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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Thursday, February 10, 2022, Vol. 23, No. 24

                           Headlines



B A H A M A S

CRYSTAL CRUISE: Two Ships Seized


B R A Z I L

PETROLEO BRASILEIRO: Fitch Affirms 'BB-' LT IDRs, Outlook Negative


C A Y M A N   I S L A N D S

ECAF I: Fitch Lowers Class B-1 Notes to 'CCC'


C H I L E

LATAM AIRLINES: Azul Says Merger Plan Better
LATAM AIRLINES: Plan 'Patently Unconfirmable,' Says Committee


C O L O M B I A

COLOMBIA: Targets Price Controls, Tariffs to Curb Inflation


J A M A I C A

JAMAICA: Government Revenue Shortfall Continues
JAMAICA: NIR Declined in January


M E X I C O

MEXICO: Economy Minister Sees 2022 Growth Slowing to 2.5%


X X X X X X X X

LATAM: US Lawmaker Passes Debt Relief Bill for Caribbean

                           - - - - -


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B A H A M A S
=============

CRYSTAL CRUISE: Two Ships Seized
--------------------------------
RJR News reports that two cruise ships from the Crystal Cruise
company have been seized after fleeing to The Bahamas to avoid U.S.
warrants over unpaid fuel bills.

The vessels were seized by Bahamian authorities, according to RJR
News.

The two vessels were anchored off the coast of Freeport, Bahamas,
following journeys of itinerary changes and offloading passengers,
according to the report.

Litigation began after it was announced in early January that
Crystal's parent company, Genting Hong Kong, went bankrupt, the
report adds.



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B R A Z I L
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PETROLEO BRASILEIRO: Fitch Affirms 'BB-' LT IDRs, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Petroleo Brasileiro S.A.'s (Petrobras)
Local and Foreign Currency Long-Term Issuer Default Ratings (IDRs)
and outstanding debt ratings at 'BB-'. The Rating Outlook is
Negative. The national scale rating has been affirmed at 'AA(bra)'.
The Outlook for the national scale rating is Stable.

Petrobras' ratings are linked to Brazil's sovereign ratings
(BB-/Negative) due to the company's strategic importance to the
country and the government's strong ownership and control.
Petrobras' dominant market share in the supply of liquid fuels in
Brazil, coupled with its large hydrocarbon production footprint in
the country, exposes the company to government intervention through
pricing policies and investment strategies.

Petrobras' ratings reflect the company's strategic importance to
the country and the very strong incentives Brazil has to support
the company should the need arise. Fitch considers the linkage
between Petrobras and the government to be strong as a result of
the government's majority ownership and control of the company, as
well as the evidence of a strong support track record. The Negative
Outlook for Petrobras' foreign currency and local currency
Long-Term IDRs reflects the same Outlook for Brazil's sovereign
rating.

Petrobras' standalone credit profile (SCP) of 'bbb' reflects the
company's strong capital structure, growing production trend,
excluding divestitures, and declining debt levels. Between 2015 and
3Q21, Petrobras reduced its total financial debt by USD89 billion
to USD37 billion as of September 2021 from USD126 billion in 2015
by using internal cash flow generation, proceeds from divestitures
and cash on hand. Fitch expects Petrobras has reached a comfortable
debt quantum, but it may deleverage going forwards if there are
limited investment opportunities.

KEY RATING DRIVERS

Sovereign Linkage: Petrobras' ratings are linked to Brazil's
sovereign ratings as a result of the influence the government may
have over the company's strategies and investments. This is despite
material improvements in its capital structure and efforts to
isolate itself from government intervention. By law, the federal
government must hold at least a majority of Petrobras' voting stock
and currently owns 50.5% of Petrobras' voting rights, directly and
indirectly. It has a 36.8% overall economic stake.

Solid Fundamental SCP: Petrobras' SCP of 'bbb' reflects the
company's continued improvements in its capital structure and
Fitch's expectation that the company will maintain or further
improve it going forward. Over the past two years, Petrobras used
the proceeds from internal cash flow generation and asset sales to
significantly lower its financial debt (excluding leases) by
approximately USD47.6 billion, or approximately 56% since 2018
compared to 3Q21.

