of its toll road business to the
regional shifts in economic and social trends.

The essentiality of the service that Metropistas provides as a
primary way of entry to San Juan, the capital city of Puerto Rico,
has provided the asset with strong resiliency. Traffic trends have
been largely immune to Puerto Rico's weak economic performance, as
measured by the Commonwealth's Gross Domestic Product average drop
of 2.0% throughout 2015-2020.

In 2020, Metropistas recorded a traffic drop of 20% due to
coronavirus pandemic, after growing 0.4% in 2019. However,
Metropistas traffic has recovered strongly from January to October
2021 and traffic levels have reached 100% of 2019 over the same
period. Moody's estimate an annual traffic growth rate close to 25%
against 2020, which is equivalent to a 0.2% growth rate compared to
2019 levels.

The underlying credit quality of Metropistas incorporates the long
term of the concession which matures in 2061 and the supportive
regulatory environment. The concession allows for an automatic
annual toll increase for inflation, the US CPI +1.5%, that has been
implemented timely and without any government interference despite
Covid-19 related economic pressures. Solid project finance
features, including a 12-month Debt Service Reserve Account and a
12-month Major Maintenance Account are also incorporated in Moody's
rating.

Moody's projects that Metropistas' Debt Service Coverage Ratio
("DSCR") will average 2.2x over the life of the debt while the
Concession Life Coverage Ratio ("CLCR") will reach 4.6x estimated
for year-end of 2021. Moody's also expects ratios to improve, even
under scenarios of minimal or zero traffic growth, given Moody's
expectation of continuous toll increases and de-leveraging of the
asset.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that the asset will
continue to perform adequately supported by an expected average of
5% revenue growth in 2022 and 2023, despite Metropistas' exposure
to negative economic and demographic trends in Puerto Rico.

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

Metropistas' rating could be upgraded if traffic and financial
performance continues to improve coupled with Moody's assessment
that Metropistas' exposure to negative economic and demographic
trends in Puerto Rico will be negligible.

Metropistas' rating could be downgraded if traffic trends shift,
such that Moody's projected DSCR falls below 1.6x on a sustained
basis. While unexpected, any government interference on the
concession would weigh negatively on the ratings.

ABOUT METROPISTAS

Metropistas operates the PR-22 and the PR-5 toll-roads in San Juan
under a concession from the Puerto Rico Highway and Transportation
Authority. In August 2013, Metropistas issued $435 million
(original face value) of 6.75% Senior Secured Notes due 2035 with
quarterly debt service payments. The Notes also rank pari passu
with amortizing $301 million bonds due in 2038.

The principal methodology used in this rating was Privately Managed
Toll Roads Methodology published in December 2020.


PUERTO RICO: Judge Approves Deal to Resolve Bankruptcy
------------------------------------------------------
Patricia Mazzei, Frances Robles and Coral Murphy Marcos at The New
York Times report that Puerto Rico received approval from a federal
judge to leave bankruptcy under the largest public-sector debt
restructuring deal in the history of the United States, nearly five
years after the financially strapped territory declared it could
not repay its creditors.

Since Puerto Rico entered bankruptcy, its economic crisis has only
been further deepened by Hurricanes Irma and Maria, a series of
earthquakes and the coronavirus pandemic, according to The New York
Times.

The restructuring plan will reduce the largest portion of the
Puerto Rico government's debt - some $33 billion - by about 80
percent, to $7.4 billion. The deal will also save the government
more than $50 billion in debt payments, the report notes.

And, though at a discount, Puerto Rico will start repaying
creditors, something it has not done in years, the report relays.
The government said in 2015 that it could no longer pay its loans,
the report recounts.

"Today is truly a momentous day, and it is a new day for Puerto
Rico," Natalie A. Jaresko, the executive director of the oversight
board that has overseen Puerto Rico's finances since 2016, said a
virtual news conference, The NY Times relays.  "This period of
financial crisis is coming to an end."

The unelected board, which was created by Congress, is far from
well loved in Puerto Rico, where many of the island's more than
three million people refer to it as "la junta," the report relays.
Critics worry that Puerto Rico will not have enough money in its
general fund to make even the reduced debt payments over the long
run, eventually forcing more painful economic cuts, the report
says.

When the territory entered bankruptcy in May 2017, it had more than
$70 billion in bond debt and more than $50 billion in unfunded
pension obligations to public workers, the report relays.  The
bankruptcies of other public entities, including the Puerto Rico
Electric Power Authority, remain unresolved, the report says.

"The agreement, while not perfect, is very good for Puerto Rico and
protects our pensioners, university and municipalities that serve
our people," Gov. Pedro R. Pierluisi said in a statement. "We still
have a lot of work ahead of us," the report relates.

