/raid1/www/Hosts/bankrupt/TCRLA_Public/220128.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 28, 2022, Vol. 23, No. 15

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Slashes 2022 Global Growth Outlook
MERCADOLIBRE INC: Egan-Jones Keeps BB- Senior Unsecured Ratings


B R A Z I L

BANCO BRADESCO: Fitch Affirms 'BB' LT IDRs, Outlook Negative
BRAZIL: Consumer Prices Up Above Expectations to 0.58% in January
BRAZIL: Posts $3.9BB in Foreign Direct Investment in December
EMBRAER SA: Completes Reintegration of Aviation Business
ITAU UNIBANCO: Fitch Affirms 'BB' LongTerm IDRs, Outlook Negative



C H I L E

ALPHA LATAM: Chapter 11 Disclosure Inadequate, Says U.S. Trustee


C O S T A   R I C A

BAC SAN JOSE: Fitch Affirms 'B+' Foreign Currency IDR, Outlook Neg.
BANCO DAVIVIENDA: Fitch Affirms 'B+' Foreign Currency IDR


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Allocated Billions to Offset Fuel Increases
DOMINICAN REPUBLIC: Government Guarantees Food Supply


E L   S A L V A D O R

EL SALVADOR: Pandemic Interrupted 10 Yrs. of Growth, IMF Says


G U A T E M A L A

CT TRUST: Moody's Assigns Ba1 CFR & Rates New Unsecured Notes Ba1


M E X I C O

CREDITO REAL: Fitch Lowers LT IDRs to 'B-', On Watch Negative


P U E R T O   R I C O

PUERTO RICO: U.S. Court Imposes Debt Plan Despite Protests

                           - - - - -


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

ARGENTINA: IMF Slashes 2022 Global Growth Outlook
-------------------------------------------------
Buenos Aires Times reports that the Omicron variant of Covid-19 is
creating an obstacle course for the global economy, which will slow
growth this year, notably in the world's two largest economies, the
International Monetary Fund said.

In addition, the multilateral lender forecast that Argentina's
gross domestic product will improve by three percent in 2022 and by
2.5 percent in the following year, while warning that the risk of
high inflation "becoming entrenched" is a real threat to the
national economy, according to Buenos Aires Times.

In its latest quarterly report, the Washington-based crisis lender
cut its world GDP forecast for 2022 to 4.4 percent - half a point
lower than last October's estimate - due to the "impediments"
caused by the latest outbreak, although those are expected to begin
to fade in the second quarter of the year, the report notes.

"The global economy enters 2022 in a weaker position than
previously expected," the Fund said in its latest World Economic
Outlook report, adding that "the emergence of the Omicron variant
in late November threatens to set back this tentative path to
recovery," the report relays.

Buenos Aires Times discloses that the outlook remains beset by
risks, including geopolitical tensions and a wave of price
increases hitting consumers and businesses that is expected to last
longer than previously expected.

After the solid recovery last year when the global economy grew an
estimated 5.9 percent, the IMF cut projections for nearly every
country - with India a notable exception - but it was the
downgrades to the United States and China that had the biggest
impact, the report notes.

"These impediments are expected to weigh on growth in the first
quarter of 2022," the report said, Buenos Aires Times relays.  "The
negative impact is expected to fade starting in the second quarter,
assuming that the global surge in Omicron infections abates and the
virus does not mutate into new variants that require further
mobility restrictions," Buenos Aires Times discloses.

The Fund once again stressed that controlling the pandemic is
critical to the economic outlook and urged widespread vaccinations
in developing nations, which have fallen short even as advanced
economies have moved to deploying booster shots among their already
highly-vaccinated populations, Buenos Aires Times notes.

"Bold and effective international cooperation should ensure that
this is the year the world escapes the grip of the pandemic," Gita
Gopinath, the IMF's newly-installed first deputy managing director,
told reporters, the report relays.

She said the cumulative economic losses inflicted by the pandemic
over the five years through 2024 are expected to total nearly US$14
trillion, compared to the pre-pandemic forecasts, the report
discloses.

                       US, China Slowdown

The biggest drag on the global outlook is the sharp slowing in the
United States and China, including factors beyond the impact of the
virus, Buenos Aires Times relays.

With US President Joe Biden's massive social spending plan stalled
in Congress, the IMF subtracted the expected growth impact the
program would have had on the economy, the report notes.

Together with the supply chain snarls that have beset US businesses
and manufacturing, these factors slashed 1.2 percentage points off
GDP, which is now expected to expand four percent this year, the
IMF said, the report says.

While that is a historically high rate for the world's largest
economy, it is far slower than the 5.6 percent expansion in 2021,
the report discloses.

Meanwhile, China's "zero-tolerance Covid-19 policy" has contributed
to a slowdown in the Asian power, and the fund cut 0.8 points off
expected growth for this year to 4.8 percent, the report said, the
report relates.

"China's downgrade reflects continued retrenchment of the real
estate sector and weaker than expected recovery in private
consumption," Gopinath said, the report notes.

In an interview with AFP, Gopinath said it might be time for
Beijing to "recalibrate" its strict stance, which "has an effect on
economic activity, especially private consumption," the report
says.

Buenos Aires Times discloses other major economies suffered sharp
downgrades amid the ongoing pandemic disruptions, including a
0.8-point cut for Germany. India, however, saw a 0.5-point upgrade
to nine percent, and Japan saw a more modest improvement for growth
of 3.3 percent, the IMF said.

Growth projections for Latin America and the Caribbean were also
cut, with 1.2-point deductions for Brazil and Mexico, whose
economies are now forecast to improve by only 0.3 percent and 2.8
percent respectively, the report relays.

"We have a significant downgrade for both Brazil and Mexico,"
Gopinath told reporters, who said that factors such as inflation,
supply chain disruptions and Omicron were behind the alteration,
the report notes.

Regional GDP will expand by only 2.4 percent, said the Fund, down
by 0.6 points on its previous estimate, the report relays.

The global outlook for 2023 is somewhat improved, "However not
enough to make up ground lost due to the downgrade to 2022," the
report discloses.

In 2023, the IMF expects GDP in Latin America and the Caribbean to
grow by 2.6 percent, the report adds.

                Inflation Flares, Rates Rise

A key challenge facing the global economy is the surge in prices,
especially energy and food, the report notes.

But even excluding those items, so-called core inflation in the
United States is still projected to finish 2022 around 3.4 percent,
well above the Federal Reserve's two percent target, Gopinath said,
the report relays.

Supply chain issues caused by the pandemic should begin to ease in
the second half of the year, but "inflation, even though it's
declining, it will be high," she said in the interview, the report
says.

The phenomenon is expected to bring more aggressive action by key
central banks like the US Federal Reserve, which will raise
borrowing costs worldwide, hindering recovery efforts, particularly
in indebted developing nations, Buenos Aires Times relays.

The report notes that the WEO baseline assumes the Fed will hike
the benchmark interest rate three times this year and three in
2023.

But Gopinath cautioned that "higher inflation surprises in the US
could elicit aggressive monetary tightening by the Federal Reserve
and sharply tightening global financial conditions," the report
relays.

Inflation is expected to average 3.9 percent in advanced economies
and 5.9 percent in emerging market and developing economies in
2022, before subsiding in 2023, 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.


MERCADOLIBRE INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on December 29, 2021, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by MercadoLibre Inc.

Headquartered in Buenos Aires, Argentina, MercadoLibre Inc.
operates an online trading site for the Latin American markets.




===========
B R A Z I L
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BANCO BRADESCO: Fitch Affirms 'BB' LT IDRs, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term (LT) Foreign and Local
Currency Issuer Default Ratings (IDRs) of Banco Bradesco
S.A.(Bradesco) at 'BB' and its Long-Term National Rating at
'AAA(bra)'. The Rating Outlook is Negative for the LT IDRs and
Stable for the LT National Rating. Fitch has also affirmed
Bradesco's Viability Rating (VR) at 'bb'. NCF Participacoes S.A.'s
(NCF) Long-Term National Rating has also been affirmed at
'AA+(bra)'/Outlook Stable.

Fitch has also assigned Bradesco's USD500 million senior unsecured
notes due 2027 a 'BB' final rating. The final rating is in line
with the expected rating that Fitch assigned to the proposed debt
on Jan. 10, 2022.