Fitch forecasts Petrobras' leverage, as measured by gross financial
debt to EBITDA, to be at approximately 1.1x in 2021 and will
average below 1.0x between 2022 through 2024. The company's EBITDA
to interest expense improved from 5.5x in 2018 to 12.7x in 2021 and
is estimated to average 20.0x from 2022 through 2024.

Strong Cash Flow Generation: Fitch expects Petrobras to continue
reporting positive FCF over the rating horizon while investing
enough to replenish reserves, which will further support its SCP.
The base case scenario for Petrobras considers EBITDA and FFO
reaching above USD33 billion and USD25 billion, respectively, over
the next few years. During the LTM, ended Sept. 30, 2021, the
company reported EBITDA (adjusted for leases) of USD37.4 billion, a
46% increase from the same period in the previous year, while total
financial debt decreased by USD20 billion to USD36.7 billion in
September 2021 compared to the same period in the previous year.

Potential Political Interference: Petrobras is vulnerable to
potential political meddling following the 2022 president election
in October. There is a history of the political interference to
make changes at the executive level, board of directors and the
company's pricing policy. The potential return of stronger
political meddling into Petrobras' strategy, noticeably through
domestic gasoline and diesel prices, would negatively affect the
company's cash flow generation and SCP.

This is particularly relevant during times of Brazilian real
depreciation against the dollar, which would increase domestic
gasoline and diesel prices and heighten interference risk. In 2018,
the Brazilian government established provisional measures to fix
and subsidize diesel prices in order to ease mounting social
pressure over volatility in fuel prices. This marginally increased
the company's cash flow generation exposure to receipt of
government subsidies while the program was in place until year-end
2018. These policies were not implemented in 2019-2021.

Marginal Production Growth: Fitch's rating case assumes Petrobras'
gross production will increase, absent divestitures, to
approximately 3.3 million barrels of oil equivalent a day (boe/d)
in the next three to five years from annual average production of
approximately 2.7 million boe/d for YE 2021. The company reported
YE 2021 proved reserves of 9.880 billion boe, giving the company a
reserve life of approximately 11.0 years, an increase from 8.5
years in 2020, primarily as a result of the company starting to
include the assets gained from the transfer of rights surplus
bidding round awarded at the end of 2019.

Absent divestitures, production growth is expected to remain driven
by the company's development of its pre-salt assets and planned
capex for the next five years of more than USD68 billion, 84% of
which is earmarked for the upstream business. Pre-salt represented
more than 70% of Petrobras' oil and gas production during 2021 and
is expected to be the primary driver for the company's production
growth going forward.

Petrobras' marginal production decreased by 5.0% yoy between 2020
and 2021 is primarily driven by a decrease in its post-sale and
on-shore operations, which decreased by 17% which was partially
offset by the 3% increase pre-salt operations.

Petrobras has an Environmental, Social and Governance (ESG)
Relevance Score of '4' for Human Rights, Community Relations,
Access and Affordability due to the potential impact of social
pressures on pricing policy in the future, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

The company's score for Governance Structure is '4', due to its
nature as a majority government-owned entity and the inherent
governance risk that arises with a dominant state shareholder,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

DERIVATION SUMMARY

Petrobras' linkage to the sovereign is similar in nature to its
peers, namely Petroleos Mexicanos (PEMEX; BB-/Stable), Ecopetrol
S.A. (BB+/Stable) and YPF S.A. (CCC). It also compares with Empresa
Nacional del Peru (ENAP; A-/Stable), and Petroleos del Peru -
Petroperu (BBB/Stable). All have strong linkages to their
respective sovereigns, given their strategic importance and the
potentially significant negative social-political and financial
implications a default by any of these entities could have for
their countries.

Petrobras' SCP is commensurate with a 'bbb' rating, which is
materially higher than PEMEX's 'ccc-', as a result of Petrobras'
positive deleverage trajectory compared with PEMEX's increasing
leverage. Furthermore, Petrobras has reported and is expected to
continue to report positive FCF and production growth, which Fitch
expects to reach approximately 3.3 million boe/d in the next three
to five years.

In contrast, PEMEX's production has declined in recent years and
requires material capex to sustain the production stabilization
trend reported during since 2019. These production trajectories
further support the notching differential between the two
companies' SCPs. Petrobras' SCP is in line with that of Ecopetrol
at 'bbb' given both companies' strong credit metrics and
deleveraging trajectories.

