---

       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

          Wednesday, February 16, 2022, Vol. 23, No. 28

                           Headlines



A R G E N T I N A

ARGENTINA: Opposition Coalition Supports New IMF Financing


B A R B A D O S

BARBADOS: IMF Says Pandemic Continues to Pose Economic Challenges


B R A Z I L

BRAZIL: Inflation Rate Slows Down in January


C O L O M B I A

COLOMBIA: Targets Price Controls, Tariffs to Curb Inflation


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Planned Airport Loses a Court Round


E C U A D O R

ECUADOR: Sees Trade Deal with China, Debt Talks to Begin
INTERNATIONAL AIRPORT FINANCE: Fitch Rates $400MM Sec. Notes 'B-'


J A M A I C A

JAMAICA: Retail Group Wants Fuel Price Movement Curtailed


P U E R T O   R I C O

MOVIMIENTO PENTECOSTAL: Exclusivity Period Extended to May 2

                           - - - - -


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

ARGENTINA: Opposition Coalition Supports New IMF Financing
----------------------------------------------------------
James Grainger at Buenos Aires Times reports that leaders from
Argentina's ruling and opposition coalitions have declared they
will support a new financing program with the International
Monetary Fund in Congress.

According to the report, for Frente de Todos and President Alberto
Fernandez, the deal with the multilateral lender cannot acknowledge
even a hint of austerity, especially if he is to keep his
coalition's hardliners quiet.  For Juntos por el Cambio, the
government must be forthcoming with "the fine print" and understand
that the "responsibility" lies with the Casa Rosada, the report
relates.  In addition, they will not accept tax increases as part
of any accord, the report says.

President Alberto Fernandez's government announced late January
that it had reached an "understanding" with the IMF on key policies
that would allow it to reach a new financing agreement to
restructure Argentina's US$44.5-billion debt with the multilateral
lender, the report relays.

Under the new deal, officials have committed to progressively
reducing its fiscal deficit from 3% of GDP in 2021 to 0.9% in 2024,
the report discloses.  The gradual reduction -- to 2.5% in 2022 and
1.9% in 2023 -- would "not prevent the recovery" of the economy,
according to the government, the report says.

An IMF spokesperson said IMF staff are working closely with
officials in Buenos Aires to secure an agreement on a new financing
deal "as quickly as possible," the report relays.

The government has a more specific target -- it wants a staff-level
agreement before the March 22 maturity of a US$2.85-billion payment
that the country can no longer afford, the report discloses.

The president met with Guzman and later, Argentina's Ambassador to
the United States Jorge Arguello, to discuss how talks were going,
the report adds.

                          'Ongoing'

Discussions over a new program "are ongoing, fairly intensively,"
but there is no timeline for reaching an agreement, said IMF
spokesman Gerry Rice, the report relays.  According to Rice, there
was no date set for the visit of an IMF mission team to Argentina.
Nor would he answer whether the IMF would agree to postpone
upcoming debt maturities if a new agreement was not approved by
March, the report notes.  Any deal would require final approval
from the Fund's board, he insisted, the report discloses.

In recent weeks, the government has paid just over US$1 billion in
principle and interest on its loan, but is seeking to restructure
its remaining payments, which are due this year and next, the
report says.

Fernandez, speaking at an event promoting public works projects on
university campuses, promised that Argentina would "meet its
obligations" to the IMF, while stressing that any deal must not
contain "adjustments," the report relays.

"We live in a country that owes a lot of money and is dangerously
committed to an international credit organization, and when it
comes to seeing how to meet its obligations, this will not come at
the cost of adjustments to the people, to public works, to
education and, even less so, to science and technology," said the
Peronist leader, the report discloses.

Analysts viewed the remarks as a clear message to the hardline
Kirchnerite sector of the ruling coalition, some of whom have
already spoken out publicly against an agreement, the report
notes.

Maximo Kirchner resigned his position as Frente de Todos' caucus
chief in the lower house, with the lawmaker declaring that he could
not support a deal with the IMF, the report relays.

                          'No Doubt'

Any new program will have to be ratified by Congress, where the
ruling coalition is the largest force, but does not have a
majority, the report discloses.  Therefore it will need the support
of allies and some opposition lawmakers, the report says.

