/raid1/www/Hosts/bankrupt/TCRLA_Public/220125.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

          Tuesday, January 25, 2022, Vol. 23, No. 12

                           Headlines



A R G E N T I N A

ARGENTINA: Drought Could Trim a Third of Economic Growth This Year


B R A Z I L

BRAZIL: Inflation Ends 2021 Above 10%, Testing Central Bank


C H I L E

LATAM AIRLINES: Opposes Bid to Terminate Exclusivity Period


D O M I N I C A N   R E P U B L I C

PUNTA CATALINA: Power Plant Trust Sparks Distrust


G U A T E M A L A

INGENIO MAGDALENA: Moody's Assigns First Time '(P)B1' CFR


H O N D U R A S

BANCO ATLANTIDA: Fitch Affirms 'B+' LT IDRs, Outlook Negative


J A M A I C A

JAMAICA: Chicken Prices Soar Again
SYGNUS REAL ESTATE: Reports Net Loss in Q1 Ended November


P A R A G U A Y

PARAGUAY: Fitch Gives BB+ Rating to US$500.6MM Bonds Due 2033
PARAGUAY: S&P Assigns 'BB' Rating on US$500.6MM Notes Due 2033


P U E R T O   R I C O

[*] Puerto Rico Restructuring Adviser Disclosure Bill Now a Law


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Luxury Tariffs, Some Depreciation Needed

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Drought Could Trim a Third of Economic Growth This Year
------------------------------------------------------------------
Jonathan Gilbert at Bloomberg News reports that dryness that's
parching soybeans and corn across Argentina's Pampas crop belt will
shave US$4.8 billion off the nation's gross domestic product this
year, according to one of the first analyses of the economic impact
of the drought.

The estimate, made by the Rosario Board of Trade, means that
Argentina is poised to lose out on one percent of GDP as less
revenue for farmers results in "less freight, less financial and
intermediation services, and less consumption," according to
Bloomberg News.  A December survey of economists by the Central
Bank, carried out before the drought had fully gripped the Pampas,
saw the economy growing 2.9 percent in 2022, the report notes.

The hit to growth comes as Argentina is negotiating a new program
with the International Monetary Fund to reschedule US$40 billion of
payments owed to the lender, the report relays.  Economic growth,
and the pace of narrowing the fiscal deficit, have emerged as key
disagreements between the IMF and Argentina, the report discloses.

Plants still have weeks to grow and, with the La Niña-fuelled
drought set to last until March, harvest forecasts may continue to
plunge, deepening the broader economic damage, the report relates.
Still, rains have fallen in recent days, which may improve the
outlook in some areas, the report notes.

Net soy and corn exports are now set to be worth US$2.7 billion
less than Rosario was predicting in September, a figure that'll be
closely watched by the nation, which needs crop export dollars to
protect the peso, the report discloses.  Soybeans, handily
Argentina's most valuable export crop, are harvested in the second
quarter, 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.

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

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

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.




===========
B R A Z I L
===========

BRAZIL: Inflation Ends 2021 Above 10%, Testing Central Bank
-----------------------------------------------------------
Andrew Rosati at Bloomberg News report that Brazil's consumer
prices rose more than expected last year, dogging the central bank
and its efforts to bring inflation back to target.

Prices increased 10.06 percent in December from a year ago, above
the 9.96 percent median forecast in a Bloomberg survey.  They rose
0.73% on the month, the national statistics agency reported,
according to Bloomberg News.

Central bank chief Roberto Campos Neto has overseen the world's
most aggressive monetary tightening campaign in the aftermath of
the pandemic, lifting borrowing costs 725 basis points since March,
Bloomberg News discloses.  The move helped push the economy into
recession but has yet to have a meaningful impact on current price
increases, threatening stagflation just as President Jair Bolsonaro
seeks a second term this year, Bloomberg News says.

Annual inflation ran nearly three times the central bank's target
of 3.75 percent in 2021, and analysts see it above goal through
2024, Bloomberg News relays.  Policy makers target price increases
of 3.5 percent this year and 3.25 percent in 2023, with a tolerance
range of plus or minus 1.5 percentage points, Bloomberg News says.

"Inflation surprised on the upside in December and closed the year
slightly below its November peak, but still in double-digits and
significantly above the 2021 target. Brazil's central bank is left
with the tough challenge to cut inflation by half, or risk missing
the target for a second year in 2022," said Adriana Dupita,
Bloomberg's Latin America economist.

Bloomberg News discloses that the bank's efforts have been
complicated by costlier fuel, kinks in global supply chains and a
series of extreme weather events, from droughts to floods, that
have stoked food and raw material prices.  In December, all nine
baskets of goods and services tracked by the statistics agency saw
price increases, Bloomberg News relays.  Food and beverages rose
0.84 percent while transportation increased 0.58 percent,
representing the biggest contributors to inflation, Bloomberg News
notes.