KEY ASSUMPTIONS

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

-- Gross production to increase to approximately 3.1 million
    boe/d over the next four years; excluding impact from asset
    sales;

-- Eight production units come online during the next four years;

-- Brent crude trends toward USD53 per barrel by 2023;

-- Average foreign exchange rate of BRL5.57 to USD1.00 over the
    rated horizon;

-- Total dividends payout of USD52 billion between 2021 through
    2024, or average od USD10.4 billion per annum;

-- Proceeds from future asset sales of USD2.9 billion in 2021,
    USD9.0 billion in 2022, and USD 10 billion thereafter between
    2023-2025 are incorporated in Fitch's rating case.

RATING SENSITIVITIES

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

-- A positive rating action on the Brazilian sovereign could lead
    to a positive rating action on Petrobras.

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

-- A negative rating action on Petrobras could result from a
    downgrade of the sovereign and/or the perception of a lower
    linkage between Petrobras and the government coupled with a
    material deterioration of Petrobras' SCP.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Financial Flexibility: Petrobras' liquidity is robust and
provides an added comfort during periods of volatility in
hydrocarbon prices. The company's liquidity is supported by
approximately USD11.5 billion of cash and marketable securities as
of Sept. 30, 2021, compared with current financial debt maturities
of approximately USD3.4 billion. The majority of Petrobras'
available liquidity is composed of readily available liquidity held
abroad. As of Sept. 30, 2021, Petrobras had the majority of its
lines of credit untapped with approximately USD8.8 billion
available.

Petrobras demonstrates a solid ability to access the debt capital
markets to refinance debt. Long-term debt proceeds amounted to
roughly USD1.8 billion, for the nine months ended Sept. 30, 2021,
which the company used to amortize debt. Petrobras' financial debt
decreased by an estimated USD17.2 billion between 2020YE and 3Q21.
As of 3Q21, the average maturity of outstanding financial debt was
approximately 13.5 years and 12.5% of the company's debt was in
Brazilian reals.

ISSUER PROFILE

Petrobras is a government-related entity and one of the world's
largest integrated oil and gas companies, operating primarily in
Brazil where it is the dominant participant and the largest liquid
fuels supplier.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Petrobras' ratings are linked to the sovereign rating of Brazil.

ESG CONSIDERATIONS

Petrobras has an Environmental, Social and Governance (ESG)
Relevance Score (RS) of '4' for Human Rights, Community Relations,
Access and Affordability due to the potential impact of social
pressure on pricing policy in the future, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Petrobras has an ESG RS of '4' for Governance Structure due to its
nature as a majority government-owned entity and the inherent
governance risk that arises with a dominant state shareholder,
which 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.



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C A Y M A N   I S L A N D S
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ECAF I: Fitch Lowers Class B-1 Notes to 'CCC'
---------------------------------------------
Fitch Ratings has downgraded the class A-1, A-2 and B-1
asset-backed notes issued by ECAF I Ltd. (ECAF I). The Rating
Outlooks remain Negative on the class A-1 and A-2 notes (since
class B-1 no longer has an outlook).

    DEBT             RATING            PRIOR
    ----             ------            -----
ECAF I Ltd.

A-1 26827EAA3   LT B-sf   Downgrade    BBBsf
A-2 26827EAC9   LT B-sf   Downgrade    BBBsf
B-1 26827EAE5   LT CCCsf  Downgrade    BBsf

TRANSACTION SUMMARY

The rating actions reflect ongoing stress and pressure on airline
lessee credits backing the leases in the ECAF I pool; downward
pressure on aircraft values; 53.5% of the pool (now 14 aircraft)
are currently off-lease and grounded resulting in a notable decline
in lease collections in the past six months; and Fitch's updated
assumptions and stresses, and resulting impairments to modeled cash
flows and coverage levels. Further, the notes remain well behind
schedule principal and accumulation of unpaid scheduled principal
has risen, while the liquidity facility was drawn on for the first
time to pay class A and B notes interest in the December reporting
period. The prior review for each transaction was in February
2021.

The Outlook remains Negative on all series of notes, reflecting
Fitch's base case expectation for the structure to withstand
immediate and near-term stresses at the updated assumptions, and
stressed scenarios commensurate with their respective ratings.
Continued global travel restrictions driven by the pandemic and the
subsequent airlines recovery, including ongoing regional flareups
and potential for and occurrence of new virus variants, resulted in
continued delays in recovery of the airline industry.

