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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Thursday, June 16, 2022, Vol. 23, No. 114

                           Headlines



A R G E N T I N A

ARGENTINA: Inflation Debt Drops on Fears Government Won't Pay


B A H A M A S

BAHAMAS: Rising Fuel Costs Affect Gas Station Operators


B R A Z I L

BRAZIL: Partners With IDB to Launch New Solid Waste Management


C O L O M B I A

BOGOTA: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable


P E R U

PERU: Exceeds US$1B in Exports to United States in 1st Quarter


P U E R T O   R I C O

CITIZEN PROTECTION: Seeks to Hire Vilarino & Associates as Counsel
ESJ TOWERS: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D   A N D   T O B A G O

TRINIDAD GENERATION: Fitch Affirms Unsecured Notes Due 2027 at 'BB'

                           - - - - -


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

ARGENTINA: Inflation Debt Drops on Fears Government Won't Pay
-------------------------------------------------------------
Buenos Aires Times reports that Argentina's inflation-linked debt
extended its drop amid investor concern that the growing burden
will prove unsustainable for the government.

Boncer bonds due March 2023 fell 8.1 cents on the peso, while
inflation-linked notes due September 20 rose 0.3 cents on the peso
after dropping the most on record the previous day, according to
Buenos Aires Times.  The moves follow investor concern that the
government will need to restructure its obligations as
inflation-linked debt, which is estimated to make up nearly 80
percent of peso debt, becomes a growing burden, the report notes.
Economists estimate inflation will end the year above 70 percent,
the report relays.

Economy Minister Martin Guzman said that the government would never
stop payments on its local debt in a late TV interview and slammed
the previous administration for re-profiling local assets, the
report discloses. Earlier, the Central Bank and the fund manager
arm of the country's state-run pension fund purchased
inflation-linked assets to curb the sell-off, according to people
with direct knowledge of the matter, the report notes.  

The large inflation-linked debt load has led rollover rates to fall
in recent Treasury auctions, the report relays.  Investors are
concerned that the government would have to take unorthodox steps
if it struggles to meet its debt-sale goal, according to Javier
Casabal, a fixed income strategist at Adcap, a local brokerage, the
report notes.

Consumer prices are forecast to rise more than 72 percent this
year, according to the most recent Central Bank survey of
economists, the report discloses.

Simply printing more pesos to pay the debt also squeezes the
government, because it risks even higher inflation and would blow
past monetary emission targets set by the International Monetary
Fund. Argentina is expected to exceed the monetary issuance target
of one percent for 2022 set out by its US$44-billion deal with the
fund, according to Buenos Aires-based Facimex Valores, the report
relays.

"Minister Guzman is at a crossroads," said Alejo Costa, chief
Argentina strategist at BTG Pactual in Buenos Aires, the report
notes.  "Easing concerns requires a combination of fiscal
discipline and the presence of the central bank as a lender of last
resort in case rollover disappoints. He does not seem willing to
pitch fiscal discipline, and cannot guarantee Central Bank
financing if needed due to IMF limits," the report relays.

Argentina's previous government under Mauricio Macri re-profiled
the country's local debt in 2019, and fears of a similar move by a
new administration in 2023 are also part of the recent market
jitters. While elections are still a year-and-a-half away,
President Alberto Fernandez's approval ratings have been sliding as
prices soar, the report says.

"I don't think that a restructuring of peso-denominated paper is a
done deal, but it will certainly hinge on the credibility generated
by the next administration," said Ramiro Blazquez, head of strategy
at Banctrust & Co in Buenos Aires, the report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America.  Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

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




=============
B A H A M A S
=============

BAHAMAS: Rising Fuel Costs Affect Gas Station Operators
-------------------------------------------------------
RJR News reports that gas station operators in the Bahamas have
called for the Government to step in to address the rising cost of
fuel to prevent job cuts.

Bahamas Petroleum Retailers Association Vice President Vasco
Bastian, who operates an Esso gas station, told the Nassau Guardian
that he hopes the price of gasoline does not go beyond Bahamian
$7.39, according to RJR News.

Mr. Bastian says it will be a crisis if that happens, the report
notes.

He says, already, pump attendants have been working reduced hours,
the report adds.




