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

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

          Friday, June 24, 2022, Vol. 23, No. 120

                           Headlines



B R A Z I L

SAMARCO MINERACAO: BHP Group and Vale Won't Sell Joint Venture
SAO PAULO: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative


J A M A I C A

DIGICEL GROUP: Sees Slide in Market Value


M E X I C O

BANCA MIFEL: S&P Withdraws 'BB-/B' Ratings
CREDITO REAL: Involuntary Chapter 11 Case Summary


P U E R T O   R I C O

MOVIMIENTO PENTECOSTAL: July 20 Hearing on Disclosure and Plan


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Flour Prices Increase in Country


X X X X X X X X

LATAM: Slow, Uneven Employment in Caribbean

                           - - - - -


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B R A Z I L
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SAMARCO MINERACAO: BHP Group and Vale Won't Sell Joint Venture
--------------------------------------------------------------
Tatiana Bautzer of Reuters reports that Miners Vale SA and BHP
Group said in a joint statement on Monday, June 20, 2022, they are
not interested in selling their joint venture Samarco, after
reports of the interest of Brazilian steelmaker Companhia
Siderurgica Nacional (CSN).

"BHP Brasil and Vale say Samarco is not for sale and reaffirm its
support for the restructuring plan filed by the employees' unions,"
the companies said in a joint statement.

The statement added the companies are "focused on the mediation
hearing in the bankruptcy process" scheduled for Tuesday.

CSN is drafting an offer to acquire miner Samarco Mineracao SA,
which will be presented by its adviser RK Partners to the
bankruptcy court judge overseeing its debt restructuring, two
people with knowledge of the matter said.

RK Partners has reached out to Samarco shareholders Vale and BHP
Group, along with unions and financial creditors, the sources
said.

One of the sources said Vale has already told CSN the company is
not interested in selling Samarco.

A key problem to reach an agreement is financing Samarco's
liabilities related to its 2015 disaster in the city of Mariana.
Shareholders, which have committed to pay for damages, may resist
any proposal to give up control of operations while keeping that
liability.

A mediation hearing was scheduled by the judge overseeing Samarco's
bankruptcy between two groups presenting competing restructuring
proposals, one led by financial creditors and the other by the
employees' unions with the support of Vale and BHP.

According to a document filed by Samarco with the bankruptcy court
and seen by Reuters, the miner is asking the bankruptcy judge to
reject the plan proposed by creditors for "inconsistencies."

Samarco's lawyers say the 96% reduction in the 23 billion real
($4.5 billion) shareholders credit with the company is subject to
tax and would create a $1.5 billion tax liability that was not
assessed in the plan.

In a statement, the group of creditors said Samarco's analysis
about the plan is incorrect and said that reducing the "undue"
credit with shareholders will not create tax liabilities.

                  About Samarco Mineracao SA

Samarco Mineracao SA is a Brazilian mining joint venture between
BHP Group and Vale SA.  It serves as an iron ore processing
company.

The company provides blast furnace, direct reduction, sinter feed,
as well as low and normal silica content pellets.

On April 9, 2021, the Debtor filed a voluntary petition for
judicial reorganization in the 2nd Business State Court for the
Belo Horizonte District of Minas Gerais in Brazil pursuant to
Brazilian Federal Law No. 11,101 of Feb. 9, 2005.

Samarco Mineracao filed for Chapter 15 bankruptcy recognition
(Bankr. S.D.N.Y. Case No. 21-10754) on April 19, 2021, in New York,
to seek U.S. recognition of its Brazilian proceedings.

The Debtor's U.S. counsel is Thomas S. Kessler of Cleary Gottlieb
Steen & Hamilton LLP.


SAO PAULO: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed the Brazilian State of Sao Paulo's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB-'. The Rating Outlook is Negative. Sao Paulo's IDRs are
derived from its Standalone Credit Profile, which was raised to
'bb-' from 'b+', and are capped by the sovereign's Negative
Outlook. In addition, Fitch has affirmed Sao Paulo's Short-Term
Foreign and Local Currency IDRs at 'B', Sao Paulo's National
Long-Term Rating at 'AA(bra)'/Stable, and National Short-Term
Rating at 'F1+(bra)'.