Policy makers hiked interest rates by 150 basis points in December
and signalled another increase of the same magnitude was likely
when they meet again in February, Bloomberg News discloses.

But disappointing data left some investors wondering if the bank's
current pace of monetary tightening would be sufficient, Bloomberg
News relays.  Analysts pointed out that many items saw price
increases in December after Black Friday sales expired from the
previous month, while industrial goods also shot up in cost,
signalling that inflation remains widespread, Bloomberg News
notes.

"It's not a number that helps the market have a clearer outlook
going forward," said Carlos Menezes, a portfolio manager at Gauss
Captial in Sao Paulo, Bloomberg News notes.

Given that annual inflation ended 2021 above the upper limit of the
bank's tolerance range, Campos Neto will be obligated by law to
publish an open letter explaining why it happened and what will be
done to bring it to target, Bloomberg News says.

Every central bank president has had to write such a letter in at
least one occasion since Brazil adopted its inflation targeting
regime in 1999, Bloomberg News 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).




=========
C H I L E
=========

LATAM AIRLINES: Opposes Bid to Terminate Exclusivity Period
-----------------------------------------------------------
LATAM Airlines Group S.A. asked the U.S. Bankruptcy Court for the
Southern District of New York to deny the motion filed by the
official committee of unsecured creditors to terminate the period
during which only the company can file a Chapter 11 plan.

The creditors committee has sought to terminate the exclusivity
period to allow others to file an alternative plan such as a plan
based on a proposed transaction with Azul S.A., one of LATAM's
major competitors in Brazil.

LATAM's attorney, Lisa Schweitzer, Esq., at Cleary Gottlieb Steen &
Hamilton, LLP, said the committee's slide presentation about the
Azul transaction lacks details, which puts into question whether
the transaction is feasible and confirmable.

"Even from the limited discovery adduced on this issue, it is
beyond debate that the Azul slide outline touted by the creditors'
committee is nothing more than a straw man propped up in service of
the objecting parties' effort to derail the plan," Ms. Schweitzer
said, referring to the plan proposed by LATAM to exit bankruptcy.

Ms. Schweitzer said LATAM's proposed plan of reorganization
provides the company with a "viable path" to exit bankruptcy in the
second half of 2022.

The plan proposes, among other things, full payment of all
subsidiary claims and $8.192 billion in new capital to fund
distributions and post-emergence operations of the company.  The
plan has already secured the support of more than 70% in value of
LATAM's general unsecured creditors, according to court filings.

                    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
===================================

PUNTA CATALINA: Power Plant Trust Sparks Distrust
-------------------------------------------------
Dominican Today reports that the Dominican Liberation Party (PLD)
and the People's Force (FP) questioned the trust agreement of the
Punta Catalina Power Plant (CTPC) from the government and the
official party defend it.

Although the PLD was crucial for the approval in the Chamber of
Deputies of said contract, through a statement that organization
expressed its opposition to it and asked President Luis Abinader to
withdraw the initiative from Congress, according to Dominican
Today.

According to the PLD party, this initiative is "harmful to the
national interest" and demanded that the government "first clearly
explain to society the reasons for transferring Punta Catalina to a
trust and how that would improve the management and efficiency of
said generating plant," the report notes.

The Political Directorate of the People's Force requested that the
Punta Catalina trust agreement go to public hearings in the Senate,
the report adds.

                About Punta Catalina Plant

The Punta Catalina Thermoelectric Power Plant is a 770-megawatt
coal-fired power plant in Punta Catalina-Hatillo, Dominican
Republic.  The construction of the plant is under the charge of the
Odebrecht-Tecnimont-Estrella consortium (a contractor group
composed of Italian company Maire Tecnimont SpA, Brazilian
contractor Construtora Norberto Odebrecht S.A, and Chile-based
Ingenieria Estrella SRL). Groundbreaking for the project, estimated
to cost US$2 billion, was held in late 2013.  Unit 1 of the Power
Plant became operational on Feb. 27, 2019, with an initial 36.5
megawatts to the national grid (SENI).

The Project has had its shares of financing delays and funding
scandal.  In February 2017, a U.S. court discovered that main
contractor Odebrecht had paid $92 million in bribes to Dominican
officials between 2001 and 2014, as a means of securing a number of
contracts, including the contract to build the Punta Catalina
plant. The project's staff have pleaded with politicians to stand
behind continued construction work on the plant, despite the
corruption allegations. Some environmental groups also opposed the
plant construction, citing harmful impact on the Caribbean coasts
and climate in general.