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

BRAZIL: Partners With IDB to Launch New Solid Waste Management
--------------------------------------------------------------
The Inter-American Development Bank has partnered with Brazil to
launch the new Solid Waste Management Plus National Information
System (SINIR+) tool, which provides government agencies,
investors, and citizens with 3-D maps, interactive panels and
granular data on waste management.

The Ministry of Environment rolled out the tool to partner with the
private sector to drive sustainability by supplying it with
information such as locations with potential for investment in
waste collection or recycling services.

"The IDB pleased to be able to support this agenda in partnership
with the Ministry of Environment. SINIR+ is concrete proof of how
information and technology enable progress on priority issues like
sustainability," said Morgan Doyle, IDB Group representative in
Brazil. "The tool is innovative in Brazil and in even Latin
America. It shows where the public sector can most improve its
services and identifies investment opportunities for the private
sector. This sets the stage to expand recycling, clean energy
generation and proper disposal of waste".

The initiative demonstrates digitalization's potential to drive an
economic recovery in Latin America and the Caribbean, as expressed
in Vision 2025, the IDB's agenda for supporting the region. For
example, the 3-D map allows users to navigate to anywhere in the
country and get a clear picture of the sorting, recycling,
treatment and final disposal units, along with other aspects of
waste management in that location. It also lists public consortia
and details the entire waste management flow. Knowledge of these
structures is key to implementing the National Solid Waste Policy
and bolstering the new Legal Framework for Sanitation.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

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

Standard & Poor's credit rating for Brazil stands at BB- with
stable outlook (April 2020). S&P's 'BB-/B' long-and short-term
foreign and local currency sovereign credit ratings for Brazil
were affirmed in December 2021 with stable outlook. Fitch Ratings'
credit rating for Brazil stands at 'BB-' with a negative outlook
(November 2020).  Fitch's 'BB-' Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) has been affirmed in
December 2021.  DBRS's credit rating for Brazil is BB (low) with
stable outlook (March 2018).




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

BOGOTA: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Bogota, Capital District of Colombia's
(the district) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDR) at 'BB+' with a Stable Outlook.

The affirmation reflects Fitch's expectations that Bogota will
gradually recover its operating performance with manageable debt
levels after a sharp decline in operating balances in 2020-2021 and
despite a significant observed and expected increase in debt to
cover its reactivation strategy and its development plan. The
assessment of the district's Standalone Credit Profile (SCP) was
lowered to 'bbb' from 'bbb+', but the IDR remains capped by the
sovereign rating. The payback ratio is expected to reach 15.3x in
2022 and then be below 9x in the last three years of the forecast
horizon (2024-2026), while the synthetic debt service coverage
ratio (SDSCR) is projected to range between 1.5x and 2x in those
years.

KEY RATING DRIVERS

Risk Profile - 'Low Midrange'

Fitch assesses Bogota's risk profile at 'Low Midrange', reflecting
a combination of key risk factors (KRFs) with a majority of
'Midrange' attributes (5) and some 'Weaker' (1). The 'Low Midrange'
risk profile assessment reflects a moderately high risk relative to
international peers that the issuer's ability to cover debt service
with the operating balance may weaken unexpectedly over the
forecast horizon (2022-2026) either because of lower-than-expected
revenue or expenditure above expectations, or because of an
unanticipated rise in liabilities or debt-service requirements.

Revenue Robustness - 'Midrange'

Revenue robustness is closely related to the degree of fiscal
autonomy, since stable transfers streamed down from a 'BB+' rated
sovereign counterparty could lead this KRF to 'Weaker'. However, as
the main city in Colombia, Bogota is one of the issuers with
greater fiscal autonomy given its strong economic indicators and
growth prospects. The district's operating revenue is mostly made
up of predictable and growing tax items, notably real estate
property tax (IPU) and tax on industry and commerce (ICA). Taxes
represented 63.6% of operating revenue in the last five years
(2017-2021) and showed a CAGR of 5.2%.

Revenue Adjustability - 'Midrange'

According to estimates provided by the district, an increase in the
industry tax rates (the most important tax item) to the maximum
legal rate (3% from current highest rate of 1.4%) could yield
additional revenue equivalent to more than 50% of total tax
revenue. However, the assessment is limited by the Sovereign rating
(as per the relevant criteria), as well as Fitch's view of
taxpayers' affordability to cope with potential rate hikes, which
is somewhat limited compared to international peers.