Fitch has withdrawn Bradesco's Support Rating of '4' and Support
Rating Floor of 'B+' as they are no longer relevant to the agency's
coverage following the publication of its updated Bank Rating
Criteria on Nov. 12, 2021. Fitch has assigned Bradesco a Government
Support Rating (GSR) of 'b+'.

KEY RATING DRIVERS

IDRs, VR AND NATIONAL RATINGS - BRADESCO

Bradesco's LT Foreign and Local Currency IDRs are driven by its
'bb' VR. Bradesco's IDRs and VR are one notch above Brazil's
sovereign, reflecting the bank's solid credit profile. Bradesco's
VR reflects its stable business profile with diversified revenue
and consistent performance throughout various economic cycles, even
in times of economic crisis.

The ratings also capture the conservative risk profile, funding
base, strong liquidity, adequate asset quality and good
capitalization. Bradesco has a high market share in several
segments in the domestic financial system. The company has a vast
network of service points that covers the whole country and all
economic classes with a segmented customer base. However, the
uplift of Bradesco's ratings relative to the sovereign is limited
because of the bank's high exposure to the sovereign, mainly
through its holdings of government securities, and since the
majority of its operations are concentrated in Brazil. The Negative
Outlooks Bradesco's Long-Term IDRs reflect that on Brazil's
rating.

Fitch revised Bradesco's operating environment score to 'bb-'
reflecting the agency's view that Bradesco's strong and diversified
business profile and well-balanced risk profile, provide the bank
with sufficient headroom to support capital generation in the
current operating environment.

Bradesco is one of the main franchises in the banking and insurance
market in Brazil with strong fee business generation. However, the
operating environment assessment is also constrained by the
sovereign rating, which in turn is constrained by risks to the
economy and public finances and debt. Fragile business and consumer
confidence, downside risks to the recovery of some sectors, and
political risks also weigh on Fitch's operating environment
assessment.

Bradesco's asset quality ratios improved during 2020 and 2021
(loans overdue for more than 90 days, non-performing Loans [NPLs]
of 2.6% in September 2021, 2.2% in December 2020 from 3.3% in
December 2019 - average of 3.4% over the past four full years),
benefitting from government- and private-sector support measures
and also from the technological improvement of the bank's credit
approval and collection systems.

Fitch expects some asset-quality deterioration in 2022, although
the bank's large proportion of secured lending (retail mortgage
loans and payroll lending) combined with strong coverage ratio
(297% for NPLs at end-September 2021) offsets this risk in the
current environment. Bradesco's robust revenue generation and
conservative level of reserves also result in a strong
loss-absorbing capacity. As a result, Fitch has revised the Outlook
on the 'bb-' asset quality score to Stable from Negative based on
reduced downside risks.

Bradesco's recurring profitability remains better than the local
retail bank average, as its adjusted core metric (to account for
the tax effects of the hedges on investments abroad) of operating
profits to risk-weighted assets, has averaged 4.3% over the past
four years. The execution of the bank's strategic objectives to
meet business and financial targets has been very good.

Bradesco has kept credit expansion in traditional business segments
under control and it was conservative in increasing exposure in
higher risk segments. This should continue to minimize the
pressures of the country's volatile operating environment. Based on
these expectations, Fitch has upgraded earnings and profitability
assessment to 'bb' from 'bb-' and revised the outlook on the 'to
stable from negative.

Bradesco's capitalization is maintained with satisfactory buffers
over regulatory minimum requirements, with the regulatory Common
Equity Tier 1 (CET1) ratio at 12.7% at end-September 2021.
Pre-impairment operating profit provides a sizeable buffer to
absorb loan impairment charges through the income statement without
affecting capital.

Bradesco's liquidity remains solid, supported by the historical
stability of its deposits, significant securities portfolio and the
bank's capacity to access long-term financing. The bank's ample
distribution network allows it to continuously capture deposits at
an attractive cost. During stress periods, the bank has benefited
from flight-to-quality movements, due to its position as one of the
largest banks in the sector.

The affirmation of Bradesco's National Rating reflects Fitch's view
that their vulnerability to default on LC obligations relative to
other Brazilian issuers is unchanged. The Outlook on the National
Long-Term Ratings is Stable.

SUBORDINATED DEBT AND HYBRID SECURITIES

Bradesco's legacy subordinated debt is rated two notches below
Bradesco's VR of 'bb'. The notching is driven by the subordinated
status and the expected high loss severity of the notes. No
notching for non-performance is applied, because there is no coupon
flexibility (i.e., coupons must be paid as they are not deferrable
and the write-off trigger is close to the point of non-viability).
As a result, Fitch believes that the incremental non-performance
risk is not material from a rating perspective.

SENIOR UNSECURED

Bradesco's senior unsecured debt is rated in line with its IDRs as
the likelihood of default on these obligations reflects the
likelihood of default of the entity.

GSR

Bradesco's GSR of 'b+' reflect a limited probability of support
from the Brazilian authorities, if required. Despite contagion
risks stemming from Bradesco's position as a domestic systemically
important bank with dominant market shares, the government's
limited financial flexibility and capacity to provide support as
indicated by its sovereign rating, highly influence its GSR.

NCF PARTICIPACOES AND ISSUANCE OF DEBENTURES

NATIONAL RATINGS

NCF's National Long-Term Rating and the rating on its issuance of
debentures are one notch below the rating of its main operating
subsidiary, Bradesco. NCF is a pure holding company and the
ownership is low, only 5.35% of Bradesco's total capital, its main
source of support.

According to Fitch criteria, the company had low double leverage
(investments in subsidiaries and intangible assets/equity) of
around 80% in September. In addition, despite the evident links
with the group (common management and aligned strategies), with no
relevant dividend flow compared to its liability structure.

NCF is a pure holding company, with no operating activities,
controlled by the holding companies: Cidade de Deus Participacoes
S.A. and Fundacao Bradesco S.A., both controlling shareholders of
Bradesco. NCF is also a minority controlling shareholder of
Bradespar S.A (AAA (bra)/Stable), a sister company of Bradesco. NCF
has no operational activities. Its assets are mainly composed of
interest and financial investments, both at Bradesco, with
liquidity and cash flow controlled by the bank.

In September of 2021, NCF had total assets of BRL19.7 billion,
composed mainly of the participation and investments in Bradesco.
The net income for the nine months was BRL1.4 billion, with revenue
flow derived from equity income and its securities portfolio, since
the holding company does not have operating activities. Liabilities
are composed of equity and debenture issuance.

RATING SENSITIVITIES

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

BRADESCO

IDRs and VR

-- Bradesco's Long-Term IDRs and VR are limited by Brazil's
    country ceiling. As a result, a negative action on the
    sovereign's ratings would result in a similar action on the
    bank's ratings.

-- Bradesco's VR may be adversely affected if its loss-absorbing
    capacity decreases, or if there is a sustained reduction in
    its CET1 ratio to less than 10%. A sustained decline in the
    bank's operating Profits/RWA ratio to less than 2.5% may also
    lead to a downgrade of Bradesco's ratings.

GSR

-- The Support Rating is sensitive to any change in assumptions
    of propensity or ability of the sovereign to provide support
    to the bank.

NATIONAL RATING

-- Bradesco's National Ratings are sensitive to changes in their
    creditworthiness relative to other Brazilian issuers.

SENIOR UNSECURED DEBT, SUBORDINATED DEBT AND HYBRID SECURITIES

-- Bradesco's senior unsecured debt ratings is sensitive to a
    change in its IDR. Bradesco's hybrid ratings (for its Tier II
    subordinated debt) rating are sensitive to a change in its
    anchor VR.

NCF PARTICIPACOES

NATIONAL RATINGS

-- A negative rating action on Bradesco's ratings would result in
    a similar action on NCF Participacoes. Additionally, a
    substantial increase in the holding's double leverage ratio,
    or deterioration of its debt service indicators could also
    lead to a negative rating action.

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

BRADESCO

IDRs and VR

-- Maintenance or improvement of Bradesco's current financial
    profile in the context of a positive rating action on the
    sovereign could lead to a similar action on Bradesco.

NATIONAL RATING

-- Bradesco's National Ratings are sensitive to changes in their
    creditworthiness relative to other Brazilian issuers.

SENIOR UNSECURED AND SUBORDINATED DEBT

-- Bradesco's senior unsecured debt ratings is sensitive to a
    change in its IDR. Bradesco's hybrid ratings (for its Tier II
    subordinated debt) rating are sensitive to a change in its
    anchor VR.