Sao Paulo's SCP is at the same level as the sovereign's IDR. Fitch
does not currently include sovereign support in Sao Paulo's IDRs.
However, Brazilian LRGs benefit from support in the form of
intergovernmental debt with more favorable conditions, including
debt service postponement during periods of financial distress. In
addition, subnational governments in Brazil are able to join a
Fiscal Recovery Regime to restructure their debt service profiles,
while committing to fiscal austerity measures. Joining the Fiscal
Recovery Regime involves long negotiations with the Ministry of
Economy and is optional.

KEY RATING DRIVERS

Risk Profile -- Low Midrange

The assessment reflects moderately high risk relative to
international peers, in Fitch's view, and the fact that the
issuer's ability to cover debt service with the operating balance
may weaken unexpectedly over the forecast horizon (2022-2026) due
to lower revenue, higher expenditure, or an unexpected rise in
liabilities or debt or debt service requirement.

Revenue Robustness -- Midrange

The Brazilian tax collection framework transfers a large share of
the responsibility to collect taxes to states and municipalities.
Constitutional transfers exist as a mechanism to compensate poorer
entities; therefore, Fitch considers this high dependency towards
transfers a weak feature of Brazilian LRGs.

The primary metric for Revenue Robustness is the transfers ratio
(transfers to operating revenues). LRGs that report a transfer
ratio above or equal to 40% are classified as weaker, while others
with a ratio below 40% are classified as Midrange. Sao Paulo
reports a high fiscal autonomy with a transfer ratio of 5.4%, which
drives the midrange factor.

Moreover, historically, revenue growth performed above GDP growth.
For the 2017-2021 period, Fitch observed CAGR of 1.9% in real terms
for operating revenues, compared to an average annual GDP growth of
0.9%. Going forward, Fitch expects revenue performance to align
with GDP.

Revenue Adjustability -- Weaker

Fitch believes Brazilian states and municipalities ability to
increase revenues in response to a downturn is low. The possibility
for additional taxation is low, given that tax tariffs are close to
the constitutional national ceiling and a small number of taxpayers
represent a large share of tax collection, driving this weaker
factor.

The most relevant tax, the ICMS, has a concentrated taxpayer base,
like other Brazilian states. The 10 largest tax payers represented
around 25% of total ICMS tax collection in Sao Paulo in 2021.
Historically, the figure has been closer to 30%, as in 2020 when
the 10 largest tax payers represented 32% of ICMS tax collection.
Moreover, the National Congress recently stablished a 17% cap to
ICMS tax tariffs that apply to electricity, telecommunications and
fuels, which are considered essential goods.

Expenditure Sustainability --Midrange

Responsibilities for states are moderately countercyclical since
they are engaged in healthcare, education and law enforcement.

Expenditure tends to grow with revenues as a result of earmarked
revenues. States and municipalities are required to allocate a
share of revenues in health and education. This results in a
procyclical behavior in good times, as periods of high revenue
growth result in a similar behavior for expenditures. However, due
to the big weight of personal expenditures and salary rigidity,
downturns that result in lower revenues are not followed by similar
drops in expenditures. LRGs that better manage human resources and
pension systems tend to be more efficient.

Sao Paulo presents moderate control over expenditure growth, with
sound margins. Operating margins averaged 10% between 2017 and
2021. The state is current on its payroll bill and has no
significant delays for the payment of suppliers.

Expenditure Adjustability -- Weaker

Fitch assesses the state's ability to reduce spending in response
to shrinking revenue as weak. As per the Brazilian constitution,
there is little room for expenditure reduction especially in
salaries. As a result, when there is an unpredictable reduction in
revenues, operating expenditure does not follow automatically. In
addition, there is high share of inflexible costs since there is
close to 90% share of mandatory and committed expenditures.
Consequently, capex represents on average 5% of the state's total
expenditures for the 2017-2021 period, which supports the weaker
assessment.

Liabilities and Liquidity Robustness -- Midrange

There is a moderate national framework for debt and liquidity
management since there are borrowing limits and restrictions on
loan types. Under the Fiscal Responsibility Law (LRF) of 2000,
Brazilian LRGs have to comply with indebtedness limits.
Consolidated net debt for states cannot exceed 2x (200%) of net
current revenue. Sao Paulo reported a debt ratio of 126.7% as of
December 2021. The LRF also sets limits for guarantees (32% of net
current revenues). Sao Paulo reported a 2.92% ratio as of December
2021.