Expenditure Sustainability - 'Midrange'

Over 90% of expenditure has a low to moderate correlation with the
economic cycle. Fitch expects the extraordinary support to finance
the transportation deficit may last longer than initially expected,
due to a slower than expected recovery in passenger demand as a
result of the new normal in working from home patterns. This
support, coupled with a social spending package, derived in a 11.7%
increase in operating expenditure in 2021. However, Fitch does not
consider the spending pressures stemming from the public
transportation system to have a structural reason as, in Fitch's
opinion, this situation originates mainly from the health
contingency. Likewise, the district's reactivation strategy based
on countercyclical capex and social spending, also has a
discretionary nature, rather than a legally-mandated one.

Expenditure Adjustability - 'Midrange'

Mandatory responsibilities for providing social services limits
Bogota's ability to curb operating expenditure, so this KRF is
measured by the district's share of capex to total expenditure, as
well as its capacity to finance capex with its operating balance.
In this regard, due to the aforementioned deficit of the
transportation system, Bogota's current balance deteriorated to
3.0% of total expenditure in 2021, while current balance financed
only 8.7% of capex, after averaging 21.2% and 53.7%, respectively,
in 2017-2019.

While capex needs are high, especially for the transportation
sector, Bogota's capex per capita is among the highest in the
country, indicating some room to cut this expenditure if needed.
The standing support of the sovereign for major infrastructure
programs also reliefs Bogota from excessive spending pressure.
Fitch will monitor expenditures metrics to determine if they
warrant a change in this KRF.

Liabilities and Liquidity Robustness - 'Midrange'

Bogota operates under a moderate national and individual debt
management framework. The district can borrow from a variety of
sources and currencies, provided that it meets the solvency
(interest payments not exceeding 40% of operating balance) and
sustainability (direct debt below 100% of current revenue) legal
limits. Bogota has reduced FX and interest rate risk considerably,
with inflation being the main risk in its current and expected debt
portfolio, which is considered manageable given Colombia's
inflation-target central bank regime. Pension liabilities do not
represent a material risk, as they are almost fully covered with
liquid assets.

Bogota plans and has approval from the District Council to take
additional debt for up to COP7.1 trillion in the forecast horizon,
most of which would be in local currency, relying mainly on their
local bond issuance program, with the target of achieving favorable
debt conditions and avoiding maturity concentration.

Liabilities and Liquidity Flexibility - 'Weaker'

The Colombian framework provides no emergency liquidity support
from upper tiers of government. Given the high level of payables,
all cash is considered to be restricted. Bogota has demonstrated
market access with local commercial banks and multilateral agencies
and has also shown a recent track record of tapping the local
capital market to seek liquidity, with offerings that have been
consistently overbid. However, the counterparty risk of potential
liquidity providers will be mostly below investment grade, given
the sovereign credit environment.

Debt Sustainability - 'aa' category

Under Fitch's rating case scenario, the payback ratio will improve
gradually over Fitch's five-year rating horizon, averaging 5.6x in
2025-2026 from an actual of 11.0x at YE 2021, due to an expected
recovery of the operating balance, despite higher debt. While the
current rating case estimate for the payback ratio represents a
slight deterioration from Fitch's previous estimate of 4.5x, actual
DSCR and SDSCR would remain close to Fitch's previous estimates of
2.4x and 1.8x, respectively, whilst the fiscal debt burden is
expected to increase slightly, to 80.4%. Following the guidance
provided by the primary metric, overall debt sustainability remains
assessed as 'aa'.

DERIVATION SUMMARY

The assessment of the district's SCP was lowered to 'bbb' from
'bbb+', due to higher than expected pressure on operating
expenditure stemming from coverage of the public transportation
system deficit, given lower than expected passenger traffic. The
SCP reflects a combination of a 'Low Midrange' risk profile and
debt sustainability score assessed in the 'aa' category under
Fitch's rating case scenario. Bogota's IDRs are capped by the
sovereign rating. No other factor affects the ratings.