NCF PARTICIPACOES

NATIONAL RATINGS

-- An upgrade would require if the ownership of NCF Participacoes
    increase in Bradesco.

VR ADJUSTMENTS

-- The Business Profile score of 'bb+' has been assigned below
    the 'bbb' category implied score due to the following
    adjustment reasons: Business Model.

-- The Asset Quality score of 'bb-' has been assigned above the
    'b' category implied score due to the following adjustment
    reasons: Reserve coverage and asset valuation.

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.

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.


BRAZIL: Consumer Prices Up Above Expectations to 0.58% in January
-----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil's IPCA-15
consumer price index rose 0.58% in the month to mid-January,
decelerating from previous figures but at a pace that still
exceeded expectations, statistics agency IBGE said.

The monthly rise was higher than the 0.43% increase foreseen by
economists in a Reuters poll but slowed from a 0.78% surge in
December thanks to lower transportation prices, according to
globalinsolvency.com.

According to IBGE, prices rose in the remaining eight of nine
groups of goods and services covered, the report notes.

The most significant impact came from foods and drinks, with a
monthly increase of 0.97%, the report relays.

The annual rate of inflation in mid-January reached 10.2%, topping
the median forecasts in the poll of 10.04% and far above the
central bank's year-end target for consumer price inflation of
3.5%, the report discloses.

As inflation pressures proved to be persistent, the central bank
more than quadrupled its benchmark interest rate to 9.25% from 2%
in 2021 and has already signaled another 150 basis point hike in
February, 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).


BRAZIL: Posts $3.9BB in Foreign Direct Investment in December
-------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil posted
negative foreign direct investment (FDI) of $3.9 billion in
December, the worst monthly figure ever recorded in Latin America's
biggest economy, bringing the 2021 total to $46.4 billion, the
central bank said.

The figure was slammed by a negative $6 billion in reinvested
profits in the country, according to the central bank, according to
globalinsolvency.com.  

In the series started in 1995, Brazil had recorded negative monthly
FDI on two previous occasions - the $24 million reported in March
1995 and the $103 million in July 2016, the report relays.

Despite improving from FDI of $37.8 billion in 2020, when the
COVID-19 pandemic severely hit Brazil, the annual result
represented 2.89% of gross domestic product in 2021, below an
average of about 3.7% over the past decade, the report discloses.

Brazil posted a current account deficit of $5.9 billion in
December, better than the $6.5 billion deficit forecast in a
Reuters poll of economists, contributing to an overall deficit of
$28.1 billion last year, 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: Completes Reintegration of Aviation Business
--------------------------------------------------------
Embraer SA has successfully completed the reintegration of its
commercial aviation business' main information technology systems
and processes. The work done throughout January did not hamper the
continuity of the company's essential operations.

The reorganization resulting from this process began in May 2020
and since then has been one of Embraer's main focuses, as part of
the execution of the strategic plan and implementation of
initiatives to make good use of skills and recover synergies. The
reintegration ensures operational benefits and eliminates fiscal
inefficiencies that an integrated, less complex, and more agile
management can offer. With the completion and restoration of normal
service in the company, commercial aviation is again directly
linked to Embraer's structure.

"We believe that 2022 will be a year of growth and we are well
prepared to harness the full potential of the company. So, the
success of the reintegration of the commercial aviation business is
another important step in the process of executing our strategic
planning and will result in significant operational improvements
and better profitability," says Antonio Carlos Garcia, Executive
Vice President of Finance and Investor Relations. "Embraer's entire
team is to be congratulated on the excellent job done and completed
in a shorter time than planned."

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2022, 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.


ITAU UNIBANCO: Fitch Affirms 'BB' LongTerm IDRs, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term (LT) Foreign and Local
Currency Issuer Default Ratings (IDRs) of Itau Unibanco Holding
S.A. (IUH) and its subsidiary Itau Unibanco S.A. (Itau Unibanco) at
'BB' and their long-term National Rating at 'AAA(bra)'. The Rating
Outlooks are Negative for the LT IDRs and Stable for the LT
National Rating. Fitch has also affirmed IUH and Itau Unibanco's
Viability Rating (VR) at 'bb'.

Fitch has withdrawn IUH and Itau Unibanco's Support Rating of '4'
and Support Rating Floor of 'B+' as they are no longer relevant to
the agency's coverage following the publication of its updated Bank
Rating Criteria on 12 November 2021. In line with the updated
criteria, Fitch has assigned IUH a Government Support Rating (GSR)
of 'b+' to both entities.

KEY RATING DRIVERS

IDRs, VIABILITY RATINGS AND NATIONAL RATINGS

Fitch rates IUH and Itau Unibanco at the same level as the
consolidated group assessment. This analysis is based on
consolidated group accounts as Fitch believes that the individual
risk of failure of these entities is the same for both the group
and the bank given their high degree of operational and
balance-sheet integration.

The IDRs and National Ratings are driven by IUH's standalone
creditworthiness, as expressed by their 'bb' Viability Ratings
(VR). The Long-Term IDR and VR remain one notch above Brazil's
sovereign ratings (long-term foreign and local currency IDRs
BB-/Negative). The affirmation of the ratings above the sovereign
reflects the group's solid credit profile, particularly the
strength of its funding franchise and earnings stability. The
Negative Outlooks on their Long-Term IDRs reflect that on Brazil's
sovereign rating.

Fitch revised IUH's operating environment score to 'bb-' reflecting
the agency's view that IUH's leading franchise in Brazil,
diversified business model and well-balanced risk profile, provide
the bank with sufficient headroom to support capital generation in
the current operating environment. However, the operating
environment assessment is also constrained by the sovereign rating,
which in turn is constrained by risks to the economy and public
finances and debt. Fragile business and consumer confidence,
downside risks to the recovery of some sectors, and political risks
also weigh on Fitch's operating environment assessment.

IUH's ratings reflect Fitch's view that its leading market shares
across lending, which represented around 20% of Brazil's banking
system assets at September-2021, and strong fee business generation
are key franchise and business model strengths. It has also
provided IUH revenue stability through several business cycles.
IUH's business profile also benefits from some risk diversification
from its Latin businesses (namely in Chile through its subsidiary
Itau Corpbanca), which accounts for about 26% of the group lending
book (including financial guarantees provided).

IUH delivers strong profitability, as indicated by adjusted (for
the tax effects of the hedges on investments abroad) operating
returns on risk-weighted assets, which have averaged 4.2% over the
past four full years. Revenues exhibit strong diversification by
business line. While operating returns on risk-weighted assets
(RWA) came under pressure in 2020 (2.5%) as the bank front-loaded a
large part of coronavirus-related loan impairment charges (LICs,
equal to a high 54% of pre-impairment operating profit) and margin
pressure stemming from the lower interest rate environment, this
ratio recovered to 4.1% in 9M21 (annualized basis), partly due to
lower LICs.

Fitch expects the bank to maintain operating profits above 4% of
RWAs in the medium term, driven by contained asset-quality
deterioration and LICs and the contribution of growth and
cost-efficiency initiatives. Based on these expectations, Fitch has
revised the outlook on the 'bb' earnings and profitability
assessment to stable from negative.

Loan performance has been resilient to date (impaired loan ratio at
6.4% at end-September 2021), benefitting from government- and
private-sector support measures. To date, most borrowers who were
granted credit holidays have returned to loan repayment schedules.
Fitch expects some asset-quality deterioration in 2022, although
the bank's large proportion of secured lending (retail mortgage
loans and payroll lending) combined with strong impaired loans
coverage ratio (90.9% at end-September 2021) provides protection in
the current environment. As a result, Fitch has revised the Outlook
on the 'bb-' asset quality score to Stable from Negative based on
reduced downside risks.

IUH's capitalization is maintained with satisfactory buffers over
regulatory minimum requirements, with the regulatory Common Equity
Tier 1 (CET1) ratio at 11.3% at end-September 2021. In Fitch's
capital assessment the agency also factors in the improvement in
the bank's reserve coverage of impaired loans. Impaired loans net
of specific loan loss allowances represented a low 1.7% of IUH's
equity at end-September 2021. This, combined with robust
pre-impairment operating profit levels provide a sizable buffer to
absorb loan impairment charges through the income statement without
affecting capital.

IUH's funding and liquidity is stable, supported by its large
deposit franchise domestically. The group requires foreign
subsidiaries to be locally funded. IUH also benefits from healthy
liquidity and deep global capital-market access for wholesale
funding.

