---

       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, March 2, 2022, Vol. 23, No. 38

                           Headlines



A R G E N T I N A

ARGENTINA: Publishes Decree on Budget Changes for 2022


B A H A M A S

BAHAMAS: IDB Approves $200-Mil. Guarantee for Country's Economy


B R A Z I L

BRAZIL: Has Worst ECI Among Ten Latin American Countries


C O S T A   R I C A

BANCO NACIONAL: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
BANCO POPULAR: Fitch Affirms 'B' LT IDRs, Outlook Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: European Conflict Could Lead to Oil Shortages


J A M A I C A

JAMAICA: Manufacturers Paid More For Inputs in January


P U E R T O   R I C O

PUERTO RICO: Local & Federal Officials Fight Over PREPA Deal


S U R I N A M E

SURINAME: IDB Approves $85 Million Package of Investment Loans

                           - - - - -


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

ARGENTINA: Publishes Decree on Budget Changes for 2022
------------------------------------------------------
Buenos Aires Times reports that Argentina's government issued a
decree authorizing more local debt issuance this year based on the
2021 budget, which was extended to 2022 after rejection in the
lower house.

The decree authorizes Argentina's Treasury to issue an additional
789.6 billion pesos (US$7.4 billion) in notes in 2022, based on the
2021 budget, according to Buenos Aires Times.

The decree also approves additional short-term debt issuance of 250
billion pesos for the Economy Ministry and 180 billion pesos for
the social security office ANSES, the report notes.

In addition, the government is authorised to import an additional
one million cubic metres of diesel and diesel oil, the report
relays.

The government's budget proposal for 2022 was rejected by the
Congress in December, forcing the extension of the previous year's,
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 H A M A S
=============

BAHAMAS: IDB Approves $200-Mil. Guarantee for Country's Economy
---------------------------------------------------------------
The Bahamas will advance in creating a social and inclusive blue
economy with a $200 million Policy-Based Guarantee (PBG) approved
by the Inter-American Development Bank (IDB).

This operation will finance a project to promote a healthier and
more productive ocean in The Bahamas. It includes reforms and
actions to foster business recovery for micro, small, and
medium-sized enterprises (MSMEs) in the Blue Economy and
prospecting investment projects suitable for Blue Bond financing.

The Blue Economy is a coordinated approach to climate change and
climate risk solutions, environmental sustainability, and economic
growth, by strengthening oceanic ecosystems and optimizing the use
of marine resources.

The initiative also includes reforms geared at promoting
digitalization in the Blue Economy, strengthening the resilience of
the Blue Economy through improved climate risk management in
coastal and offshore areas, promoting better management of marine
resources, and reducing marine pollution.

Nearly 21.5 percent of The Bahamas' GDP - which rises to 50 percent
including indirect impacts - along with 54.5 percent of wages and
73 percent of employment are attributed to the Blue Economy.
Properly managed and protected, marine resources can become a major
source of economic production for the country's MSMEs, which make
up 98 percent of the country's businesses are MSMEs.

Ninety-five percent of the 260,000 square miles that make up the
country's exclusive economic zone is the marine space -- its
largest development area.

The project will benefit the country's population and firms in
general, particularly those involved in the Blue Economy, including
249 MSMEs that employ 1,666 workers. This includes women-led firms
which are often smaller and younger than average, and operate in
low-growth, low-profit markets. They also tend to be more affected
by extreme weather events that tend to impact vulnerable
populations, especially women and girls. Non-individual direct
beneficiaries will include other actors in the Blue Economy sector
through initiatives to promote their development.

The IDB's PBG of $200 million is expected to leverage additional
resources in the international capital markets, supporting
budgetary needs in a time of crucial environmental, social, and
economic need given the ongoing impact of COVID-19.

The operation is in line with the IDB's Vision 2025 - Reinvesting
in the Americas: A Decade of Opportunities, to achieve recovery and
inclusive growth in Latin America and the Caribbean in the areas of
micro, small and medium-sized enterprises, digital economy, gender
and inclusion, and climate change.

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




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

BRAZIL: Has Worst ECI Among Ten Latin American Countries
--------------------------------------------------------
Rio Times Online reports that Brazil's Economic Climate Index
(ECI), measured by Getulio Vargas Foundation (FGV), dropped 2.8
points in the first quarter of this year compared to the previous
quarter.  With this, the indicator, built based on the evaluation
of specialists in the country's economy, reached 60.6 points on a
scale of 0 to 200 points.

It is the worst result since the second quarter of 2020 (40.8
points), the report relays.  The fall was driven by the 39.1-point
decline in the Present Situation Index, which measures the experts'
opinion regarding the present, reaching 15.4 points, 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).




