/raid1/www/Hosts/bankrupt/TCRLA_Public/220614.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

          Tuesday, June 14, 2022, Vol. 23, No. 112

                           Headlines



A R G E N T I N A

ARGENTINA: Clears First Review as IMF Paves Way for US$4B in Funds


B R A Z I L

ENERGISA SA: Fitch Affirms 'BB/BB+' LongTerm IDRs


C A Y M A N   I S L A N D S

MERCURY CHILE: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR


C H I L E

CHILE: Insists on Bringing Change Without Scaring Investors


C O L O M B I A

COLOMBIA: Fitch Affirms 'BB+' Foreign Currency IDR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Prices of All Fuels Remain Frozen
[*] DOMINICAN REPUBLIC: To Cooperate on Labor Matters With USA


T R I N I D A D   A N D   T O B A G O

TELECOMMUNICATIONS SERVICES: Retrenched Workers See Legal Action

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Clears First Review as IMF Paves Way for US$4B in Funds
------------------------------------------------------------------
The International Monetary Fund had reached a staff-level agreement
with Argentina on the first review of its massive loan package,
paving the way for the country to access some US$4.03 billion.

"The [staff-level] agreement is subject to approval by the IMF
Executive Board, which is expected to discuss it in the coming
weeks," said Julie Kozack, deputy director of the IMF's Western
Hemisphere Department.

"Upon completion of the review, Argentina would have access to
about US$4.03 billion," she added.

Kozack and IMF mission chief for Argentina Luis Cubeddu praised
Argentina's performance so far, with the former noting that "all
quantitative targets in the first quarter of 2022 were met."

The country had also made progress on "the structural agenda and
growth-enhancing reforms in line with programme commitments,
including on the energy front," she added.

Despite shocks due to Russia's invasion of Ukraine, the IMF said it
had agreed with President Alberto Fernández's government that the
"annual objectives established at approval of the arrangement will
remain unchanged," especially those relating to the primary fiscal
deficit, monetary financing and net international reserves.

"Such an approach provides a vital anchor for economic stability
and growth in times of uncertainty," Kozack said, adding that the
government's "commitment to implementing additional policy measures
to achieve these annual objectives is welcome."

These would include actions to reduce tax evasion, strengthen
anti-money laundering and anti-terrorist financing operations, and
encourage investment in strategic sectors, among others policies.

External shocks would only have "a limited impact" on Argentina's
growth and balance of payments issues, said the IMF official.

The multilateral lender did warn, however, that rising global
commodity prices were already having an impact on inflation in
Argentina, as in most nations.

Prices rose by six percent in April, with inflation now running at
58 percent over the last 12 months - one of the highest rates in
the world.

The multilateral lender agreed a new financing deal with President
Alberto Fernandez's government earlier this year that restructured
Argentina's remaining debt to the Fund from the record
US$57-billion stand-by loan granted to the Mauricio Macri
administration in 2018.

On March 25, the IMF's board approved a 30-month credit programme,
with an immediate disbursement of US$9.656 billion.

Under the deal struck in March - the 13th that Buenos Aires has
signed with the IMF since the return of democracy in 1983 -
repayments will be made from 2026 to 2034 after a grace period.

                       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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ENERGISA SA: Fitch Affirms 'BB/BB+' LongTerm IDRs
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Fitch Ratings has affirmed Energisa S.A.'s (Energisa) Foreign
Currency (FC) and Local Currency (LC) Long-Term Issuer Default
Ratings (IDRs) at 'BB' and 'BB+', respectively. Fitch has also
affirmed the Long-Term National Scale Rating at 'AAA(bra)' for
Energisa and its senior unsecured debenture issuances. In addition,
Fitch has affirmed the ratings of Energisa's 11 rated subsidiaries.
The Rating Outlook is Negative for the FC IDRs and Stable for the
LC IDRs and National Scale Ratings.

Energisa group's credit profile benefits from its diversified
portfolio of concessions in the Brazilian power sector.
Consolidated leverage ratios should reduce based on energy
consumption growth in Brazil and EBITDA contribution from new
transmission assets. Fitch believes Energisa group will keep its
ample access to financing sources to meet its refinancing and capex
needs. The FC IDR is constrained by Brazil's Country Ceiling of
'BB', and its Negative Outlook follows the same Outlook for
Brazil's 'BB-' sovereign rating. The equalization of the ratings of
Energisa and its subsidiaries reflects the high legal incentives
that the holding company would have to support them, if necessary.

KEY RATING DRIVERS

Strong Business Profile: Energisa's credit profile benefits from a
diversified portfolio of concessions in the energy distribution
segment, which dilute its operational and regulatory risks. The
group has concessions in four regions of Brazil through 11
distributors. Concessionaires can pass on their unmanageable costs
to consumer tariffs, although there is some exposure to demand
volatility and periodic tariff review processes. Energy
distribution should continue to be the group's most important
business, accounting for over 85% of EBITDA by 2025, even with its
increased presence in the transmission segment.

