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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, March 10, 2022, Vol. 23, No. 44

                           Headlines



A R G E N T I N A

ARGENTINA: Intervenes in Wheat Market to Quash Food Inflation


B R A Z I L

B3 SA: Moody's Assigns 'Ba1' CFR, Outlook Remains Stable
BRAZIL: GDP Per Capita to Fall Again This Year
TRANSBRASIL SA: Justices Pass on Ch.15 Discovery Orders Dispute
VALE SA: To Pay $46 Million for Failing to Meet Deadline


C H I L E

LATAM AIRLINES: Brazil Restores European Capacity


C O S T A   R I C A

AERIS HOLDING: Moody's Withdraws B3 Rating on Sr. Unsecured Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Economy Grew 6.3% in January, BCRD Says


M E X I C O

MEXICO: Egan-Jones Retains B+ Sr. Unsecured Debt Ratings


T R I N I D A D   A N D   T O B A G O

PRESTIGE HOLDINGS: Reports $28.3MM After-Tax Loss in 2021

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Intervenes in Wheat Market to Quash Food Inflation
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Buenos Aires Times reports that Argentina will intervene in the
local wheat market to guarantee supplies to local millers and keep
prices of commodities such as flour and pasta low in the country,
the Productive Development Ministry said in an emailed statement.

"The mechanism responds to the need to decouple prices to protect
the domestic market in a global context of war and sustained high
wheat prices," it said, adding that the measure would run until
January 31, 2024, according to Buenos Aires Times.

Under the policy, described in the statement as a "financial
mechanism" and a "fund," 800,000 metric tonnes of wheat will be
allocated to domestic millers, the report notes.  The statement did
not specify a time frame, the report discloses.

The Ministry said Gustavo Idiogras, head of crop export chamber
Ciara, was at the meeting of government and industry
representatives at which the policy was decided, 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.




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B R A Z I L
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B3 SA: Moody's Assigns 'Ba1' CFR, Outlook Remains Stable
--------------------------------------------------------
Moody's Investors Service has affirmed all of B3 S.A. - Brasil,
Bolsa, Balcao's (B3) ratings including its local currency issuer
rating of Ba1 and its long-term foreign currency senior unsecured
debt rating of Ba1. At the same time, the rating agency assigned a
Corporate Family Rating of Ba1. The outlook on B3's ratings remains
stable.

The following ratings assigned to B3 S.A. -- Brasil, Bolsa, Balcao
were affirmed:

Long term local currency issuer rating of Ba1

Long term foreign senior unsecured debt rating of Ba1

New assignment:

Corporate Family Rating of Ba1

Outlook: Stable

RATINGS RATIONALE

The affirmation of B3's ratings reflects Moody's unchanged
assessment of the company's strong creditworthiness that
incorporates the firm's increasing scale, robust profitability and
high pre-tax margins. The Ba1 rating acknowledges the diversity of
B3's revenue sources, which will continue to support its recurring
profitability over the next 12-18 months, as well as the company's
well-established ´presence and systemic importance, operating
Brazil`s only central clearing house and depository. B3's ratings
also reflect its manageable leverage levels and its high dividend
payout, which is compensated by its sound cash generation
capacity.

B3's ratings are positioned one notch above the Government of
Brazil's Ba2 government debt rating, reflecting its strong linkage
with the Brazilian sovereign, given that its cash position and most
of its settlement funds that safeguard it from counterparty default
are invested in Brazilian government bonds. In addition, B3 has a
vertically integrated business model and a dominant market
position, which has and continues to contribute to the resiliency
of its financial performance through economic cycles and changing
interest rate environments.

B3 has reported consistent increase in business scale over the past
three years, supporting strong performance with recurring pre-tax
income of BRL6.4 billion ($1.2 billion) in the last twelve months
to September 2021, 27% higher than the same period a year before.
B3's profitability profile is a key credit strength for the Ba1
ratings, as evidenced by Moody's calculated pre-tax margin sitting
at 63.6% over the first nine months of 2021, higher than the 56.3%
a year earlier.

B3's scale and earnings have been supported by the steady expansion
of capital market activities, particularly over the past three
years, both in terms of issuances and growing numbers of investors.
From 2019 to 2021, BRL338 billion of equities were issued in
Brazil, 13% above the total amount issued between 2010-2018, and
the number of customers at B3's depositary almost tripled to over 5
million. Moody's expects capital market volumes to reduce in 2022
as a result of a weaker economic activity and Brazil's higher
interest rates environment which tends to favor fixed income
investments. The rating agency notes that B3 also benefits from
fees earned from interest rate and foreign exchange derivatives
trading and post trading, as well as fixed income registry, which
together represented 34% of total revenues for the nine months
ended September 2021 and are important revenue sources during
higher interest rate and more volatile environments.