Lower House Speaker Sergio Massa said he had "no doubt" that the
deal would be approved by both chambers, the report relays.  The
Frente Renovador leader said that he remained optimistic, despite
Kircher's resignation and the silence of the lawmaker's mother,
Cristina Fernandez de Kirchner, Argentina's powerful
vice-president, the report discloses.

"I have no doubt that Argentina's parliament will approve the
agreement Argentina is discussing with the IMF," Massa said at a
meeting with agricultural leaders, the report relays.

Fernandez de Kirchner, who served two terms as president from 2007
to 2015, has yet to publicly comment on the agreement, though local
media report she did not approve of her son's resignation, the
report notes.

Massa warned that if the bill does not win congressional support,
the 2018 agreement signed by the Cambiemos administration will
continue to be in force, meaning payments totaling US$18 billion
will be due this year, the report relays.

President Fernandez has repeatedly said Argentina cannot afford to
pay.  IMF managing director Kristalina Georgieva called for a focus
on finalising the terms of the agreement and implementing it,
saying there is "no alternative," the report notes.

"Our main focus is to get Argentina off this very dangerous path of
high inflation," she told reporters, the report adds.

                    Opposition Support

With IMF officials insisting on support across the aisle, the
government is anticipating support from the opposition, the report
discloses.

In a statement, Juntos por el Cambio mayors in Buenos Aires
Province said they would support a deal "in order to avoid default"
and on the condition that Governor Axel Kicillof does "not use the
agreement as a pretext" to cut funds to opposition regions, the
report relays.

Following a meeting of key coalition leaders in Olivos on PRO party
leader Patricia Bullrich emerged to declare that Juntos por el
Cambio "is never going to push Argentina into default, the report
discloses.

At the summit, attended by ex-president Mauricio Macri and Buenos
Aires City Mayor Horacio Rodríguez Larreta among others, all had
agreed "the principle of the government's understanding with the
IMF is positive," said former vice-presidential candidate Miguel
Angel Pichetto, who serves as the coalition's point man on the
issue, according to the report.

PRO lawmaker Pablo Tonelli also said the opposition would support
the deal, provided it is "reasonable and beneficial for the
country," the report relays.  "Our predisposition is to go along,
because default is the worst of the alternatives," he added.  He
warned, however, that the opposition would not "co-govern or become
partners with the government in the running of the nation." A new
deal with the IMF is "the government's responsibility," said
Tonelli, the report notes.

One politician who will not be supporting the deal is libertarian
lawmaker Javier Milei, the report discloses.  "I am going to vote
against Guzman's project because I consider that it has theoretical
and empirical inconsistencies and a profound immorality in favour
of the political caste," he said in a radio interview with Metro
95.1 FM, the report says.

"La Campora wants the IMF to pay for the adjustment, and the
pigeons of Juntos por el Cambio want the private sector to pay for
it," declared the La Libertad Avanza deputy, the report adds.

                        About Argentina

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

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

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

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

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



===============
B A R B A D O S
===============

BARBADOS: IMF Says Pandemic Continues to Pose Economic Challenges
-----------------------------------------------------------------
At the request of the Government of Barbados, an International
Monetary Fund (IMF) team led by Bert van Selm conducted a staff
visit via videoconferencing from February 7-11, 2022. During the
visit, the team discussed the implementation of Barbados' Economic
Recovery and Transformation (BERT) plan, supported by the IMF under
the Extended Fund Facility (EFF). To summarize the mission's
findings, Mr. van Selm made the following statement:

"The ongoing COVID-19 pandemic continues to pose economic
challenges to Barbados. Tourism has rebounded in recent months,
leading to real GDP growth of 1.4 percent for 2021, and 11½
percent in Q4 2021 (over the same quarter in 2020). A gradual
economic recovery is expected over the medium term, but risks to
the outlook remain high.

"In this very challenging environment, Barbados continues to make
good progress in implementing its ambitious and comprehensive
economic reform program, while expanding critical investments in
social protection. All indicative targets for end-December under
the EFF were met. International reserves, which reached a low of
US$220 million at end-May 2018, increased to US$1.5 billion at the
end of 2021. Barbados recorded a small (½ percent of GDP) primary
surplus over the first three quarters of FY2021/22, which bodes
well for meeting the primary balance target (minus 1 percent of
GDP) for the full fiscal year. Preparation of a budget for
FY2022/23 is well underway.