In addition to developing four transmission lines, Energisa
recently completed construction of four others and announced the
acquisition of four more operational lines in 2022. One was
acquired with the purchase of Geogroup Paranaita Transmissora de
Energia SPE S.A. (SPE Paranaita) and the remaining three with the
purchase of Gemini Energy S.A. (Gemini). Assets in this segment,
when in the operational phase, reduce the group's business risk.
After the acquisition of Gemini's assets, which should take place
by June 2022, the total Allowed Annual Revenue (RAP) of the group's
operating assets will reach BRL588 million (2021/2022 cycle),
annually adjusted for inflation and without exposure to demand
risk.

Favorable Concession Areas: Energy consumption in Energisa's main
concession areas should benefit from more favorable economic
conditions than the national average, mainly due to the relative
strength of agribusiness. Fitch's base case considers an average
annual growth in energy consumption in the group's concession areas
of 1.4%, from 2022 to 2024. In 2021, demand from Energisa's
distributors increased by 1.5%, compared to 5.2% nationally, which
reflected the resilience of the group's concession area in 2020. In
the first quarter of 2022, Energisa experienced a 2.3% increase in
consumption, compared to the 1.6% national average.

Positive Operating Performance: Energisa's ratings benefit from the
efficient operating performance of its distributors. In the
12-month period ended in March 2022, the combined EBITDA of the 11
distributors was BRL5.3 billion, compared to a regulatory EBITDA of
BRL3.3 billion. The planned investments should improve operational
efficiency and reduce energy losses. The tariff adjustments indexed
to the General Market Price Index (IGP-M) in the three main
distributors of the group, applied in 2021 and 2022, will boost the
group's consolidated EBITDA this year to BRL5.6 billion and BRL6.4
billion in 2023.

Manageable Negative FCF: Energisa's consolidated free cash flow
(FCF) should be negative in the coming years, impacted by the
group's investment plan of BRL12.6 billion from 2022 to 2024. In
2022, the cash recovery from sectoral credits, mainly to compensate
from higher energy costs in 2021, will bring some relief. The
recoverable amount totaled BRL2.5 billion at year-end 2021. Fitch
considers the amount should be reimbursed in 2022, with BRL985
million through the Water Scarcity Account and the remainder via
tariffs. For the year, projected EBITDA and cash flow from
operations (CFFO) should reach BRL5.6 billion and BRL5.4 billion,
respectively, with negative FCF of BRL1.1 billion after investments
of BRL5.0 billion and dividend distribution of BRL1.5 billion.
Consolidated FCF should remain negative at BRL1.3 billion in 2023
and 2024, incorporating a dividends pay-out of 50%.

Moderate Leverage: Energisa Group should maintain the net
debt/EBITDA ratio at around 3.5x from 2022 to 2024, despite recent
acquisitions and the expected negative FCF. This ratio is below the
4.1x average during the last four years. Efficiency gains and
favorable annual tariff adjustments in its main concessions should
continue to improve consolidated performance, also benefiting from
the greater contribution of operating assets in the transmission
segment. Fitch expects the total debt/EBITDA and net debt/EBITDA
ratios, on a consolidated basis, to be 4.8x and 3.7x, respectively,
in 2022, falling to 4.2x and 3.5x, respectively, in 2023. In LTM
ended in March 2022, these ratios were 4.4x and 3.5x.

Subsidiaries Ratings Equalized: Fitch equalizes the IDRs of
Energisa Paraiba Distribuidora de Energia S.A., Energisa Sergipe
Distribuidora de Energia S.A. and Energisa Minas Gerais
Distribuidora de Energia S.A. and the National Scale ratings of the
11 rated subsidiaries with Energisa's ratings. This mainly reflects
the high legal incentives that the holding company would have to
support them in a stress scenario. Energisa consolidates the
subsidiaries and guarantees a significant portion of their debts.
In addition, there are cross-default clauses in some of the group's
debt instruments. Fitch also views the subsidiaries as the core
business of Energisa and are centrally managed.

DERIVATION SUMMARY

Energisa's financial profile is more aggressive than its peers in
Latin America, such as Enel Americas S.A. (A-/Stable), Empresas
Publicas de Medellin E.S.P. (EPM, BB+/Rating Watch Negative), and
Grupo Energia Bogota S.A. E.S.P. (GEB, BBB/Stable). Energisa's IDRs
reflect its geographic concentration in Brazil, compared to other
countries in the region such as Chile (A-/Stable) and Colombia
(BB+/Stable).

Compared to other Brazilian power companies with operations
predominantly in the distribution segment, Energisa operates in
concession areas with economic growth above the national average
and with a strong agribusiness sector. Energisa's business profile
is better than that of Light S.A. (BB-/Stable), which has a more
aggressive financial profile, lower financial flexibility, worse
operational indicators and limited asset diversification.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer

-- Average growth in energy consumption in Energisa's concession
    area of 1.5% from 2022 to 2025;

-- Dividend distributions equivalent to 50% of net income;

-- Average annual investments of BRL4.0 billion from 2022 to
    2025;

-- Transmission lines concluded according to the company's
    schedule;

-- No asset sales or new acquisitions.