The plant's parent company and sponsor is the Dominican Republic's
state electric utility, Corporacion Dominicana de Empresas
Electricas Estatales (CDEEE).




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G U A T E M A L A
=================

INGENIO MAGDALENA: Moody's Assigns First Time '(P)B1' CFR
---------------------------------------------------------
Moody's Investors Service has assigned a first-time (P)B1 corporate
family rating to Ingenio Magdalena S.A. (IMSA). At the same time
Moody's assigned a (P)B1 rating to the proposed senior secured
notes to be issued by IMSA Trust and absolutely, unconditionally
and irrevocably guaranteed by Ingenio Magdalena S.A. and its
subsidiaries including Biomass Energy S.A. and Mag Alcoholes S.A.
The outlook for the ratings is stable.

IMSA will use the proceeds to refinance existing debt. The notes
will be issued by the IMSA Trust and proceeds will be made
available to IMSA via the funding of a participation of the IMSA
Trust in a loan provided to IMSA by Credit Suisse AG, Cayman Island
Branch, the lender. The assets of the IMSA Trust will consist of
the participation and the rights to receive payments thereunder.
The notes are structured so that funds available in to the IMSA
Trust through such participation will be sufficient to pay amounts
due on the notes as if they were senior secured obligations of
Ingenio Magdalena, S.A., Biomass Energy, S.A. and Mag Alcoholes,
S.A. The notes are secured by all the IMSA Trust assets. The
underlying loan will be secured by cash to be deposited in a debt
service reserve account and collections accounts to which payments
made by certain clients of IMSA will be directed, including Sucden
and Louis Dreyfus Commodities. Upon delivery of a notice of
exclusive control, including upon the occurrence of an event of
default, IMSA would no longer be able to withdraw amounts from the
collection accounts. Except in limited circumstances (including to
make payments under the loan and the notes), amounts in the debt
service reserve account below a minimum required balance shall not
be withdrawn by IMSA. The liens on the collection accounts shall be
shared ratably with the creditors under a $200 million syndicated
facility to be entered into by IMSA on or prior to the closing date
of the notes.

Ratings assigned:

Ingenio Magdalena S.A.

Corporate family rating: (P)B1

IMSA Trust

Proposed Gtd senior secured notes: (P)B1

Outlooks:

Ingenio Magdalena S.A., outlook assigned at Stable

IMSA Trust, outlook assigned at Stable

RATINGS RATIONALE

Ingenio Magdalena S.A. (IMSA) (P)B1 rating is supported by its
competitive position as the largest sugarcane producer in Guatemala
which is the 4th largest global exporter of white sugar globally;
large scale of IMSA mills with an annual crushing capacity of 6.9
million tons; stable production and price environment in Guatemala
with annual production quotas for the local market and stable local
wholesale prices; high percentage of energy sales with long-term
contracts; export focus on the higher priced refined white sugar
and efficiency of operations with high agricultural yields and
efficient logistics assets.

Constraining the ratings is IMSA small size on a global scale with
annual revenues of $463 million in the LTM ended in September 2021,
concentration in a single production site, in a single geographical
region, Guatemala, which leaves the company highly exposed to event
risks, be it weather, disease, or even political risk and trade
asymmetries. Exposure to the inherent volatility of the sugar
business coupled with a high percentage of own production which
allows for higher yield control and sugarcane availability but
leads to high fixed costs of the agricultural activities.

The (P)B1 ratings consider the successful issuance of the proposed
notes. Liquidity is currently weak with $25 million in cash and
equivalents as of September 2021 and $115 million in short-term
debt. After the issuance of $350 million notes, $140 million term
loan and a $60 million committed facility, yearly amortizations
will reduce to $20 million, thus improving liquidity. With internal
cash generation Moody's expects IMSA cash balance to reach $80
million in 2022 and remain at about that level.

In September 2021 IMSA's adjusted gross leverage was 4.6x; Moody's
believes leverage will fall in the coming years to a range of 3.5x
to 4.0x with an improving EBITDA generation from higher sugar
prices in the coming harvest as compared to 2018-2019 and the
continuity of cost saving and efficiency measures. Coverage ratio
of IMSA measured by (EBITDA-Capex)/Interest Expense reached 2.7x in
September 2021 and Moody's expects it to surpass 3.0x in the next 3
harvests, with a lower interest burden.

Free Cash Flow has been on average $17 million in the last 4 years,
considering biological asset charges, but fluctuating between
positive and negative results. Financing Cash Flow has been
negative because of debt amortizations between 2017 and 2020 with
the debt balance having reduced to $560 million from $643 million.
After the proposed liability management, a reduced debt burden,
small expansion capex, and sustained EBITDA generation, will allow
IMSA to generate positive Free Cash Flow from 2022 onwards. As for
debt amortizations Moody`s estimates $20 million per year.