KEY ASSUMPTIONS

Qualitative Assumptions:

Risk Profile: Low Midrange

Revenue Robustness: Midrange

Revenue Adjustability: Midrange

Expenditure Sustainability: Midrange

Expenditure Adjustability: Midrange

Liabilities and Liquidity Robustness: Midrange

Liabilities and Liquidity Flexibility: Weaker

Debt Sustainability: aa

Budget Loans (Notches): N/A

Ad-Hoc Support (Notches): N/A

Asymmetric Risks (Notches): N/A

Rating Cap: Bogota's IDR are capped by the Sovereign, in
recognition of a certain degree of interdependence between
subnational finances, given the fairly centralized framework.

Rating Floor: N/A

Quantitative assumptions

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2017-2021 figures and 2022-2026 projected
ratios. The key assumptions for the scenario include:

-- 6.6% CAGR of operating revenue, slightly below average
    expected economic growth of 7.2% over the rating case horizon;

-- 3.9% CAGR of operating expenditure, driven by a gradual
    decrease in the transportation system deficit and social
    spending;

-- Annual capex of COP5.9 trillion on average;

-- New borrowing for up to COP9.0 trillion to be taken between
    2022 and 2026, coupled with debt repayment of around COP2.2
    trillion and non-cash increases in principal (FC debt and
    inflation-linked bonds) of approximately COP370 billion,
    resulting in a net debt increase close to COP7.1 trillion.

-- Adjusted debt includes an estimated share of Empresa Metro de
    Bogota debt (20% of total debt) for up to COP1.8 trillion in
    2026 as other Fitch classified debt;

-- Apparent cost of debt: average of 6.5% over the rating
    horizon;

-- All cash is considered restricted.

RATING SENSITIVITIES

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

-- Bogota's IDR are capped by the sovereign rating. Colombia's
    IDR upgrade would lead to a corresponding rating action on
    Bogota.

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

-- Bogota's IDR would be downgraded if the sovereign rating is
    downgraded as well.

-- A downgrade may also be possible if the SCP is downgraded by
    three notches or more, which would result from a payback ratio

    nearing 9x ('a' score) along with a DSCR below 1.5x ('bbb'
    score), under Fitch's rating case;

The bond's ratings would move in tandem with Bogota's IDR.

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.

LIQUIDITY AND DEBT STRUCTURE

As of December 2021, net adjusted debt increased to COP6.4 trillion
(2020: COP4 trillion). This increase was already expected by Fitch
in its previous review. Direct debt is mostly at fixed rate (72.8%)
and in local currency (94.3%). Net adjusted debt also includes an
estimated share of Empresa Metro de Bogota debt for up to COP675.3
billion as other Fitch classified debt. Despite the high proportion
of bullet debt, bonds maturities are spread at different dates.
Inflation is the main risk in its current and expected debt
portfolio, considering bonds whose principal is tied to an
inflation index.

ISSUER PROFILE

Bogota is Colombia's most important economic center and presents
the strongest socioeconomic profile, characterized by moderate
population growth (7.7 million inhabitants), high GDP per capita
and a low rate of multidimensional poverty. The city has
significant economic diversification and a favorable tax culture.
Fitch classifies Bogota, as for all Colombian LRGs, as type B as it
covers debt service from its cash flow on an annual basis.

SUMMARY OF FINANCIAL ADJUSTMENTS

Cash surplus of previous years are subtracted from capital
revenues. Also, some withdrawals from the pension funds are
reclassified to pass through transfers from capital revenue.
Previous years deficits are subtracted from expenditure. General
adjustments when inconsistencies are identified between in
financial statements provided by the issuer and those published.

Fitch's historical financial statements for Bogota result from a
cross-check between published budgetary statements and the issuer's
reports to Consolidador de Hacienda e Informacion Publica (CHIP)
and, where appropriate, Fitch reclassifies certain line items.
These reclassifications have a minimal impact on ratios.

Fitch considers consolidated figures, which include Bogota's public
establishments. Fitch does not consider the revenues and
expenditures of Universidad Distrital for its analysis, but
considers Bogota's transfers to the university as part of operating
expenditure.

Bogota's operating expenditure is a based on a Fitch estimate and
includes items reported under 'investment expenditure' that are
recurring in nature. These include staff and other operating costs
of the education sector and subsidies for utilities, health
insurance and transportation, among others.