"Strong steps have been made in implementing structural reforms.
The Fair Credit Reporting Act, adopted by parliament in December,
will support financial sector development. The Minister of Finance
issued regulations for a procedural fiscal rule in December-a key
milestone towards enhancing fiscal sustainability. The Barbados
Customs and Excise Department took important steps to improve
performance management, risk management, and trade facilitation
during 2021. Work has been initiated on reforms to enhance the
sustainability of the public sector pension scheme.

"The team is looking forward to conducting discussions for the
seventh review under the EFF in May and would like to thank the
authorities and the technical team for their openness and candid
discussions."





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

BRAZIL: Inflation Rate Slows Down in January
---------------------------------------------
Buenos Aires Times reports Brazil's inflation rate slowed in
January, but still came in at the highest level for the month since
2016, the government said, underlining the country's struggles to
stem surging prices.

The monthly inflation rate for January was 0.54%, down from 0.73%
in December, but still the highest level in six years for the first
month of the year, said the national statistics institute, IBGE,
according to Buenos Aires Times.

The annual inflation rate came in at 10.38%, up from 10.06% at the
end of last year and far above the Central Bank's target of 3.5%,
the report notes.

Latin America's biggest economy has been hit hard by global
inflationary pressure driven by pandemic-linked supply-chain
shortages, and frustration over surging prices has emerged as a
major threat to far-right President Jair Bolsonaro as he gears up
to seek re-election in October, the report discloses.

January's price increases were led by a 1.11% rise in food prices,
which hit the budgets of poor households especially hard -- a
demographic where Bolsonaro is aggressively courting voters, trying
to gain ground in the polls against leftist ex-president Luiz
Inacio Lula da Silva, the current front-runner, the report notes.

Brazil's Central Bank has responded to the inflation spike by
launching one of the most aggressive monetary tightening cycles in
the world, raising the benchmark interest rate from an all-time low
of 2% in March 2021 to 10.75%, the report notes.

Analysts say the inflation rate looks close to peaking, and predict
the central bank will soon start slowing its rate hikes, the report
relays.

"The headline [inflation] rate should start falling again this
month," said Olivia Cross of Capital Economics, the report notes.

The central bank "still looks on course to slow the pace of
tightening, as it signalled at its meeting last week," she said in
a note. "We expect a cumulative 150 basis points of hikes, to
12.25%, at the next two meetings to finish the tightening cycle,"
the report relays.

Brazil's economy fell into recession last year, contracting 0.4% in
the second quarter and 0.1% in the third, the report notes.

Analysts polled by the Central Bank forecast economic growth of
just 0.3% for this year, the report discloses.

                        About Brazil

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

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




===============
C 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, the nation's
finance minister said.

Minister Jose Manuel 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 notes.

The Andean nation's inflation rate surged to 6.94% in January, its
highest level since September 2016, the national statistics agency,
the report relays.

That's more than was forecast by all 18 analysts surveyed by
Bloomberg, whose median estimate was 6.39%. Food prices rose 20%
from a year earlier, the report discloses.

Prices increased 1.67% from December, the highest monthly rise
since 2001, the report notes.

"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," he added.




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

DOMINICAN REPUBLIC: Planned Airport Loses a Court Round
-------------------------------------------------------
Dominican Today reports that the Second Chamber of the Superior
Administrative Court (TSA) rejected the appeal filed by the Bavaro
International Airport (AIB) against the decision of the Civil
Aviation Institute (IDAC) that ordered the stoppage of the
construction works of that infrastructure for being "harmful to the
collective interest."

The company's lawyers had argued for the third time that IDAC
resolution 024/20 violated the principles of public administration
and due process, in addition to the fact that this body did not
have the competence to decide on an agreement signed between the
Dominican State and AIB, according to Dominican Today.

They also told the Court the IDAC paralyzed the construction
without expiring the deadlines for the deposit of the documentation
that they had required to continue the work, the report relays.

