/raid1/www/Hosts/bankrupt/TCRLA_Public/220425.mbx        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

          Monday, April 25, 2022, Vol. 23, No. 76

                           Headlines



A R G E N T I N A

GAUCHO GROUP: Incurs $2.4 Million Net Loss in 2021
[*] ARGENTINA: Economists Weigh in on new Bonus and Windfall Tax


B R A Z I L

AEGEA FINANCE: Moody's Rates New USD500MM Sr. Unsec. Notes 'Ba2'
BRAZIL: Bank Reinforces Need to Raise Interest Rates


C H I L E

CHILE: GDP Would Expand by 1.5%, One of the Worst Performances


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Budget Cuts Vital in Addressing Inflation


G U A T E M A L A

BANCO INDUSTRIAL: S&P Affirms 'BB-/B' ICRs, Alters Outlook to Pos.


M E X I C O

ACOLMAN MUNICIPALITY: Moody's Withdraws 'Ba3' Issuer Ratings
AGUAS DEL MUNICIPIO DE DURANGO: Moody's Withdraws B3 Issuer Rating
NICOLAS ROMERO MUNICIPALITY: Moody's Withdraws 'B1' Issuer Ratings


T R I N I D A D   A N D   T O B A G O

PETROLEUM CO: OWTU Asks Rowley to Address $4.6BB Pension Deficit


X X X X X X X X

[*] BOND PRICING: For the Week April 18 to April 22, 2022

                           - - - - -


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A R G E N T I N A
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GAUCHO GROUP: Incurs $2.4 Million Net Loss in 2021
--------------------------------------------------
Gaucho Group Holdings, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$2.39 million on $4.92 million of sales for the year ended Dec. 31,
2021, compared to a net loss of $5.78 million on $635,789 of sales
for the year ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $24.31 million in total
assets, $10.22 million in total liabilities, and $14.09 million in
total stockholders' equity.

As of Dec. 31, 2021, the Company had cash, working capital deficit,
and an accumulated deficit of $3,649,407, $499,419 and $95,726,534,
respectively.  During the years ended Dec. 31, 2021 and 2020, the
Company used cash in operating activities of $6,809,980 and
$4,943,758, respectively.  Cash requirements for the Company's
current liabilities include approximately $1.5 million for accounts
payable and accrued expenses and approximately 175,000 for
operating lease liabilities.  Cash requirements for the Company's
long term liabilities include approximately $1.5 million for
operating lease liabilities and approximately $94,000 for loans
payable.  The Company has convertible debt obligations in the
amount of $6,480,000 which, if not converted prior to maturity, are
due on Nov. 2, 2022. In addition, the Company is obligated to make
additional capital contributions in the aggregate amount of $28.0
million to LVH pursuant to the LVH LLC Agreement.

Gaucho Group stated, "We expect that that our cash on hand, plus
additional cash from the sales of common stock under the Common
Stock Purchase Agreement will fund our operations for a least 12
months after the issuance date of these financial statements."

"Since inception, our operations have primarily been funded through
proceeds received in equity and debt financings.  We believe we
have access to capital resources and continue to evaluate
additional financing opportunities.  There is no assurance that we
will be able to obtain funds on commercially acceptable terms, if
at all.  There is also no assurance that the amount of funds we
might raise will enable us to complete our development initiatives
or attain profitable operations."

"Our operating needs include the planned costs to operate our
business, including amounts required to fund working capital and
capital expenditures.  Our future capital requirements and the
adequacy of our available funds will depend on many factors,
including our ability to successfully commercialize our products
and services, competing technological and market developments, and
the need to enter into collaborations with other companies or
acquire other companies or technologies to enhance or complement
our product and service offerings."

A full-text copy of the Form 10-K is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1559998/000149315222009892/form10-k.htm

                         About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.   

Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from
Algodon Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina. GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories. The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.


[*] ARGENTINA: Economists Weigh in on new Bonus and Windfall Tax
----------------------------------------------------------------
Buenos Aires Times reports that President Alberto Fernandez and
Economy Minister Martin Guzman have announced a bonus of 18,000
pesos for the informally employed, domestic service workers and the
self-employed in A and B categories (to be paid in two monthly
quotas), as well as a single quota of 12,000 pesos for the retired
on a minimum pension.

At the same time, the government has proposed a windfall tax on the
"unexpected income" of companies netting an annual profit of over a
billion pesos, detailed Guzman, who explained that only 3.2% of the
country's firms were in that league, according to Buenos Aires
Times.

For economist Salvador Di Stefano, the announcements "contained
nothing new because in order to distribute, you have to generate
income - the important thing would be for the government to put
more effort into that," the report notes.

In statements to RePerfilAr news show, Di Stefano added that
"neither the president nor the minister spoke of that" but rather
"of piling on more taxes and increasing the problems which the
Argentine economy already has," the report relays.

The economist affirmed: "Inflation is the tax which affects the
poorest social classes and the problem of Argentina is not war. In
Ukraine last month's inflation was 4.5 percent with an annual rate
of 13.7 percent while in Argentina March inflation was 6.7 percent
projecting annually to 55 percent," the report disclose.

For his part, Fausto Spotorno commented that "these bonuses for
pensioners and the informally employed are a bid to avoid their
incomes falling in real terms because these groups are very close
to falling below the poverty line. Since there are fiscal problems,
this can only be done with a bonus because it cannot be guaranteed
all the time," the report notes.

Regarding the windfall tax on "unexpected income," Spotorno opined:
"That's folly, I don't know how much they'll be able to raise with
that. We must see how they calculate it and which companies are
entered," the report relays.

He continued: "Unexpected profits are already taxed. Company
profits are always volatile, sometimes they earn more than expected
and sometimes they lose more. This is a new tax on production when
Argentina needs to produce and not punish those who do well and
those who produce," the report notes.

Damian Di Pace, the director of the Focus Market consultancy firm,
branded the new tax "a disincentive for private investment," the
report relays.

"Some will pay on unexpected income, others on expected income,
others owing to property revaluation and others still from their
tax floors not being raised," he explained, the report says.

For Di Pace, this kind of measure "is the vindication of a state
trying to compensate the population's lack of income due to lack of
production and the genuine generation of wealth on the part of the
private sector, mounting a greater tax burden on that sector where
the state takes charge in order to compensate certain sectors when
it is the state generating the inflation which it tries to
compensate," the report notes.

Economic analyst Christian Buteler indicated that "unexpected
income is an invention," the report says.

"What Minister Guzman is proposing is simply a tax increase on the
earnings of some companies," he said, adding: "If a company earns a
million pesos and pays 35 percent to the taxman, that makes 350,000
pesos. If they for some other motive earn 10 million pesos and pay
35 percent to the taxman, the latter picks up 3.5 million pesos.
The state already receives more due to greater company earnings and
does not need a new tax," 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.

Argentina obtained on March 25, 2022, approval from the Executive
Board of the International Monetary Fund (IMF) of a 30-month
extended arrangement under the Extended Fund Facility (EFF)
amounting to SDR 31.914 billion (equivalent to US$44 billion).
Under the new terms, Argentina secured a much-needed grace period
that postpones repayment of its debt. However, IMF warned of
exceptionally high risks to the program.




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B R A Z I L
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AEGEA FINANCE: Moody's Rates New USD500MM Sr. Unsec. Notes 'Ba2'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the up to USD500
million senior unsecured Notes due 2029 to be issued by Aegea
Finance S.a r.l. ("Aegea Finance") and guaranteed by AEGEA
Saneamento e Participacoes S.A. ("AEGEA" or "the company"). At the
same time, Moody's affirmed Aegea Finance's Ba2 senior unsecured
rating as well as AEGEA's Ba1 Corporate Family Rating. The outlook
remains negative for all ratings.

The assigned rating is based on preliminary documentation received
by Moody's as of the rating assignment date. Moody's does not
expect changes to the documentation reviewed over this period nor
does it anticipate changes in the main conditions that the notes
will carry. Should issuance conditions and/or final documentation
of the notes deviate from the original ones submitted and reviewed
by the rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.

Assignments:

Issuer: Aegea Finance S.a r.l.

Gtd Senior Unsecured Notes, Assigned Ba2

Outlook Actions:

Issuer: Aegea Finance S.a r.l.

Outlook, Remains Negative

Issuer: AEGEA Saneamento e Participacoes S.A

Outlook, Remains Negative

Affirmations:

Issuer: Aegea Finance S.a r.l.

Gtd Senior Unsecured Notes, Affirmed Ba2

Issuer: AEGEA Saneamento e Participacoes S.A

Corporate Family Rating, Affirmed Ba1

RATINGS RATIONALE

The proposed up to USD500 million Notes are senior unsecured, with
a fully unconditional guarantee from AEGEA, pari-passu to the
outstanding and future unsecured debt of AEGEA. The proposed
issuance has a similar structure to that of the company's senior
unsecured notes due in 2024, which will be redeem with the proceeds
from the offering (approximately $400 million outstanding) with the
remaining amount used for general corporate purposes, likely
funding capital expenditures of existing projects. The transaction
structure encompasses a financial covenant test, where AEGEA'
consolidated Net Debt to EBITDA ratio has to be below 3.5x for the
company to incur in additional debt, except for certain permitted
indebtedness.

The Ba2 rating assigned for the USD500 million Notes stand one
notch lower than AEGEA's CFR because of structural subordination
considerations since AEGEA does not hold any operations and is
strictly a vehicle for controlling stakes on the operating
subsidiaries. AEGEA largely depends on the regular payment of
dividends up streamed by its operating subsidiaries to meet its
obligations, equity investment commitments and potential cash
requirements related to its guarantees. Following the successful
issuance of the proposed notes and redeem of the 2024 notes,
Moody's anticipates debt at the holding company level will
represent around 30% of total debt.

The Ba1 CFR reflects the stable consolidated credit profile of
AEGEA´s business, derived from the company's solid market position
and relatively strong pricing power. The company benefits from very
limited competition of the operating subsidiaries in their service
areas. Also, incorporated in the rating is Moody's view of the
geographic diverse operations, resulting in lower exposure to water
scarcity problems shown by overall lower volume fluctuations and
consolidated stable cash flows in times of unfavorable rainfalls.
AEGEA's tariff mechanism and contractual framework are overall
transparent and predictable with annual automatic tariff
adjustments for inflation. In addition, its diversified debt
profile combined with shareholders support evidenced by continuous
equity injections further sustain the rating.

The rating is balanced by AEGEA's aggressive capital spending plan
amid continued growth in the Brazil's sanitation sector, leading to
a prolonged deterioration of leverage metrics. Particularly, as
related to the acquisition of Aguas do Rio ("AdR" ex CEDAE), which
initiated operations last November. Moody's acknowledges that Aguas
do Rio is performing ahead of the management's initial financial
and operational forecast. Still, Moody's projected consolidated net
debt-to-EBITDA ratio, including 100% of AdR, remains in the range
of 4.0x-4.5x until at least 2023, before gradually improving to
below 3.5x. Additionally, AEGEA can be required to extend
extraordinary support to non-consolidated businesses, through
certain off-balance equity support agreements, which could add
further pressure on leverage metrics. The Government of Brazil's
rating (Ba2 stable) is also a rating constraint, given the domestic
nature of the company's operations.

The negative outlook reflects the still high execution risk to
improve operating performance and implement its capital spending
plan in the new concessions, and at the same reduce leverage to
maintain credit metrics in line with the current rating category.
In 2021, Moody's calculates the company's FFO interest coverage was
at 1.9x while the adjusted debt/capitalization ratio was at 53%.
For the next 12-18 months, Moody's anticipates coverage to remain
around 1.8x and the leverage at 60%.

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

A rating upgrade is unlikely at this time. But rating stabilization
could be triggered by more visibility into the deleveraging of new
concessions. Quantitatively, upward rating pressure would arise if
adjusted FFO interest coverage stays above 3.0x and
debt/capitalization stays below 75% on a sustained basis, however
such pressure is somewhat limited to the sovereign credit quality.

On the other hand, lower than anticipated financial support from
the shareholders, higher capital spending or operating costs
combined with deterioration in the liquidity profile, could exert
downward pressure on AEGEA's ratings. AEGEA has cross-default
clauses within the group and operates through a centralized cash
management system. In light of that, ratings could be revised
downwards if there are material delays or cost overruns in its
capital investment program that hurt its revenue or lead to
non-compliance with contractual targets. Moody's perception of
deteriorated stability and transparency of the regulatory regime,
or a deterioration in the credit quality of the sovereign, could
also exert downward pressure on the ratings. Quantitatively, the
ratings could be downgraded if the adjusted FFO interest coverage
ratio stays below 2.0x and debt/capitalization remains above 75% on
a sustained basis.

Moody's perception of reduced financial flexibility of the
operating subsidiaries to support debt service at the holding
company level, or a material increase in the proportion of debt
outstanding at the holding level in proportion of total debt
combined with sustained lower cash availability to service its debt
could also imply further notching down of the Notes due to
structural considerations.

COMPANY PROFILE

AEGEA is one of the largest private water and sewage players in
Brazil, with 49% market share of the private sector. The company is
present in 154 municipalities in 13 states, through 43 concessions,
6 public-private-partnerships (PPPs) and 1 sub-concession, with 29
years of average remaining concession period. In December 2021, the
company serviced 7.3 million active households (including Aguas do
Rio). In 2021, AEGEA reported net revenue of BRL2.9 billion and
EBITDA of BRL1.8 billion. FFO interest coverage was 1.9x in the
year and Debt to Capitalization 53%, as per Moody's standard
adjustments.

AEGEA's shareholders are Equipav (52.8% stake), the Government of
Singapore Investment Corporation (GIC, 34.3% stake) and Itausa S.A.
(Itausa, not rated, 12.9% stake).

The principal methodology used in these ratings was Regulated Water
Utilities published in June 2018.

BRAZIL: Bank Reinforces Need to Raise Interest Rates
----------------------------------------------------
Rio Times Online reports that in conversations with investors in
the United States, the president of the Brazilian Central Bank
(BC), Roberto Campos Neto, reinforced that the Monetary Policy
Committee (Copom) is expected to promote a one-percentage-point
increase in the Selic rate.

Roberto Campos Neto also highlighted the events that affect the
projections for inflation and interfere with the monetary
authority's decision, according to Rio Times Online.

As reported in the Troubled Company Reporter-Latin America on April
15, 2022, Moody's Investors Service has affirmed the Government of
Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings and maintained the
stable outlook.




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C H I L E
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CHILE: GDP Would Expand by 1.5%, One of the Worst Performances
--------------------------------------------------------------
Rio Times Online reports that the Chilean Government tried to play
down the drama of the low growth that the Chilean economy will have
this year.

This was according to the latest projection of the International
Monetary Fund, notes the report.

The report further notes that the IMF updated its estimates,
forecasting that the Chilean economy will grow 1.5% this year,
below the 1.9% expected in January.




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

DOMINICAN REPUBLIC: Budget Cuts Vital in Addressing Inflation
--------------------------------------------------------------
Dominican Today reports that cutting the budget and current
expenses will be vital to face the rise in inflation, which started
this year at 8.5%, even though the Dominican Republic reported
economic growth of more than 12%.

Another fundamental measure is to reduce public investment in some
sectors. However, that would strongly affect economic growth, says
Rafael Espinal, coordinator of the Economics career at the
Technological Institute of Santo Domingo (INTEC), according to
Dominican Today.

"There is a mismatch in public finances, an increase in spending,
the electricity subsidy is skyrocketing as well as the subsidy that
the government grants to the cost of fuel, in the face of that the
authorities have very little flexibility," says the professor, the
report notes.

The increase in the monetary policy interest rate above the level
before the pandemic was the first measure implemented by the
Central Bank of the Dominican Republic (BCRD) to face the increase
in inflation, the report relays.

"The rise was expected to be short-term, but projections indicate
that it will last until the first half of this year," says the
academic about a situation that is already causing the increase in
food prices that make up the family basket, construction materials,
and other goods and services, the report discloses.

For its part, the Dominican Association of Multiple Banks (ABA)
points out that a significant proportion of debtors from productive
sectors, among those small and medium-sized companies, will not
suffer as much from the increase in interest rates since many are
covered by monetary stimuli arranged as a result of the pandemic,
the report discloses.

After the health crisis broke out in 2020, the government made it
easier to grant loans at fixed rates of 8% until July 2023. "This
will allow us, as a country, to overcome the transition to a path
of sustained growth with adequate levels of inflation without major
traumas," says the ABA, the report relays.

Inflation is associated with higher prices for oil and other
critical raw materials for local production and the increase in the
global cost of container transport, and other disruptions in supply
chains, according to the BCRD, the report notes.

The price of a barrel of Texas intermediate oil (WTI) has gone from
an average of 71 dollars in December 2021 to cost an average of 83
dollars in January 2022, the report says.

Meanwhile, the Economic Commission for Latin America and the
Caribbean (ECLAC) highlights that increasing collection levels and
improving the tax structure are crucial to providing fiscal
sustainability to a growing trajectory of spending demands, the
report discloses.

The Latin American and Caribbean region will slow down its growth
rate in 2022 to 2.1%, after growing 6.2% on average last year,
ECLAC warns in its annual Preliminary Balance of Economies 2021
report, 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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G U A T E M A L A
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BANCO INDUSTRIAL: S&P Affirms 'BB-/B' ICRs, Alters Outlook to Pos.
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Banco Industrial S.A. and
Continental S.A. (Banco G&TC) to positive from stable. At the same
time, S&P affirmed its 'BB-/B' global scale issuer credit ratings
on both banks.

S&P said, "The rating action on both banks follows our outlook
revision on Guatemala. This is because the banks' SACPs are at
'bb', one notch above the long-term FC sovereign rating. In this
sense, a potential upgrade of the sovereign would result in a
similar action on both banks. Therefore, we revised our outlook on
them to positive from stable. We expect the ratings on Banco
Industrial and Banco G&T to move in tandem with those on the
sovereign in the next 12 months. This is because we rarely rate
financial institutions above the long-term sovereign rating because
during sovereign stress, the latter's regulatory and supervisory
powers may restrict a bank's or financial system's flexibility. In
our view, banks are affected by many of the same economic factors
that cause sovereign stress."

S&P said, "On April 19, 2022, we revised the outlook on the
Republic of Guatemala to positive from stable, following
long-standing macroeconomic stability and fiscal prudence, which
are helping to enhance GDP growth dynamics.

"The positive outlook on Guatemala reflects an at least
one-in-three possibility of an upgrade in the next 6-18 months if
economic resilience persists amid global volatility and the run-up
to the 2023 general elections. Sustained economic growth will
gradually address long-standing social needs and infrastructure
gaps.

"The ratings on Guatemala are based on our view of its
still-developing public institutions and a challenging political
environment that constrains policymaking effectiveness. The
Guatemalan economy rebounded strongly in 2021, following a modest
economic contraction in 2020, and we expect real GDP to grow around
3.7% in 2022-2025. On a per capita basis, Guatemala's GDP growth is
now in line with those of peers. Further steps to promote long-term
growth and address high social needs would be needed to
substantially reduce the country's high poverty level. On the other
hand, Guatemala's solid external position, moderate general
government debt to GDP, and sound monetary policy constitute
relative credit strengths to manage the challenging and volatile
external economic environment.

"Despite the positive outlook on Guatemala, we are maintaining our
BICRA group, factors, and sub-factors unchanged, including the
stable trend for our economic and industry risk assessments. This
because we still see economic challenges on the horizon for banks
operating in Guatemala, such as low-income economy, high poverty
levels, and large informal sector that will continue curtailing
banks' growth prospects and operating performance. We believe that
additional economic policies to promote long-term growth and
address high social needs are still required to substantially
reduce the country's high poverty level, and consequently, improve
households' debt capacity to support the retail lending momentum
going forward.

"Finally, dollar-denominated loans (the share of foreign currency
loans of total domestic loans was 36% in 2021) result in high
credit risk in the economy in the event of severe economic and
market downturns, which could lead to wider-than-expected credit
losses. However, we expect the volume of dollar-denominated loans
to remain stable, representing 35%-37% of total loans at least for
the next 12 months.

"The Guatemalan banking sector is transitioning to a recovery
phase, because we expect credit growth to pre-pandemic levels,
while asset quality metrics are trending to cyclically low levels.
In our view, the banking sector's adequate risk appetite and the
strong economic rebound in 2021 allowed asset quality metrics to
gradually improve and reach manageable levels. Although the
conflict in Ukraine renders the economic outlook more uncertain, we
believe downside risks for Guatemalan banks are limited. Based on
banks' underwriting practices and our economic forecast for
Guatemala for the next two years, we expect non-performing assets
(NPAs) to total loans to be roughly 2.5% and credit losses between
1.0% and 1.5%, which are approaching cyclically low levels. As of
December 2021, banking system NPAs were 2.3%, below the five-year
average of 2.78%. Likewise, credit losses among the two largest
banks were about 1%, in line with pre-pandemic levels. In addition,
credit demand is showing signs of stabilization. In 2021, total
loans increased about 13%, compared with 4%- 6% in previous years,
and we expect credit will expand 5%-7% in 2022-2023.

"Guatemala's industry risk continues to reflect an institutional
framework lagging international standards. In response to the
pandemic-related economic shock, the domestic regulator implemented
borrower relief programs that allowed banks to defer loan payments
without immediately weakening their asset quality and profitability
indicators. The share of total loans under these programs peaked at
40%, but the vast majority of borrowers of such loans have resumed
regular payments since June 2021. The risk related to competitive
dynamics remains moderate thanks to the banking sector's sound
profitability--with a focus on simple banking products--and absence
of significant market distortions. In our view, the emergence of
fintech companies doesn't represent an immediate market disruption
in the Guatemalan banking system. These entities are focused on a
retail niche separate from those of large commercial banks.
However, this could represent opportunity for banks to create
alliances going forward."

Banco Industrial

S&P said, "The ratings on the bank reflect its business resilience,
thanks to its position as the largest lender in Guatemala and its
highly diversified business profile. Our ratings also incorporate
our consolidated projected risk-adjusted capital (RAC) ratio for
the bank's parent, Bicapital Corp. (not rated) of about 6.7% for
the next two years. We also account for the above-average
dollarization on Banco Industrial's balance sheet and its
manageable delinquency and credit loss levels. Finally, the bank's
deposit base remains one of its main strengths and provides it with
enough liquidity to face short-term obligations, despite adverse
market conditions."

Outlook

The positive outlook on Banco Industrial for the next 6-18 months
reflects at least a one-in-three possibility of an upgrade if S&P
was to raise the ratings on the sovereign while the bank's SACP
remained unchanged.

Downside scenario. S&P could revise the outlook on Banco Industrial
to stable in the next 12 months if it was to revise its outlook on
the sovereign to stable. Likewise, if any of the bank's SACP
factors deteriorates, S&P could revise the outlook to stable.
Banco G&TC

The ratings on the bank reflect its solid position in the
Guatemalan corporate lending segment and its brand recognition as
one of the largest financial institutions in the country. The
ratings also incorporate S&P's projected RAC ratio for Grupo G&TC
(consolidated) of about 6.7% for the next two years. The ratings
also capture the higher dollarization of the bank's balance sheet
than that of the financial system. In addition, Banco G&TC's
funding base relies mainly on deposits from the retail sector,
which have been resilient and stable and provide the bank with
enough liquidity to face its short-term obligations.

Outlook

The positive outlook on Banco G&TC for the next 6-18 months
reflects at least a one-in-three possibility of an upgrade if S&P
was to raise the ratings on the sovereign while the bank's SACP
remained unchanged.

Downside scenario. S&P could revise the outlook on Banco G&TC to
stable in the next 12 months if it was to revise the one on the
sovereign to to stable. Likewise, if any of its SACP factors
deteriorates, S&P could revise the outlook to stable.

  BICRA

  GUATEMALA

  BICRA Group                       7
  Economic risk                     8
  Economic resilience        Extremely High Risk
  Economic imbalances          Intermediate risk
  Credit risk in the economy      Very High Risk
  Industry risk                     5
  Institutional framework        High Risk
  Competitive dynamics         Intermediate Risk
  System-wide funding          Intermediate Risk
  
  Trends                   
  
  Economic risk trend      Stable
  Industry risk trend      Stable

  Ratings Score Snapshot

  BANCO INDUSTRIAL

  SACP                   bb
  Anchor                 bb
  Business Position      Strong (+1)
  Capital and Earnings   Moderate (0)
  Risk Position          Moderate (-1)
  Funding and Liquidity  Adequate/Adequate (0)

  Support
  
  ALAC Support           0
  GRE Support            0
  Group Support          0
  Sovereign Support      0
  Additional Factors    -1

ESG credit indicators: E-2, S-2, G-2

  BANCO G&T CONTINENTAL

  SACP                   bb  
  Anchor                 bb
  Business Position      Strong (+1)
  Capital and Earnings   Moderate (0)
  Risk Position          Moderate (-1)
  Funding and Liquidity  Adequate/Adequate (0)
  Support                0
  ALAC Support           0
  GRE Support            0
  Group Support          0
  Sovereign Support      0
  Additional Factors    (1)

  ESG credit indicators: E-2, S-2, G-2

  Ratings List

  BANCO G&T CONTINENTAL S.A.

  RATINGS AFFIRMED  
                                     TO           FROM
  BANCO G&T CONTINENTAL S.A.

  Issuer Credit Rating        BB-/Positive/B    BB-/Stable/B

  BANCO INDUSTRIAL S.A.

  RATINGS AFFIRMED  
                                     TO           FROM
  BANCO INDUSTRIAL S.A.

  Issuer Credit Rating        BB-/Positive/B    BB-/Stable/B




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

ACOLMAN MUNICIPALITY: Moody's Withdraws 'Ba3' Issuer Ratings
------------------------------------------------------------
Moody's de Mexico S.A. de C.V has withdrawn the issuer ratings of
the Municipality of Acolman at Ba3 (Global Scale, local currency)
and A3.mx (Mexico's National Scale). Moody's has also withdrawn the
stable outlook and the ba3 baseline credit assessment (BCA).

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.

AGUAS DEL MUNICIPIO DE DURANGO: Moody's Withdraws B3 Issuer Rating
------------------------------------------------------------------
Moody's de México S.A.de C.V, has withdrawn the B3 (Global Scale,
local currency) and B1.mx (Mexico National Scale) issuer ratings of
Aguas del Municipio de Durango (AMD). Moody's has also withdrawn
the negative outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The principal methodology used in these ratings was
Government-Related Issuers Methodology published in February 2020.

NICOLAS ROMERO MUNICIPALITY: Moody's Withdraws 'B1' Issuer Ratings
------------------------------------------------------------------
Moody's de Mexico S.A. de C.V has withdrawn the B1 (Global Scale,
local currency) and Baa2.mx (Mexico's National Scale) issuer
ratings of the Municipality of Nicolas Romero. Moody's has also
withdrawn the stable outlook and the b1 Baseline Credit Assessment
(BCA).

At the same time, Moody's withdrew the debt ratings of the
following two enhanced loans:

MXN68 million from Banorte, (original face value) with a maturity
of 14.7 years and a pledge of 10% of the municipality's General
Fund of Participaciones revenues, rated Ba1/A1.mx.

MXN180 million from Banorte, (original face value taken in two
dispositions) with a maturity of 15 years and a pledge of 20% of
the municipality's General Fund of Participaciones revenues, rated
Ba3/A3.mx.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The methodologies used in these ratings were Regional and Local
Governments published in January 2018.

The period of time covered in the financial information used to
determine Nicolas Romero, Municipality of 's rating is between
January 01, 2016 and December 31, 2020 (source: Municipality of
Nicolas Romero's financial statements).



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

PETROLEUM CO: OWTU Asks Rowley to Address $4.6BB Pension Deficit
----------------------------------------------------------------
Michelle Loubon at Trinidad Express reports that Oilfields Workers'
Trade Union (OWTU) President general Ancel Roget is pleading with
Prime Minister Dr Keith Rowley to address the $4.6 billion deficit
in the Petrotrin's Employees Pension Plan (PEPP) for "more than
5,000 retirees".

He also called upon Rowley to implement a medical plan comparable
to the Petrotrin medical plan for the retirees and former active
employees and re-open all the former Petrotrin medical centers and
the Augustus Long Hospital to provide the necessary medical care
for retirees who are in desperate need of critical medical
attention, according to Trinidad Express.

Roget was speaking during a protest opposite Rowley's Whitehall
office, at Maraval Road, Port of Spain, the report relays.  OWTU
general secretary Richard Lee, education and research officer Ozzi
Warwick, members of the "blue shirt army" and retirees Stephen Tang
and Victor Joseph were also in attendance, the report discloses.
Consensus among them was Rowley had disrespected them by not
responding to a letter which was addressed to him on March 25, the
report relays.

During his remarks, Roget said: "It was okay for Rowley to get his
pension.  We are accommodating that he is entitled to certain terms
and conditions. It's good for me, but not for the retirees. Our
issue is life over death. Pension policies continue to have a
deficit. They are legally entitled to them," the report relays.

An excerpt from the letter read: "With the closure of Petrotrin and
the sending home of all its workers on November 30, 2018, the
existing medical plan for both workers and retirees was terminated.
All the medical centres like Pointe-a-Pierre, Pt Fortin, Trinmar,
Santa Flora, Forest Reserve, Penal, Guayaguayare and Augustus Long
were shut down. An actuarial report said that as at December 30,
2019, the deficit in the pension plan was $4.6 billion," the report
says.

It added: "At the time of Petrotrin's closure, the Government
committed to funding the existing deficit of the plan to ensure the
preservation of all the benefits of the plan members. Since there
are no longer workers to contribute, withholding funding of this
deficit can only exacerbate the situation and threaten the future
viability of the plan. This will result in the loss of pension to
these retirees and deferred pensioners who religiously contributed
financially to the plan during their working years," the report
relays.

                        About Petrotrin

State-owned Petroleum Co. of Trinidad & Tobago (Petrotrin) closed
its oil refinery in November 2018. Prior to closure, Petrotrin
underwent a corporate reorganization that started in the last
quarter of 2018.  The T&T government insisted that the
reorganization was necessary to improve the company's efficiency.

As a result of the reorganization, Petrorin's refining business
was shut down and new entities were created: three operating
subsidiaries (Heritage Petroleum Company Limited, Paria Fuel
Trading Company and Guaracara Refining Company Limited), and the
new holding company, TPH, to which the international bonds were
transferred from Petrotrin.




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

[*] BOND PRICING: For the Week April 18 to April 22, 2022
---------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD



                           *********


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
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