The affirmation of IUH's National Ratings reflects Fitch's view
that their vulnerability to default on local currency obligations
relative to other Brazilian issuers is unchanged. The Outlook on
the National Long-Term Ratings is Stable.

SENIOR UNSECURED AND HYBRED DEBT

IUH's senior unsecured debt is rated in line with its IDRs as the
likelihood of default on these obligations reflects the likelihood
of default of the entity.

IUH's subordinated debt is rated two notches below IUH's Viability
Rating (VR) of 'bb'. The notching is driven by the subordinated
status and the expected high loss severity of the notes. No
notching for non-performance is applied, because there is no coupon
flexibility (i.e., coupons must be paid as they are not deferrable
and the write-off trigger is close to the point of non-viability).
As a result, Fitch believes that the incremental non-performance
risk is not material from a rating perspective.

IUH's additional Tier 1 (AT1) securities' ratings at 'B', three
notches below the bank's VR. Fitch's baseline notching for such
high loss-absorbing and subordinated securities is to notch them
four notches below the VR (two for loss severity and two for
non-performance risk). However, Fitch's rating criteria also
factors in compression for non-investment-grade VRs, such as that
of IUH, and the criteria provides room for a narrower notching.
Therefore, the overall notching for these securities is three.
These securities make up the AT1 capital of IUH.

GSR

IUH's GSR of 'b+' reflects a limited probability of support from
the Brazilian authorities, if required. Despite contagion risks
stemming from IUH's position as a domestic systemically important
bank with dominant market shares, the government's limited
financial flexibility and capacity to provide support as indicated
by its sovereign rating, highly influence its GSR.

VR ADJUSTMENTS

The Business Profile score of 'bb+' has been assigned below the
'bbb' category implied score due to the following adjustment
reasons: Business Model.

The Asset Quality score of 'bb-' has been assigned above the 'b'
category implied score due to the following adjustment reasons:
Reserve coverage and asset valuation.

The Capitalization and Leverage score of 'bb-' has been assigned
above the 'b' category implied score due to the following
adjustment reasons: Reserve coverage and asset valuation.

RATING SENSITIVITIES

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

-- Maintenance or improvement of IUH's current financial profile
    in the context of a positive rating action on the sovereign
    could lead to a similar action on IUH.

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

-- IUH's Long-Term IDRs and VRs are constrained by Brazil's
    sovereign rating, meaning a sovereign downgrade would result
    in downgrades;

-- A significant weakening in capitalization (CET1 ratio below
    10%), most likely stemming from greater than anticipated asset
    quality and earnings deterioration, could lead to negative
    rating action.

NATIONAL RATING

IUH's National Ratings are sensitive to changes in their
creditworthiness relative to other Brazilian issuers.

SENIOR UNSECURED AND SUBORDINATED DEBT

IUH's senior unsecured debt ratings is sensitive to a change in its
IDR. IUH's hybrid ratings (for its Tier II subordinated debt and
AT1) rating are sensitive to a change in its anchor VR.

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.

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.




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

ALPHA LATAM: Chapter 11 Disclosure Inadequate, Says U.S. Trustee
----------------------------------------------------------------
Rick Archer of Law360 reports that the U.S. Trustee's Office
Monday, January 24, 2022, urged a Delaware bankruptcy judge to
reject Colombian payday lender Alpha Latam Management's Chapter 11
plan disclosure, saying it contains an inadequately explained
settlement and excessively broad liability releases.

In an objection to Alpha Latam's plan disclosure, the U.S.
Trustee's Office said the latest version of the plan disclosure
statement adds a detail-poor settlement with an unnamed group of
creditors to a plan that would release the legal claims of parties
who will never receive notice the plan exists.

                   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.




===================
C O S T A   R I C A
===================

BAC SAN JOSE: Fitch Affirms 'B+' Foreign Currency IDR, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed Banco BAC San Jose, S.A. (BAC San
Jose)'s Long-Term (LT) Foreign Currency (FC) Issuer Default Rating
(IDR) at 'B+'. Fitch also affirmed the bank's LT Local Currency
(LC) IDR at 'BB-' and its National LT Rating at 'AAA(cri)',
respectively. In addition, Fitch affirmed the bank's Short Term
(ST) FC and LC IDR at 'B' and its National ST Rating at 'F1+(cri)'.
The Rating Outlook of the LT IDRs is Negative and the Outlook of
the National LT Rating is Stable.

Fitch has also withdrawn BAC San Jose's Support Rating (SR) of '4'
as it is no longer relevant to the agency's coverage following the
publication of Fitch's updated Bank Rating Criteria on 12 Nov.
2021. In line with the updated criteria, Fitch has assigned BAC San
Jose a Shareholder SR (SSR) of 'b+'.

KEY RATING DRIVERS

IDR, SSR AND NATIONAL RATINGS

BAC San Jose's IDRs, SSR and National Scale Ratings are driven by
Fitch's appreciation on the ability and propensity of its parent
company, Banco de Bogota, S.A. (Banco de Bogota; BB+/Stable) to
provide support to BAC San Jose, if required. In Fitch's view,
parent support is robust but constrained and highly influenced by
Costa Rica's country risks (sovereign rating of B/Negative).

BAC San Jose's SSR is the driver of the bank's FC IDR and are both
capped at the country ceiling of 'B+', which captures transfers and
convertibility risks. The LT LC IDR is not constrained by the
transfers and convertibility risks, captured in country ceiling,
and it is rated at the maximum uplift of two notches above Costa
Rica's sovereign rating. The Negative Outlooks on BAC San Jose's
IDRs are in line with Costa Rica's sovereign rating Negative
Outlook.

Fitch's assessment of support considers with moderate influence the
bank's role within its parent's regional strategy. Despite the
announced spin-off, Fitch believes the Costa Rican bank continues
to be an important operation for Banco de Bogota as is the largest
operation of the BAC Credomatic group, which also has important
banking and financial operations in Central America.

In addition, BAC San Jose has a solid market franchise in the
country and a diversified business profile with strong presence in
retail financial services and leading position in the credit card
segment, which sustains Fitch's opinion about its integral part in
BAC Credomatic group and importance for Banco de Bogota's
operations.

While BAC San Jose's IDRs are based in the support from its parent,
the bank's financial profile is also considered in the agency's
appreciation on Banco de Bogota's ability and propensity of
support. BAC San Jose has a good business profile along reasonable
financial performance despite the risks from the operating
environment and moderate economic prospects. As of September 2021,
its loans past due above 90-day represented 2.3% of total, similar
to its last four years average of 2.2%.

Operating profits to risk weighted assets ratio was 0.8% as of the
same date, reflecting lower dynamism in its loan book, lower income
from the interest rate cap, along with higher loan impairment
charges applied as a preventive measure. The bank's Fitch Core
Capital ratio was 13% as of September 2021, which is reasonable to
its size of operations and risks and its funding profile continues
benefited by its strong deposit franchise and liquidity. As of the
same date, its loan to deposit ratio was 87.4%.

BAC San Jose' ratings would not be affected by the event announced
by its ultimate parent, Grupo Aval Acciones y Valores S.A. (Aval)
in September 2021, which reports the intention to deconsolidate BAC
Holding International Corp. (formerly Leasing Bogotá S.A. Panama,
owner of BAC San Jose) of Banco de Bogotá, as Fitch's support
assessment, reflected in BAC San Jose's SSR of 'b+', will continue
to be limited by the country risk.

BAC San Jose's National Ratings are at the highest point of the
National Ratings scale, according to the parent's relative credit
strength when compared with other rated issuers in Costa Rica.

SENIOR DEBT NATIONAL RATINGS

BAC San Jose's debt programs' National Scale Ratings are at the
same level of the issuer's National Ratings. In Fitch's opinion,
the debt issuances' likelihood of default is the same as BAC San
Jose due to these debt programs are senior unsecured.

RATING SENSITIVITIES

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

-- Negative changes in the BAC San Jose 's IDRs and SSR would
    mirror any movement in Costa Rica's sovereign ratings and
    Country Ceiling;

-- Any perception by Fitch of significantly reduced propensity
    from its parent, Banco de Bogota may trigger a downgrade of
    its IDRs, SSR and National Ratings;

-- A multi-notch downgrade of Banco de Bogota's IDRs would also
    entail a downgrade in BAC San Jose's IDRs and National
    Ratings;

-- BAC San Jose's senior unsecured debt National Ratings would be
    downgraded in the case of negative rating actions on the
    bank's National Ratings.