In addition, B3 also operates Brazil's large and systemically
important central counterparty clearing house (CCP), as well as the
central securities depositary (CSD), which together have
traditionally accounted for around 25% of the company's total
revenues. The efficient functioning and risk management of these
operations is the backbone of B3's effectiveness as a financial
market infrastructure provider, and is key to B3's intrinsic
creditworthiness.

In terms of leverage, Moody's expects B3's total debt/EBITDA to
fall in line with its target of 1.6x for 2022, from levels of 1.7x
as of September 2021. B3 has almost BRL3.0 billion of debt maturing
in 2022, which is supported by a proprietary cash position of BRL
16.9 billion as of September 2021. B3's high levels of dividend
payouts have weighted on Moody's cash flow coverage, defined as
retained cash flow after dividends and capex as a percentage of
debt, which for the first nine months of September 2021 was 6.4%,
down from 27.7% in 2021. The lower debt level expected for 2022 and
lower dividend distribution plans (between 110%-140%, from
120%-150%) will likely improve its retained cash flow coverage
ratio. At the same time, EBITDA interest expense coverage remained
strong, above 14x as of September 2021.

The stable outlook on B3`s ratings reflects Moody's expectations
that B3's financial performance will remain solid over the next 12
to 18 months, supported by its well-established business
diversification and market dominance. The outlook is in line with
the stable outlook on Brazil's sovereign rating.

Moody's does not have any particular governance concerns for B3 and
does not apply any corporate behavior adjustment in its standalone
assessment of B3's creditworthiness.

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

B3's corporate family and debt ratings of Ba1 currently do not face
upward pressure because they are positioned one notch above
Brazil's sovereign bond rating. A change in Brazil's
creditworthiness leading to a downgrade though would lead to a
downgrade of B3's Ba1 ratings.

A downgrade in B3's foreign currency debt ratings could be driven
by a deterioration in the company's financial fundamentals, which,
in turn, could be triggered by lower retained cash flows that
substantially reduces the company's debt-service capacity and leads
its leverage to increase significantly. Negative pressure on the
ratings could also arise from a deterioration in the company's risk
management capabilities and execution effectiveness. A decline in
Brazil's creditworthiness could also result in B3's ratings being
downgraded.

The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.


BRAZIL: GDP Per Capita to Fall Again This Year
----------------------------------------------
Rio Times Online reports that even with the growth of the Brazilian
economy in 2021 and the overcoming of a good part of the losses of
2020, it should still take another seven years for the Brazilian
population to recover the income and wealth level they had in 2013
- the last year before the last crises when the best historical
mark of Gross Domestic Product.

According to the survey, with economic crises and population
growth, Brazil would need to grow at a rate of at least 3% per year
to resume by 2026 the wealth and income levels that were in place
before the pandemic and 2014-2016 recession, the report notes.

                       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).


TRANSBRASIL SA: Justices Pass on Ch.15 Discovery Orders Dispute
---------------------------------------------------------------
James Nani of Bloomberg Law reports that the U.S. Supreme Court
declined to examine whether a Brazilian airline founder's
estate can immediately appeal a Florida bankruptcy court's
discovery order in the airline's Chapter 15 case.

The estate of the late Omar Fontana and others affiliated with
Transbrasil SA Linhas Areas petitioned the high court after the
U.S. Court of Appeals for the Eleventh Circuit ruled that the group
couldn't appeal the broad discovery order.

Transbrasil's bankruptcy originated in Brazil. A trustee in the
airline's bankruptcy case issued subpoenas to obtain information
related to the Fontana group's assets, according to court
documents.

                      ABOUT TRANSBRASIL S.A.

Transbrasil S.A. Linheas Areas filed a Chapter 15 petition (Bankr.
S.D. Fla. Case No. 11-19484) in Miami, Florida, on April 7, 2011.

Gustavo Henrique Sauer de Arruda Pinto, acting as co-judicial
administrator or trustee for the bankruptcy estate of Transbrasil,
signed the Chapter 15 petition.

The trustee is asking the Miami court for entry of an order
recognizing as a foreign main proceeding a bankruptcy action
pending before the 19th Civil Court of Sao Paulo, Brazil.

Prior to its bankruptcy, Transbrasil was one of the three largest
airlines in Brazil during the 1980s and 1990s.  It was incorporated
on Jan. 5, 1955, under the name "Sadia S.A.  Transportes Aereos,"
by Omar Fontana. Omar was a member of the Fontana family, owners of
one of Brazil's largest business conglomerates, including its main
company Sadia, a leading producer of frozen food and poultry in
Brazil. While in operation, Transbrasil provided passenger jet air
travel service to numerous airports within Brazil and to various
international destinations, such as New York, Miami, Orlando,
Buenos Aires, Washington, Amsterdam and London.