                   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 C U A D O R
=============

ECUADOR: Sees Trade Deal with China, Debt Talks to Begin
--------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Ecuador expects
to pull together a trade deal with China at the end of this year
and will begin formal debt re-negotiations with the Asian country,
Ecuadorean President Guillermo Lasso said, after a Beijing visit
with his counterpart Xi Jinping.

China became Ecuador's top lender over the last decade, with
millions of dollars in long-term credit tied to the handover of
crude oil, large investments in hydro-electric and mining projects
and other loans, according to globalinsolvency.com.

"In China we had a productive meeting with the President Xi
Jinping," Lasso posted on Twitter. "We achieved great results in
commercial openings, cooperation in health and debt
re-negotiation," the report notes.

At the meeting the two countries signed a memorandum of
understanding meant to pave the way for a trade deal at the end of
the year, which would benefit Ecuadorean exports of shrimp,
bananas, cacao, other fruit and minerals, the report relays.

Lasso, who took office in May, has said more trade and foreign
investment are key to stimulating the South American country's
COVID-battered and liquidity-poor economy, the report discloses.

"It would increase the market by nearly $1 billion more in export
opportunities," commerce minister Julio Jose Prado said during a
virtual press conference.  "And that will mean we could almost be
doubling the exports we make to China in various products," the
report relays.

The countries have agreed their finance ministries will conduct
initial talks on debt re-negotiation, as Ecuador seeks to improve
its payment periods and interest rates, the report adds.


INTERNATIONAL AIRPORT FINANCE: Fitch Rates $400MM Sec. Notes 'B-'
-----------------------------------------------------------------
Fitch Ratings has affirmed the long-term rating assigned to
International Airport Finance S.A.'s USD400 million senior secured
notes at 'B-'. The Rating Outlook is Stable. The issuance was made
in connection with Corporacion Quiport S.A. (Quiport), the
concessionaire of Quito's Mariscal Sucre International Airport.

RATING RATIONALE

The rating reflects Quiport's strategic but somewhat modest traffic
base, comprising mostly origin and destination (O&D) and
leisure-oriented passenger traffic, a history of moderate
volatility, and some competition from Guayaquil's Jose Joaquin de
Olmedo International Airport, the country's second largest airport.
It also reflects a tariff setting mechanism that allows for
indexation according to increases in U.S. and Ecuadorian consumer
prices. The rated debt is fixed-rate, fully amortizing and includes
additional liquidity in the form of an offshore debt service
reserve account (DSRA) and a stand-by LOC (SLOC), enough to cover
12 months of debt service.

The coronavirus pandemic and travel restrictions caused a harsh
drop in traffic in 2020, which may take several years to recover to
its 2019 level, causing lower revenues than originally anticipated
and exposing the project to increased liquidity needs.

Under Fitch's Rating Case, debt service coverage ratios (DSCRs) are
close to 1.0x from 2022 to 2025, while considering the period
between 2022 and 2032, the average is 1.2x. Rating case maximum
leverage, measured as net debt to cash flow available for debt
service (CFADS) is elevated at 11.1x in 2022. However, it is
expected to decrease steadily as traffic recovers, reaching levels
below 10x in 2023. Projected DSCRs under Fitch's rating case until
2025, along with the expectation that liquidity and reserves will
be sufficient to mitigate projected CFADS shortfalls, supports
Quiport's current rating.

KEY RATING DRIVERS

O&D, Leisure-Oriented Airport [Revenue Risk: Volume - Midrange]:
The airport is located in Quito's metropolitan region, which
accounts for 16% of the country's population (2.7 million people),
and had a smaller enplanement base of 2.5 million departing
passengers (pax) in 2019. The airport's traffic base is mostly O&D
(approximately 99% of total), with leisure-oriented traffic
exceeding business traffic.

International traffic represents 46% of total enplanements in 2019,
which Fitch believes makes the airport relatively more vulnerable
to a slower recovery versus other airports with less international
traffic. Total traffic volatility is moderate with the largest
historic peak-to-trough of 12.9% occurring between 2014 and 2016.
Carrier concentration in terms of revenue is low. There is some
competition from Ecuador's second largest airport, Guayaquil's Jose
Joaquin de Olmedo International Airport.