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
   ----                 ------                          -----
Bogota, Distrito Capital

                      LT IDR      BB+        Affirmed   BB+

                      LC LT IDR   BB+        Affirmed   BB+

                      Natl LT     AAA(col)   Affirmed   AAA(col)

                      Natl ST     F1+(col)   Affirmed   F1+(col)

   senior unsecured   LT          BB+        Affirmed   BB+

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




=======
P E R U
=======

PERU: Exceeds US$1B in Exports to United States in 1st Quarter
--------------------------------------------------------------
Rio Times Online reports that between January and March 2022,
imports of agricultural products in the United States totaled
US$19.6 billion, 18% more than in the same period in 2021.

Of the total imported by the North American country, purchases of
fruits, vegetables, and grains from Peru reached US$1.2 billion,
which meant an increase of 35% compared to the first quarter of
2021, according to Rio Times Online.

The increase in food purchases by the United States was driven by
imports of coffee and corn, which showed an increase of over 40%.
In the same line, Peruvian shipments increased due to coffee, whose
imports grew 131%, and fruits, which increased 33%, the report
relays.




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

CITIZEN PROTECTION: Seeks to Hire Vilarino & Associates as Counsel
------------------------------------------------------------------
Citizen Protection Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Vilarino &
Associates, LLC as its legal counsel.

The firm's services will include:

  (a) advising the Debtor with respect to its duties, powers and
      responsibilities in its Chapter 11 case under the laws of
      the United States and Puerto Rico;

  (b) advising the Debtor as to whether reorganization is
      feasible and, if not, assisting the Debtor in the orderly
      liquidation of its assets;

  (c) negotiating with creditors in the formulation and
      confirmation of a viable plan of reorganization;

  (d) preparing legal papers;

  (e) appearing before the bankruptcy court or any court where
      the Debtor asserts a claim interest or defense related to
      its bankruptcy case;

  (f) other legal services necessary to administer the case; and

  (g) employing other professional services, if necessary.

The hourly rates charged by the firm's attorneys and paralegals
are
as follows:

     Javier Vilarino, Esq. (Senior Attorney)   $275 per hour
     Associates                                $200 per hour  
     Paralegals                                $125 per hour

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

The firm can be reached through:

     Javier Vilarino, Esq.
     Vilarino & Associates, LLC
     1519 Avenida de la Constitucion 5th Floor
     San Juan, PR 00918
     Phone: +1 787-565-9894
     Email: office@vilarinolaw.com

                     About Citizen Protection

Citizen Protection Inc. provides strategic leadership for the
company by working with the Board of Directors and other
management
to establish long-range goals, strategies, plans and policies.

Citizen Protection sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 22-01475) on May 24, 2022,
listing between $50,000 and $100,000 in both assets and
liabilities. Edwin Ayala Figueroa, president of Citizen
Protection,
signed the petition.

Javier Vilarino, Esq., at Vilarino & Associates, LLC and Tamarez
CPA, LLC serve as the Debtor's legal counsel and accountant,
respectively.


ESJ TOWERS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: ESJ Towers, Inc.
        6165 Isla Verde Ave.
        Carolina, PR 00979

Business Description: The Debtor owns the ESJ Tower located at
                      6165 Isla Verde Ave. having an acquisition
                      cost of $11.8 million.

Chapter 11 Petition Date: June 10, 2022

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 22-01676

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Charles A. Cuprill, Esq.
                  CHARLES A. CUPRILL, PSC LAW OFFICES
                  356 Fortaleza Street (2nd Floor)
                  San Juan, PR 00901
                  Tel: 787-977-0515
                  Email: ccuprill@cuprill.com

Total Assets: $30,756,461

Total Liabilities: $39,140,500

The petition was signed by Keith St. Clair as president.

A full-text copy of the petition is available for free at
PacerMonitor.com at https://bit.ly/3zEhnyK

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Acrecent Financial Corporation                         $210,651
PO Box 363372
San Juan, PR 00936

2. Acrecetn Financial                                     $340,002
Corporation
PO Box 363372
San Juan, PR
00936-3372

3. American Express #31001 RS                             $318,819
PO Box 981535
El Paso, TX
9998-1535

4. Autoridad De Energ. Elect                              $811,054
PO Box 363508
San Juan, PR
00936-3508

5. BMF Capital                                            $200,000
1820 Avenue M,
Suite 125
Brooklyn, NY 11230

6. C.R.I.M.                                               $278,351
Carretera Estatal #1
km 17.3
San Juan, PR 00926

7. Colebrook Financial                                  $3,199,898
Company, LLC
100 Riverview Center
Suite 203
Middletown, CT 06457