The stable outlook incorporates that IMSA will reduce its gross
leverage and maintain it at an adequate level through the commodity
price cycles; liquidity will remain adequate with cash covering its
short-term debt maturities.

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

A rating upgrade would require IMSA to maintain a robust liquidity
profile and stable margins through the harvest and through
commodity price cycles, with an adequate debt maturity profile and
a reduction in gross leverage. Quantitatively, an upgrade would
require its total Moody's adjusted Debt/EBITDA to remain
consistently below 3.5x and Cash Flow from Operations/Debt
consistently above 15%.

A rating downgrade could result from IMSA's inability to maintain
an adequate debt maturity schedule and liquidity profile. An
increase in leverage, deterioration of credit metrics and liquidity
could pose negative pressure on the rating. Quantitatively, a
downgrade would happen if total adjusted Debt/EBITDA remains above
4.5x and Cash Flow from Operations/Debt expected to remain below
10%.

The principal methodology used in these ratings was Protein and
Agriculture published in November 2021.

Headquartered in Guatemala City, Guatemala, Ingenio Magdalena S.A.
is the largest sugarcane producer in the country. In the LTM ended
in September 2021 IMSA generated revenues of $463 million mainly
from sales of sugar, energy, alcohol. White refined sugar is the
company's most relevant revenue line with a 32% participation in
total revenues. The company's production and sugarcane sourcing is
in the Pacific Coast region of Guatemala.




===============
H O N D U R A S
===============

BANCO ATLANTIDA: Fitch Affirms 'B+' LT IDRs, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Banco Atlantida, S.A.'s (Atlantida)
Long-Term (LT) Issuer Default Ratings (IDRs) at 'B+' and the
Short-Term (ST) IDRs at 'B', as well as, Inversiones Atlantida,
S.A. y Subsidiarias's (Invatlan) at 'B' and 'B', respectively.
Fitch also affirmed Atlantida's Viability Rating (VR) at 'b+' and
its National LT and ST ratings at 'A+(hnd)' and 'F1(hnd)',
respectively. The Rating Outlook on the LT IDRs and National LT
rating is Negative. Fitch also affirmed debt ratings of Atlantida
and Invatlan.

Fitch has withdrawn the Atlantida's Support Rating and Support
Rating Floors of '5' and 'No Floor', respectively, as they are no
longer relevant to the agency's coverage following the publication
of Fitch's updated Bank Rating Criteria on Nov. 12, 2021. In line
with the updated criteria, Fitch has assigned a Government Support
Rating (GSR) of 'b'.

KEY RATING DRIVERS

ATLANTIDA

IDRS VR AND SENIOR DEBT

The bank's IDRs and National Ratings are driven by its intrinsic
creditworthiness as reflected in its VR of 'b+'. Atlantida's
ratings are influenced by Fitch's assessment of the Honduran
operating environment (OE) at 'b' which has been revised to Stable
from Negative, reflecting that the downside risks from the
pandemic, economic growth and political uncertainty have lessened.
The VR of 'b+' has been assigned above the implied VR of 'b' due to
the Company Profile positive adjustment; specifically, by its
leading local franchise. The Negative Outlook on Atlantida's LT
IDRs and National Rating currently reflect the persistent pressures
on the bank's weak capitalization which are getting close to
Fitch´s stablished minimum of Fitch Core Capital (FCC) at 8.5% to
sustain the rating.

Ratings are also influenced, with a high importance, by Atlantida's
solid business profile characterized by its franchise and a
consolidated business model, which provides it the financial
flexibility to face the challenges present in volatile periods. As
of September 2021 (3Q21), Atlantida was the largest bank in
Honduras in terms of both loans and deposits, with a participation
of around 20% in each one.

The bank's capitalization remains as the weakest factor on Fitch's
assessment of the financial profile; Fitch considers Atlantida's
capitalization remains sensitive to the bank's moderate internal
capital generation, high balance sheet growth and dividend payments
which are highly influenced by Invatlan's requirements to service
its debt. The agency's core metric, FCC to risk-weighted assets
(RWA) declined to 9.1% as of 3Q21, while the regulatory solvency
ratio is close to 12.5% (minimum: 11%).

Despite Atlantida's asset quality continued under pressure during
the first nine months of 2021, as the OE still presented challenges
derived from the pandemic. Fitch expects that the higher economic
dynamism in 2022 could benefit the relative credit quality through
higher business volumes and better debtors' performance. As of
September 2021, Atlantida's non-performing loan (NPL) ratio, which
already reflect the effects post relief measures, increased to
2.9%, comparing above its last four fiscal years average (2.4%).