The scale of Puerto Rico's bankruptcy was unlike anything seen
before in the United States.  The territory had more than $120
billion in debt and pension obligations, far exceeding the $18
billion bankruptcy filed by Detroit in 2013, the report relays.

Judge Laura Taylor Swain of the Federal District Court for the
Southern District of New York, who presided over the Puerto Rico
bankruptcy case, noted in her findings that some creditors objected
to the restructuring plan.  But she also wrote that the plan would
"enable the commonwealth to provide future public services and
remain a viable public entity," the report notes.

Judge Swain held lengthy hearings over the plan in November,
including some in San Juan, the Puerto Rico capital, the report
says.  Protesters gathered outside the federal courthouse when the
hearings began, the report relates.

Julio Lopez Varona, an activist and interim campaign manager for
the Center for Popular Democracy, a left-leaning advocacy
organization, attacked the deal as terrible for average Puerto
Ricans.

"We're talking more budget cuts, more compromising our services and
potentially rate hikes like the ones we've seen for the last 10
years," he said, referring to Puerto Rico's very high electricity
rates. "We know it's an unsustainable deal. Many, many economists
have said Puerto Rico is not cutting enough debt. It's a recipe for
disaster," the report discloses.

Jose Caraballo-Cueto, an economist and associate professor at the
University of Puerto Rico, says that when a federal law giving
foreign companies a tax incentive to operate on the island stops at
the end of the year, it will result in less money for the
government's general fund, the report relays.

"What's happening to the general fund will translate to more
austerity measures to essential services or higher taxes to make
the payments," he added.

The oversight board pushed back hard against those arguments,
forcefully defending the restructuring plan, which says the
government has enough to make debt payments through 2034, the
report recalls.  David A. Skeel Jr., the board's chairman, said
that the plan was long and complicated and that many of its critics
have most likely not read it, the report relates.

"This is absolutely sustainable," he said. "It's not going to lead
to more cuts. I really think there's a lot of misimpression out
there."

An earlier deal had been struck in early 2020, but it had to be
reworked after the coronavirus pandemic wreaked havoc on Puerto
Rico's frail economy, which in recent years has relied heavily on
federal tax breaks and disaster relief funds. Hurricane Maria hit
just days after Hurricane Irma in 2017, devastating the island, the
report relates.

Activists and elected officials did notch a big victory in the debt
restructuring negotiations late last year when the oversight board
backed away from plans to cut pensions for retired teachers and
other government workers, the report discloses.  That proposal was
dismissed out of hand by Puerto Rico politicians, the report
relays.  Many Puerto Ricans feared that such cuts would exacerbate
poverty among older people, the report notes.

Johnny Rodriguez Ortiz, who spent 31 years working for the power
company, now spends every protesting outside the company's
headquarters. He fears that the company's bankruptcy proceedings
may cost him his pension, the report notes.

"The only path they left us is poverty or to struggle in the
streets," said Mr. Rodríguez, 73, of the town of Sabana Grande, in
southwestern Puerto Rico, the report relays.

Critics have also demanded an audit of how the large debt was
incurred and demanded that those responsible face prosecution or
other accountability, the report discloses.

But for all of the controversy the restructuring plan has stirred
on the island, it has also charted a way forward - albeit not
necessarily an easy one - after years of debt limbo, the report
relays.

"The restructuring plan will give Puerto Ricans a level of
certainty of how much the island will have to pay annually and
allow us to create effective economic policy," said Heriberto
Martinez Otero, the executive director of the Ways and Means
Committee of the Puerto Rico House of Representatives, the report
notes.

The plan, he added, also "starts the countdown" to the exit of the
oversight board, the report relates.  Frustration about the board's
power was so intense that when angry Puerto Ricans took to the
streets to oust Gov. Ricardo A. Rossello in 2019, they often
chanted, "¡Ricky, renuncia, y llévate a la junta!" - Ricky,
resign, and take the board with you. (Mr. Rossello resigned. The
board remained.), the report notes.

To do away with the board, Puerto Rico must balance budgets for
four consecutive years and meet other requirements, such as obtain
access to the credit market at reasonable rates, the report
discloses.

"So at the very least, the board will be around for at least three
more years," Mr. Skeel said. "It may be a bit longer than that,"
the report adds.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and chair of a committee to review professionals' fees.


PUERTO RICO: Oversight Board Touts Plan Approval
------------------------------------------------
The judge overseeing Puerto Rico's nearly five-year-long debt
restructuring has approved a debt adjustment plan that is intended
to revitalize the commonwealth's economy and reduce its $135
billion in liabilities.

The Financial Oversight and Management Board for Puerto Rico
on Jan. 18, 2022, issued the following statement:

"Today begins a new chapter in Puerto Rico's history.  Today,
Puerto Rico can start to move on from fiscal instability and
insolvency into a future of opportunity and growth.