This remains a credit negative for these aircraft ABS transactions
and airlines globally remain under pressure despite the recent
opening up of borders regionally and pick-up in air travel
globally. This could lead to additional near-term lease deferrals,
airline defaults and bankruptcies, along with lower aircraft demand
and value impairments, which can be more impactful on this pool
since it comprises a large percent of wide-body (WB) aircraft (five
aircraft totaling 40.1%). These negative factors could manifest in
the transaction, resulting in lower cash flows and pressure on
ratings in the near-term.

Fitch updated rating assumptions for both rated and non-rated
airlines and also aircraft values, which were key drivers of these
rating actions along with modeled cash flows. Recessionary timing
was assumed to start immediately, consistent with the prior review.
This scenario stresses airline credits, asset values and lease
rates while incurring remarketing and repossession costs and
downtime at each relevant rating stress level.

Entities managed by affiliates of BBAM Limited Partnership acted as
initial sellers to ECAF I. BBAM Aviation Services Limited (BBAM;
not rated by Fitch) is the servicer, and Seraph Aviation Group is
the administrator for ECAF I following their rebranding from
Stellwagen Capital in October 2020.

All transaction information listed herein is as of the December
2021 reporting/January 2022 payment period.

KEY RATING DRIVERS

Deteriorating Airline Lessee Credit and Over 50% Aircraft
Off-Lease/Grounded:

The credit profiles of airline lessees in the pool remain pressured
due to the continued coronavirus-related impact on all global
airlines, but for ECAF I have improved versus the prior 2021 review
for the assigned 'CCC' and below rating bucket. The percent of the
ECAF I pool airline lessees assumed at 'CCC' Issuer Default Rating
or lower declined down to 32.4% versus 68.3% in the 2021 review.
Despite this, the material jump in off-lease aircraft in
2021,early-2022 offsets this positive credit trend, and heighten
pressure exists with now 53.5% (percent of MABV) or 14 aircraft in
the pool is off-lease (aircraft on ground), versus 15.7% in the
prior review.

The assumptions are reflective of these airlines' ongoing credit
profiles and fleets in the current operating environment, due to
the continued coronavirus-related impact on the sector. Any
publicly rated airlines in the pool whose ratings have shifted have
been updated.

Asset Quality and Appraised Pool Value:

The remaining 27 aircraft are on lease to 12 airline lessees in 11
countries. The current pool includes 40.1% WBs with three A330-300s
(27.7%), one B777-200ER (2.3%) and one B777-300ER (12.2%),
consistent with the prior review. Of these 5 WBs, 4 are now
off-lease. There remains uncertainty around aircraft market values
and how the current environment will impact values in the near
term. Narrow-body (NB) aircraft total 59.9% virtually unchanged
versus the prior review, and include B737-800 (34.5%), A321-200
(10.0%) and A320-200 (7.5%). The top jurisdictions are Chile
(11.6%), Russia 7.6%) and China (5.2%).

Aviation Specialists Group, Inc. (ASG), AVITAS, INC. (AVITAS) and
Ascend Flightglobal Consultancy (Ascend) are the three transaction
appraisers. The latest reported transaction value is $641.2 million
as of the December 2021 reporting period, compared to $712.5
million a year earlier. Consistent with the prior review, Fitch
utilized the average excluding the highest value method (consistent
with the 2021 review) to value the portfolio at $568.39 million,
which is a 11.4% haircut vs the January reported value and 5.1%
compared to the average of the three transaction appraisals
provided.

Transaction Performance:

Only $2.7 million, $3.9 million and $2.2 million in lease
collections came in during the past three months, while the average
6-month collection rate was $2.87 million down 30.4% from the prior
6-month period. Further, the past 12-month collections averaged
$3.5 million, down 46% versus the prior 12-month period of
collections (averaged $6.4 million).

As a result, A and B scheduled principal remains significantly
behind schedule, and collections was so low in January 2022 that
the liquidity facility was tapped for the first time, totaling
$709,438, to pay interest on the A ($297,476) and B ($411,962)
notes. Interest continues to be paid to the A and B notes, but
principal (paid pro rata) has not been paid now in the prior three
months given low collections from November 2021-January 2022
collection period. Principal has been paid to the A notes
sporadically in the past six months prior to November last year,
while B principal has not been paid since May 2020 collection
period.