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

BANCO NACIONAL: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Nacional de Costa Rica's (BNCR)
Long-Term (LT) Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'B', and Short-Term (ST) Foreign and Local Currency IDRs
at 'B'. The Rating Outlook for the LT rating is Negative. In
addition, Fitch has affirmed BNCR's Viability Rating (VR) at 'b',
and National Scale Ratings at 'AA+(cri)' and 'F1+(cri)' for the LT
and ST Ratings, respectively. The Rating Outlook for the National
LT Rating is Stable.

Rating Withdrawals

Fitch has withdrawn the BNCR's Support Rating and Support Rating
Floors of '4' and 'B', respectively, as they are no longer relevant
to the agency's coverage following the publication of Fitch's
updated Bank Rating Criteria on Nov. 12, 2021. In line with the
updated criteria, Fitch has assigned a Government Support Rating
(GSR) of 'b'.

KEY RATING DRIVERS

IDRs, GSR and National Ratings

BNCR's IDRs, GSR and national ratings reflect Fitch's assessment of
the potential support the bank would receive if needed from its
single owner, the Costa Rican government, rated 'B'/Negative by
Fitch. In terms of the ability to support BNCR, Fitch considers,
with high importance, the Costa Rican sovereign rating. The
government propensity to support is driven, with high influence, by
the nature of BNCR as a state-owned bank and, given the bank's
policy role, the explicit guarantee stated in the National Banking
System Law (article 4), which stipulates that the government is
responsible for all non-subordinated liabilities of the state-owned
banks in the event of their liquidation.

The Negative Outlook for the LT IDR mirrors Costa Rica's sovereign
Outlook. The Stable Outlook on the National Scale LT rating
reflects Fitch's view on BNCR's relative strengths and weaknesses
in respect to other local peers as the national scale ratings re
relative rankings of the creditworthiness within a specific
jurisdiction.

Senior Unsecured Debt

All senior unsecured debt is rated at the same level as the bank's
ratings in Fitch's international and national scales, as the
likelihood of default on the debt is the same as BNCR's. In
accordance with Fitch's rating criteria, the recovery prospects in
the event of a default of the senior unsecured debt of BNCR are
average and are reflected in a Recovery Rating of 'RR4'.

Viability Rating (VR)

BNCR's VR is influenced by Fitch's assessment of the Costa Rican
operating environment (OE) at 'b'/Negative. Notwithstanding the
downside risks from the pandemic and economic growth have lessened,
political uncertainty and policy risk still challenge the OE,
imposing pressure on the banks' financial performance, mainly on
its asset quality. The bank's VR also reflects its sound business
profile characterized by its leading franchise as the largest
player in the Costa Rican banking system, with the highest market
shares. As of December of 2021, BNCR market share was 23.8% by loan
portfolio and 26.6% by deposits.

Fitch expects BNCR's asset quality deterioration to be controlled
for a 'b-' assessment. As the credit relief measures expired in
December 2021 for all the banks, the magnitude of the loan
portfolio deterioration will begin to be fully visible in YE22,
which will likely be taking place under a rising interest rates
environment. However, the percentage of BNCR's loan portfolio under
relief measures is relatively low (2.7% of total loan portfolio as
of YE21). As of December 2021 (YE21), the non-performing loan (NPL)
ratio decreased to 2.7% (industry: 2.5%) benefited by high
charge-offs and credit growth during FY21. Expected losses from
loan deterioration could be mitigated by the reserve coverage of
NPL, close to 110% (system: 161%) and a significant level of real
guarantees (46% of its loan portfolio).

Despite increasing loan impairment charges (LICs) to contain
expected loan deterioration, BNCR's profitability stabilized as of
YE21 underpinned by a stable net interest margin (NIM), although
lower than pre-pandemic levels, and by the control on the operating
efficiency. As of YE21, the operating profit to risk weighted
assets (RWA) ratio remained at 1.2%. The bank's ability to improve
profitability in 2022 will depend on the projected business
expansion and a proper NIM management amid increasing interest
rates.

Fitch believes that BNCR's capitalization is adequate to support
the expected modest business expansion and a better internal
capital generation under the prevailing economic environment. As of
YE21, the Fitch Core Capital (FCC) to RWA ratio was 13.9%; while
the regulatory capital ratio stood at 13.1% (minimum: 10%).