"Ever since Governor Alejandro Garcia Padilla declared Puerto
Rico's debt unpayable in 2015, Puerto Rico's inability to pay its
debt has hampered the economic recovery and affected the lives of
every resident and the success of every business.

"PROMESA opened a path to end this crisis. The law gives Puerto
Rico an opportunity no U.S. state has: a formal process similar to
municipal bankruptcy to restructure its debt to levels it can
afford.

"The Oversight Board filed a Plan of Adjustment with the U.S.
District Court for the District of Puerto Rico that reduces the
debt by 80% and saves Puerto Rico more than $50 billion in debt
service payments.

"Today, Judge Laura Taylor Swain of the U.S. District Court
confirmed the plan. The Oversight Board welcomes Judge Swain's
decision.  We owe Judge Swain a debt of gratitude for her tireless
leadership, her exemplary diligence, and her dedication to a fair
solution to Puerto Rico's debt crisis.

"The Oversight Board would also like to thank Judge Barbara Houser,
Judge Roberta Colton, and their mediation team for their important
role in the process to end Puerto Rico's insolvency.  We would also
like to thank the Official Committee of Retired Employees; the
Public Servants United of Puerto Rico (SPU)/American Federation of
State, Country and Municipal Employees (AFSCME) Council 9; the
Official Committee of Unsecured Creditors, and the several groups
representing bondholders who all came together to support the Plan
of Adjustment and help Puerto Rico recover.

"The Oversight Board will determine an effective date for the Plan
of Adjustment, at which Puerto Rico's old debt will be replaced and
creditors, public service union members, and others will receive
the cash payments agreed to under the plan. The Oversight Board
will certify a revised budget for the Puerto Rico government that
will include the new debt payments.  The budget will not require
any further reduction in operating costs or revenue increases to
service the significantly reduced and affordable debt.

"Restructuring the debt, however, is only one step towards Puerto
Rico's recovery.  Puerto Rico needs to achieve fiscal
responsibility to ensure long-term stability and growth.  Puerto
Rico must never fall back into old practices of overspending, and
of underfunding its commitments to retirees, government services,
and the public infrastructure.  The Government will need to
redouble its efforts to manage its resources carefully for the
benefit of the people of Puerto Rico, making prudent spending and
investment decisions to meet current needs and reach future goals.
Puerto Rico needs to continue to reform itself to ensure a
prosperous future for and determined by its people. PROMESA paved
the way to that future, and the Oversight Board is proud to be able
to play its part in Puerto Rico's reconstruction, so Puerto Rico
can shine again."

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and chair of a committee to review professionals' fees.




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

CHUCK E CHEESE: Remains Closed as Children Are Still Not Allowed
----------------------------------------------------------------
Trinidad Express reports that it has been 480 days and counting
that the Chuck E Cheese franchise in Trinidad has remained closed
as children under 12 are still not allowed in safe zones.

In October, the Government drafted a safe zone policy that does not
allow children under 12 to enter restaurants and other places of
leisure, according to Trinidad Express.

But this decision did not sit well with various sectors in the
country as they said it posed several challenges, especially for
families with children who fall within the age bracket, the report
notes.

The safe zones concept allows fully vaccinated people to access
businesses in the leisure and entertainment sector such as cinemas,
waterparks and gyms, the report relates.

Chuck E Cheese opened its doors in 2014 at Brentwood, Chaguanas,
and in C3 Centre in San Fernando in 2016, the report discloses.

YAY Entertainment director, Joanna Rostant who owns the right to
Chuck E Cheese in Trinidad and Tobago, told the Express Business on
Friday that while her establishment can reopen, it makes no sense
as its clientele is 12 and under. Opening only for takeout makes no
sense, because it's a games and entertainment outlet, the report
relays.

"Today, we remain the ONLY Chuck E Cheese in the world to be closed
due to the pandemic," Rostant lamented, the report says.

The franchise owner explained that she has written to the Ministry
of Health on six occasions, and to the Ministry of Finance twice,
to outline the restaurant's strict Covid-19 protocols, the report
discloses.

"Chuck E Cheese is a US-based international franchise that follows
strict guidelines on the safety of all guests, adults and children.
With regard to Covid, we follow the guidelines of the Ministry of
Health, World Health Organisation (WHO) and Centers for Disease
Control and Prevention (CDC) and other governing bodies, the report
relates.

"We have reduced our capacity to 50 per cent by blocking off every
other seating booth and have spaced out the games. These controls
and the ability to manage them are absent in malls, beaches,
rivers, places of worship and domestic travel, where children under
12 are currently allowed," the report notes

While Rostant is pleased that beach hours have been extended and
the rivers have been reopened, she believes there is a clear
disconnect with Chuck E Cheese, where the protocols are strictly
enforced and managed but children are still not allowed, the report
relays.