8. Departamento de                 Sales & Use            $220,576
Hacienda                              Tax
PO Box 9024140
San Juan, PR 00902

9. Departamento de                 Corporation            $450,097
Hacienda                           Income Tax
PO Box 9024140
San Juan, PR 00902

10. Departamento de                Professional           $383,563
Hacienda                               Fees
PO Box 9024140                     Withholdings
San Juan, PR 00902

11. Departamento de                 Income Tax            $310,291
Hacienda                          Withholdings-
PO Box 9024140                       Payroll
San Juan, PR 00902

12. ESJ Towers                                          $3,397,771
Condominium Assoc
6165 Isla Verde Ave.
Carolina, PR 00979

13. ESJ Towers                                          $1,202,670
Condominium Assoc
6165 Isla Verde Ave.
Carolina, PR 00979

14. Green Capital                                         $500,000
Funding, LLC
116 Nassau Street
Suite 804
New York, NY 11038

15. McConnell Valdes                                      $146,784
P.O. Box 364225
San Juan, PR
00936-4225

16. Oriental Bank                                      $10,127,328
254 Mu oz Rivera Ave.
San Juan, PR 00918

17. Oriental Bank                                       $5,876,298
254 Mu oz Rivera Ave.
San Juan, PR 00918

18. Parliament Capital                                  $2,505,088
1511 Ponce de Leon
- Ciudadela
Torre 1000, Suite 6-A
San Juan, PR 00936

19. Parliament Capital                                  $6,572,379
Manegement, LLC
1511 Ponce De Leon
Suite 6-A
San Juan, PR 00909

20. US Small Business                                     $500,000
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Administrator
Washington, DC 20416




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD GENERATION: Fitch Affirms Unsecured Notes Due 2027 at 'BB'
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Fitch Ratings has affirmed Trinidad Generation Unlimited's (TGU)
senior unsecured notes due 2027 at 'BB'.

The rating reflects TGU's importance to Trinidad and Tobago's
energy matrix and operational integration with its ultimate parent,
the country's government. TGU's generation capacity is fully
contracted under a long-term power purchase agreement (PPA) with
state-owned Trinidad and Tobago Electricity Commission (T&TEC), and
payments under the PPA are guaranteed by the government.

KEY RATING DRIVERS

Strong Linkage with Government: Fitch considers TGU's credit
quality as being materially linked to that of Trinidad and Tobago,
given that the PPA between TGU and T&TEC, as off-taker, is fully
backed by a government guarantee. The asset is aligned with the
sovereign's overall strategy to maintain low energy prices as a
competitive edge for private investment. TGU is indirectly
controlled by the government through the National Investment Fund
Holding Company Limited (NIFHCL), a company created by the
government to hold its investment in TGU together with holdings of
other publicly traded assets.

Stable Cash Flows: TGU's stable and predictable cash flows result
from its primarily U.S.-dollar-denominated PPA signed with T&TEC in
September 2009 for 30 years, surpassing the 2027 maturity of the
company's outstanding notes. T&TEC is obligated to offtake or make
capacity payments for 93% of TGU's 720MW capacity, regardless of
T&TEC's ability to offtake, as long as the plant is able to supply.
The 93% rate provides TGU with a cushion of approximately 5%
planned maintenance and 2% unplanned shutdowns. Approximately 99%
of TGU's revenues are generated through capacity payments, with
energy sales making up the balance.

In fiscal 2021, two unplanned outages reduced TGU's annual
equivalent availability (EA) factor to 81.5%. Monthly capacity
payments adjust based on changes to the consumer price index (CPI),
and TGU is able to declare a revised annual availability factor for
every sixth year, the next opportunity occurring in 2023. Fitch's
forward-looking analysis utilizes an availability factor of around
91%, reflecting actual realized rates in recent years.

Adequate Capital Structure: The company's leverage, given its very
low business risk and stable cash flows, is consistent with
investment-grade peers that operate under toll-based revenue
structures with little or no market-based risks, such as electric
transmission and pipeline companies. As of December 31, 2021, TGU
had total debt/EBITDA of 8.5x, up from 7.4x the prior year due to
reduced revenues and increased operating costs that year.