The reserve coverage of the NPLs is below pre-pandemic level, but
still well above 100% (126% as of 3Q21 from an average of 143% in
the last four fiscal years). Debtors' concentration remains high by
international standards and pressures the bank's asset quality. The
top 20 borrowers represented 2.8x Atlantida's FCC, which is a
material risk exposure in case of unexpected impairments on its
largest debtors.

The bank's profitability has recovered in 2021 by continued loan
growth and lower loan loss reserves. As of September 2021,
operating profit/RWAs reached 1.8% (December 2020: 1.4%).
Operational efficiency compares negatively with previous records.
Atlantida projects a two-digit credit growth for 2022 given the
more favorable economic conditions which Fitch believes could
benefit the profitability through business expansion and better
debtors' performance.

Atlantida's funding structure reflects its leading franchise in
deposits. Deposits growth was 8.3% (non-annualized) during the
first nine months of 2021. While Atlantida's loan/deposits ratio
remained stable (79.5%). Historical deposit stability, wide access
to alternative funding sources and material liquid assets mitigate
the bank's exposure to the liquidity risk.

Atlantida's outstanding senior unsecured notes issued in the local
capital market Bonos Bancatlan 2016 and Bonos Bancatlan 2018 are
rated at the same level as the bank's National Rating of 'A+(hnd)'
due to its senior unsecured features.

GOVERNMENT SUPPORT RATING

Fitch has assigned a GSR of 'b' reflecting Atlantida's high
systemic importance, with a 20% share of system deposits and loans,
as well as the lack of recent history of government support of a
systematically important financial institutions.

INVATLAN

IDRS AND SENIOR DEBT

Invatlan's IDRs reflect the creditworthiness of its main
subsidiary, Atlantida, rated 'B+'. Invatlan continues to be one
notch below Atlantida due to its still high double leverage ratio
that remained above 120% (3Q21: 138%). Invatlan's Outlook mirrors
Atlantida's Outlook as the main subsidiary of the controlling
group. Invatlan currently has operations in Honduras, El Salvador
and Nicaragua, and Fitch expects that the continued business
expansion in the Latin American region will remain a pressure for
the double leverage as recent investments are still under
consolidation.

Fitch affirmed the USD300 million senior secured notes ratings at
'B'/'RR4' as these mirror Invatlan's IDR. Despite being senior
secured obligations, Fitch believes the collateral mechanism would
not have a significant impact on recovery rates. In accordance with
Fitch's rating criteria, recovery prospects for the notes are
average and are reflected in their Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

ATLANTIDA

IDRs VR National Ratings and Senior Debt

-- A negative change in Fitch's OE assessment could lead to a
    negative rating action; however, this scenario is currently
    unlikely due to the OE's stable trend;

-- Downgrades of Atlantida's IDRs, VR and National Ratings could
    also come from a financial profile such that does not allow
    the bank to generate sustained internal capital enough to
    mitigate the pressures on its capitalization. In this regard,
    a sustained fall of FCC/RWAs to below 8.5% could trigger this
    downgrade;

-- The bank's National LT senior unsecured debt is sensitive to
    changes in Atlantida's National LT rating.

GSR

-- Fitch may also take a negative rating action on the GSR if the
    agency considers a lower propensity or capacity from the
    sovereign to support the bank.

INVATLAN

IDRs AND SENIOR DEBT

-- Invatlan's ratings will likely move in line with those of its
    main subsidiary, Atlantida;

-- A significant reduction in dividends transfers from Invatlan's
    main subsidiaries that ultimately affect its liquidity to
    service debt or a sustained increase of double leverage to
    above 225%;

-- The global senior secured debt ratings would mirror any change
    to Invatlan's IDR.

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

ATLANTIDA

IDRs, VR, National Ratings and Senior Debt

-- A positive change in Fitch's OE assessment could lead to a
    positive rating action;

-- The Negative Outlook on Atlantida's ratings would be revised
    to Stable if its core capital metric reverses its negative
    trend and stabilizes and maintains at a level above 8.5% over
    the Outlook horizon;

-- Atlantida's IDRs have limited upside potential as they are not
    expected to be rated two notches above the OE. National
    Ratings could be upgraded if the bank shows a sustained
    improvement in capital and profitability metrics, which would
    be materialized in an FCC/RWA standing above 10% and operating
    profitability/RWA consistently above 2%, respectively;

-- The bank's National LT senior unsecured debt rating is
    sensitive to changes in Atlantida's National LT Rating.

GSR

-- A positive change in the GSR would reflect the Fitch's opinion
    of a higher propensity or capacity of support from the
    government.