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

-- The Negative Outlooks on BAC San Jose's IDRs indicate positive
    actions in the bank's ratings are unlikely in the foreseeable
    future. Moreover, the Outlook would be revised to Stable if
    Fitch's assessments of the operating environment and the Costa
    Rican sovereign rating's Outlook are revised to Stable. Over
    the medium term, BAC San Jose's IDRs and SSR could be upgraded
    in the event of an upgrade of Costa Rica's sovereign rating
    and Country Ceiling;

-- The National Scale Ratings of the bank and its debt issuances
    are at the top of the scale. Therefore, there is no room for
    positive actions.

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 assets and
deducted from total equity since Fitch considers these to have a
low capacity to absorb losses. Recoveries from charge-offs were
reclassified to nonoperating income.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BAC San Jose's ratings are based on Fitch's opinion of Banco de
Bogota's ability and propensity to provide timely support. Banco de
Bogota's IDR is 'BB+' with a Stable Outlook.


BANCO DAVIVIENDA: Fitch Affirms 'B+' Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda (Costa Rica), S.A.'s
(Davivienda CR) Long-Term (LT) Foreign Currency (FC) Issuer Default
Rating (IDR) at 'B+' and LT Local Currency (LC) IDR at 'BB-'. Fitch
has also affirmed the bank's Short-Term (ST) FC and LC IDR at 'B'.
Fitch also affirmed the national LT and ST ratings at 'AAA(cri)'
and 'F1+(cri)', respectively, both for the bank and its issue
programs. The Rating Outlooks of the LT IDRs are Negative, while
the national LT Outlook is Stable.

Fitch has also withdrawn the bank's Support Rating (SR) of '4' as
it is 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
Davivienda CR a Shareholder Support Rating (SSR) of 'b+'.

KEY RATING DRIVERS

IDRs, SSR, AND NATIONAL RATINGS

Davivienda CR's IDRs, SSR and national ratings are based upon
Fitch's appreciation on the potential support that it would receive
from its Colombian shareholder Banco Davivienda S.A. (Davivienda,
BB+/Stable), in case needed.

In Fitch's appreciation of parent's ability to support Davivienda
CR, country risks have a high influence over the subsidiary's
ratings, since the SSR, which is the driver for the LT FC IDR, are
both limited at 'B+' by the Costa Rican country ceiling of 'B+',
which captures transfers and convertibility risks (T&C risks), and
constrains the ratings to a lower level. On the other hand, the LT
LC IDR of 'BB-' is three notches below its parent's company LT FC
IDR and two notches, above the sovereign, since it's not
constrained by T&C risks, according to Fitch's criteria. The bank's
LT IDRs Outlook mirrors that of the sovereign.

Moreover, in Fitch's assessment of support, the agency considers as
a relatively important factor, in the propensity of Davivienda's to
support Davivienda CR, the elevated reputational risk to the
parent, in case of a default of the subsidiary, as they share the
same brand. Also, Fitch considers that propensity of support is
moderately related to the role of Davivienda CR's in its parent's
strategy, since in Fitch's view, the bank is an integral and
relevant participant to the group, due to potential businesses,
geographical diversification and products provided in core
markets.

National ratings and their LT Outlook reflect the relative credit
strength of its parent in relation to other entities in Costa
Rica.

While Davivienda CR's IDRs are based upon the appreciation of Fitch
about the potential support that it would receive from its
shareholder, the financial profile moderately influences Fitch's
assessment of support, and estimates that any support required
would be manageable to its parent, despite the risks from the
operating environment and moderate economic prospects.

Fitch believes that Davivienda CR's asset quality managed to
contain the deteriorations related to the economic effects of the
pandemic, since as of 3Q21, impaired loans 90 days past due
represented around 2.1% of the gross loan portfolio. As of the same
date, operating profit/risk weighed assets (RWA) was 1.7%,
relatively high over its historic figure of 0.9%; while the Fitch
Core Capital (FCC)/RWA was 11.6% (2018-2020 average: 10.7%).
Davivienda CR's deposits base, which comprises the majority of
funding (61%), grew around 19.5% as of 3Q21 (system: 7.4%),
favoring the loans to deposits metric, that reached 126.7%.

Senior unsecured debt ratings are equalized to Davivienda CR's
national ratings, as they share the same probability of default,
and they don't have any specific guarantees. Fitch has assigned LT
national ratings to the issue program "Programa H de Emisiones de
Bonos Estandarizados en Colones y en Dolares" at 'AAA(cri)', which
entails no specific guarantees in line with other senior unsecured
obligations of the bank.

RATING SENSITIVITIES

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

-- Negative changes in the bank's IDRs and SSR would mirror any
    movement in Costa Rica's sovereign ratings and Country
    Ceiling;

-- Any perception by Fitch of reduced strategic importance of
    Davivienda CR to its parent company may trigger a downgrade of
    its IDRs, SSR and national ratings;

-- Davivienda CR's IDRs could be downgraded by a multi-notch
    downgrade of Davivienda's IDRs;

-- Davivienda CR's senior unsecured debt national ratings would
    be downgraded in case of negative rating actions on the bank's
    national ratings.

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

-- The Negative Outlooks on Davivienda CR's IDRs indicate
    positive actions in the bank's ratings are unlikely in the
    foreseeable future. Moreover, the Outlook would be revised to
    stable if Fitch's assessments of the operating environment and
    the Costa Rican sovereign rating change its Outlook to Stable.
    Over the medium term, Davivienda CR's IDRs and SSR could be
    upgraded in the event of an upgrade of Costa Rica's sovereign
    rating and Country Ceiling;

-- The national scale ratings of the bank and its debt issuances
    are at the top of the scale. Therefore, there is no room for
    positive actions.

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

Prepaid expenses were reclassified as intangibles, and deducted
from equity, to reflect their lower absorption capacity.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Davivienda Costa Rica's ratings are based upon Fitch's appreciation
of the potential support that it would receive from its parent, the
Colombian Banco Davivienda, S.A. (BB+/Stable).




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

DOMINICAN REPUBLIC: Allocated Billions to Offset Fuel Increases
---------------------------------------------------------------
Dominican Today reports that the government has allocated around
one billion pesos in the first three weeks of 2022 to mitigate the
impact imposed by international increases in the price of
hydrocarbons in the local market.

According to the Ministry of Industry and Commerce, the effects of
the rise in fuels are driven, among other factors, by the record
prices registered by a barrel of West Texas Intermediate (WTI) oil,
which averages US$ 87 per barrel, the report notes.

"Considering that the international market projects a trend of
sustained growth, the Government of President Luis Abinader
continues to monitor the behavior of crude oil and finished
products such as gasoline, diesel and LPG on a daily basis, in
order to face the strong increases that have been evident for more
than 15 months uninterruptedly, and according to the possibilities
of the national budget to absorb most of the increases," he
indicated, according to Dominican Today.

During the last 11 months of 2021, the Government assumed more than
RD$13 billion to face this international price crisis, the report
relays.

Since mid-December, the Government has earmarked resources to
absorb weekly increases of up to RD$14 pesos per gallon of
liquefied petroleum gas (LPG), which is the most consumed fuel in
the Dominican Republic, but also RD$21 in the case of of regular
diesel, the report says.

He stated that this measure has represented assuming up to 80% of
the variations in fuel prices so as not to transfer to the public
100% of these increases demanded by the market, the report adds.

                  About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

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.


DOMINICAN REPUBLIC: Government Guarantees Food Supply
-----------------------------------------------------
Dominican Today reports that the Dominican Republic does not
register a shortage of essential products, and as part of the
measures to face the imported inflation, the Government maintains a
policy of agricultural planning through the Ministry of
Agriculture, which guarantees a greater harvest of rice, bananas,
potatoes, vegetables under controlled environment, beans, eggs,
milk and other items of massive consumption in the country.

The revelation was made by the head of Agriculture Limbert Cruz,
speaking to Listin Diario, who assured that in the country there is
a wide offer of products and that soon will also enter the harvest
of onions in the South and the high part of the central Cibao, of
beans in San Juan. In addition, there is also a great offer of
bananas, coffee, and cocoa, according to Dominican Today.

He recalled an agreement for fertilizers to maintain the price
until September 30, the report notes.  However, as urea is the
primary imported input for agricultural production and has begun to
drop in price in international markets, it is expected to drop
after September in the country, the report relays.