On Oct. 20, 1981, Transbrasil formed a wholly-owned subsidiary,
Transbrasil Airlines, Inc., which was incorporated and based in
Florida. TAI was a major part of Transbrasil's business, as it
handled U.S.-based operations and through it the airplane
accessories and parts for Transbrasil's planes were acquired. In
1998, Omar Fontana became ill. As a result, control of Transbrasil
was transferred to others. Omar, once one of the wealthiest men in
Brazil, died on Dec. 8, 2000, at the age of 73.

The Transbrasil Trustee said in a court filing that since the
transfer of control in 1998, the airline experienced financial
difficulties that became increasingly more dire. "By December 2001,
the Company had run out of cash and credit, it had no fuel with
which to fly its airplanes, was several months behind in payment of
employees' salaries, and had unpaid bills dating to mid-2000.

Transbrasil continued to operate until it stopped flying and ceased
trading activities on Dec. 3, 2001," the Trustee said.

"As a result of the financial collapse, the companies that had
leased aircraft to Transbrasil terminated the leases and took back
the leased aircraft, leaving the company with only 3 outdated
Boeing 767 planes. Due to the ceasing of its operations, many
thousands of customers were left with pre-paid tickets that could
not be used. As well, thousands of employees were laid off or
stopped receiving salaries, and creditors were left being owed
millions of dollars in unpaid debts."

The Transbrasil Trustee said that to date, he has been able to
procure only limited information as to what happened to
Transbrasil's assets after the collapse.  The assets identified to
date consist mainly of a few airplanes that have been stripped of
parts, some spare parts and some real estate property, some of
which has being seized by Brazilian Labor Courts, the combined
value of which is some US$8 million.  In comparison, the estimated
value of Transbrasil's liabilities is in excess of US$500 million.


VALE SA: To Pay $46 Million for Failing to Meet Deadline
--------------------------------------------------------
globalinsolvency.com, citing a document seen by Reuters, reports
that Brazilian miner Vale SA will sign an agreement with local
authorities in which it must pay 236.7 million reais (US$46.0
million) for failing to meet a legal deadline to decommission its
tailings dams in the state of Minas Gerais.

According to the draft agreement, struck with the Minas Gerais
state prosecutors, the company will also undertake a series of
obligations to remove all of its upstream tailing dams, the report
notes.

In a statement, Minas Gerais prosecutors confirmed the signing of
the agreement, according to globalinsolvency.com.

                         About Vale SA

Vale S.A. is a Brazilian multinational corporation engaged in
metals and mining and one of the largest logistics operators in
Brazil.

As reported in the Troubled Company Reporter-Latin America in
September 2019, Moody's Investors Service affirmed Vale S.A.'s Ba1
senior unsecured ratings and the ratings on the debt issues of
Vale Overseas Limited, fully and unconditionally guaranteed by Vale
S.A. Moody's also affirmed the Ba2 senior unsecured ratings of Vale
Canada Ltd.  The outlook changed to stable from negative.  At the
same time, Moody's America Latina Ltda. affirmed Vale's Ba1/Aaa.br
corporate family rating and the Ba1/Aaa.br ratings on its senior
unsecured notes. The outlook changed to stable from negative.




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C H I L E
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LATAM AIRLINES: Brazil Restores European Capacity
-------------------------------------------------
Rio Times Online reports that with the resumption of the route
between Rome and Sao Paulo, the subsidiary of the LATAM Group
completes the resumption of operations to all destinations in
Europe that it served before the pandemic.

From July 2022, the LATAM Group will resume flights from Rome to
its hub in Sao Paulo/Guarulhos through its subsidiary LATAM
Airlines Brazil. Tickets are already available through latam.com
and other distribution channels, according to Rio Times Online.

LATAM resumes all long-haul destinations it served in Europe before
the Covid 19 pandemic, including Barcelona, Paris, Frankfurt,
London, Lisbon, Madrid, and Milan, the report notes.

LATAM resumes all long-haul destinations it served in Europe before
the Covid 19 pandemic, including Barcelona, Paris, Frankfurt,
London, Lisbon, Madrid, and Milan, the report adds.