INVATLAN

IDRS AND SENIOR DEBT

-- Invatlan's ratings will likely move in line with that of those
    of its main subsidiary, Atlantida;

-- Invatlan's IDRs could be upgraded by one notch if the
    company's double-leverage ratio decreases at a level
    consistently below 120% resulting from a continued expansion
    financed by capital injections;

-- The global senior secured debt ratings would mirror any change
    to Invatlan's IDRs.

BEST/WORST CASE RATING SCENARIO

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

SUMMARY OF FINANCIAL ADJUSTMENTS

Pre-paid expenses were reclassified as intangible and deducted from
total equity to reflect its low absorption capacity.

ESG CONSIDERATIONS

Invatlan's Environmental, Social and Corporate Governance (ESG)
relevance score for Financial Transparency has been revised to '3'
from '4' due to the improvement in the timely delivery of financial
information and qualitative attributes. This has a very low impact
on the rating.

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.




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

JAMAICA: Chicken Prices Soar Again
----------------------------------
David Rose at Jamaica Observer reports that even as consumers
battle price inflationary pressures while the economy recovers from
the novel coronavirus pandemic, Jamaica Broilers Group Limited
(JBG) has announced that a 10 per cent price increase will be
applied at the end of January.

"It's incredible what's happening, and it's so aggressive that it's
not funny," stated a Christopher Levy, president and CEO of Jamaica
Broilers, in a call with the Jamaica Observer.

"Well, I think what's happening is that we have continued cost
increases across the entire operation, including corn, soy, and a
lot of other raw materials which have been impacted. Jamaica is a
price taker on a lot of things.  If you look at oil, oil has moved
aggressively. I think, without a doubt, the challenge the country
faces in terms of inflation is not over," Levy added, the report
notes.

JBG reported in its second quarter results up to October that its
gross margins had fallen from 24 per cent to 20 per cent as a
result of increased input costs which was partially mitigated by
the growth in the company's USA operations. Despite revenues for
Jamaica moving up by 31 per cent to $20.44 billion for the first
six months of 2021, its segment result decreased by 13 per cent to
$1.53 billion, the report relays.

Point-to-point inflation for 2021 was 7.3 per cent, which is a
five-year high and remains well above the Bank of Jamaica's (BOJ)
upper inflation band of 6 per cent. The BOJ increased its policy
rate from 0.50 per cent to 2.50 per cent in the last quarter, with
its next monetary policy committee meeting set for February 18, the
report discloses.

The report relays that inflation in the USA hit 7 per cent for
2021, which is the fastest pace of price increases in four decades.
Inflation remained above 6 per cent in the USA for the
third-consecutive month up to December and is well above the
Federal Reserve's desired range of 2 per cent.  The Fed has already
signalled that it intends to hike interest rates three times in
2021 to combat inflation and has already scaled back its balance
sheet expansion in recent times, the report relates.

Apart from highlighting the significance of a double-digit price
increase on JBG's products, Levy cautioned that wages might have to
increase shortly based on the rate of price increases in the
country, 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.


SYGNUS REAL ESTATE: Reports Net Loss in Q1 Ended November
---------------------------------------------------------
RJR News reports that Sygnus Real Estate Finance reported a net
loss for its first quarter which ended in November.

The $100 million loss was a reversal from the $25 million net
profit reported in 2020, according to RJR News.

Sygnus REF says the loss was caused by delays in returns and
earnings from real estate investment assets, the report notes.

The company's first quarter revenues amounted to $35 million
compared to $22 million in the prior year, the report relays.

During period, Sygnus secured financing and commenced construction
of the $3.7 billion One Belmont commercial tower, the report adds.




===============
P A R A G U A Y
===============

PARAGUAY: Fitch Gives BB+ Rating to US$500.6MM Bonds Due 2033
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Paraguay's USD500.6
million bonds maturing June 28, 2033. The notes have a coupon of
3.849%.

KEY RATING DRIVERS

The bond ratings are in line with Paraguay's Long-Term (LT) Foreign
Currency (FC) Issuer Default Rating (IDR) of 'BB+'.

RATING SENSITIVITIES

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

-- The bond rating would be sensitive to any negative changes in
    Paraguay's LT FC IDR.

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

-- The bond rating would be sensitive to any positive changes in
    Paraguay's LT FC IDR.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Paraguay has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's Sovereign Rating Model (SRM) and are therefore
highly relevant to the rating and a key rating driver with a high
weight. As Paraguay has a percentile rank below 50 for the
respective Governance Indicator, this has a negative impact on the
credit profile.

Paraguay has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Paraguay has a percentile rank
below 50 for the respective Governance Indicator, this has a
negative impact on the credit profile.