"In all of the safe zone states in the US where Chuck E Cheese
operates, children are allowed with vaccinated parents. Parents
feel extra safe and confident with our stricter than normal Covid
protocols, the report discloses.

"In Trinidad and Tobago, child deaths are less than 0.3 per cent of
all Covid deaths and 0.01 per cent of all Covid cases. In the US,
according to the American Association of Pediatrics, child deaths
are 0-0.27 per cent of all Covid deaths (as of 6 January 2022),"
Rostant indicated, the report says.

Another contradictory move Rostant sees happening is that
unvaccinated children are going to school with unvaccinated
teachers, staff members and public transport drivers, the report
relates.

"Their education has been severely compromised for over two years
as can be seen in the poor SEA, CSEC and CAPE results in 2020 and
2021. They are lacking social interaction, a key part of their
development at their age," she added.

                           Revenue Loss

The franchise owner indicated that in 2020, the company lost 35 per
cent of its annual revenue. In 2021, the loss of revenue was 85 per
cent and this year, they are currently trailing at zero, which
cannot be sustained for a young company, the report relays.

Asked about the future of the franchise in Trinidad, Chuck E
Cheese's entertainment chief operating officer and senior vice
president International, Arun Barnes, said while the franchisor
understands Trinidad's closure, it causes somewhat of a force
majeure situation, the report notes.

"Yay Entertainment Ltd is also a master franchisee across other
regions of the Caribbean and being closed, will effect that
relationship, which requires a master franchisee to be terminated,
due to its inability to qualify with basic sub franchise
operational support systems-that are key for the brand's success
across Caribbean regions, the report discloses.

"A key issue highlighted by the franchisor to us as a master
franchisee is the fact that we have had turnover of key functional
support employees, due to uncertainty of allowing children 12 and
under back into these spaces," Barnes said, the report relates.

Barnes who operates out of Chuck E Cheese's main headquarters in
Dallas, Texas, USA, said they have 541 entertainment centres and
restaurants around the world, the report notes.

                        Foreign Expansion

Rostant said the franchise was due to build a third store in west
Trinidad, but with the uncertainty over pre-teen children being
allowed, they have shifted to another country and will be opening
in Suriname in June, then in Guyana by early 2023 and hopefully
Jamaica in 2023/24, the report relays.

"Unfortunately, our growth had to shift beyond our shores. For me
as a Trinbagonian entrepreneur, this was a hard but necessary
decision for the future of the business. This means, though, that
local suppliers, services, builders, staff, capability building are
all lost and transferred to another country," the report
discloses.

She noted that since the inception of the company, she has
transferred all of their key menu items from foreign imports to
local suppliers including pizza dough, pizza sauce, meats, chicken
and paper products, the report notes.

"We now make signs locally and we have built architecture
capabilities locally that, with technology, have opened
accessibility to foreign markets for the service to be exported out
of Trinidad and Tobago, as a net foreign exchange earner," the
report relates

Rostant highlighted, that Chuck E Cheese has brought millions of
revenue dollars to local service providers and manufacturers over
the years, which is the right strategy to keep the income flow and
capacity build local, the report notes.

Barnes also told Express Business in an e-mail that Rostant is a
leading member of CEC Entertainment's International Franchise
Advisory Council, who in partnership with the franchisor has
embarked upon several strategies to improve profitability for the
entire franchise system, the report says.

"One such key initiative is regional suppliers. As shared above
Trinidad's locally developed suppliers are top contenders to be
selected as regional suppliers-allowing them to obtain additional
technical know-how to be compliant towards brand standards and be
approved for a larger Central American market regional supply
sourcing. That will bring in valuable foreign remittances to
Trinidad and fuel local employment and tax dollars for Trinidad's
Government," Barnes stated, the report relates.

He further stated that this initiative has currently been placed on
hold by the franchisor and Trinidad may lose being part of regional
supplier development programmes, as the franchisor chooses to work
with new suppliers across other Central and Latin American markets
that have allowed Chuck E Cheese to trade, the report discloses.

Asked whether the filing of US bankruptcy by Chuck E Cheese's
parent company CEC Entertainment in 2020 would affect any of the
541 establishments across the world, Barnes said that move has not
affected their business in any way as it was only relevant to the
business in the US. Bankruptcy has helped the company restructure
its debt, to provide a more stable financial platform on which to
grow, the report relays.

"The brand remains strong today and the growth strategy is
exciting. Our expansion to the Caribbean, coupled with new signings
in Europe and Middle East, triggered millions of hits online,
signalling strong investor support for the company," he added, the
report notes.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

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