Fitch's forecast assumes leverage should steadily reduce through
2025, albeit remain high, as targeted plant maintenance reduces the
likelihood of future unplanned outages, thus allowing revenues to
rebound to historic levels. The company's cash flow predictability
will provide more than adequate debt service coverage, measured as
EBITDA to interest paid, of around 2.5x-2.6x until the bond begins
amortizing in 2025.

Robust Profitability: The government guarantees fuel and water
supplies under the PPA, and therefore supply interruption of either
input is remote, and has no effect on TGU's receipt of capacity
revenues. Moreover, as fuel is supplied and guaranteed by T&TEC,
payment and delivery of the fuel is entirely T&TEC's obligation,
limiting operational risk. Fuel purchases are not recorded as costs
in TGU's financial statements, explaining the company's high EBITDA
margins of 73%-80%. To date, there have been no material
disruptions to T&TEC's ability to deliver TGU's required natural
gas.

Strategically Important Asset: TGU owns and operates a 720MW net
capacity combined-cycle gas-fired plant in La Brea, representing
34% of the country's installed capacity and covering approximately
55% of the country's average demand. TGU's operation of a
combined-cycle power plant results in higher generation efficiency,
thus it is a preferred generator for grid dispatch. The thermal
power plant's operations are supported by the country's large
natural gas reserves. Under the sovereign's natural gas policies,
the power sector receives priority for delivery of natural gas in
the event of curtailments in gas supply.

DERIVATION SUMMARY

The rating on TGU's notes is lower than that for other utility
companies in Latin America that operate under a tolling structure,
such as Chile's GNL Quintero S.A. (GNLQ; BBB+/Stable) and Transelec
S.A. (BBB/Stable), both of which benefit from Chile's stronger
macroeconomic conditions. TGU's counterparty risk with the Trinidad
and Tobago government effectively anchors its rating at a level
below that of toll-based peers.

The company's notes are rated four notches below GNLQ's Issuer
Default Rating, as GNLQ benefits from Chile's strong operating
environment and regulatory framework. Furthermore, GNLQ's gross
leverage is expected to fall below 6.0x this year, in the absence
of additional investments. TGU's leverage, by contrast, is expected
to remain above 7.0x until its notes begin amortizing in 2025.

TGU's notes are rated three notches below those of Transelec, which
also benefits from Chile's relatively strong operating environment.
Fitch expects Transelec's leverage to remain at around 6.0x-6.5x as
the company expands operations in the country.

KEY ASSUMPTIONS

-- Thermal plant's effective availability at 91% during forecast
    period;

-- PPA prices linked to inflation (projected at 6% in 2022 and 1-
    2% annually thereafter);

-- GDP growth at 6% in 2022, then 2% annually thereafter;

-- Annual capex in the range of USD14.6 million;

-- Dividends of USD11 million per year.

RATING SENSITIVITIES

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

-- Material improvement in the country's overall economic
    condition, leading to stronger sovereign indicators.

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

-- A renewed deterioration of macroeconomic conditions, leading
    to weaker sovereign indicators;

-- Material de-linkage from the government;

-- A debt service coverage ratio below 1.5x 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

Healthy Liquidity: TGU's liquidity is strong, with the company
holding some USD176 million in cash and short-term investments as
of Dec. 31, 2021. The high liquidity levels reflect the company
policy of maintaining cash reserves to meet its two annual bond
interest payments and to prepare for the amortization of the
principal of its 2027 bond. Principal payments will be made in six
equal, consecutive, semi-annual instalments commencing on May 4,
2025.

ISSUER PROFILE

TGU owns and operates a 720MW net capacity combined-cycle gas-fired
plant located in the Republic of Trinidad & Tobago. TGU is
controlled by the government of the Republic of Trinidad & Tobago
(GRTT) through a holding company, the National Investment Fund
Holding Company Limited (NIFHCL).

ESG CONSIDERATIONS

Trinidad Generation Unlimited has an ESG Relevance Score of '4' for
Governance Structure due to ownership concentration as a wholly
government-owned entity and the inherent governance risk that
arises with a dominant state shareholder, which has a negative
impact on the credit profile, and is relevant to the rating 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.

   DEBT               RATING                   PRIOR
   ----               ------                   -----
Trinidad Generation Unlimited

  senior unsecured    LT     BB     Affirmed     BB



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

Troubled Company Reporter-Latin America is a daily newsletter
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