Paraguay has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Paraguay has a percentile rank below 50 for the
respective Governance Indicator, this has a negative impact on the
credit profile.

Paraguay has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Paraguay, as for all sovereigns. As Paraguay
has a fairly recent restructuring of public debt in 2004, this has
a negative impact on the credit profile.

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.


PARAGUAY: S&P Assigns 'BB' Rating on US$500.6MM Notes Due 2033
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Paraguay's
US$500.6 million notes due 2033, at a 3.849% interest rate. The
rating on the notes is the same as the long-term foreign currency
sovereign credit rating on Paraguay (BB/Stable/B).

The sovereign has used the proceeds from the issuance to repurchase
US$221 million of outstanding bonds due 2023 and US$80 million due
2026, as part of a liability management operation and will use the
remaining funds for general budgetary purposes.

S&P's ratings on Paraguay balance its sound macroeconomics,
favorable fiscal framework, and relatively strong growth prospects,
with weak political institutions. Despite a temporary hike in
government deficits and debt from the COVID-19 pandemic, Paraguay's
comparatively low narrow net external debt and net general
government debt burden are key rating strengths.

Conversely, Paraguay's political fragility and evolving political
institutions affect the long-term predictability of its
policymaking. Despite significant economic growth and social
progress over the past two decades, the economy remains vulnerable
to volatility in commodity prices and the weather, given its
concentration in agriculture. Additionally, monetary policy
flexibility is limited because of the shallow domestic markets and
high level of dollarization in the financial system.

S&P said, "The stable outlook indicates our expectation that with
the projected economic recovery underway, Paraguay would gradually
reduce fiscal deficits and contain debt buildup. We expect the
government's commitment to fiscal consolidation, including efforts
to strengthen its fiscal framework, will help offset the recent
erosion in Paraguay's debt burden and external debt profile."




=====================
P U E R T O   R I C O
=====================

[*] Puerto Rico Restructuring Adviser Disclosure Bill Now a Law
---------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that President Joe Biden
signed into law a measure that requires advisers in Puerto Rico
restructuring cases to make full disclosures of potential
conflicts
of interest before they can be paid.

The House sent the Puerto Rico Recovery Accuracy in Disclosures
Act
(H.R. 1192) to the president's desk after passing it by
voice vote. The Senate passed the bill by unanimous consent in
December 2021 after making amendments to the original House
version.

In bankruptcy cases, lawyers, accountants, and other advisers must
file complete conflict disclosures in order to be paid by the
bankruptcy estate.




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

TRINIDAD & TOBAGO: Luxury Tariffs, Some Depreciation Needed
-----------------------------------------------------------
Trinidad Express reports that incoming CEO of the Trinidad and
Tobago Chamber of Industry and Commerce, Ian De Souza, says T&T
should consider adopting measures that would curb the demand for
foreign exchange, in order to effect changes in the country's
consumption patterns.

And De Souza is suggesting a mix of some depreciation of the
exchange rate and tariffs on imported luxury items as the policies
that would curb demand for what he says has become "a very scarce
resource," according to Trinidad Express.

In an interview with Express Business, De Souza said: "We have to
do something with the demand side. One thing is allowing some
depreciation in the rate, but we may have to use tariffs as well.
We are somewhat limited in the measures that can be employed," the
report notes.

Asked to define what he means by "some depreciation," he said that
would mean some adjustment to the rate based on the demand and
supply circumstances, the report discloses.

"How far this goes is an issue the authorities will have to
determine as there would be implications for the inflation rate and
the cost of living," he said, the report relays.

De Souza said: "From what I have seen, the only way to fix T&T's
foreign exchange problem is by fixing the demand side. How do you
fix the demand side? What is in your tool kit?

"The word devaluation is incorrect because we don't have a fixed
exchange rate like Barbados. Do you allow the currency to
depreciate? It is already depreciated if people pay $8 to US$1 on
the street.

"I believe you do have to let the exchange rate slip, but you
cannot let it slip too far because that is going to impact the cost
of living. So it is a mix between depreciation and the use of
tariffs. We have to manage the demand side by making some imports
more expensive. All of those luxury items have to be made more
expensive."

The report says that he suggests the combination of the exchange
rate and tariff barriers if allocation of foreign exchange is not
to be centrally managed.

"This is to ensure that foreign exchange is directed to the goods
and services that are critical to day-to-day consumption as well as
the inputs required by the manufacturing and the productive
sectors, including agriculture," said De Souza, the report notes.

On the issue of the allocation of foreign exchange, he said: "There
has to be a more efficient methodology for allocating this scarce
resource. And that methodology has to recognize some form of
priority in terms of the goods and services that are needed in
Trinidand and Tobago," the report relays.