RATING SENSITIVITIES

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

-- An upgrade on the Foreign Currency IDRs is unlikely as they
    are constrained by the country ceiling (BB);

-- An upgrade on the Local Currency IDRs will depend on the
    group's ability to bring its net leverage to around 2.5x.

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

-- Total debt/EBITDA above 4.0x on a recurring basis;

-- Net debt/EBITDA above 3.5x on a recurring basis;

-- Deterioration in the liquidity profile at the holding or the
    consolidated level;

-- New projects or acquisitions involving significant amounts of
    debt;

-- A downgrade of the sovereign rating would trigger a downgrade
    on the FC IDR.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

High Financial Flexibility: Energisa has demonstrated access to
different sources of funding, which is a key credit consideration.
Despite of a sizeable liquidity position, the group presents high
debt concentration maturing up to 2024, projected negative FCFs,
and Gemini's acquisition payments.

At the end of March 2022, the group had BRL4.8 billion in cash and
marketable securities, compared with total debt of BRL24.3 billion
and short-term debt of BRL6.7 billion. During the second quarter of
2022, Energisa group raised BRL1.3 billion in debentures and has
initiatives for an additional BRL800 million. The acquisition of
SPE Paranaita represented a disbursement of BRL102 million in
February 2022 and the acquisition of Gemini, expected to be
concluded in the coming months, will bring another BRL823 million.

The holding company benefits from the receipt of dividends from its
operating subsidiaries, which totaled BRL1.9 billion in the LTM
period ended March 2022. Fitch forecasts an annual average of
dividends to be received of BRL2.0 billion from 2022 to 2024. As of
March 31, 2022, the company had BRL1.1 billion of cash and
marketable securities, compared with short-term debt of BRL1.2
billion.

Fitch expects the disbursement for the acquisition of Gemini to
reduce the holding's cash, although the proposed 16th debentures
issuance (BRL250 million) and by the proposal for the first issue
of commercial notes by the subsidiary Energisa Transmissao de
Energia, which may use its resources for this purpose, mitigates
the impact.

ISSUER PROFILE

Energisa S.A. is a non-operating holding company in the electric
energy sector, mainly through 11 energy distribution
concessionaires serving around 8.2 million customers. The group is
the fifth largest electric utility in Brazil with additional
operations and investments in the transmission and generation
segments.

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.

   DEBT                   RATING                          PRIOR
   ----                   ------                          -----
Energisa Acre -         
Distribuidora de
Energia S.A.             Natl LT    AAA(bra)   Affirmed   AAA(bra)


  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Energisa Mato Grosso -   
Distribuidora de
Energia S.A.             Natl LT    AAA(bra)   Affirmed   AAA(bra)


  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Energisa S.A.            LT IDR     BB         Affirmed   BB

                         LC LT IDR  BB+        Affirmed   BB+

                         Natl LT    AAA(bra)   Affirmed   AAA(bra)


  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Energisa Sergipe -       
Distribuidora de
Energia S/A              LT IDR     BB         Affirmed   BB

                         LC LT IDR  BB+        Affirmed   BB

                         Natl LT    AAA(bra)   Affirmed   AAA(bra)


  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Energisa Mato Grosso     
do Sul - Natl
Distribuidora
de Energia S.A.          LT         AAA(bra)   Affirmed   AAA(bra)

  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Energisa Rondonia        Natl LT    AAA(bra)   Affirmed   AAA(bra)

Distribuidora
de Energia S.A.

  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Energisa Sul Sudeste     Natl LT    AAA(bra)   Affirmed   AAA(bra)

Distribuidora
de Energia S/A

  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Energisa Tocantins -     Natl LT    AAA(bra)   Affirmed   AAA(bra)

Distribuidora
de Energia S/A

  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Energisa Paraiba -        
Distribuidora
de Energia S/A           LT IDR     BB         Affirmed   BB

                         LC LT IDR  BB+        Affirmed   BB+

                         Natl LT    AAA(bra)   Affirmed   AAA(bra)


  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Energisa Transmissao     Natl LT    AAA(bra)   Affirmed   AAA(bra)

de Energia S.A.