BNCR's funding structure is one of its main credit strengths,
reflecting its leading franchise in deposits, a diversified funding
profile and the government support. Its key funding source, that is
the customer deposit base (85.9% of total funding as of YE21),
continued increasing during FY21 (8.7%) which, along with a slower
credit expansion, reinforced the decreasing trend in the
loan-to-deposit ratio to 74.8% as of YE21 (system: 85.6%).
Historical deposit stability, wide access to alternative funding
sources and material liquid assets mitigate the institution's
exposure to the liquidity risk.

RATING SENSITIVITIES

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

-- BNCR's IDRs and GSR will be downgraded in the event of a
    downgrade in Costa Rica's sovereign ratings and Country
    Ceiling;

-- The bank's VR is will be downgraded by a downward revision of
    Fitch's assessment of the Costa Rican operating environment.
    Also, by a materially further loan portfolio deterioration
    that affects operating profitability and pressures the FCC to
    RWA ratio consistently below 9%;

-- A downgrade of BNCR's national ratings would reflect a
    weakening in the ability and propensity of the Costa Rican
    government to provide support, in relation to the
    creditworthiness of other entities in the same jurisdiction;

-- The bank's senior unsecured debt would mirror any negative
    change in the BNCR's international and national ratings.

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

-- BNCR's IDRs and GSR could be upgraded in the event of an
    upgrade of Costa Rica's sovereign rating and country ceiling.
    However, the Negative Rating Outlook on the IDRs results in a
    limited upside in the near future;

-- The Negative Outlook on BNCR's LT IDR would be revised to
    Stable if the Costa Rica's sovereign Outlook is revised to
    Stable;

-- Given the current limitations of the OE and the Sovereign
    rating, an upgrade of the VR is unlikely in the short term. An
    upward revision of Fitch assessment of the OE in conjunction
    with a consistent financial performance and business profile
    could lead to an upgrade of BNCR's VR;

-- An upgrade of BNCR's national ratings would reflect a
    strengthening in the ability and propensity of the Costa Rican
    government to provide support to the bank, in relation to the
    creditworthiness of other entities in the same jurisdiction;

-- The bank's senior unsecured debt would mirror any positive
    change in the BNCR's international and national scale ratings.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES
VR ADJUSTMENTS

The Operating Environment Score of 'b' has been assigned below the
'bb' category implied score due to the following adjustment reason:
Sovereign Rating (negative).

The Business Profile Score of 'bb-' has been assigned above the 'b'
category implied score due to the following adjustment reason:
Market Position (positive).

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

Fitch reclassified prepaid expenses, deposits as guarantee,
construction in process and other deferred assets as intangibles
and deducted them from total equity to reflect their low absorption
capacity.

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.


BANCO POPULAR: Fitch Affirms 'B' LT IDRs, Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed Banco Popular y de Desarrollo Comunal's
(BPDC) Foreign- and Local-Currency Long-Term Issuer Default Ratings
(IDRs) at 'B' and Short-Term Foreign and Local Currency IDR at 'B'.
The Rating Outlook on the Long-Term Rating is Negative. Fitch has
also affirmed the bank's Viability Rating (VR) at 'b'. At the same
time, Fitch affirmed the national ratings at 'AA+(cri)' with a
Negative Outlook and 'F1+(cri)'.

Rating Withdrawals

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

KEY RATING DRIVERS

IDRs, National Ratings and Senior Debt

BPDC's IDRs are driven by its VR. BPDC's 'b' VR is one notch below
its implied 'b+'. This is because the bank's standalone
creditworthiness is highly influenced by Fitch's assessment of
Costa Rica's operating environment (OE) at 'b'/Negative. The
ratings consider its consistent business profile, adequate asset
quality and profit generation, the high levels of capitalization
and its stable funding structure.

The Negative Outlook for the Long-Term IDRs and national ratings
reflects downside risks on the bank's credit profile due to the
still challenging OE.

Fitch considers the bank's business and financial profiles are
supported by its public nature and the benefits granted by law,
such as mandatory capitalization and inflow of deposits. The bank
benefits its franchise position by the mandatory depositary of
savings from Costa Rican workers. Also, the banks have a relevant
market position in consumer lending. BPDC is the third largest
among the country's banks in terms of assets and fourth in terms of
deposits, with market shares of 13.3% and 9.6%, respectively.

In Fitch's opinion, BPDC's asset quality has stabilized. Bank's
asset quality metrics as of December 2021 were close to
pre-pandemic levels, with a non-performing loan ratio of 2.6%
(2020: 2.9%; 2019: 2.6%). However, after adjusting for net
write-off after recoveries, this indicator rises to 3.8% (2020:
3.8%). The bank voluntary increased its loan loss allowances,
reaching as of YE 2021, 213.2% of impaired loans. Fitch view this
as favorable to cope in the medium term with the expiration of
relief measures and possible asset quality deterioration.

Fitch expects the bank's profits will remain sensitive to the
current OE, but pressure will be lower than 2020. As of December
2021, BPDC's operating profit over risk weighted assets (RWA) was
2.1%, showing improvement over 2020 (0.3%). This result is largely
due to gains on the investment portfolio that increased earnings
generation, although Fitch considers this trend might not replicate
to the same magnitude in 2022.

Fitch expects that the bank's loss absorption capacity to remain
sound in 2022, driven by high capital ratios and reserves coverage.
BPDC's Fitch Core Capital to RWA ratio stood at 30.5% at YE 2021,
up from 28.3% at 2020, and is among the highest, relative to its
local and international peers. Fitch believes that BPDC's capital
position will remain consistent with its current rating level
supported by lower loan growth than previous years that could
compensate possible profitability pressures.

Fitch does not anticipate significant reductions or changes in the
bank's deposit volume and funding profile under the current OE. The
bank has access to diverse funding sources and maintains adequate
levels of liquid assets. However, Fitch believes that BPDC's
funding structure is less diversified compared with larger domestic
peers. The loan to deposit ratio stood at 130.0% as of December
2021 (YE 2020: 117.6%).

National Ratings

The Long-Term national rating continue to be highly influenced by
the challenging OE in Costa Rica marked by a slow recovery in
economic activity that continue to pressure credit growth.

Debt Ratings

All senior unsecured debts are rated at the same level of the
issuer's Long- and Short-Term Rating in national scale, as the
likelihood of default on the debt is the same as BPDC.

Government Support Rating (GSR)

In Fitch opinion, the bank's Government Support Rating of 'b-', one
notch below sovereign, reflect the limited probability of support
from the Costa Rican government and the sovereign's current ability
to support the bank. This is despite the bank's public nature and
its law benefits, as well as its systemic importance. GSR indicates
the minimum level to which the entity's Long-Term IDRs could fall
if Fitch does not change its view on potential sovereign support.
The main limitation of the sovereign to provide support is the high
concentration of the banking system and the country's limited
financial flexibility.

RATING SENSITIVITIES

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

-- BPDC's IDRs and GSR could be downgraded be a downgrade on
    Costa Rica's sovereign rating and county ceiling;

-- While not Fitch's base case scenario, changes in business
    profile that diminish the advantages granted by law would
    pressure the bank's international and national ratings;

-- The IDRs and VR of BPDC could be downgraded by a downward
    revision of Fitch's assessment of the Costa Rican OE. Also, by
    a loan portfolio deterioration that affects operating
    profitability, exhibiting sustained deterioration levels of
    non-performing loans and profitability;

-- The national ratings are sensitive to an OE deterioration that
    could pressure national ratings to be downgrade;

-- The bank's senior unsecured debt would mirror any negative
    change in the BPDC's ratings.

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

-- IDRs and VR: Positive rating action is unlikely in the short
    term, given the Negative Outlook. The Outlook could be revised
    to Stable if both the sovereign rating and OE would be revised
    to Stable. The upside potential for the VR is limited by the
    stressed OE. Over the medium term, an improvement of the OE
    that strengthens the bank's financial metrics could lead to an
    upgrade of its VR;

-- GSR: BPDC's GSR is sensitive to changes in the sovereign
    rating. Fitch's base case scenario anticipates BPDC
    maintaining its current systemic importance and business
    profile and, therefore, changes to the GSR are not likely;

-- The Negative Outlook on the national scale rating could be
    revised to Stable if the entity were able to maintain stable
    and consistent levels of operating profit to risk-weighted
    assets, and controlled and sustained levels of non-performing
    loans;

-- The bank's senior unsecured debt would mirror any positive
    change in the BPDC's ratings.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

VR ADJUSTMENTS

The Viability Rating of 'b' has been assigned below the 'b+'
implied Viability Rating duet to the following adjustment
reason(s): OE (negative).

The OE Score of 'b' has been assigned below the 'bb' category
implied score due to the following adjustment reason: sovereign
rating (negative).

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

All intangible assets were deducted from total equity to obtain the
Fitch Core Capital since the agency considers these to have low
capacity to absorb losses.

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.




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

DOMINICAN REPUBLIC: European Conflict Could Lead to Oil Shortages
-----------------------------------------------------------------
Dominican Today reports that the president of the Board of
Directors of the Dominican Oil Refinery PDV (Refidomsa), Leonardo
Aguilera, said that if the conflict between Russia and Ukraine
worsens, the Dominican Republic and other countries that are not
oil producers would see the price system affected.

Speaking at a press conference, Aguilera indicated that the oil
reserves in the Dominican Republic would not last for more than 30
to 45 days and that few countries have reserves for a long
duration, according to Dominican Today.

He added that there is currently a gap between supply and demand,
which has kept prices high, but the conflict has done much to make
the market "more nervous than necessary," and it has gone out on
the system, so there may be a shortage, the report notes.

"The impact was foreseeable. This conflict was expected to lead to
this because the contradictions were very antagonistic, not only
between Russia and Ukraine, but also between the struggle between
NATO and Russia," said the head of Refidomsa, the report relays.

He said that the effect of the conflict is immediate, since on Feb.
23, the West Texas, which is the one that the Dominican Republic
takes as a reference, was quoted at US$92, and on Feb. 24, it is at
US$101, the report discloses.

He stressed that if the conflict worsens, there would be no limits
and that there are already investment banks that are pointing out
the possibility that the oil could reach US$125 dollars, while
Brent is over US$105, the reoprt notes.

"If the conflict does not diminish, the international price system
will be completely disarticulated," lamented Aguilera, 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.




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

JAMAICA: Manufacturers Paid More For Inputs in January
------------------------------------------------------
RJR News reports that manufacturers paid more money for inputs
during January.

The Statistical Institute of  Jamaica (STATIN) is reporting that
producer prices increased by 2 per cent, according to RJR News.

Higher costs for fuel and fuel products contributed to the
increase, the report notes.

The cost of  inputs for manufacturers was 22.1 percent higher
during the 12 months to January, the report adds.

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




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

PUERTO RICO: Local & Federal Officials Fight Over PREPA Deal
------------------------------------------------------------
The Associated Press reports that Puerto Rico's government and a
federal control board overseeing the the island's finances
disagreed over how the U.S. territory should exit a lengthy
and contentious bankruptcy.

The two sides were at odds over a debt restructuring agreement for
Puerto Rico's power company and how to generate revenue for the
island's transportation authority.

Prominent legislators, including the president of Puerto Rico's
Senate, remain unconvinced by a tentative deal that would
restructure more than $9 billion in debt held by the Electric Power
Authority, the island's largest government agency.  Bondholders
have to agree to the deal, which would cut the power company's debt
by more than 30 percent.  But legislators and many citizens argue
it would lead to even greater increases in power bills even as
repeated outages continue.

That lack of support prompted David Skeel, the board's chairman,
and others to meet with legislators in an attempt to
secure the votes needed.

Skeel said there could be other options if legislators reject the
proposed deal, but he and other board members warned it would be
riskier and more expensive.

Board member Antonio Medina agreed: "It opens the door to
bondholders to pursue many legal routes ... including
receivership."

Another sticking point between the board and Puerto Rico's
government is a proposed 8.3 percent yearly increase in tolls
through fiscal year 2024 to improve road conditions and boost
revenue for the island's Highways and Transportation Authority.

The board said only 13 percent of Puerto Rico's highways are in
good condition, compared with a median of 84 percent in the U.S.
mainland. It also noted that toll fares haven't been adjusted
since
2005.

                           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.




===============
S U R I N A M E
===============

SURINAME: IDB Approves $85 Million Package of Investment Loans
--------------------------------------------------------------
The Inter-American Development Bank (IDB) approved an $85 million
package of investment loans to support Suriname's efforts to
address pandemic-era macroeconomic challenges.  The package is
aligned with Suriname's economic recovery plan, as well as its
multi-annual development plan and its IMF program.

This package will improve education, water and sanitation and the
social safety net for vulnerable citizens.  The education program
seeks to improve the quality of education in by enhancing teaching
practices and by expanding access to schools for children in remote
areas.  The 2018 national exam results showed that only 28 percent
of students had satisfactory grades in math and only 56 percent in
language.

The water and sanitation program aims to improve the efficiency,
quality and sustainability of water services provided by the
Suriname Water Company (SVM).  Suriname's water supply system is
operating under constant challenges including old pipes, in
sufficient maintenance and increased demand for water due to
population growth.

The social safety net program aims to support vulnerable groups
amid Suriname's socio-economic crisis and strengthen the efficiency
and transparency of the country's social safety net. An online
socioeconomic survey of 1,866 households conducted by the IDB in
April 2020, showed that 47.6 percent of Surinamese households
experienced loss of income due to business closures and loss of
employment.

Supporting vulnerable populations is one of the IDB Group's
objectives in its Vision 2025, a roadmap to achieve inclusive
growth in Latin America and the Caribbean.

The IDB loans totaling $85 million have grace periods between five
and six years and interest rates between 1 to 1.5 percent.  



                           *********


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 * * *