The Minister of Agriculture affirmed that the Government would
increase the sales of the basic food basket products in the popular
markets and revealed that there will be a fair in Santiago
Rodriguez, the report discloses.

The Agricultural Bank, he said, will inject resources at zero rates
to the producers and at other preferential rates to promote the
agricultural supply. Cruz said that never before at this time of
the year, the price of bananas was so low, and they are available
at RD$5.00, the report relates.

The production of vegetables under a controlled environment has
increased from 12.5 million pounds to 25 million pounds per month,
and eggs have dropped in price at the farm, from RD$5.60 to RD$4.90
per unit, a drop that has been registered for two consecutive
weeks, the report discloses.

Another product that has dropped in price is chicken, the report
says.  Pork, he said, remained down due to the pandemic issue, but
there was a lot of pork in December, and there is a good supply,
the report notes.

The minister assured that the Ministry had been committed to
increasing production so that there is plenty of supply, and the
statistics show this, the report relays.

"We have the highest rice production that the country has ever had.
Never in the history of the Dominican Republic have we seen
plantains at RD$5 in January, which is the time of lower
productivity due to the issue of cold, sunshine hours, and always
in December to March there is a reduction in supply, however now
there is a super supply of plantains," he added.

The minister assured that in addition to an ample supply of
potatoes, the production of vegetables is increased by two, the
report relays.

"The main products of the family basket have increased considerably
to mitigate the world inflation that is in all countries," he said,
pointing out that there is inflation in England, in Spain. However,
in the United States, there has been the highest inflation in the
last 30 to 40 years, the report discloses.

In this regard, he indicated that in the Dominican Republic, in
terms of agricultural production, prices and a considerable supply
of everything in quantity, which is the most critical thing, are
stable, the report relays.

Products

The production of bananas is increasing; there is a good supply and
coffee and cocoa. Limbert Cruz says that the country is being
planted with coffee, the report notes.

Agro

The Minister of Agriculture assures that the country has no
inflation surprises in agricultural products, as in other countries
where there are shortages and shortages in the markets, the report
says.

Support

Chicken remained between RD$60 and RD$54 in December, and pork was
consumed in industrial quantities, indicated the Minister of
Agriculture. He said that fuels impact transportation, but this has
not been felt because there has been an oversupply here, the report
adds.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

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.




=====================
E L   S A L V A D O R
=====================

EL SALVADOR: Pandemic Interrupted 10 Yrs. of Growth, IMF Says
-------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) on
January 24, concluded the Article IV consultation with El
Salvador.

The pandemic interrupted ten years of growth, but El Salvador is
rebounding quickly. Robust external demand, resilient remittances,
and a sound management of the pandemic-with the help of a
disbursement under the Rapid Financing Instrument (SDR287.2 million
or US$389 million) approved in April 2020-are supporting a strong
recovery. The economy contracted by 7.9 percent in 2020 and is
projected to grow by about 10 percent in 2021 and 3.2 percent in
2022.

Against this backdrop, public debt vulnerabilities emerged.
Persistent fiscal deficits and high debt service are leading to
large and increasing financing needs. The fiscal deficit is
projected at 5 3/4 percent of GDP in 2021 and about 5 percent of
GDP in 2022. Under current policies, public debt is expected to
rise to about 96 percent of GDP in 2026 on an unsustainable path.

Since September 2021, the government has adopted Bitcoin as legal
tender. The adoption of a cryptocurrency as legal tender, however,
entails large risks for financial and market integrity, financial
stability, and consumer protection. It also can create contingent
liabilities.

                Executive Board Assessment

Executive Directors agreed with the thrust of the staff appraisal.
They commended the authorities for their timely and effective
management of the pandemic, which has helped limit its economic and
human toll. The economy is rebounding strongly, and El Salvador has
one of the lowest rates of COVID-19 infection and mortality in the
region.

Directors cautioned that fiscal vulnerabilities-stemming from the
large public debt stock-to-GDP ratio-have grown during the pandemic
and need to be promptly addressed. They underscored that high and
rising financing needs are constraining medium-term growth and
stressed the need to implement structural fiscal reforms. Directors
also underscored the importance of other structural reforms to
boost inclusive growth and supported the authorities' efforts to
reduce crime, cut red tape, reduce energy costs, and increase
infrastructure and social spending, including on education and
health.

Directors generally agreed on the need to implement a fiscal
consolidation starting this year based on high-quality revenue and
spending measures to restore fiscal sustainability and put public
debt on a firm downward trajectory. Directors welcomed in this
context the steps being taken to modernize public financial
management and assess fiscal risks.

With the unwinding of the exceptional measures introduced to
support liquidity and provide debt relief to households and
companies, Directors stressed the need to monitor banks' recovery
strategies and welcomed plans to introduce a banking crisis
resolution framework. They also took positive note of the decision
to transition toward a forward-looking and risk-based financial
supervision.

Directors agreed on the importance of boosting financial inclusion
and noted that digital means of payment-such as the Chivo
e-wallet-could play this role. However, they emphasized the need
for strict regulation and oversight of the new ecosystem of Chivo
and Bitcoin. They stressed that there are large risks associated
with the use of Bitcoin on financial stability, financial
integrity, and consumer protection, as well as the associated
fiscal contingent liabilities. They urged the authorities to narrow
the scope of the Bitcoin law by removing Bitcoin's legal tender
status. Some Directors also expressed concern over the risks
associated with issuing Bitcoin-backed bonds.

Directors welcomed the publication of reports on the use of public
funds for COVID-19 and the audits of the Court of Accounts, as well
as the decision to further strengthen fiscal transparency and
accountability. Directors urged the authorities to strengthen the
anti-corruption and AML/CFT frameworks in line with international
standards. Directors also recommended upgrading the statistical
framework.

As reported in the Troubled Company Reporter in October 2021, S&P
Global Ratings revised its outlook on El Salvador to negative from
stable. S&P also affirmed its 'B-/B' long- and short-term sovereign
credit ratings.




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

CT TRUST: Moody's Assigns Ba1 CFR & Rates New Unsecured Notes Ba1
-----------------------------------------------------------------
Moody's Investors Service has assigned Ba1 corporate family rating
to CT Trust and a Ba1 rating to its proposed senior unsecured
global notes of around $750 million, unconditionally and
irrevocably guaranteed by Tigo Guatemala Companies (Tigo
Guatemala). The outlook is stable. The proceeds from the notes will
be upstreamed to Millicom International Cellular S.A. (Millicom),
its shareholder, to take out the bridge loan issued to finance the
acquisition of the 45% minority stake in Comunicaciones Celulares,
S.A (Comcel) and its subsidiaries.

The ratings assume that the notes' final terms and conditions will
not materially change from those reviewed by Moody's.

Assignments:

Issuer: CT Trust

Corporate Family Rating, Assigned Ba1

Proposed around USD750 million senior unsecured notes due 2032,
Assigned Ba1

Outlook:

Issuer: CT Trust

Outlook, Assigned Stable

RATING RATIONALE

The Ba1 CFR considers Tigo Guatemala's position in the Guatemalan
market as the country's leading telecommunications service
provider. Tigo Guatemala's main operating segment and largest
source of income is the mobile sector (about 83% of the
consolidated group's revenues), where it estimates to have
approximately 64% of market share. The company is also the leading
provider of cable TV, fixed broadband, and triple-play data and
voice services to homes, as well as corporate solutions. As of
September 30, 2021, Tigo Guatemala had 11.6 million mobile
subscribers and serviced 670 thousand households.

Tigo Guatemala generates strong EBITDA margins and benefits from a
relatively low debt profile when compared to similarly rated peers,
which promotes solid operating performance and financial stability.
Projected Moody's adjusted EBITDA margin for year-end 2021 is
54.2%, strong for the rating category, reflecting the company's
superior competitive and cost positions when compared to peers.
After repaying Comcel's 2024 Notes in November 2020, Tigo
Guatemala's adjusted leverage fell from 1.5x at year-end 2019 to
0.8x at year-2020 and is expected to close 2021 at 0.7x. In 2022,
pro forma for the proposed transaction, Moody's expects leverage to
increase significantly to around 2.0x, but to remain relatively low
compared to similarly rated peers.