Dual Till Regulation [Revenue Risk: Price - Midrange]: Regulated
revenue tariffs are indexed according to inflation in Ecuador and
the U.S., and commercial revenues have no tariff-setting
restrictions.

Modern Infrastructure [Infrastructure Development & Renewal:
Stronger]: The airport is modern and well-maintained and has
relatively detailed short- and long-term expansion plans. Future
expansions are to be funded with internal cash flow generation,
while the associated expenditures are smoothed through a rolling
capex reserve. Any requested changes to the airport's Master Capex
Plan as a result of material deviations to traffic projections must
be approved by the grantor. The Master Capex Plan defines the works
and milestones to be reached, but not specific investment amounts,
which must be estimated by the airport. The debt structure also
includes an offshore capex reserve account or SLOC covering
staggered percentages of the next 18 months of capex needs.

Fully Amortizing Debt Structure with Strong Liquidity [Debt
Structure: Stronger]: The senior secured debt is composed of a
single fixed-rate U.S. dollar-denominated tranche with a fully
amortizing repayment profile. Structural features include an
offshore 12-month DSRA, which limits transfer and convertibility
risk and a capex reserve account. The structure has robust debt
incurrence and dividend distribution tests.

Financial Summary: Under Fitch's rating case, DSCR is projected to
below 1.0x in 2022. The airport has sufficient liquidity to cover
the expected CFADS shortfall. Considering the period between 2022
and 2032, average DSCR is 1.2x. DSCRs return to levels commensurate
with a higher rating according to Fitch's applicable criteria over
the longer term; however, such return is contingent on traffic
recovery.

PEER GROUP

Quiport's closest peer is ACI Airports SudAmerica, S.A. (ACI;
BB+/Negative), the indirect sponsor of Puerta del Sur S.A., who
holds the concession for Montevideo's Carrasco International
Airport in Uruguay. Both airports are smaller, main international
gateways to their countries. However, ACI has a higher rating as it
presents a higher average DSCR at 1.5x than Quiport's at 1.2x and a
solid resilience to lower-than-expected traffic underperformance
due to additional liquidity embedded in the structure.

RATING SENSITIVITIES

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

-- Slower than expected traffic recovery below Fitch's rating
    case projections or deterioration of the project's liquidity
    sources;

-- A negative rating action on Ecuador's sovereign rating.

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

-- Clear signals of sustained traffic recovery above Fitch's
    rating case expectations;

-- Observed DSCRs close to 1.2x on a sustained basis;

-- A positive rating action on Ecuador's sovereign rating, as
    long as project fundamentals support a more optimistic view.

BEST/WORST CASE RATING SCENARIO

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

CREDIT UPDATE

Total enplanements in 2021 reached 1.2x million pax, which
represented around 48% compared to 2019 levels. This recovery was
below Fitch's rating case traffic estimate, which expected a 55%
recovery. International traffic showed a greater recovery than
domestic traffic, with an average recovery of 55% versus 43%,
respectively.

According to Quiport's management, the better performance for
international traffic is due to a higher capacity offered by
international airlines, mainly in North America. On the other hand,
domestic traffic has experienced a recovery mainly in the last
quarter of 2021, also because of a greater capacity mainly offered
by Latam Airlines.

Operating revenues in 2021 reached USD100 million and were above
Fitch's rating case expectations of USD89 million, as a result of a
greater recovery in international traffic, for which the airport
charges a higher usage tariff fee compared to domestic. Fitch's
projections assumed the same recovery percentage for domestic and
international traffic.

Operating and capex in 2021 reached USD45 million and were below
Fitch's estimate of USD51 million, due to lower capex.

As a result of higher revenues and lower expenses, DSCR in 2021 was
1.0x, above Fitch's rating case expectation of 0.5x.

FINANCIAL ANALYSIS

At present, Fitch is not differentiating between its base and
rating case assumptions, given the level of uncertainty about
future traffic performance.

Fitch rating case assumes average traffic recoveries for 2022, 2023
and 2024 of 60%, 80% and 95%, relative to 2019 levels. In 2025,
Fitch assumes traffic recovers to 2019 levels, followed by a CAGR
of 3.4% in the long term.