  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Alsol Energias           Natl LT    AAA(bra)   Affirmed   AAA(bra)

Renovaveis

  senior unsecured       Natl LT    AAA(bra)   Affirmed   AAA(bra)


Energisa Minas           LT IDR     BB         Affirmed   BB
Gerais -
Distribuidora
de Energia S/A           LC LT IDR  BB+        Affirmed   BB+

                         Natl LT    AAA(bra)   Affirmed   AAA(bra)


senior unsecured        Natl LT    AAA(bra)   Affirmed   AAA(bra)





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C A Y M A N   I S L A N D S
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MERCURY CHILE: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
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Fitch Ratings has affirmed Mercury Chile HoldCo LLC (Mercury Chile)
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB+'.
The Rating Outlook is Stable. Fitch has also affirmed at 'BB+' the
company's senior secured USD360 million notes, guaranteed by
Inversiones Cachagua SpA, Mercury Chile Co II Ltd., Inversiones LK
SpA and Omega SpA.

Mercury Chile's ratings are linked to AES Andes S.A.'s
(BBB-/Stable) credit profile, and the guarantor, Inversiones
Cachagua is the intermediary company registered in Chile owning
99.26% of AES Andes, and thus Mercury Chile indirectly owns 99.26%
of AES Andes. Per Fitch's Parent Subsidiary Linkage, Fitch views
Mercury Chile, Inversiones Cachagua, and AES Andes on a
consolidated basis.

Notes have a first lien security interest on the shares purchased
pursuant to the tender offer of minority shareholders of AES Andes,
as well as negative pledge over the AES Andes shares already owned
by the offeror, Inversiones Cachagua SpA, prior to the tender
offer.

KEY RATING DRIVERS

Consolidated Credit Profile: Fitch views AES Andes and Mercury
Chile as a consolidated entity, per Fitch's Parent and Subsidiary
linkage criteria, but the IDR and the security rating of Mercury is
one notch below AES Andes due to its structural subordination.
Fitch estimates AES Andes total leverage, considering equity credit
around 3.0x over the rating horizon, which assumes USD360 million
senior secured notes issued by Mercury Chile, guaranteed by the
guarantors. Fitch estimates Mercury Chile's leverage profile at
1.5x in 2022, which assumes a 100% equity ownership by Inversiones
Cachagua and dividends received/interest expenses are estimated at
11.0x, also assuming a 100% equity ownership of AES Andes.

Stable Dividend Stream: Mercury Chile's ratings benefit from a
healthy stream of dividends paid by AES Andes to its ultimate
parent AES Corp (BBB-/Stable). Fitch recognizes that all dividends
paid by AES Andes must flow through Inversiones Cachagua and
Mercury Chile. AES Andes is a material contributor of cash flow to
AES Corp. Fitch estimates this cash flow will represent 20% of
total cash distribution received at the AES Corporation level in
2022. The rating case assumes that dividends from AES Andes will
average USD300 million per annum between 2022 through 2025.

Structural Subordination: Mercury Chile's ratings reflect Fitch's
view that Mercury Chile and AES Andes are consolidated. AES Andes'
hybrid and senior secured notes issued by Mercury Chile have equal
probability of recovery, and a majority of AES Andes debt is junior
subordinated. Fitch's rating case assumes that under AES Andes's
existing hybrid bonds covenants, the right to pay up to 30% of its
net income for dividends is in compliance with Chilean securities
law and bylaws, which will comfortably cover debt service at the
Mercury Chile level.

In the event AES Andes is privatized and its bylaws, which are in
line with the securities law, are amended, AES Andes is expected to
pledge to vote to maintain its minimum dividend payment of at least
30% of net income. Mercury Chile's expected issuance could still be
served, since AES Andes' hybrids allow interest deferral.

Consequently, this implies AES Andes will not defer interest
payments on its hybrid notes, since it would not be allowed to pay
dividends. The notes issue at Mercury Chile have a first lien
security interest on the shares purchased pursuant to the tender
offer of minority shareholders of AES Andes, as well as negative
pledge over the AES Andes shares already owned by the offeror,
Inversiones Cachagua SpA, prior to the tender offer.

Moderate Leverage: Fitch estimates AES Andes' gross leverage,
defined as total debt-to-EBITDA, when after deconsolidating Alto
Maipo`s USD1.4 billion non-recourse debt will improve to around
3.0x over the rating horizon, from the previous estimate of 3.5x.
EBITDA-to-interest paid will average 6.0x compared to the previous
estimate of 4.2x from 2022 through 2025. On a consolidated basis,
when including Mercury Chile's USD360 million senior secured note
issuance, Fitch estimates gross leverage at 3.2x in 2022, and
EBITDA to interest expense at 5.5x in 2022.

Low Business Risk: The ratings reflect AES Andes' low business risk
resulting from a balanced contractual position and a diverse
portfolio of generation assets that support cash flow generation
stability and predictability. The ratings also reflect the
company's major plants operating under constructive regulatory
environments in Chile and Colombia with investment-grade
counterparties.

DERIVATION SUMMARY

Mercury Chile ratings compare well to other utility holding
companies (HoldCo) in the region such as A.I. Candelaria (Spain;
S.A. (BB/Stable) and Electricidad Firme de Mexico Holdings, S.A. de
C.V. (EFM) (BB/Stable). These HoldCo's depend on the cash
distribution of their main subsidiaries, OCENSA (BB+/Stable) and
Cometa Energia (BBB-/Stable), respectively to service financial
obligations.

Mercury Chile is rated one notch below AES Andes and one notch
above A.I. Candelaria and EFM, given moderate leverage profile
compared to peers and higher structural subordination to both A.I.
and EFM. Fitch expects Candelaria total debt-to-EBITDA to reach
4.2x in 2022, while EFM should reach 4.9x in 2024, and Mercury
Chile should be around 1.0x-1.5x over the rating horizon.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer:

-- Annual dividend payments equal 100% of recurrent net income
    from AES Andes to Mercury Chile;

-- Average total contracted volume of 12,700GWh in Chile in 2022-
    2025;

-- Average energy sales of 6,300GWh in Colombia in 2022-2025;

-- Thermal coal (Australia Newcastle) at USD220 per ton during
    2022, USD104 per ton in 2023, USD87 per ton during 2024 and
    USD80 in 2025;

-- Decarbonization Strategy: Ventanas 2 disconnected in December
    2022 (208MW installed capacity), and Ventanas 3, 4 and Angamos

    during January 2025, totaling 276MW, 270MW and 550MW,
    respectively;

-- Total capex of USD1.7 billion in 2022-2025, including
    maintenance;

-- Additional renewable installed capacity, including wind, solar

    and batteries of 482MW in 2022, 566MW in 2023 and 506MW in
    2024;

-- Alto Maipo deconsolidated and eliminating debt from
    consolidate balance sheet;

-- Expansion projects to be financed with cash flow, new
    contracts and partnerships.

RATING SENSITIVITIES

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

-- Under the current structure an upgrade of Mercury Chile is
    unlikely given the capital structure of the consolidated
    entity; however, an upgrade of AES Andes IDR will likely
    result in an upgrade of Mercury Chile if the parent subsidiary

    linkage relationship remains intact.

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

-- A downgrade of AES Andes ratings;

-- Leverage measured as Holdco (Mercury Chile HoldCo and/or
    Inversiones Cachagua SpA) debt/cash distribution above 3.0x
    over the rating horizon while consolidated leverage measured
    as total debt/EBITDA is above 3.5x on a sustained basis.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Liquidity linked to AES Andes: Mercury Chile holds approximately
$19,000 in cash as of December 2021. As a utility holding company,
the company`s liquidity mirrors the dividends up streamed by AES
Andes. Mercury Chile`s outstanding debt is composed of the USD360
million notes due 2026.

AES Andes' reported USD241 million in cash and cash equivalents in
1Q22, its liquidity is supported by stable and predictable cash
flows coupled with the $300 million equity injection realized in
early 2021, to finance the expansion, and proceeds from renewable
partnerships. In addition, the company has USD250 million of
undrawn committed facilities.

ISSUER PROFILE

Mercury Chile is a holding company registered in Delaware, that
owns 100% of the shares of Inversiones Cachagua Spa in Chile, an
entity that holds more than 99% of the shares of AES Andes. Mercury
Chile is 100% owned by The AES Corporation.

AES Andes is the third largest electricity generation company in
Chile, reaching 2.8GW of installed capacity. In addition, operates
1.1GW in Colombia and 0.6GW in Argentina.

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.

   DEBT             RATING                        PRIOR
   ----             ------                        -----
Mercury Chile      
HoldCo LLC
                   LT IDR    BB+     Affirmed     BB+

  senior secured   LT        BB+     Affirmed     BB+




=========
C H I L E
=========

CHILE: Insists on Bringing Change Without Scaring Investors
-----------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Chile's
government is confident it will be able to undertake massive
structural reforms without scaring away foreign investors,
according to one of the nation's top economic officials.

"Our main message is that change is not the same as uncertainty,"
Economy Minister Nicolas Grau, 39, said in an interview in Ottawa,
according to globalinsolvency.com.

He spoke in Canada as part of an official visit by Chile's
left-wing President Gabriel Boric, who met with Prime Minister
Justin Trudeau and investors before he travels to the Summit of the
Americas in Los Angeles, the report relays.

Boric's administration will boost productivity through spending on
in science, technology and innovation, as well as new
public-private partnerships, the report notes.

Officials will also streamline regulations, Grau said, noting that
some projects must still seek over 100 permits even after securing
environmental approval, the report relays.

Those measures will help end a decade of stagnation while not
infringing on pledges for fiscal discipline, according to Grau, who
obtained his doctorate in economics from the University of
Pennsylvania, the report discloses.

"It's possible to have change with certainty, when you have a clear
path and when there are no surprises," the minister said, the
report adds.




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

COLOMBIA: Fitch Affirms 'BB+' Foreign Currency IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Colombia's Long-Term (LT)
Foreign-Currency (FC) Issuer Default Rating (IDR) at 'BB+' with a
Stable Rating Outlook.

KEY RATING DRIVERS

Rating Fundamentals: Colombia's ratings reflect the country's track
record of macroeconomic and financial stability underpinned by an
independent central bank with an inflation targeting regime and a
free-floating currency. Colombia's ratings are constrained by the
large fiscal deficits that have resulted in a relatively larger
increase in debt and interest burdens than the 'BB' median, high
commodity dependence and weaker external accounts.

Solid Economic Growth in 2022: Fitch expects 6% growth in 2022
after growing 10.7% in 2021, driven by strong private and public
consumption and favourable terms of trade. This incorporates a
carryover effect from 2021 that was particularly strong (4.5pp),
given that 2021 numbers were hard hit by disturbances in 2Q21.
Fitch expects growth to slow in 2H22 as inflation pinches household
consumption and slow to 2.4% in 2023 as Colombia faces a number of
headwinds including a significant fiscal adjustment with higher
taxes, lower pandemic related spending, and continued monetary
tightening. Fitch also projects lower average oil prices, weaker
global growth and higher global interest rates that could hinder
growth. Fitch expects Colombia's growth to return to a 3.3% trend
pace in the medium term.

Inflationary Pressures Building; Colombia's inflation rate has
surprised on the upside reaching 9.1% yoy in May, driven in large
part to food prices, while heavy subsidization of fuel prices and
lowered VAT on food items have partially contained the effects of
the global price shock. Fitch expects end of period inflation to
reach 8% in 2022 and 4% in 2023, above the central bank's 3%
target, driven in large extent by food prices. Furthermore,
inflation expectations have increased for the next 12 months (4% in
2023) but are closer to target in 24 months (at 3.7%).

Given the strong economic rebound and rising inflation and
inflation expectations, the central bank began to raise its policy
rates in September 2021 by a total of 425 bp through May 2022 to
6%. Fitch expects the central bank to gradually raise rates over
2022 to reach 8% by YE. There are further inflation risks from
indexation, continued negative external shocks from commodity
prices, and supply bottlenecks.

Lower Fiscal Deficit: Fitch forecasts a CG fiscal deficit of 5.9%
of GDP in 2022, lower than the 7.1% of GDP outturn in 2021 due to
outperformance of revenues and some expenditure restraint, even as
the government has extended some pandemic and economic reactivation
measures through 2022. Under-execution of capital expenditures
typical during years of political transitions will also help curb
expenditures. Fitch forecasts the deficit to fall to 4.1% of GDP in
2023 as the impact of last year's tax reform is felt and pandemic
related expenditures wind down. The government passed a revised tax
reform in September 2021 that relied mostly on corporate taxes.

On the spending side, pandemic-related spending including cash
transfer and employment assistance to the most vulnerable is
expected to end in 2022. However, pressures for new social
expenditure have grown and tax increases have proved contentious as
expressed in the May 2021 protests, limiting the fiscal upside in
any outcome.

Debt Stabilized: The 2020 economic downturn, large fiscal deficits
and peso depreciation led to a significant increase in general
government (GG) debt to 58.6% of GDP in 2020 from 44.9% of GDP in
2019. The debt level remained flat in 2021 despite high nominal GDP
growth (17%), due to a high fiscal deficit and currency
depreciation. Fitch expects GG debt/GDP to fall marginally in 2022
to around 58%, slightly above the 'BB' median. Further efforts
would likely be necessary to reduce the debt level in a meaningful
way thereafter.

Current Account Deficit to Narrow: Colombia's current account
deficit reached 5.7% of GDP in 2021, driven by sharply higher
imports and profit remittances. Fitch expects some moderation in
the deficit in 2022-2023, falling to 4.6% and 4.2% of GDP
respectively as exports rise on back of higher prices (with little
change in volumes) but imports and profit remittances remain high.

Higher External Debt, Adequate Liquidity: Colombia's net external
debt has been rising over the last decade to above 20% of GDP in
2022, from just 2% in 2012, driven to a large extent by rising
external public sector debt, and is now higher than the 'BB'
median. Colombia's international reserves have risen markedly over
the last two years, reaching USD58 billion, up from USD52.7 billion
in 2019. As a result, Colombia's reserves are expected to continue
to cover a relatively high seven months of CXP through the forecast
period. Furthermore, the IMF approved a new two-year Flexible
Credit Line with Colombia in April 2022 for USD9.8 billion, a
reduction from the USD17.2 billion line augmented in September 2020
due to the pandemic.

Upcoming New Administration: Following first-round presidential
elections on May 29, 2022, Gustavo Petro on the left will face off
against independent Rodolfo Hernandez in a second-round vote on
June 19. Petro has run on a platform of higher social spending paid
for with tax increases, pension reform involving increased
government participation, and an end to oil dependence by halting
oil exploration and focusing on renewable energy. Rodolfo Hernandez
has run on an anti-corruption platform and has pledged to reduce
taxes and slash government spending.

Congressional elections held in March 2022 saw no single block gain
more than 15.6% of the seats in the Senate or 19.6% of the House of
Representatives. A fragmented Congress makes consensus-building
necessary to pass legislation, regardless of who wins the
presidency. This supports Fitch's view that Colombia's broad policy
framework will remain intact, and that institutional checks and
balances, including an independent central bank and autonomous
judicial system, are likely to prevent policy radicalization. The
key areas of possible reforms will include tax policy, oil and gas
sector policies, pension reform, security, health, housing and
education -- many of which could entail fiscal pressures.

ESG -- Governance: Colombia has an ESG Relevance Score (RS) of '5'
& '5' [+] respectively for Political Stability and Rights and for
the Rule of Law, Institutional and Regulatory Quality and Control
of Corruption. These scores reflect the high weight that the World
Bank Governance Indicators (WBGIs) have in Fitch's proprietary
Sovereign Rating Model (SRM). Colombia has a medium WBGI ranking at
45.8, reflecting a moderate level of participation in the political
process, institutional capacity, and corruption and weak scores for
political stability and rule of law.

RATING SENSITIVITIES

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

-- Public Finances: A failure to achieve fiscal consolidation
    that leads to a significant deterioration in Colombia's GG
    debt to GDP ratio relative to the 'BB' peer median;

-- Macro: Deterioration of medium-term growth prospects well
    below Colombia's historical potential of 3.3%, with adverse
    social ramifications such as high unemployment and poverty
    levels;

-- External Finances: A large increase in net external debt to
    GDP, raising external vulnerabilities.

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

-- Public Finances: Achievement of fiscal consolidation
    consistent with a steadily declining GGGD to GDP ratio and
    enhanced fiscal policy credibility;

-- Macro: Higher sustained medium-term economic growth above
    Colombia's historical averages of about 3.3%;

-- Structural: Improvement in governance indicators indicative of

    improved social cohesion and momentum around reforms that
    could improve Colombia's structural fiscal position and
    medium-term growth prospects.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Colombia a score equivalent to a
rating of 'BB+' on the LT FC IDR scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

The removal of the +1 notch for Macroeconomic Performance reflects
the fact that the SRM score has begun to benefit from strong above
trend GDP growth that partially offsets the negative impact of GDP
volatility, both of which reflect the deep pandemic related
recession and will normalize over time.

The removal of the -1 notch for Public Finances reflects Fitch's
expectation that ongoing fiscal challenges are being captured in
the metrics that feed into the SRM, as well as passage of a tax
reform and some adjustment in spending helping to contain further
fiscal risks and stabilize debt/GDP.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's qualitative overlay (QO) is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within Fitch's criteria that are not fully quantifiable
and/or not fully reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Colombia has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Colombia has a percentile rank below 50 for
the respective Governance Indicator, this has a negative impact on
the credit profile.

Colombia has an ESG Relevance Score of '5' [+] for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. Colombia has a percentile rank above 50 for the
respective Governance Indicators, this has a positive impact on the
credit profile.

Colombia has an ESG Relevance Score of '4' [+] for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Colombia
has a percentile rank above 50 for the respective Governance
Indicator, this has a positive impact on the credit profile.

Colombia has an ESG Relevance Score of '4' [+] for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Colombia, as for all sovereigns. As
Colombia has track record of 20+ years without a restructuring of
public debt and captured in Fitch's SRM variable, this has a
positive impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3'. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or to the way in which
they are being managed by the entity(ies).

   DEBT              RATING                                  PRIOR
   ----              ------                                  -----
Colombia           LT IDR              BB+      Affirmed     BB+

                   ST IDR              B        Affirmed     B

                   LC LT IDR           BB+      Affirmed     BB+

                   LC ST IDR           B        Affirmed     B

                   Country Ceiling     BBB-     Affirmed     BBB-

  senior unsecured LT                  BB+      Affirmed     BB+




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

DOMINICAN REPUBLIC: Prices of All Fuels Remain Frozen
-----------------------------------------------------
Dominican Today reports that the prices of all fuels in the
Dominican Republic for the week of June 11-17 remain frozen.

According to the Ministry of Industry, Commerce, and Mipymes
(MICM), prices will remain the same, according to Dominican Today.

Premium gasoline will continue to cost RD$293.60; regular gasoline
RD$274.50; optimum diesel RD$241.10; and regular diesel RD$221.60,
the report notes.

The price of liquefied petroleum gas (LPG) will remain the same at
RD$147.60; avtur and kerosene, whose cost will be RD$298.91 and
RD$338.10, the report relays.

Fuel oil will cost RD$192.11; fuel oil 1% RD$211.77 and natural gas
RD$28.97, the report notes.

As of June 8, the international price of WTI averaged US$119.15, an
increase of 4.6% over the previous week, the report discloses.
However, Deputy Minister Ramon Perez Fermin stated that the
government would assume 100% of the gains at a cost of 1.8 billion
pesos, the report says.

"With this measure Dominicans have saved 83.21 pesos on each gallon
of Premium Gasoline, 90.83 pesos on Regular Gasoline, 92.14 pesos
on Regular Gasoil and 10.31 pesos more on LPG for almost four
months," according to Perez Fermin, the report relays.

The subsidies applied amount to more than RD$18,968 million thus
far in 2022, according to the Ministry of Industry and Commerce,
the report notes.

The average exchange rate weighted by the Central Bank is RD$55.29,
the report adds.


[*] DOMINICAN REPUBLIC: To Cooperate on Labor Matters With USA
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic and the United
States announced the formation of a technical working group to
strengthen capacities to enforce Dominican labor laws in the sugar
sector.

The group will consist of representatives from the Ministries of
Foreign Affairs, Labor, and Commerce of both countries, with the
participation of other government agencies as necessary, according
to Dominican Today.

This joint work considers commitments already assumed by both
countries to apply labor laws under DR-CAFTA and according to
international standards on the matter to improve the conditions of
workers, the report relays.

The Dominican ambassador to the United States, Sonia Guzman,
informed that this group is one more tool in the joint work with
the United States and that it is part of President Abinader's
agenda in favor of the Dominican agricultural sector and its
workers, the report says.

                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.




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

TELECOMMUNICATIONS SERVICES: Retrenched Workers See Legal Action
----------------------------------------------------------------
Trinidad Express reports that the Telecommunications Services of
T&T (TSTT) workers, who accepted voluntary separation packages in
2018, are threatening to bring legal action against their former
employer if it does not furnish them with new TD4 forms in about
two weeks.

This is to enable them to get the balance of their ex-gratia
payment, according to Trinidad Express.

In response, TSTT gave the assurance that it is working diligently
to provide the revised TD4 forms to the group's attorneys in the
shortest possible time, the report relays.

At a news conference held in Port of Spain, head of the Citizen's
Union of T&T (CUTT), Phillip Alexander, who is representing the
workers, said TSTT deducted a lumpsum from the VSEP of each worker,
saying it was supposed to go to the Board of Inland Revenue, the
report discloses.

According to Alexander, the workers subsequently took the matter to
court, where it was discovered that TSTT never gave the money to
the BIR, the report relays.

"At the resolution of that matter, the order was for the funds to
be remitted to the workers.  And TSTT, instead of sending the money
to the workers, gave money to the Inland Revenue that Inland
Revenue was not entitled to receive," he explained, the report
notes.

Alexander said there was another order from the Court four weeks
ago, requiring new TD4's from TSTT in order to get the money from
the BIR, the report relays.

He is alerting workers who may be considering accepting VSEP from
government entities to know their rights, the report notes.

"Government is entering into legally binding documents with workers
and then abandoning them after they sign. That's in every other
jurisdiction. That's fraud," Alexander added, the report
discloses.

Jason Cowie, a worker who took VSEP stated it is a matter of
justice, as workers are seeking what they are owed and not one cent
more, the report says.

"We don't want our money to sleep out. It has been too long. It has
been more than four years now. We have a lot of people that are
sick, a lot of people that are dying, a lot of people that are not
well at this time, who need their money," said Cowie, the report
notes.

However, workers stand to get less, as CUTT explained that the
ex-gratia payment was supposed to be tax-free, the report relays.

Also, retrenched workers are facing their own issue; they were sent
home in 2018 on 2014 salaries . . . and are now owed retroactive
pay for the bargaining period, the report discloses.

Rhonda Ramsey is one of hundreds of workers in that predicament.
She says workers who remained employed have been paid, the report
relays.

"The 2018 batch is now left out in the cold without having any
redress for our issues."

Ramsey, a single mother with a small business, indicated that they
are facing immense hardship, exacerbated by the pandemic, the
report says.

She said while TSTT and the Communication Workers Union agreed on a
five-year payment plan, workers were left out of the consultation
process, the report notes.

"The retrenched workers of 2018, we are opposed and we are
appealing to the company to engage with us in dialogue to have our
monies paid in full to us. We are looking for closure," Ramsey
added, the report relays.

In a news release, TSTT said it is disappointed with the action
taken by a group of former employees on the matter of revised tax
return forms, the report discloses.

It said the company is engaged in ongoing communication with the
attorneys representing the group and has not faltered in providing
timely updates on the status and availability of the revised TD4
forms, the report notes.

TSTT said it is working closely with the Board of Inland Revenue to
make the forms available in a timely manner and the group's
attorneys are kept abreast of all developments in this regard, the
report relays.

"TSTT is making it abundantly clear that it has no interest in
prolonging this matter. The company has given the group its full
support and dedicated resources to bring this matter to a swift
resolution . . . In response to allegations of non-payment to the
BIR, TSTT rejects these, and all related claims, with contempt,"
according to the majority State-owned company, the report adds.



                           *********


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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Information contained herein is obtained from sources believed to
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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,
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