Factors constraining the ratings include the company's small
revenue size and limited growth potential when compared to global
peers. The company is largely dependent on mobile revenue, which
historically contributes with over 80% of total revenue (84% in
2020 and 83% LTM Q32021). The fast-growing home segment contributes
with about 12% of revenues and the corporate segment with 5%.
Although small relative to mobile, these segments present key
growth opportunities given Guatemala's low data and pay-TV
penetration. However, regional constraints, such as Guatemala's
small scale and low consumption power, place limitations on
expansion.

Tigo Guatemala's liquidity is good. As of September 2021, the
company had approximately $197 million in cash and cash equivalents
and a very comfortable debt maturity profile, with next significant
maturity due in 2025. In addition, cash generation is sufficient to
cover its obligations, including interest payments, capital
spending, working capital needs and taxes. However, given that
Millicom's subsidiaries typically pay out most of their generated
cash in dividends after investing in capital spending, Moody's
expects free cash flow to continue to be low to negative.

As telecommunications service providers, Tigo Guatemala and its
shareholder, Millicom, have overall a low direct business exposure
to environmental and social risks. However, governance
considerations are relevant for these companies' credit quality. As
a private company, Tigo Guatemala is not subject to the same level
of corporate governance, financial reporting and compliance
procedures required from a publicly traded company. However, as a
wholly owned subsidiary of Millicom, Tigo Guatemala is subject the
group's governance framework. Millicom is listed on the Nasdaq
Stock Market since 2019 and, therefore, subject to certain
reporting requirements under the Securities Exchange Act, the
Sarbanes-Oxley Act of 2002, and other applicable securities rules
and regulations. The Exchange Act requires that Millicom files
annual and current reports with respect to the business, financial
condition, and operations results. The Sarbanes-Oxley Act requires
that, among other things, Millicom, and its subsidiaries, establish
and maintain effective internal controls and procedures for
financial reporting. In terms of corporate governance, Millicom's
board of directors comprises eight independent members and three
committees, including the Compliance and Business Conduct
Committee, the Audit Committee, and the Compensation Committee. The
company has a conservative approach towards liquidity and remains
committed to its 2.0x net leverage target. Millicom complies with
the Swedish Code of Corporate Governance, Luxembourg and U.S.
Securities Laws.

The stable rating outlook reflects Moody's expectation that Tigo
Guatemala will be able to maintain its leading mobile market
position, strong margins, and solid credit metrics. The stable
outlook also reflects Moody's expectation that dividend payments
will be limited to a level that will not strain the company's
liquidity.

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

The ratings could be upgrade if Tigo Guatemala maintains a strong
liquidity position, demonstrates conservative financial policies
and steady growth. An upward rating movement would also be subject
to the relative position of Guatemala's sovereign rating.
Quantitatively, an upgrade would require the company to maintain
leverage below 2.5x adjusted total debt/EBITDA on an ongoing basis,
improve retained cash flow to above 30% adjusted retained cash
flow/gross debt and generate positive free cash flow on a
consistent basis.

The ratings could be downgraded if liquidity indicators or credit
metrics deteriorate. Additionally, a downgrade of Guatemala's
sovereign rating would likely strain the rating. Quantitatively,
the rating could be downgraded if leverage exceeds 3.5x adjusted
total debt/EBITDA for a prolonged period without a clear path to
subsequent deleveraging or dividend payouts is consistently above
cash generated after capital spending, resulting in persistently
negative free cash flow.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Tigo Guatemala is the leading provider of mobile and fixed
communications services in Guatemala, providing mobile, Cable TV,
broadband internet and mobile finance services across an extensive
2G, 3G, 4G, HFC, WTTx and DTH networks. With 11.6 million mobile
subscribers, the company estimates its market share at
approximately 64%. For the last twelve months ended September 2021,
the company reported revenue and EBITDA of $1.58 billion and $856
million, respectively. Tigo Guatemala is 100% owned by Millicom
International Celular, S.A. ("Millicom", Ba1 stable) a global
telecommunications investor focused on emerging markets, with
cellular operations and licenses in 9 countries in Latin America.
The company has around 44 million mobile customers and services 4
million cable and broadband households.




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

CREDITO REAL: Fitch Lowers LT IDRs to 'B-', On Watch Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Credito Real, S.A.B. de C.V., SOFOM,
E.N.R.'s (Credito Real) Long-Term (LT) Foreign and Local Currency
Issuer Default Rating (IDRs) to 'B-' from 'BB-' and these ratings
were maintained on Rating Watch Negative (RWN). The Short-Term (ST)
IDRs of 'B' were placed on RWN. The senior unsecured debt and
hybrid notes were also downgraded and maintained on RWN. Fitch has
also assigned 'RR4' and 'RR6' Recovery Ratings to Credito Real's
global senior unsecured notes and the hybrid notes, respectively.

The LT and ST national scale ratings were downgraded to 'B(mex)'
from 'A-(mex)', and to 'B(mex)' from 'F2(mex)', respectively. These
ratings were maintained on RWN.

KEY RATING DRIVERS

The downgrade reflects Credito Real's slower-than-anticipated
progress in its funding and liquidity plans to address the upcoming
CHF170 million due on Feb. 9, 2022, which reflects worsening
business flexibility and a very weak funding and liquidity profile
amidst rapidly deteriorating refinancing risk.

Although Credito Real has managed to sell and collect a portion of
the Mexican and U.S. small and medium enterprises (SMEs) portfolio
(about MXN1,118 million), the origination pace has only reduced
partially in recent weeks, while the announced syndicated secured
credit line is still pending completion.

The RWN reflects the heightened execution risk of previously
announced and additional funding strategies that Credito Real is
still working on to meet the upcoming debt maturity deadline.
Further negative rating actions could be taken in the following
days in the event of failure to secure the additional financing
alternatives, which could increase the possibility of a debt
default in the near term.

Information provided by Credito Real to the agency that
incorporates current cash plus pending short- term strategies that
are fully issuer-driven (not market-linked i.e. near-term
collections and reduced origination) account for a material portion
of the upcoming maturity. The entity continues negotiating a
syndicated secured facility, which Credito Real expects to close in
the coming days; however, this remains a market-driven strategy
with some degree of uncertainty.

Fitch's downward revision of the assessment of the company's
funding to 'b-' from 'bb-' with a negative trend reflects the
increased refinancing and liquidity risks. In Fitch's view, Credito
Real's reduced access to unsecured funding from financial markets
due to increased risk aversion since 2021 could continue to weaken
the company's funding franchise and costs, which could also weigh
on other financial factors.

Fitch considers that the accumulated unpledged portfolio over the
years could allow it to maintain its level of unsecured funding to
total debt metrics in compliance to its debt covenants; however,
the company's funding profile remains highly subject to creditor
sentiment, which could hinder its short-term funding access
strategies and overall liquidity profile, which is already very
weak.

Credito Real's rating downgrade also considers the downward
revision of Fitch's evaluations of the rating factors 'company
profile' to 'bb-' from 'bb', due to the agency's view of further
weaker franchise on the funding side and a lower than expected
business flexibility to reduce origination when needed; 'management
and strategy' to 'b+' from 'bb' based on Fitch's perception of poor
execution of the different planned strategies and the delay
experienced in achieving them to stabilize Credito Real's funding
and liquidity position; and 'risk appetite' to 'b+ from 'bb-' due
to a less conservative liquidity risk management.

SENIOR DEBT

The senior global notes are rated at the same level as Credito
Real's 'B-' international rating, as the likelihood of a default of
the notes is the same as for the company. The senior notes rated
'B-(EXP)' have not yet been placed on the financial market. The
Recovery Rating of 'RR4' assigned to the notes indicates 'Average'
recovery prospects of current principal and related interest upon
default.

HYBRID SECURITIES

Credito Real's hybrid securities remain rated two notches below its
LT IDR at 'CCC' to reflect the increased loss severity due to its
deep subordination and heightened risk of non-performance relative
to existing senior obligations. The Recovery Rating of 'RR6'
assigned to the notes indicates 'Poor' recovery prospects of
current principal and related interest upon default.

Based on Fitch's assessment, the hybrid qualifies for 50% equity
credit under Fitch's criteria.

RATING SENSITIVITIES

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

-- Fitch expects to resolve the RWN upon assessing the progress
    in the funding and liquidity plans established by the company.
    If Credito Real is not able to complete the financing
    alternatives in a timely manner, exacerbating refinancing risk
    and weakening its financial flexibility, further negative
    rating actions could follow in the coming days;

-- A multi-notch downgrade of the national ratings is possible if
    the IDRs are further downgraded.