As reported in the Troubled Company Reporter-Latin America on
April 1, 2019, S&P Global Ratings placed its issue-level
ratings on Chile-based Latam Airlines' series 2015-1 EETCs on
CreditWatch with negative implications.  At the same time, S&P
affirmed its 'BB-' global scale issuer credit and 'B+' issue-level
ratings on Latam. S&P also affirmed its 'clBBB' Chilean national
scale credit issuer and 'clBBB-'
issue-level ratings on Latam.




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AERIS HOLDING: Moody's Withdraws B3 Rating on Sr. Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the rating assigned to
Aeris Holding Costa Rica S.A. At the time of withdrawal, there was
no instrument rating outstanding.

The following ratings are affected by the action:

Ratings Withdrawn:

Issuer: Aeris Holding Costa Rica S.A.

Senior Unsecured (foreign), Withdrawn , previously rated B3

Outlook Actions:

Issuer: Aeris Holding Costa Rica S.A.

Outlook, Changed to Rating Withdrawn from Negative

RATINGS RATIONALE

Moody's has withdrawn Aeris' rating following the company's
complete redemption of all its outstanding senior unsecured notes
due 2025.

Aeris Holding Costa Rica S.A. (Aeris) is responsible for the
provision of services for the operation, management, maintenance,
renovation, financing, construction and promotion of Aeropuerto
Internacional Juan Santamaria (SJO), Costa Rica's main airport.
Aeris operates under a management contract with the Government of
Costa Rica (B2 stable), which expires in May 2026. Aeris is
majority owned (97.2%) by the CCR Group of Brazil, a company
operating in the highway concessions, urban mobility, airports, and
services segments.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Economy Grew 6.3% in January, BCRD Says
-----------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic (BCRD) reported that in the month of January, the monthly
indicator of economic activity (IMAE) registered a year-on-year
expansion of 6.3%, "resulting better than expected behavior in the
context of an accelerated spread in the country of the Omicron
variant of COVID-19 during the first month of the year."

It pointed out that this fifth wave of contagion caused significant
work absenteeism due to the peak registered in the number of active
cases of the virus, given the faster transmission of the variant
with respect to the previous ones, although with a lower lethality,
according to Dominican Today.

The monetary program of the Central Bank of the Dominican Republic
projects that growth will be around 5.5% - 6.0% in 2022, close to
its potential, the report notes.

"However, it is important to note that the military conflict
between Russia and Ukraine has significantly increased the
uncertainty of the international environment, due to its impact on
world economic conditions, including trade flows and the increase
in oil prices and other commodities, which could affect growth
prospects for 2022," 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.




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M E X I C O
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MEXICO: Egan-Jones Retains B+ Sr. Unsecured Debt Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on February 15, 2022, maintained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by the United Mexican States.

Mexico, officially the United Mexican States, is a country in the
southern portion of North America.




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T R I N I D A D   A N D   T O B A G O
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PRESTIGE HOLDINGS: Reports $28.3MM After-Tax Loss in 2021
---------------------------------------------------------
Trinidad Express reports that Prestige Holdings Ltd declared an
after-tax loss of $28.3 million for its 2021 financial year,
deepening the $17.7 million loss the franchise holder of KFC,
Starbucks, TGI and others reported in 2020.

The loss included a non-cash accounting adjustment for IFRS 16 of
$6.1 million before tax. IFRS 16 provides guidance on accounting
for leases, according to Trinidad Express.

The company, which is listed on the Trinidad and Tobago Stock
Exchange, also experienced a 21 per cent decline in its revenue for
the 12 months to November 30, 2021, the report notes.  The Prestige
Holdings sales declined to $712.1 million for 2021, compared with
$896.9 million in 2020, the report relays.

In the report accompanying the company's financials, Prestige
Holdings chairman, Christian Mouttet, said the Covid-19 pandemic
had a significant impact on the restaurant industry and business,
and by extension the operating results of Prestige Holdings for a
second year, the report relays.

"Throughout all of 2021, the restaurant industry was severely
hindered by various Government-mandated operating restrictions,
which included limitations on in-house fining and opening hours,
the complete closure of all restaurants for 80 days and safe zone
operating requirements that are currently in place," said Mouttet,
the report discloses.

The Prestige Holdings chairman said while these restrictions
negatively impacted the company's operations and earnings, "our
focus throughout the year, as it was in 2020, was to protect the
health and well-being of our employees and customers, minimise the
financial impact these severe disruptions would have on our
business and identify opportunities and implement changes that
would benefit our business in the long term," the report notes.

Mouttet said he is pleased with the efforts and progress the
management made in each of these areas, the report discloses.

He noted that during the 12 months ending November 30, 2021, the
company generated $51 million in operating cash flow and ended the
year with $55 million in cash, the report relays.

The Prestige Holdings chairman said the company's net debt to
equity ratio, the report adds.



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

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

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

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