He said the problem faced by many individuals and companies in
accessing foreign exchange is largely due to the fact that "there
is no allocation methodology or mechanism" as there is no
"centralised way of allocating or distributing what has become a
very scarce resource," the report says.

In making the point about the lack of a structured foreign exchange
allocation methodology, De Souza acknowledged efforts by the
Government to increase access to foreign exchange for
pharmacueticals through NIPDEC and inputs to local export
manufacturing through the EXIM Bank, the report discloses.

Asked to identify the solution to the allocation problem, the
retired banker said: " . . . It is a demand/supply problem. The
supply side is affected because the energy sector is impacted by
reduced prices, which means the Government's tax take is down, the
report relays.

"T&T is getting a filip right now because oil is up to US$80 and
natural gas is up to US$4, along with higher ammonia prices. So we
are going to get a little windfall," the report discloses.

"But even our export manufacturers are under pressure because most
of them are selling to markets within the Caribbean, whose tourism
sectors have been broadsided by the Covid-19 pandemic," the report
says.

This means, he said, that the capacity of many businesses in
tourism-dominated islands to buy T&T manufactured exports has
shrunk, the report notes.

"That other source of foreign exchange income would have
contracted, so your pool is smaller," referring to the aggregate
supply of foreign exchange , the report relays.

Questioned on whether the foreign exchange market should be allowed
to determine who gets the scarce resource, he said: "The market
could do it, but if you let the market do it, the challenge is the
country will run into a cost of living problem. You will get
inflationary pressure and the vulnerable in T&T are going to fall
through the cracks. They are already suffering," the report notes.

He said that at all times a close eye will have to be kept on
inflation and the cost of living, the report says.

"Prices of basic commodities and manufacturing inputs are already
rising sharply due to supply chain disturbances. This, coupled with
a depreciation in the exchange rate, will decrease disposable
incomes and put further pressure on those on the lower end of the
income scale. Household incomes in that segment have already been
affected by Covid-19, so great care will be needed in ensuring that
persons do not fall through the proverbial cracks," the report
notes.

Acknowledging the measures in the 2022 budget that eliminated the
Value-Added Tax on a wide range of goods, he questioned whether the
Government can go further in easing the burden of higher food
prices, the report discloses.

"The question then is does the Government need to consider reducing
the import duties on some food items. But that raises the issue of
whether you cut off your nose to spoil your face because as a
Government you need the revenue," De Souza said, the report
discloses.

Earlier in the interview, De Souza said there are three issues on
his dashboard for immediate action: the issues surrounding the
allocation and pricing of foreign exchange, the impact of the
Covid-19 pandemic on the population and the global supply chain
issues that will impact the cost of living, the report relates.

On the twin issues foreign exchange and supply chain problems, De
Souza said he will reiterate to the authorities that these are
issues that the Chamber membership is hoping are addressed, the
report relays.

"I am not being prescriptive. I am saying that these are issues
that we have to solve. I have some ideas about possible solutions,
but I am not prescribing that we let the exchange rate depreciate.
I am not prescribing tariffs," he said, adding, "What I am saying
is that we need to sit down and find solutions to these problems.
We have to find solutions for the demand side and for the
allocation of foreign exchange. And that is where I see the work of
the Chamber being important. These are issues that are affecting
the business community. The work of the Chamber is to take these
issues into the offices of the people who make policy decisions,"
he added.

                               About De Souza

At 64, Ian De Souza is career banker with over 35 years in the
industry, most of it at Republic Bank.

He served in several senior positions with the Republic Bank Group
in risk management, corporate and investment banking, and finance
and merchant banking services across the Caribbean.

Specialising in corporate finance, debt management and corporate
turnarounds, and with extensive experience in mergers and
acquisitions, De Souza was project lead of Republic Bank's
acquisition of Scotiabank's operations in Anguilla, Dominica,
Grenada, St Kitts and Nevis, St Lucia, St Maarten, St Vincent and
the Grenadines, and the British Virgin Islands.

He described the Scotiabank acquisition, which was finalised in the
fourth quarter of 2019, as a God-send for Republic as the
operations were "as clean as a whistle," and well run, with
back-office operations for the whole region already relocated to a
building in Chaguanas.

He told Express Business in an interview at the Chamber offices in
Westmoorings last week, that the acquisition of the Scotiabank
operations in the region came after Republic was involved in
extensive due diligence to acquire FirstCaribbean International
Bank, which is a subsidiary of Canada's CIBC, and the Caribbean
operations of Royal Bank in previous decade.

His appointment took effect on January 10 and comes three weeks
ahead of the departure of CEO Gabriel Faria, who successfully led
the organisation for the last five years, the Chamber said in a
news release.



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *