/raid1/www/Hosts/bankrupt/TCRLA_Public/220519.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

          Thursday, May 19, 2022, Vol. 23, No. 94

                           Headlines



A R G E N T I N A

STONEWAY CAPITAL: Court Approves Plan, 3rd-Party Releases


B R A Z I L

COMPANHIA DE SANEAMENTO: Fitch Gives BB+/BB Issuer Default Ratings
JBS SA: Acquisitions Expand Platform in MENA Region


C H I L E

LATAM AIRLINES: Reaches Deal With Creditors Fighting Plan


C O L O M B I A

COLOMBIA: Q1 Economic Growth Forecast at 7.5%


C O S T A   R I C A

INSTITUTO COSTARRICENSE: Fitch Affirms 'B' IDRs, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Cement Demand Grows Despite Rising Costs
DOMINICAN REPUBLIC: To Outsource Consular Services


P U E R T O   R I C O

CARIBBEAN BANANA: Seeks to Hire Almeida & Davila as Legal Counsel


X X X X X X X X

LATAM: Inflation Makes Region Struggle to Buy Basic Foods

                           - - - - -


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A R G E N T I N A
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STONEWAY CAPITAL: Court Approves Plan, 3rd-Party Releases
---------------------------------------------------------
Rick Archer of Law360 reports that a New York bankruptcy judge
approved Argentine power plant owner Stoneway Capital
Corp.'s Chapter 11 plan, finding that creditors had more than
sufficient notice to allow them to opt out of the plan's
third-party releases.

In a virtual bench ruling, U.S. Bankruptcy Judge James L. Garrity
concluded nearly a week of deliberations with a determination that
the plan's third-party releases of claims against nondebtors were
permissible, saying the releases and how to opt out of them were
"conspicuously disclosed in boldface type" on every plan ballot.

                    About Stoneway Capital Corp.

Stoneway Capital Corporation is a limited corporation incorporated
in New Brunswick, Canada, formed for the purpose of owning and
operating, through its Argentine subsidiaries, power generation
projects that will provide electricity to the wholesale electricity
markets in Argentina. The Argentine subsidiaries operate four
power-generating plants in Argentina that provide electricity to
the wholesale electricity market in Argentina.

Stoneway is 100% owned by GRM Energy Investment Limited.

On Oct. 8, 2020, Stoneway commenced proceedings under the Canada
Business Corporations Act (the "CBCA"). The Debtors were well on
the way toward closing the consensual restructuring when on Dec. 4,
2020, the Argentine Supreme Court issued a decision in a noise
discharge dispute involving one of the Generation Facilities
located in Pilar, Argentina. The Argentine Supreme Court decision
created significant uncertainty as it overturned a ruling by the
federal appeals court in San Martin, Buenos Aires.

As a result of the looming expiration of a informal standstill
arrangement, the Debtors commenced chapter 11 cases in the U.S. to
put the automatic stay in place, maintain the status quo pending
resolution of the various issues in Argentina, and ensure that
neither the Indenture Trustee nor the Argentine Trustee takes any
action that could be detrimental or value destructive to the
Company.

Stoneway Capital Ltd. and five related entities, including Stoneway
Capital Corp., sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 21-10646) on April 7, 2021. Stoneway estimated
liabilities of $1 billion to $10 billion and assets of $500 million
to $1 billion.

Judge James L. Garrity, Jr. oversees the cases.

The Debtors tapped Shearman & Sterling LLP as bankruptcy counsel,
Bennett Jones LLP as Canadian counsel, Lazard Freres & Co. LLC as
investment banker, and RSM Canada LLP as tax services provider.
Prime Clerk, LLC is the claims agent and administrative advisor.

On Feb. 10, 2022, the Debtors filed their proposed joint Chapter 11
plan and disclosure statement with the court.




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

COMPANHIA DE SANEAMENTO: Fitch Gives BB+/BB Issuer Default Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed Companhia de Saneamento Basico do Estado
de Sao Paulo's (Sabesp) Local Currency (LC) Issuer Defaul Rating
(IDR) at 'BB+', Foreign Currency (FC) IDR at 'BB' and National
Scale Rating at 'AAA(bra)'. At the same time, Fitch revised the LC
IDR Outlook to Negative from Stable. The Rating Outlook remains
Negative on the FC IDR and Stable on the National Scale Rating.

The LC IDR Outlook revision to Negative reflects Fitch's latest
view on Sabesp's ownership exposure derived from porous legal
ring-fencing and porous access and control from its majority
shareholder - State of Sao Paulo (BB-/Negative). This approach
results in the rating being constrained up to two notches from
parent's rating, as per Fitch's criteria. The ratings also consider
the solid fundamentals of the water/wastewater industry in Brazil
and Sabesp's solid business profile. The company is expected to
maintain conservative net leverage and a robust liquidity position,
despite forecast negative FCF. The Negative Outlook on the FC IDR
follows Brazil's sovereign Outlook.

KEY RATING DRIVERS

Porous Linkage Assessment: Sabesp's assessment considers that its
standalone credit profile is commensurate with a LC IDR of 'BB+'.
Nevertheless, as a company controlled by the State of São Paulo,
Fitch applied the Government-Related Entities and Parent and
Subsidiary Linkage Rating Criteria, which resulted in the issuer's
LC IDR limited at two notches above its parent's IDR. Considering
that the State of São Paulo' IDR is 'BB-', Sabesp's LC IDR can
reflect is SCP of 'BB+', but the Outlook of both IDRs must be
equalized as Negative. Fitch considered the strength of linkage
between them as moderate and the incentive to support as weak to
moderate. In addition, the company presents porous legal
ringfencing and porous access and control.

Low Business Risk: Sabesp's credit profile benefits from its almost
monopolistic position for provision of an essential service in its
concession area. The issuer presents economies of scale as the
largest water/wastewater company in the Americas by number of
customers, which adds to profitability. The analysis considers the
evolving regulatory environment, the hydrological risk intrinsic to
its business and the political exposure as a state-owned company,
with potential changes in strategies after each election for the
government of São Paulo. The company's activity in the state of
São Paulo is favorable given the state's largest Gross Domestic
Product (GDP) and population in the country.

High Revenue Predictability: The approved required revenue until
2024 improves Sabesp's cash flow predictability. The company
implemented a tariff increase of 12.8% in May 2022 that includes
2.4% of regulatory adjustment to compensate for lower verified
revenue compared with minimal required revenue during the previous
12 months. Sabesp had approved for regulatory year May 2021-April
2022 the required revenue of BRL17.5 billion and for May 2022-April
2023, BRL18 billion. The company must receive or return revenue to
customers in the following year, by means of a tariff adjustment,
if actual revenues fall outside the range +/-2.5% from the required
revenue.

EBITDA Margin Above Peers: Fitch expects Sabesp to keep its EBITDA
margin on the 40%-45% range, which is high and compares favorably
with its state-owned peers. On the base case scenario for the
rating, the company's EBITDA will reach BRL7.2 billion in 2022 (42%
margin), with a gradual growth to BRL8.0 billion by 2024 (43%).
Total volume billed should increase by 1,5% on annual average given
higher number of connections. The rating base case scenario assumes
manageable levels of water losses and delinquency.

Heavy Investment Cycle: Sabesp's large capex program should
pressure its FCF in the coming years. Fitch projects Sabesp's cash
flow from operations (CFFO) at BRL3.4 billion in 2022, resulting in
a negative FCF of BRL2.0 billion after investments of BRL4.8
billion and dividends of BRL644 million. 2023-2025 annual FCF is
expected to average BRL1.2 billion negative, after robust CFFO of
BRL4.6 billion, investments of BRL5.2 billion and expected
dividends of BRL609 million on average per year. Working capital
pressure should ease as the company had concluded implementation of
new commercial management system.

Low Leverage: Sabesp's leverage metrics should remain low over the
rating horizon, despite of relevant planned investments to expand
service capacity and coverage. The base case scenario considers
that the total debt-to-EBITDA and net debt-to-EBITDA ratios will
remain below 3.0x and 2.5x, respectively, which are conservative
for the industry. Fitch forecasts gross leverage of 2.6x and net
leverage of 2.3x from 2022 to 2024, compared with an annual average
of 2.6x and 2.1x, respectively, from 2019 to 2021.

New Regulatory Environment: Sabesp's ratings do not incorporate a
major impact of recent regulatory changes in its operations and
cash flow. Discussions regarding the national regulatory guidelines
for the sanitation service should facilitate greater participation
by private companies and increase the investment capacity of the
sector. The increase in the participation of the private sector
should occur mainly at the expense of more inefficient state-owned
companies or municipal operators, which is not the case of Sabesp.

DERIVATION SUMMARY

SABESP's mature operations and its position as the largest
water/wastewater utility in Brazil benefit its business profile in
terms of economies of scale and financial structure when compared
with Aegea Saneamento e Participacoes S.A. (Aegea; LC IDR BB/Stable
and FC IDR BB/Negative), which has moderate leverage, reflecting
its growth strategy, partially mitigated by strong EBITDA margins.
SABESP's strengthened CFFO generation capacity after the thrid
tariff revision in 2021 also supports the one notch difference on
the LC IDR, despite exposure to political risk. Aegea's credit
profile benefits from its diversified concessions within Brazil,
while SABESP operates exclusively in the state of Sao Paulo, which
concentrates operational and regulatory risks.

Compared with power-transmission companies Transmissora Alianca de
Energia Eletrica S.A. (LC IDR BBB-/Negative and FC IDR BB/Negative)
and Alupar Investimento S.A. (LC IDR BBB-/Negative and FC IDR
BB/Negative), SABESP presents higher regulatory risk, lower
operational cash flow predictability and less asset
diversification, which explain the difference on the LC IDRs,
despite SABESP's expected lower leverage metrics.

KEY ASSUMPTIONS

-- Total volume billed growth of 1.5% in 2022 supported by growth

    of connections and marginal decrease on volume/connection for
    residential segment;

-- Total annual tariff increase of 12.8% in May 2022 and in line
    with inflation estimates for the next years, resulting on
    revenues within regulatory required revenue range;

-- Average annual capex of BRL4.9 billion in 2022-2024;

-- Dividends of BRL644 million in 2022 and a payout ratio of 30%
    of net profits thereafter.

RATING SENSITIVITIES

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

-- The Outlook revision to Stable on the LC IDR depends on the
    same movement on the rating of the state of Sao Paulo;

-- The Outlook revision to Stable on the FC IDR depends on the
    same movement on the sovereign rating;

-- Upgrade on National Scale Ratings does not apply as the rating

    is at the top of the national scale.

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

-- Negative rating actions on the sovereign rating may lead to
    negative action on FC IDR;

-- Negative rating actions on the state of São Paulo rating may
    lead to negative action on the LC IDR;

-- EBITDA margins below 40%;

-- Net leverage sustained above 3.0x;

-- Increased political and/or regulatory risk;

-- Lower financial flexibility.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity Profile: Sabesp's robust cash position and strong
access to the financial market are a key factor for the rating as
they enable the company to manage its forecast negative FCF and
refinancing needs. Sabesp's cash position of BRL3.2 billion at the
end of 2021 covered its short-term debt of BRL1.8 billion by 1.8x.
Total debt of BRL17.6 billion had an extended maturity profile and
consisted mainly of funding from multilateral agencies of BRL6.7
billion, BRL7.3 billion in debenture issuances and BRL2.9 billion
from Caixa and BNDES. Foreign currency debt corresponding to 19% of
total debt represents moderate exposure risk to currency
volatility. At the end of the 2021, only debt of Caixa and BNDES
was secured by receivables that represents less than 0.5x its
EBITDA and does not pressure the ratings of unsecured issuances.

ISSUER PROFILE

Mainly controlled by the State of São Paulo, Sabesp is a basic
sanitation concessionaire that provides treated water supply and
sewage collection and treatment services in 375 of the 645
municipalities in São Paulo. São Paulo is the most populous state
in Brazil and accounts for the largest share of the national GDP.
The company directly supplies water to 27.8 million people and
sewage collection services to 24.6 million. The company is listed
on B3 S.A. - Bolsa Brasil, Balcão (Novo Mercado) and the New York
Stock Exchange (ADR Level III).

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Construction revenue is excluded from total revenues;

-- Operating leases are not considered as debt;

-- In the cash flow statement, the amount of related to "public-
    private partnership" is transferred to operating cash flow
    from financing cash flow.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


JBS SA: Acquisitions Expand Platform in MENA Region
---------------------------------------------------
nationalhogfarmer.com reports that JBS SA has acquired two plants
in the MENA (Middle East and North Africa) region to produce
prepared foods.

The company has also named Mohamed Mahrous as chief executive
officer for the region, according to nationalhogfarmer.com.  The
announcements are part of the company's strategy to expand its
presence in the manufacturing and distribution of prepared foods,
making JBS a leader in the Halal market, the report notes.

The plants are located in Saudi Arabia and in the United Arab
Emirates and produce value added products, the report relays.
Additionally, JBS has created its own distribution network to place
its products in Saudi Arabia, United Arab Emirates and Kuwait,
expanding to new channels and strengthening relationships with
clients, the report disclose.

Mahrous has over 30 years of experience and has led important
players in the food industry in the region, the report relays.

"JBS has a complete portfolio of quality products and can become a
leader in the region, focusing on consumer trends and new habits,
while advancing the vision for MENA as a hub for Halal products to
the entire world," said Mahrous, the report relays.

The acquisitions are part of JBS's plan to increase its total sales
in the Middle East and North Africa in the next five years, he
added, the report discloses.  "The repositioning of the brand will
also include changes in the layout of the packaging, an increase in
the diversification of the products offered in the premium,
mainstream and plant-based lines, in addition to the brand's entry
into different sales channels and digital platforms," the report
relays.

Wesley Batista Filho, global president of operations in Latin
America and Oceania for JBS, commented, "JBS already has a strong
commercial presence in the Middle East through exports, but we have
decided to strengthen our position with a robust local operation,"
the report relays.

As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook on
JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A. (JBS
USA) to positive from stable and affirmed its 'BB+' issuer credit
rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.




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C H I L E
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LATAM AIRLINES: Reaches Deal With Creditors Fighting Plan
---------------------------------------------------------
Jeremy Hill and Eduardo Thomson of Bloomberg News reports that
Latam Airlines Group SA said it has reached a settlement with
creditors that had been staunchly opposing its restructuring
proposal, removing a crucial obstacle to its exit from bankruptcy.

The carrier has struck a deal with local Chilean bondholders
represented by Banco Estado and the company's official committee of
unsecured creditors, Latam said in a statement Wednesday. Those
parties will now support the restructuring plan.

The deal calls for improved recoveries for lower-ranking creditors
by way of additional cash payments or new bonds. Some Chilean
bondholders will also be included in the restructuring plan's
so-called backstop agreement.

                    About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.




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C O L O M B I A
===============

COLOMBIA: Q1 Economic Growth Forecast at 7.5%
---------------------------------------------
globalinsolvency.com, citing Reuters, reports that Colombia's
economy could have grown by 7.5% in the first quarter of 2022
versus the year-earlier period, mainly boosted by domestic
consumption, though this will begin to moderate amid inflationary
pressures.

Estimates from 13 analysts for economic growth fluctuated between
6% and 8.30% in the three months ended March 31, according to
globalinsolvency.com.

If growth is in line with the poll's median forecast of 7.5%, Latin
America's fourth-largest economy will have expanded at a slower
rate than in the prior quarter ending Dec. 31, when growth hit
10.8%, the report notes.

"The good dynamics of domestic demand, the high terms of trade and
expansionary monetary policy could have contributed to growth
during the first three months of 2022," David Cubides, director of
economic research at stock brokerage Alianza, said, the report
relays.

"However, looking ahead to the following quarters, the rise in
inflation, tighter financial conditions abroad and the increase in
the monetary policy rate would lead growth to gradually moderate,"
he added.  The analysts also forecast that the Andean country's
gross domestic product will expand by 5.25% this year, before
growth slows to 3% in 2023, the report relays.




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C O S T A   R I C A
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INSTITUTO COSTARRICENSE: Fitch Affirms 'B' IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (ICE) Foreign- and Local-Currency Issuer Default
Ratings (FC/LC IDRs) at 'B' with a Stable Rating Outlook. The
senior unsecured bonds were affirmed at 'B'/'RR4'. In addition,
Fitch assessed ICE's consolidated Standalone Credit Profile (SCP)
at 'b+'.