The anticipated repayment date (ARD) occurs in June 2022, and at
that time all available collections will be distributed pro-rata
between the class A-1 and A-2 notes, and the class B notes will
then by subordinated to the A notes. Utilization is well below the
75% trigger level being at just 47.2%, down from 92.8% a year
earlier when the trigger was not tripped.

Fitch Modeling Assumptions:

Nearly all servicer-driven assumptions are consistent with the
prior review. These include costs and downtime assumptions relating
to aircraft repossessions and remarketing terms of new leases and
extension terms. For any leases whose maturities end within two
years, or whose lessee credit rating assumption is below 'CCC',
Fitch assumed an additional three- or six-month downtime at lease
end for NB and WB aircraft, respectively. This is on top of
lessor-specific remarketing downtime assumptions, to account for
potential remarketing challenges in placing assets with a new
lessee in the current distressed environment.

With the grounding of global fleets and significant reduction in
air travel, maintenance revenue and costs will be affected and are
expected to decline due to airline lessee credit issues and
grounded aircraft. Maintenance revenues were reduced by 50% over
the next immediate 12 months, and such missed payments were assumed
to be recouped in the following 12 months thereafter. Maintenance
costs over the immediate next five months were assumed to be
incurred as reported. Costs in the following month were reduced by
50% and assumed to increase straight line to 100% over a 12-month
period. Any deferred costs were incurred in the following 12
months.

The transaction ARD is on the near horizon in June 2022. At that
point, principal payment allocation will flip from sequential to
pro rata between A-1 and A-2, resulting in extended payment profile
for A-1 in modeling scenarios.

RATING SENSITIVITIES

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

-- The Negative Outlooks on the notes reflect potential for
    further negative rating actions due to concerns surrounding
    the ongoing impact of the coronavirus pandemic and resulting
    performance concerns associated with airlines, aircraft values
    and other assumptions across the aviation industry with the
    severe decline in travel and grounding of airlines.

-- At close of the transaction, Fitch conducted multiple rating
    sensitivities to evaluate the impact of changes to a number of
    the variables in the analysis. The performance of aircraft
    operating lease securitizations is affected by various
    factors, which in turn could have an impact on the assigned
    ratings. Due to the correlation between global economic
    conditions and the airline industry, the ratings can be
    affected by the strength of the macroeconomic environment over
    the remaining term of the transaction.

-- In the initial analysis, Fitch found the transaction exhibited
    sensitivity to the timing or severity of assumed recessions.
    There is also greater default probability of the leases that
    will have a material impact on the ratings. The timing or
    degree of technological advancement in the commercial aviation
    space and the impacts these changes would have on values,
    lease rates and utilization would have a moderate impact on
    the ratings.

Down: Base Assumptions with Weaker WB Values

-- With 40.1% WB concentration in the current pool, any further
    softening in these values could lead to further negative
    rating actions. Using Fitch's primary modeled pool value and
    cutting the values by 20% running a downside sensitivity, each
    class could be considered for further negative actions.

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

Up: Base Assumptions with Stronger Values than Appraised

-- The aircraft ABS sector has a rating cap of 'Asf'. All
    subordinate tranches carry one category of ratings lower than
    the senior tranche. If the transaction experiences stronger
    asset values than currently appraised or if it experiences
    stronger lease collection inflow than Fitch's stressed
    scenarios, the transaction could perform better than expected
    and result in upgrades but remains limited by the 'Asf' cap
    rating.

-- Fitch ran a scenario with credit to higher values utilizing
    non-transaction appraisers' values provided for this pool and
    are mostly higher versus the three assigned transaction
    appraisers. In this upside scenario, all notes would benefit
    from higher value assumptions and warrant positive rating
    actions.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. 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.



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C H I L E
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LATAM AIRLINES: Azul Says Merger Plan Better
--------------------------------------------
Daniel Martinez Garbuno of Simple Flying reports that Brazilian
airline Azul Linhas Aereas has issued a statement explaining LATAM
Airlines Group's lack of interest in a possible transaction between
both carriers.  Azul seeks to correct certain mischaracterizations
and omissions in the ill-fated process.

On Nov. 11, 2021, Azul sent a letter proposing a general,
non-binding, and preliminary overview of a potential transaction.
Nonetheless, according to LATAM, this letter "did not provide any
process or timeline for the transaction and did not address various
regulatory concerns or other value and execution risks if such
transaction were pursued."  Moreover, since LATAM filed its Chapter
11 plan within the Court-approved timeline, LATAM had exclusivity
on the matter, effectively shutting down any other alternatives.