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

-- The RWN could be removed and ratings be affirmed if the
    company's strategies progress, reducing refinancing risk and
    improving the funding and liquidity profile of the company;

-- The current RWN makes an upgrade highly unlikely in the near
    term.

SENIOR DEBT and HYBRID SECURITIES

-- The company's debt ratings would mirror any changes on those
    of Credito Real's IDRs. The senior unsecured debt ratings
    would continue to be aligned with the company's IDRs, while
    the hybrid securities would remain two notches below.

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 and other deferred assets were reclassified as
other intangibles and deducted from capital. Results from
investments in associates were reclassified as operating income.
Income from leasing and factoring operations were reclassified as
interest income. Its operational lease portfolio and factoring
operations were included in gross loans, with the portion of
delinquent leases classified as impaired loans. The coupons of the
perpetual notes were reclassified as interests.

ESG CONSIDERATIONS

Credito Real, S.A.B. de C.V., Sociedad Financiera de Objeto
Multiple, Entidad No Regulada has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to its exposure to shifts in social
or consumer preferences or changes in government regulation, or
contract agreements on payroll deduction loan products, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Credito Real, S.A.B. de C.V., Sociedad Financiera de Objeto
Multiple, Entidad No Regulada has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
its exposure to reputational and operational risks, as its payroll
deduction loans business targets government employees and
dependencies offering relatively high interest rates, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Credito Real, S.A.B. de C.V., Sociedad Financiera de Objeto
Multiple, Entidad No Regulada has an ESG Relevance Score of '4' for
Financial Transparency due to the issuer's approach for reporting
and registering accrued interest and the loan portfolio differ from
practices disclosed by other payroll lenders, and Credito Real's
public information disclosure is weaker than international best
practices and lack sufficient detail in some accounts albeit Fitch
perceives the company has made some positive steps in this area.
This has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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.




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

PUERTO RICO: U.S. Court Imposes Debt Plan Despite Protests
----------------------------------------------------------
Rafael Azul of World Socialist Web Site reports that in the face of
protests, a U.S. judge imposed Puerto Rico's debt restructuring
plan.

On January 3, 2022, demonstrators rallied at the Federal Court
House in San Juan, Puerto Rico, demanding that U.S. District Court
Judge Laura Taylor Swain reject Puerto Rico's debt restructuring
plan, proposed by the Financial Oversight and Management Board for
Puerto Rico (FOMBPR).

Pointing out the precarious state of the island's economy, the
protesters, who included retirees, teachers, government employees
and students from the University of Puerto Rico, demanded
legislation forbidding the payment of illegal government debt, and
instead prioritizing education, such as funding for the University
of Puerto Rico, other essential services and guaranteeing
retirement pensions.

Judge Swain, who presides over the Puerto Rico bankruptcy case,
while acknowledging the popular opposition in Puerto Rico, approved
the FOMBPR plan on January 18, 2022.

Puerto Rico's 25 years of financial implosion and economic decline
will now take a new turn with Swain's approval of the debt
restructuring plan engineered by the Financial Oversight and
Management Board for Puerto Rico, an unelected body appointed by
the US Congress in June 2016 under the Obama administration to
manage the US island territory's debt crisis.  The seven members
of the financial oversight board are well connected to European and
US banks and to the Wall Street vulture funds.

Five years in the making, the restructuring plan cuts Puerto Rico's
2016 debt default in half, while assuring multi-million-dollar
profits for Wall Street high risk hedge ("vulture") funds, at the
expense of public employee pensions, jobs and wages.

The debt restructuring plan, which is expected to be approved by
most debt holders, continues the island government's prolonged
austerity policies, including replacing defined benefit pensions
with 401K plans (subject to the vagaries of stock markets). It also
reduces Puerto Rico's current public debt from $70 billion to $34
billion, lowering what the government pays in debt service.
Investors will get $7 billion up front, plus billions more if tax
collections exceed projections. The Financial Oversight Board is to
remain in control until four years have passed with the government
budget in balance.

Unresolved are other aspects of the island's financial crisis,
such as the bankruptcy of the public Electrical Authority.

Puerto Rico defaulted on a $2 billion government bond payment on
July 1, 2016. At the time it had already missed debt payments on
tens of billions of dollars worth of other government debt and
unfunded pension liabilities.

The effects of the 2008 global financial crisis worsened Puerto
Rico's crisis, causing the collapse of labor-intensive firms
(construction, agriculture, and small and medium businesses). The
Puerto Rican establishment responded with a combination of
austerity and borrowing. In 2009, the administration of Governor
Luis Fortuno Burset passed emergency legislation that led to the
sacking of 30,000 public workers, increasing rates of unemployment
and encouraging mass emigration.

US firms that had established plants in Puerto Rico in the 1980s,
due to US government tax breaks, such as big pharmaceutical firms,
moved their production to other parts of the world, as these tax
advantages were abolished during the Clinton administration. Puerto
Rico witnessed a mass exodus of young skilled workers to the United
States; its population fell by half a million, from 3.8 million in
1996 to 3.3 million in 2020.

As industries were shutting down and plants and jobs were
disappearing, the borrowing continued.  Old debt was paid with new
debt, in violation of the island's constitution, which sets limits
on how much the government can borrow.  The crisis continued to
worsen.

By 2014, as it became clear that the situation was untenable, Wall
Street rating agencies downgraded Puerto Rican bonds to the status
of junk bonds.  Vulture hedge funds, such as Aurelius Capital,
began buying bonds at a fraction of their face value, determined to
collect full payment in the future.

The crisis became what the New York Times described as the "biggest
financial collapse in United States history."  The amount of money
involved, $73 billion, was complemented by $50 billion in unfunded
pension obligations.

In response to the debt crisis, the US Congress imposed the
unelected seven-member Financial Oversight Board on Puerto Rico
under the terms of the newly approved Puerto Rico Oversight
Management and Economic Stability Act (PROMESA). Individual debt
holders were barred from suing Puerto Rico, while the unelected
Oversight Board came up with a plan to resolve the crisis.

The board's real purpose was to protect the investments of Wall
Street's financial speculators by imposing deep austerity measures
on wages, education, health services, electricity and government
pensions. These measures included moves to privatize public
education and electricity services.

Following the imposition of PROMESA and of the Financial Oversight
Board, a series of natural disasters struck the island.

In September 2017, Hurricane Maria, a Category 5 storm, had a
devastating effect, destroying much of the electrical
infrastructure and resulting in more than 5,000 deaths, as well as
damages exceeding $100 billion. By 2018, Puerto Rico had lost 15
percent of its medical specialists, leaving only 9,500 to serve the
entire population of 3.2 million. Three years after Hurricane
Maria, 130,000 people had left the island, while Puerto Rico had
only received $1.5 billion in federal assistance, out of the $20
billion it had originally been promised.

All these events, austerity, unemployment, the debt crisis, and the
disastrous response to Hurricane Maria combined to provoke mass
demonstrations in 2019 that led to the collapse of the corrupt
administration of then-Governor Ricardo Rosello, alarming the US
and Puerto Rican ruling classes.

In 2020, the Guayanilla earthquake, which registered 6.4 on the
Richter scale, the strongest in 102 years, left the island without
electricity and destroyed parts of the southwestern coast,
destroying 8,000 homes and creating conditions for a new wave of
emigration.

These natural disasters also exposed the high rates of income
inequality on the island, the highest in the Caribbean and the
Western Hemisphere. Forty-five percent of the population subsist
below the poverty line, including over 50 percent of Puerto Rican
children. One-third of adults report food insecurity, while
one-fifth report missing meals because of lack of money.

With the COVID-19 pandemic the situation is becoming even worse,
due to high rates of unemployment and lower incomes.

The spread of the Omicron variant on the island is affecting
hospitals and clinics, which are on the verge of collapse due to
lack of supplies and personnel. As of January 23, 2022, Puerto Rico
reported 3,338 deaths, out of a population of over 3 million, since
the beginning of the pandemic in March 2020. It recorded a daily
death toll of 14, the first double-digit figure since the summer of
2021, while nearly 700 patients are hospitalized, more than at the
last peak of the pandemic.

The protests on January 3, 2022 were a warning of growing popular
anger. Just as in 2019, all the elements are coming together for a
social explosion of the Puerto Rican working class.

                        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 on-board 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 to chair a committee to review professionals' fees.



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

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

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

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.
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