The budgets of operating and capex were stressed by 5.0%.
Additional management costs of USD100 million in litigation
settlements were considered, amortized over 10 yearly payments of
USD10 million from 2020 onwards, and also stressed at 5%. U.S.
inflation was assumed at 2.8% in 2022, 2.4% in 2023 and 2.0% from
2024 onwards, while Ecuador inflation was forecast at 1.6% in 2022,
1.2% in 2023 and 2.0% from 2023 onwards.

Under Fitch's rating case, DSCR is below 1.0x in 2022 and 2024,
while considering the period between 2022 and 2032, average DSCR is
1.2x. Leverage measured as net debt to CFADS reaches its highest
point in 2022 at 11.1x. However, the airport shows progressive
deleveraging as traffic recovers, as leverage reaches levels below
10x in 2023. Also, current liquidity and reserves are sufficient to
continue complying with debt service obligations. The DSRA is
currently fully funded and has a balance of USD51 million (USD48
million in SLOC and USD3.6 million in cash).

Fitch also ran a severe downside scenario, which assumes traffic
recovery back to 2019 levels does not occur until 2026. For 2022,
2023, 2024 and 2025, Fitch assumes average recoveries of 55%, 75%,
90% and 95%, respectively, relative to 2019 levels. In 2026, Fitch
assumes traffic recovers to 2019 levels, followed by a CAGR of 3.5%
in the long term.

Under this scenario, metrics further deteriorate with DSCRs below
1.0x in 2022 and 2024-2025, while considering the period between
2022 and 2032, average DSCR is 1.1x. Should the airport show
traffic performance more consistent with this case over the coming
years, the ratings are likely to be affirmed since liquidity and
reserves are expected to be sufficient to mitigate projected CFADS
shortfalls.

SECURITY

Aeropuerto Mariscal Sucre is Ecuador's main airport, with 48% of
the country's offer (6.2 million seats), and acts as its main
international gateway both for passengers and cargo. The airport is
currently operated by Quiport under a 35-year concession agreement;
the airport will be handed back to the Municipality of Quito at the
end of the concession in 2041.

The concession included the administration and maintenance of the
old airport until cease of operations. It also included
development, design, financing and construction of the new airport,
as well as its operation, administration, and maintenance once
completed and until January 2041. Quiport transitioned to the new
airport in 2013, with operations in the old airport ceasing that
same year. The new airport allows more efficient and safer
operations (larger runaway and capacity for larger planes to
operate), adaptable facilities (land available for expansions), and
compliance with all international regulations.

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.



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

JAMAICA: Retail Group Wants Fuel Price Movement Curtailed
---------------------------------------------------------
RJR News reports that the Jamaica Gasoline Retailers Association
(JGRA) is calling for swift action from the government to curtail
the movement in petrol prices which are now at an 18-year high.

According to the report, JGRA President Dianne Parram says there is
need for a control mechanism.  The association said some of its
members are struggling to maintain operations, as gas prices
continue to increase.  Richard Pandohie, CEO of Seprod Group, says
manufacturers are taking a significant hit from the increased fuel
prices, the report adds.  He says the country has to urgently shift
to the use of renewable energy sources to buffer the impact of
rising global oil prices:

Robust demand recovery from the coronavirus pandemic has kept
global oil supplies snug, with inventories at key fuel hubs
globally hovering at multi-year lows, the report relays.

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.





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

MOVIMIENTO PENTECOSTAL: Exclusivity Period Extended to May 2
------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico extended the exclusivity period for
Movimiento Pentecostal Apostolico Cristiano, Incorporado to file
its Chapter 11 plan and disclosure statement to May 2.

                About Movimiento Pentecostal

Movimiento Pentecostal Apostolico Cristiano, Incorporado filed a
petition for Chapter 11 protection (Bankr. D.P.R. Case No.
21-02645) on Sept. 1, 2021, listing as much as $500,000 in both
assets and liabilities.

Judge Mildred Caban Flores oversees the case. The Debtor tapped
Almeida & Davila, P.S.C. and Tamarez CPA, LLC as legal counsel and
accountant, respectively.


                           *********


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

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

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

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

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

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


                  * * * End of Transmission * * *