According to Azul, its proposal had crucial missing details only
because LATAM declined any substantive engagement with Azul.  The
Brazilian carrier added LATAM repeatedly rejected Azul's attempts
to begin a constructive dialogue.  If that had happened, Azul could
have introduced a "value-maximizing transaction between the
airlines."

Azul had a proposal for a business combination with LATAM submitted
with select LATAM creditors.  This proposal included around US$5
billion of equity financing, backstopped by creditors comprised of
several financial institutions, Azul said.

If approved, LATAM's new ownership would have been split between
Azul's current shareholders, LATAM creditors, and participants in
the equity financing. The deal would have been a massive merger
between Latin America's first and second-largest airlines by fleet
size.

A merger between both airlines would have significantly increased
network growth, and expanded the range of destinations, said Azul.
The synergies of the transaction would have been well over US$4
billion in incremental equity value above and beyond LATAM's
standalone plan.

At all times, LATAM categorically rejected Azul's plan.  Moreover,
the same day Azul announced it would explore mergers and
acquisitions opportunities, LATAM "unilaterally terminated the
codeshare agreement" between both parties.

LATAM's plan proposes the infusion of US$8.19 billion into the
group. The money would enter through a mix of new equity,
convertible notes, and debt. Once LATAM emerges from the bankruptcy
process, it would have a total debt of approximately US$7.26
billion and liquidity of around US$2.67 billion, which is a
conservative debt load and appropriate liquidity, said the
airline.

When filing the plan, Roberto Alvo, LATAM's CEO, said: "The
infusion of significant new capital into our business is a
testament to their support and belief in our long-term prospects."

LATAM is seeking to obtain a U.S. bankruptcy judge's approval of
its plan

Even if LATAM's plan is approved, Azul said it will continue to
believe its proposal "was superior and provided a more
value-maximizing transaction than the (LATAM) Plan."

                  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 serve as the Debtors' strategic advisors.
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 to the
Ad Hoc Committee of Shareholders.

LATAM AIRLINES: Plan 'Patently Unconfirmable,' Says Committee
-------------------------------------------------------------
The official committee of unsecured creditors of LATAM Airlines
Group S.A. said the company's plan of reorganization is "patently
unconfirmable" and, therefore, the exclusivity period should not be
extended.

In court papers filed in support of its earlier motion to terminate
the exclusivity period, the committee said LATAM's proposed plan
"violates virtually every fundamental norm of reorganization
practice."

According to the committee, the plan violates absolute priority
rule by giving LATAM's shareholders who are also insiders the
exclusive opportunity to purchase more than $1.5 billion in new
equity, by giving all shareholders the exclusive option to purchase
up to $800 million in new equity at the same discount, and by
permitting shareholders to retain equity value on account of their
shares for no consideration.

LATAM's plan also violates the equal treatment requirement of
Section 1123(a)(4) and the non-discrimination standard of Section
1129(b)(1) of the Bankruptcy Code by giving unsecured claims held
by members of the Evercore Group "a different and vastly superior
treatment" as compared to unsecured claims held by other creditors,
the committee further argued.

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

                  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 serve as the Debtors' strategic advisors.
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 to the
Ad Hoc Committee of Shareholders.



===============
C O L O M B I A
===============

COLOMBIA: Targets Price Controls, Tariffs to Curb Inflation
-----------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Colombia
launched a series of measures seeking to curb the fastest inflation
in five years, largely from increases in food prices, Minister Jose
Manuel Restrepo, the nation's finance minister, said.

Restrepo announced a package of measures after inflation
accelerated in January, more than doubling its 3% target, according
to globalinsolvency.com.

Restrepo spoke alongside the agriculture and transport ministers,
among other high-level officials, after a meeting with President
Ivan Duque, according to a video from the administration, the
report relays.

globalinsolvency.com reports Colombia's inflation rate surged to
6.94% in January, its highest level since September 2016, according
to the national statistics agency -- more than what was forecast by
all 18 analysts surveyed by Bloomberg, whose median estimate was
6.39%. Food prices rose 20% from a year earlier. Prices increased
1.67% from December, the highest monthly rise since 2001.

"Almost half of inflation is caused by food price increases and
measures such as tariffs may have an impact but in the medium
term," Camilo Perez, head of research at Banco de Bogota said by
phone, the report relays.

"Prices for agricultural inputs are high globally and the peso is
very weak, so even with lower tariffs, costs associated to food
will remain high," the report adds.

As reported in the Troubled Company Reporter-Latin America on Dec.
13, 2021, Fitch Ratings has affirmed Colombia's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook
is Stable.




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

JAMAICA: Government Revenue Shortfall Continues
-----------------------------------------------
Durrant Pate at Jamaica Observer reports that there continues to be
a shortfall in the Jamaican Government's revenue operations based
on the latest returns for the period from April to December 2021.

Data from the Ministry of Finance show total revenues and grants
for the period amounted to $492.22 billion to $1.23 billion behind
projection, according to Jamaica Observer.  However, the inflows
represent an increase of approximately 23.6% relative to the
$398.26 billion recorded for the corresponding period in 2020, the
report notes.

On the other hand, total expenditure for the period April to
December 2021 amounted to $501.25 billion, $9.34 billion less than
the budgeted amount of $510.59 billion, the report discloses.
Recurrent expenditure, which totaled $466.35 billion, accounted for
93.04% of overall expenditures, the report relays.

Under the recurrent expenditure categories for the review period,
the category above the budgeted amount was Interest, the report
notes.  This totaled $91.85 billion, 1.8% above the budgeted amount
of $90.23 billion, the report relays.

The categories below the budgeted amount included programs, which
amounted to $193.51 billion, which was $4.75 billion or 2.4% less
than budgeted, the report notes.  Comparably, Compensation of
Employees totaled $180.99 billion, $2.92 billion below the budgeted
amount of $183.92 billion, the report says.

Wages and salaries totaled $166.30 billion, 1.6% less than
budgeted. Additionally, employee contribution totaled $14.70
billion, which was 1.7% less than the budgeted amount of $14.94
billion, the report relays.

Jamaica's fiscal deficit, which occurs when the Government spends
more than it earns, was $9.02 billion, relative to a projected
deficit of $17.13 billion, the report notes.

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

JAMAICA: NIR Declined in January
--------------------------------
RJR News reports that Jamaica's Net International Reserves (NIR)
declined at the end of  January.

The NIR amounted to US$3.5 billion.  That was US$493 million less
than in December, according to RJR News.

The reserves were valued at 49 weeks of goods imports, the report
notes.

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




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

MEXICO: Economy Minister Sees 2022 Growth Slowing to 2.5%
---------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Mexican Economy
Minister Tatiana Clouthier said the country's economy was likely to
grow about 2.5% this year after being hit by the Omicron wave of
the coronavirus pandemic, in a blow to President Andres Manuel
Lopez.

Mexico's economy contracted for a second straight quarter in the
last three-month period of 2021, putting it in a technical
recession and confirming growth had lost momentum, according to
globalinsolvency.com.

Overall the economy expanded 5.0% for full-year 2021 after
shrinking 8.5% in 2020 in Mexico's worst recession since the Great
Depression of the 1930s, the report notes.

Clouthier said the Finance Ministry was forecasting growth around
4% for this year but this has taken a hit due to the Omicron wave.
"Now we estimate that we could (grow) around 2.5% to 2.6%,"
Clouthier told Aristegui Noticias radio station, the report relays.


Mexico's president earlier this month estimated 5% growth in 2022
but 11 analysts polled by Reuters last month forecast growth of
1.9%, the report adds.




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

LATAM: US Lawmaker Passes Debt Relief Bill for Caribbean
--------------------------------------------------------
U.S. Congresswoman Alexandria Ocasio-Cortez has passed a bill in
the House of Representatives to support debt relief for Caribbean
and other developing countries.

Ocasio-Cortez told the Caribbean Media Corporation the measure was
passed in the House as part of the America COMPETES Act.  The
legislation among other things places a moratorium on debt
payments.

The World Bank has warned of a 12% increase in the debt burden of
developing countries to a record $860 billion in light of the
pandemic.

The World Bank said since its Debt Service Suspension Initiative
took effect on May 1, 2020, it has delivered $10.3 billion in
relief to more than 40  countries.


                           *********


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

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

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

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of the same firm for the term of the initial subscription or
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