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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

          Friday, March 18, 2022, Vol. 23, No. 50

                           Headlines



A R G E N T I N A

ARGENTINA: Inflation Surpasses Forecasts, Challenging Targets
ARGENTINA: Suspends Soybean Exports as Prices Rise


B R A Z I L

BRAZIL: Government Prepares US$32 Billion Economic Stimulus Plan
VAMOS LOCACAO: S&P Assigns 'BB-' ICR, Outlook Stable


J A M A I C A

JAMAICA: Inflation at 11-year High


M E X I C O

UNIFIN FINANCIERA: S&P Lowers ICR to 'B+' on Narrower Funding


P U E R T O   R I C O

PUERTO RICO: Nears Bankruptcy End on Eve of $22 Bil. Debt Swap


X X X X X X X X

LATAM: Region Recovering but Face Challenges

                           - - - - -


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

ARGENTINA: Inflation Surpasses Forecasts, Challenging Targets
-------------------------------------------------------------
Buenos Aires Times reports that Argentina's inflation accelerated
in February at its fastest pace in nearly a year, surpassing
forecasts and challenging the government's targets for this year in
its preliminary agreement with the International Monetary Fund.

Consumer prices rose 4.7 percent last month compared to January,
above the 4.3 percent median estimate by economists in a Bloomberg
survey, according to Buenos Aires Times. It was the fastest monthly
inflation since last March and the third straight increase in the
pace of price gains, the report notes.

Food led all categories, jumping 7.5% from the previous month, with
lettuce prices up 73% over that period. The data still doesn't
reflect the full economic impact of Russia's invasion of Ukraine on
global commodity prices.

From a year ago, inflation reached 52.3%, according to data from
the INDEC national statistics institute published, compared to a
51.7% estimate, the report discloses.

The price increase puts additional pressure on the government of
President Alberto Fernandez, who forecasts annual inflation to stay
between 38 and 48% during 2022 as part of its agreement with the
IMF staff released earlier this month, the report relays.  If
passed by Argentina's Senate, the deal would go to the IMF's
Executive Board for final approval in the coming days, the report
notes.

After February inflation data, "the projection included in the
IMF's EFF program looks already wildly unrealistic even before the
board discussion," Pablo Guidotti, an economics professor at
Torcuato Di Tella University in Buenos Aires, tweeted, the report
says.

Rising global energy and food prices, the need to unwind
electricity subsidies and a faster pace of peso devaluations adds
additional hurdles to reel in what the government calls the
nation's biggest problem, the report notes.

Argentina will start "a war against inflation" to try to tame price
increases, Fernandez said before the data release, the report
relays.

"We're going to stop the speculators and put things in order," he
said, without providing more specifics, the report discloses.

Contrary to the official forecasts, economists see inflation
worsening this year. Analysts surveyed by the Central Bank last
month expect 55 percent inflation this year, 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.


ARGENTINA: Suspends Soybean Exports as Prices Rise
--------------------------------------------------
Buenos Aires Times reports that Argentina's government had
suspended exports of soybean flour and oil amid rumors it is
planning to hike taxes due to soaring primary material costs blamed
on Russia's invasion of Ukraine.

One expert told AFP the export freeze was likely a measure to
prevent firms registering future exports before the tax rise comes
into effect, according to Buenos Aires Times.

Argentina is the biggest exporter of soy meal for livestock feed
and soy oil for cooking and biofuels, the report notes.  Farmers in
the South American nation start harvesting beans at the end of the
month, with the bulk of fieldwork done in April and May, the report
relays.  Ukraine is a top global supplier of a competing oil made
from sunflowers, the report notes.

In total, soybean products made up 30 percent of Argentina's
exports in 2021 and are worth around US$9 billion to the
government, the report says.

The national government's agricultural markets undersecretary, a
division of the Agriculture, Fisheries & Livestock Ministry, said
in a statement that these exports were suspended "until further
notice," the report notes.

Buenos Aires Times discloses that shipments that are already
committed will continue as normally, it added.

In 2021, soybean flour was Argentina's largest export (14.2
percent) with soybean oil its third biggest (6.9 percent), the
report recalls.

Industry sources claim the government is analyzing the possibility
of increasing export tariffs on those two products to 33 percent
from 31 percent. Such a move could bring in as much as US$450
million to the Alberto Fernandez administration, the report notes.

"The closure of exports is done to prevent businesses from
registering [sales] before the tax modification," analyst Dante
Romano told AFP. "But it should last just a short time and should
not affect the international market," the report discloses.

Romano said the move is merely aimed at maximizing government
revenue and should not limit exports, the report relays.

It comes as the cost of primary materials around the world has
increased as a consequence of Russia's invasion of Ukraine and
sanctions imposed on Russia by many Western nations, the report
relays.  There are worries this could provoke an increase in food
prices in Argentina which would send inflation soaring in a country
that already has one of the highest rates in the world (totaling
50.9 percent in 2021), the report notes.

A rise in the global price of wheat has already provoked an
increase in the price of bread in Argentina - where 40 percent of
the population lives in poverty, the report notes.

Argentina is one of the world's major food producers and an
increase in the price of primary materials could benefit the
country. However, it also pushes up the price of food inside
Argentina, the report says.

Unlike other food items such as wheat, corn and beef, Argentina
does not limit the amount of soybean products that can be exported,
the report discloses.

Argentina's main farming groups lambasted the talk of a tax hike,
saying in a statement that the agriculture industry can't operate
properly with unpredictable parameters, the report relays.

Soy processors had bought and priced 2.2 million metric tons from
farmers via forward contracts through March 2, according to
government data, with none of that volume registered for export,
the report relays.  Argentina is forecast to export 28 million tons
of soy meal and 5.9 million tons of soy oil this season, according
to the US Department of Agriculture, the report notes.

Argentina's union of agricultural producers expressed its "strong
rejection" of any increase in taxes, adding that "there is no room
to keep plundering producers," the report says.

"If it is to help the people eat then it makes sense, if it is to
reduce the fiscal deficit then it doesn't," said Pedro Peretti, the
former president of the Agrarian Federation, the report discloses.

The Mesa de Enlace industry group, which groups together four other
agricultural groups, also issued a statement rejecting any future
tax increases for agricultural exports, the report relays.

"As a result of the versions that indicate that the national
government is evaluating raising withholdings on wheat and corn,
the Liaison Commission of Agricultural Entities expresses its
strong rejection and anticipates that there is no room for them to
continue plundering producers," he added.

The global commodities rally hit home for Argentina in a second way
as state-run oil driller and refiner YPF SA hiked prices at the
pump by about 10% to cover the soaring cost of diesel imports, the
report notes.

YPF's drilling plans in shale patch Vaca Muerta depend on fuel
sales. But the company also accounts for more than half of
Argentina's gasoline and diesel consumption, so the increase will
likely be a blow to efforts to slow inflation, 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 R A Z I L
===========

BRAZIL: Government Prepares US$32 Billion Economic Stimulus Plan
----------------------------------------------------------------
Rio Times Online, citing Reuters, reports that Brazil's federal
government plans to announce on March 17 a program that will
provide about BRL165 billion (US$32 billion) of economic stimulus
this election-marred year, said three people familiar with the
plan.

The so-called "Income and Opportunity Program" includes early
payment of some public pension checks, a measure allowing workers
to withdraw some cash from their severance funds, known as FGTS,
according to Rio Times Online.

Both the government of President Jair Bolsonaro and that of his
predecessor Michel Temer had already implemented measures to
release these funds, the report notes.  Under normal circumstances,
money can only be withdrawn from the FGTS in specific situations,
such as if a worker retires, is laid off, or wants to buy a
property, adds the report.

                          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).



VAMOS LOCACAO: S&P Assigns 'BB-' ICR, Outlook Stable
----------------------------------------------------
On March 16, 2022, S&P Global Ratings assigned its 'BB-' issuer
credit rating to Vamos Locacao de Caminhoes, Maquinas e
Equipamentos S.A. (Vamos).

The outlook is stable because we expect the company to continue
increasing its scale of operations and revenue base in the next few
years, partly offset by strained credit metrics because of the
debt-funded fleet growth.

Vamos is the market leader in the Brazilian truck and machinery
leasing market. It has gained scale sharply in the past year,
expanding the size of its operations by increasing presence in
parts of the country where this type of service didn't previously
exist. Although we still consider it smaller than global players,
the company has been gaining scale consistently, and S&P believes
this will be the case in the next few years. Vamos has proven
competitive advantages in vehicle sourcing amid a supply shortage
and has shown its business resilience by signing new contracts, and
increasing backlog and number of clients. It also benefits from a
long average contract length of about five years, which makes cash
flows more predictable.

Vamos operates in a growing market with little competition, which
allowed the company to expand its operations drastically. On the
other hand, the market is still small and Vamos lacks the scale and
domestic market share of those of global players operating in more
mature markets, such as Penske Truck Leasing Co. (BBB/Stable/--)
and Ryder System Inc. (BBB/Positive/A-2).

S&P said, "At the end of 2021, Vamos had a fleet of more than
26,500 vehicles (including those from the acquired HM
Empilhadeiras) and we expect it to expand to more than 37,000 in
2022 and 49,000 vehicles in 2023, versus 15,000 vehicles at the end
of 2020. In addition to strong revenue growth in the rental
segment, the company's results will likely continue to benefit from
high prices for new and used vehicles, enhancing performance of its
dealership division and raising used-vehicle sales. We forecast
that the dealership segment will generate net revenues close to
R$2.8 billion in 2022 and R$3.2 billion in 2023, up from R$1.7
billion in 2021, incorporating additional volumes from several
acquisitions that will be fully consolidated in 2022.

"Vamos has been actively raising funds through both debt and equity
to support its expansion: in 2021 it raised more than R$4 billion
in issuances in the domestic market, and R$2 billion through its
IPO in January and a secondary offering in September, which will
cover expected funding needs for 2022. We estimate that the
company's adjusted net debt will rise to about R$4.8 billion in
2022 and R$7.4 billion in 2023 from R$2.6 billion in 2021, which
along with higher base interest rates in Brazil will increase
Vamos' interest burden considerably in the coming years. At the
same time, we forecast a continued increase in operating cash flows
as Vamos expands, which should partly offset the higher debt."

E-2 S-2 G-3

Governance factors are a moderately negative consideration in S&P's
credit rating analysis of Vamos. The chairman of the board and
indirect controlling shareholder has been implicated in alleged
fraud in bidding for contracts, corruption and bribery. Although
such allegations could increase reputational risks and eventually
result in fines for the parent, no court decisions on most of the
lawsuits have occurred yet, and some have been dismissed for lack
of sufficient evidence. Also, the group currently has processes to
monitor and mitigate the key risks related to its public bidding
activities, such as independent third-party audits.



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

JAMAICA: Inflation at 11-year High
----------------------------------
Dashan Hendricks at Jamaica Observer reports that consumer prices
rose at its fastest pace in more than 11 years over the 12 months
to the end of February, prompting added fears that the Bank of
Jamaica (BOJ) will continue to raise interest rates and add new
tools to fight runaway price increases.

Data released by the Statistical Institute of Jamaica (Statin) on
show prices rose 10.7 per cent over the 12 months to February. That
was the fastest pace of price increases in Jamaica on a
point-to-point basis since Statin recorded an 11.7 per cent
increase in prices for the 12 months up to December 2010, according
to Jamaica Observer.

For the month of February alone, prices rose by 0.8 per cent, the
report notes.

Statin in a release said the price increase in February was stoked
by higher prices for chicken meat, the report discloses.  Hikes in
the prices of vegetables, tubers such as potatoes, plaintains,
green bananas and pulses such as peas and beans also contributed,
the report relays.

Over the last 12 months, the price of food has gone up 12.8 per
cent, while transport costs have gone up 14 per cent, the report
relays.  The category 'Housing, Water, Electricity, Gas and Other
Fuels' saw a 10.4 per cent increase from February 2021 to February
2022, the report discloses.

Seeing the figures, president of the Jamaica Bankers' Association
Septimus Blake said he expected the latest inflation data to
continue to remain elevated, the report relays.

"The February inflation print was not surprising," Blake told the
Jamaica Observer.

Blake continued, "Our expectation is higher inflation for longer
influenced by higher inflation in our major trading partners.
Further disruption in supply chains, impulses to energy costs and
other non-energy commodities plus rising geopolitical tensions.
The implications of this supply side pass through will 'complicate'
further the BOJ's policy actions.  The persistence of these
inflation impulses, however, will force the policy rate higher. In
addition, we could see a widening of the use of other policy tools
to support inflation management."

The BOJ has so far hiked interest rates four times since September
last year to four per cent as it tries to contain prices which are
rising like a rocket, the report relays.

Economist Dr Adrian Stokes also said he was not surprised at the
latest inflation data, citing that it "is in keeping with our
assessment of the issue," the report notes.

"Imported inflation driven by energy and commodity prices will
continue to play a significant role on prices in the near term. The
ongoing geopolitical tension that has roiled markets will add
further pressure going forward," he added, notes the report.

Stokes has not resiled from his stance that raising interest rates
to contain prices is not the way to go at this time, the report
relates.

"We continue to urge caution at the BOJ in how it deals with the
elevated inflation given what we believe to be an economy that
faces substantial risk to the downside," Stokes said in reaction to
seeing the inflation figures which are the highest since December
2010, the report says.

"The ongoing geopolitical tensions will add further downward
pressure to the economy.  As I've pointed out before, local
inflation will begin to abate when the supply disruptions triggered
by COVID restrictions abate. A diplomatic solution to the current
geopolitical crisis in Europe will work to further reduce prices,"
he posited, while adding that "any attempt to bring local inflation
within the 4 per cent to 6 per cent band before global prices abate
could push the local economy into a recession," the report adds.

As reported in the Troubled Company Reporter-Latin America on March
11, 2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.





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

UNIFIN FINANCIERA: S&P Lowers ICR to 'B+' on Narrower Funding
-------------------------------------------------------------
S&P Global Ratings lowered its long-term global scale issuer credit
rating on Unifin Financiera S.A.B. de C.V. (Unifin) to 'B+' from
'BB-'. S&P also lowered its national scale rating to 'mxBBB-/mxA-3'
from 'mxA-/mxA-2'. In addition, S&P lowered its issue-level rating
on the company's senior unsecured notes to 'B+' from 'BB-' and our
issue-level rating on the subordinated perpetual notes to 'CCC+'
from 'B-'. Finally, S&P placed all ratings on CreditWatch
negative.

Mexico's nonbank financial institution (NBFI) sector is
experiencing adverse financial and operating conditions because
global investors' confidence has diminished. This has weakened
Unifin Financiera S.A.B. de C.V.'s (Unifin) historical funding
flexibility because international unsecured lending remains
restricted for the entire sector after other players defaulted.

The international unsecured market--particularly for independent
NBFIs in the region--remains partially closed after the default of
other NBFIs. As of December 2021, international market debt
represents about 60% of Unifin's funding base, with six senior
unsecured bonds outstanding (totaling $2.2 billion). S&P said, "We
think Unifin would likely substitute international notes funding
with secured and unsecured issuances mainly in the Mexican local
market. Nevertheless, we believe that terms and conditions of those
alternative sources could pressure Unifin's earnings capacity,
maturity profile, and collateralization levels, pressuring its
funding profile and financial flexibility. These factors prompted
us to revise our assessment of the company's funding to moderate
from adequate, triggering a downgrade."





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

PUERTO RICO: Nears Bankruptcy End on Eve of $22 Bil. Debt Swap
--------------------------------------------------------------
Michelle Kaske, writing for Bloomberg News, reports that Puerto
Rico is poised to slash $22 billion of debt, begin
repaying bondholders for the first time in almost six years and
start financing a broke pension fund that's on the hook for an
estimated $55 billion.

It's the largest -- and at more than $1 billion in bankruptcy fees,
the most expensive -- restructuring ever in the municipal-bond
market.  It's a major step in resolving the impoverished
commonwealth's nearly five-year-long bankruptcy, after delays
caused by hurricanes, political turmoil and the pandemic.

Shrinking its debt burden allows Puerto Rico to focus on growing
its economy and strengthening its electrical grid, a source of
frustration for residents and businesses paying some of the highest
electricity rates in the nation while enduring chronic outages.

Nearly 44% of the island's roughly 3.3 million residents live in
poverty. Its economy is projected to grow 2.6% this fiscal year,
which ends June 30, and 0.9% in fiscal 2023, before shrinking the
following year, according to estimates released in January by the
commonwealth's federally appointed financial oversight board.

The debt-restructuring plan is the result of years of negotiations
between the board, commonwealth officials, debt holders, bond
insurers and labor groups.  Some of the island's biggest investors
include Aurelius Capital Management, BlackRock Inc., Allianz SE,
Nuveen LLC and Invesco Ltd.

The island defaulted on its general-obligation securities in 2016,
after years of borrowing to cover budget shortfalls, population
decline and economic contraction.

Puerto Rico's Bankruptcy Is Ending. What Comes Next?: QuickTake

Reducing the debt load involves a bond swap where investors receive
new restructured general obligations in exchange for the
commonwealth's existing securities.  Bondholders will receive from
67.7 cents on the dollar to 80.3 cents, depending on the type of
security they hold and when the commonwealth issued the debt.

Still, bondholders may need to rely on the oversight board for
future payments. The panel last month revised Puerto Rico's
current budget to include principal and interest payments after
island lawmakers failed to approve those allocations.

Here are the details of the debt restructuring:

Pension obligations: Puerto Rico owes an estimated $55 billion to
current and future retirees, with pension payments coming from the
commonwealth's operating budget because the current pension fund is
depleted.

   * Puerto Rico will direct $1.4 billion to a new pension-reserve
trust. The commonwealth will make future yearly allocations to the
fund

   * To reimburse employee contribution payments, Puerto Rico will
pay nearly $1.4 billion to public workers hired on or after Jan. 1,
2000, who have yet to retire

   * Retirement benefits will remain intact, with no cuts to
monthly pensions

                        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.

                          *     *     *

The two Title III plans of adjustment have been confirmed to date,
for the Commonwealth and COFINA debtors.




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

LATAM: Region Recovering but Face Challenges
--------------------------------------------
Although the region experienced an across-the-board economic
recovery in 2021, different countries moved at different pace,
according to the latest IDB Group Activity Report titled "On the
path to an inclusive and sustainable economic recovery."

Costa Rica, El Salvador, Guatemala, Nicaragua, and the Dominican
Republic have already recovered their 2019 economic activity
levels. But Panama, although expected to post the biggest growth in
the continent in 2021, is unlikely to return to its pre-pandemic
levels before late 2022 or 2023 due to the severe economic impact
of the 2020 confinement. Belize has also experience solid growth,
but because of its strong dependence on tourism, it will only
return to its pre-pandemic production level either in 2022 or 2023.
The same is the case with Honduras, which was the country hardest
hit by hurricanes.

Employment recovering slowly

While 2021 was a year of recovery for the region, employment
reactivation has advanced at a slower pace than the rest of the
economic activity. The reason for this is that the sectors with the
greatest employment-generation potential, such as construction, the
hotel industry, and trade have lagged behind other less
labor-intensive areas like manufacturing, telecommunications,
energy, and agriculture. This situation has affected mostly
informal and low-qualified workers, including women and youth.

To generate quality employment, the IDB Group has focused on
supporting the productive development of MSMEs, which account for
99% of the region's companies and provide between 65% and 70% of
the jobs to the economically active population by promoting
exports, access to markets, and financing for the production
sector, with a special emphasis on the incorporation of small rural
producers into major value chains.

In the period 2020-2021, the IDB Group leveraged $5.63 billion to
support the region's efforts to tackle the pandemic challenges, not
only helping to provide immediate healthcare and assistance
response to vulnerable populations, but also to support the
productive fabric and employment, and to promote actions to help
with economic recovery from the pandemic.          

In 2021 alone, the IDB Group approved $3.38 billion for Central
America and the Dominican Republic. This level of financing was
20%-plus higher than the annual average approved for the 2016-1019
period, mostly due to a greater participation of the private
sector, which in 2021 accounted for 35% of the total approved
volume.

The IDB also provided continued support to the fight against the
Covid-19 crisis, while fostering recovery initiatives for the
region on areas such as competitiveness, digital agenda, MSMEs
financing, fiscal management, social investment, and agricultural
innovation and food security. IDB Invest, the IDB Group's
private-sector arm, focused on supporting the productive fabric and
employment, particularly of SMEs and their value chains, as well as
on facilitating foreign trade. IDB Lab, the innovation laboratory
of the IDB Group, concentrated its efforts on supporting the use of
sustainable agricultural technologies and practices, ecotourism,
financial inclusion, training, and employment.

The 2021 Activity Report is available at https://bit.ly/3N3cX8Q "On
the path to an inclusive and sustainable economic recovery."


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

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

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

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

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

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


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