ICE's ratings reflect the strong linkage to the sovereign of Costa
Rica (B/Stable), given its strategic importance to the country and
the potentially significant negative socio-political and financial
implications to the sovereign if there is any financial distress at
the company level. Additionally, the ratings incorporate the
company's diversified asset portfolio, moderate capex program and
its strong market share position in both the electricity and the
telecommunications business.

KEY RATING DRIVERS

Strong Sovereign Linkage: ICE's ratings reflect its strong linkage
with the sovereign of Costa Rica, as ICE is an autonomous entity
owned by the Costa Rican State. As per Fitch's Government Related
Entity Criteria (GRE Criteria), ICE's IDRs are capped by Costa
Rica's sovereign rating at 'B'. ICE is a strategic asset to the
country due to its essential role in the domestic electricity
market, and it is the incumbent participant in the
telecommunications sector, which is an incentive for the government
to support the company if necessary. Fitch believes that an event
of default at ICE would have a very strong negative impact for the
sovereign on the availability and cost of funding.

Profitability Sensitive to Tariff Adjustments: ICE's total revenue
decreased 6.2% in 2021, as the regulator approved a reduction of
17.9% and 14.1% on generation and distribution tariffs,
respectively, as the electricity business accounted for 56% of
ICE's total revenue. At the same time, operating costs and expenses
were 1.9% and 3.0% lower compared to 2020, mainly related to the
electricity business. In terms of profitability, ICE's EBITDA
(pre-IFRS 16) was CRC432 billion with a margin of 33.4% (2020:
CRC508 billion and margin of 36.8%), reflecting the impact of the
tariffs' reduction.

For 2022, Fitch estimates revenue will increase 10%, reflecting an
electricity tariff increase of around 11% plus a moderate
improvement in the telecommunications business, while EBITDA should
be close to CRC484 billion with a margin of 34%.

Deleveraging Capacity: ICE's leverage, calculated as total
debt/EBITDA (pre-IFRS 16), as of December 2021 peaked at 6.8x on
lower EBITDA. In previous years the company's indebtedness was
driven by aggressive capex in the electricity sector. However,
adjustments in expansion plans have led to a reduction in
investment requirements and less pressure on the leverage metric.

Fitch's base case considers that ICE's leverage will be close to
5.6x in 2022, reflecting higher EBITDA as 2022 tariff adjustment
recognizes CRC50 billion in additional revenue, and then strengthen
to 5.0x in 2024 on the assumption that 2023 tariffs will be line
with current tariff levels and annual debt amortizations around
CRC245 billion. Fitch estimates that capex levels for 2022 to 2025
will be around CRC250 billion annually on average, which is
equivalent to about 17% of revenues, and will be funded with a
combination of internally generated cash and debt.

High Exposure to Regulatory and Political Interference: ICE is
exposed to the risk of regulatory interference due to the lack of
transparency and clarity in the processes for determining tariffs
adjustment schemes in previous years. The company proposes
electricity tariffs for end-users to the regulator annually.
Electricity tariffs are set through the quarterly adjustment of
variable costs of electric generation (energy imports and fuel) and
through an ordinary tariff review that considers the company's
operating costs. For 2022, the regulator approved an increase of
11.3% and 7.3% on generation and distribution tariffs,
respectively.

Diversified Asset Portfolio: ICE is a vertically integrated
monopoly in the electricity industry and an incumbent player in the
telecommunications industry in Costa Rica. As of December 2021, the
company accounted for 72% of the National Electric System's
installed capacity and produced 69% of the total electricity
consumed in Costa Rica. ICE's mobile market share in terms of
subscribers was approximately 41% according to most recent data
from Superintendencia de Telecomunicaciones (SUTEL). The ratings
reflect the company's low business risk resulting from its business
diversification and positive characteristics as a utility service
provider.

DERIVATION SUMMARY

ICE's linkage to the sovereign is similar to peers such as Comision
Federal de Electricidad (CFE; BBB-/Stable) and Centrais Eletricas
Brasileiras S.A. (Eletrobras; BB-/Negative). These companies have
strong linkages to their respective sovereigns given their
strategic importance to each country and the potentially
significant negative socio-political and financial implications of
any financial distress at these companies.

ICE's ratings reflect its strong linkage to Costa Rica's sovereign
rating, which stems from the company's government ownership and the
implicit and explicit expectation of government support. The
ratings reflect the company's diversified asset portfolio, moderate
capex program, and its monopoly position in the electricity
industry and strong market share position in the telecommunications
business. ICE has a lower scale of operations compared with its
peers. Leverage as of December 2021 of 6.8x was lower than CFE's
12.4x and higher than Eletrobras' 4.7x.

KEY ASSUMPTIONS

-- ICE remains important to the government as a strategic asset
    for the country;

-- In 2022, revenues grow by 10% on power tariff adjustments;

-- Leverage close to 5.6x in 2022; then strengthens to 5.0x in
    2024 on pre-approved tariffs adjustments;

-- ICE's Telco market share remains strong;

-- The recovery analysis assumes that under a hypothetical
    bankruptcy or debt restructuring process ICE would be a going
    concern and Fitch has assumed a 10% administrative claim with
    a going-concern EBITDA close to CRC490 billion an EV multiple
    of 5.0x;

-- The Recovery Rating is limited to 'B'/'RR4' as Costa Rica is
    categorized as Group D, per Fitch's Country-Specific Treatment

    of Recovery Ratings Criteria, which caps the Recovery Ratings
    at 'RR4'. Fitch calculates the recovery prospects for the
    senior unsecured debtholders in the 31%-50% range based on a
    waterfall approach.

RATING SENSITIVITIES

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

-- Upgrade of the sovereign's ratings.

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

-- A sovereign downgrade;

-- A perception of reduced linkage between ICE and the sovereign
    and a material weakening of ICE's operating and financial
profile;

-- Regulatory intervention that negatively affects the company.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: ICE's liquidity position is adequate, with a
cash and equivalents balance of CRC430 billion plus short-term
investments of CRC122 billion as of YE2021 and total debt of
CRC2,948 million, of which CRC248 billion is due in 2022.
Historically, ICE has financed capital expenditure with its own
resources and new debt, where the debt related to electrical
projects represents approximately 90% and the rest to the Telco
segment.

ISSUER PROFILE

ICE is a government-owned, vertically integrated monopoly in the
electricity industry, in charge of developing, constructing and
operating an electric power generation, transmission and
distribution system and the incumbent player in the
telecommunications industry.

ESG CONSIDERATIONS

ICE has an ESG Relevance Score of '4' for Governance Structure and
Group Structure due to ownership concentration, as a majority
government-owned entity and due to the inherent governance risks,
that arise with a dominant state shareholder. This has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




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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: Cement Demand Grows Despite Rising Costs
------------------------------------------------------------
Dominican Today reports that during the first quarter of 2022, the
local demand for cement grew by around 2.9% compared to the same
period in 2021, despite the increase in the costs of most essential
inputs, especially energy factors. And fuel, which represents
approximately 60% of the variable expenses in cement manufacture.

This was stated by the Dominican Association of Portland Cement
Producers (Adocem) when highlighting that these increases have been
experienced since 2021 and also include increases in the costs of
machinery, imported spare parts, and paper, among others, according
to Dominican Today.

"Without a doubt, energy management is a key point in the economic
sphere of a cement plant since it makes this industry very
susceptible to deficiencies and high tariffs in the electricity
sector, as well as to the continuously increasing costs of oil and
its derivatives," expressed Felix Gonzalez, president of the
entity, the report notes.

He highlighted that last year, a great dynamism in the construction
sector was reflected in the increase in cement production, which
last year reached 6.5 million tons versus the 5.1 million tons
produced in 2020, the report relays.  Finally, internal consumption
grew by 24.2%, which represents, in absolute values, about 5.5
million tons consumed in the local market, the report discloses.

He explained that despite the economic challenges, the Dominican
cement industry stands out as being one of the leading cement
exporters in the area; however, in the last five years, given the
continuous growth of local demand and situations of political
instability in Haiti, its primary export market, exports have been
declining since 2015, when they exported about 25% of their
production, to ship 12.3% in 2021, with a value of US$71 million,
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.


DOMINICAN REPUBLIC: To Outsource Consular Services
--------------------------------------------------
Dominican Today reports that the Ministry of Foreign Affairs
(Mirex) announced the start of the modernization process of
consular services abroad with the opening of the process for
contracting their outsourcing, in accordance with Law 340-06 on
Purchases and Hiring.

The institution invited local and international companies that meet
the parameters to present their proposals to operate the reception
of visa applications, passport renewals and other consular
procedures, according to Dominican Today.

According to a press release, Mirex specified that they seek to
reduce waiting time, improve communication channels and
transparency in the income it receives from the services it
provides, the report notes.

Mirex indicated that, after successful experiences in El Salvador,
Italy, Guatemala and Spain, the Dominican Government seeks to
transform the way consular services are provided, starting with a
pilot plan in six locations in the first year, 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.




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

CARIBBEAN BANANA: Seeks to Hire Almeida & Davila as Legal Counsel
-----------------------------------------------------------------
Caribbean Banana, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Almeida & Davila,
P.S.C. to serve as its bankruptcy counsel.

Almeida & Davila received a retainer in the amount of $6,000,
against which the firm will bill $250 per hour for the services of
Enrique Almeida Bernal, Esq., or by Zelma Davila Carrasquillo,
Esq.; $175 per hour for associate attorneys' services; and $85 per
hour for paralegal services.

The firm will receive reimbursement for work-related expenses.

As disclosed in court filings, Almeida & Davila is a disinterested
person within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

      Enrique M. Almeida, Esq.
      Zelma B. Davila, Esq.
      Almeida & Davila, P.S.C.
      268 Ponce de Leon Avenue Suite 900
      San Juan, PR 00918
      P.O. Box 191757
      San Juan, PR 00919-1757
      Tel. (787) 722-2500
      Fax No. (787) 777-1376
      Email: enrique.almeida@almeidadavila.com
             zelma.davila@almeidadavila.com

                      About Caribbean Banana

Caribbean Banana, Inc. sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-01302) on May
6, 2022, listing as much as $500,000 in both assets and
liabilities. Judge Maria De Los Angeles Gonzalez presides over the
case.

Enrique Almeida Bernal, Esq., and Zelma B. Davila, Esq., at Almeida
& Davila, P.S.C. are the Debtor's bankruptcy attorneys.




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

LATAM: Inflation Makes Region Struggle to Buy Basic Foods
---------------------------------------------------------
Dominican Today reports that no item is more essential in Mexican
dining rooms than the corn tortilla.  But the inflationary bubble
surrounding Latin America and the rest of the world means that
people like Alicia Garcia, a cleaner in a restaurant in Mexico
City, have had to reduce their consumption, according to Dominican
Today.

Months ago, Garcia, 67, bought several tortillas to take home every
day. Now, his salary is not enough for him, and he limits himself
to one kilo (2.2 pounds), according to Dominican Today.

"Everything has gone up here," she told The Associated Press,
standing outside the tortilla factory, the report notes.  "I, who
work with the minimum wage, how is it going to reach me?"

Just as inflation is not limited to tortillas, whose prices in the
country's capital have shot up by a third in the last year, the
predicaments are not limited to Mexico, the report discloses.  The
most significant price increase in Latin America in a generation
has caused many products with solid local consumption to become
difficult to acquire, the report relays.  As a result, ordinary
people face a daily life that has become a more painful struggle
with no respite in sight, the report says.

Countries started seeing higher prices due to bottlenecks in supply
chains caused by the COVID-19 pandemic and government stimulus
programs, the report notes.  Then Russia's invasion of Ukraine in
late February caused fertilizer prices to skyrocket, affecting the
cost of agricultural products, including corn, the report says.
Global fuel prices also rose, driving up the cost of transporting
items, the report discloses.

In Chile, annual inflation was 10.5% in April, the first time in 28
years that the index has reached double figures, the report relays.
Colombia's rate reached 9.2%, its highest level in two decades,
the report says.  In Argentina, whose consumers have dealt with
double-digit inflation for years, the price increase is 58%, the
highest in three decades, the report notes.

In Buenos Aires, where much beef is consumed, some families have
begun to look for alternatives, the report discloses.

Marcelo Gandulfo, a 56-year-old security guard, said he had never
bought pork before, but now he does every week, the report relays.
It's cheaper; he pointed out as he walked out of a butcher shop in
Almagro, a middle-class neighborhood, the report says.

Last year, according to the Institute for the Promotion of
Argentine Beef, the average Argentine consumed less than 50
kilograms of beef for the first time since the data began to be
kept in 1958, the report recalls.  However, prices have risen much
higher than normal in recent months, said Daniel Candia, a
36-year-old butcher, the report relays.

He has been in this business for 16 years, and this is the first
time he has seen something like this, he added.

Latin America is suffering from a "sudden increase in the prices of
necessities,"  World Bank President David Malpass said during an
online conference, the report notes.  He pointed out that energy,
food, and fertilizer prices are rising at a rate not seen in many
years, the report discloses.

Around the world, central banks raise interest rates to contain
inflation, the report relays.  Brazil's central bank has embarked
on one of the world's most aggressive rate-hike cycles after
inflation hit 12%, its fastest pace since 2003, the report notes.
In addition to the factors fueling regional inflation, agricultural
products from Brazil have become more expensive due to drought and
frost, the report notes.  The price of tomatoes, for example, has
more than doubled in the last year, the report discloses.

Raising interest rates is the primary tool for governments to fight
inflation, but raising them carries the risk of weakening an
economy to the point of causing a recession, the report says.  Last
year, the World Bank estimated that the regional economy grew 6.9%
as it recovered from the recession caused by the pandemic, the
report relays. However, Malpass said it is expected to rise only
2.3% this year, the report notes.

"It is not enough to make progress in reducing poverty or social
unrest," he added.

The Brazilian media inform their readers which foods they can
substitute some customary products to help stretch the family
budget, the report discloses.  But certain items, like coffee, are
irreplaceable, especially in a nation that produces more of this
product than any other in the world, the report says.

Ground coffee has become so expensive that shoplifting has begun to
target it, said Leticia Batista, a cashier at a supermarket in Sao
Paulo, the report notes.

"It breaks my heart, but I have told many to give me the dust
back," Batista said in the upscale neighborhood of Pinheiros, the
report relays.

In his own humbler neighborhood, he said, the cost of coffee "is a
big deal," the report relays.

Marcelo Ferrara, a 57-year-old engineer, enjoyed a daily espresso
at his local bakery on the more luxurious side of the coffee
spectrum. But, since January, the price has soared 33% to 8 reais
($1.60). So he reduced his consumption to two per week, the report
relates.

"I just can't afford that many of these ," Ferrara said as she
picked one up, the report says.

Decades have passed since the region's countries simultaneously
suffered a decisive blow from inflation, the report notes.  Today,
one key difference is that world economies are much more
interconnected, said Alberto Ramos, head of Latin American
macroeconomics research at Goldman Sachs, the report discloses.

"Interest rates will have to go up; if not, inflation will run amok
and the problem will get even worse," Ramos said, the report notes.
"Governments cannot be afraid to use rates.  It is a proven remedy
to lower inflation," he added.

But so far, the higher rates do not give much hope that inflation
will slow significantly in the short term, the report relays.  Last
month, the International Monetary Fund forecast that average
inflation in the region, excluding Venezuela, will drop to 10% by
the end of the year, the report discloses.  However, it is not far
below the 11.6% rate recorded at the end of 2021 and is still more
than double the 4.4% estimated for advanced economies, according to
the IMF's World Economic Outlook, the report relays.

"It will take at least a couple of years of relatively tight
monetary policy to deal with this," Ramos added.

That means that, for now, belt-tightening and going without some
staples is likely to become the new norm for the poorest members of
society in a notoriously unequal region, the report relays.  More
than a quarter of Latin America's population lives in poverty,
defined as living on less than $5.50 a day, and that number is not
expected to change this year, according to a  World Bank study
released last month, the report notes.

Sara Fragosa, a 63-year-old housewife from Mexico City, made no
secret of her anger at price gouging during an interview at a
market stall, the report notes.

"The poorer, the more amolados (beaten), and the rich go to the
top," said Fragosa, who replaced her regular purchase of meat with
quinoa and oatmeal, the report relays.

"One was not used to that," he added, "but there is no other," the
report discloses.



                           *********


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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