As of December 2021, external debt totaled BRL30.7 billion,
corresponding to 10% of total financial debt. Fitch expects foreign
debt principal payment to average BRL 2.7 billion annually until
2026, and there is no significant maturity concentration. External
debt is largely owed to multilateral organizations and counts with
federal government guarantee. Debt directly owed to the Federal
Government represented around 80% of total debt in December 2021.
Intergovernmental debt counts with more favorable terms, such as
debt service relief during periods of economic distress. Such was
the case during the 2020 and early 2021.

There is moderate off-balance sheet risk stemming from the pension
system. According to the National Treasury report "Boletim de
Financas dos Entes Subnacionais," Sao Paulo's pension deficit cost
the state's treasury 19.4 % of net current revenues in 2020.
Nonetheless, Sao Paulo has reformed its pension system over the
years and is committed to measures that keeps pension deficit under
control.

The adequate national framework for debt and liquidity management,
which is a relative economic and technical strength that allows Sao
Paulo to access new loans, and its conservative approach to
off-balance sheet risks drive this factor to Midrange.

Liabilities and Liquidity Flexibility -- Midrange

There is a framework of providing emergency liquidity support from
the federal government via the granting of extended maturity over
the prevalent federal debt portion.

One of the metrics analyzed by the Brazilian National Treasury to
allow LRGs to borrow with federal government guarantees (CAPAG
(Capacidade de Pagamento) is the liquidity rate, measured by LRGs'
short-term financial obligation to net cash. The trigger of federal
government to rate this ratio as 'A' is 100%.

Similarly, Fitch sets a trigger of 100% on average for last three
years (2019-2021 YE) together with the last year-end available
(December 2021) below 100% to assess this factor as Midrange. Sao
Paulo reported a three-year average liquidity ratio of 78% and
76.7% in December 2021 (source: Relatorio de Gestao Fiscal - RGF).
Thus, corroborating the Midrange assessment.

Debt Sustainability - 'a' category

Debt sustainability is assessed as 'a'. Fitch's rating case
forward-looking scenario indicates that the payback ratio (net
direct risk to operating balance) - the primary metric of the debt
sustainability assessment - will reach an average of 9.3x for the
2024-2026 period, which is aligned with an 'a' assessment. The
actual debt service coverage ratio - the secondary metric - is
projected at 1.2x for the average of 2024-2026, aligned with a
'bbb' assessment. Fiscal debt burden is projected at 78.5% ('aa'
category) for the same period.

Debt sustainability improved from the previous annual review backed
by stronger operating margins. Tax collection outperformed
expectations and, aligned with wage freezes related to MP 173 (a
Complementary Law of May 2020), led to improved operating
performance. While Fitch projects the lagged effects of inflation
to translate into higher opex growth in 2022-2023, operating
margins are expected to remain sound.

MP 173 establishes the federal government's response to the
pandemic, and included extraordinary transfers to subnational
governments against measures for expenditure control.

DERIVATION SUMMARY

Sao Paulo's ratings reflect the combination of a 'Low Midrange'
risk profile and an 'a' debt sustainability assessment under
Fitch´s rating case scenario. The SCP, positioned at 'bb-', also
reflects the comparison with national and international peers and
its secondary metric, the coverage ratio, closer to the lower-end
of the category. Sao Paulo's SCP was raised to 'bb-' from 'b+' on
the back of operating margins under Fitch's rating case scenario
improving to 8.5% over the medium term from 5.1% in previous
projections. The state's 'BB-'/Negative IDRs are capped by the
sovereign's Negative Outlook. Sao Paulo's National scale rating is
mapped at 'AA(bra)' following a national peer comparison.

KEY ASSUMPTIONS

Qualitative assumptions:

Risk Profile -- Low Midrange

Revenue Robustness -- Midrange

Revenue Adjustability --Weaker

Expenditure Sustainability -- Midrange

Expenditure Adjustability -- Weaker

Liabilities and Liquidity Robustness -- Midrange

Liabilities and Liquidity Flexibility -- Midrange

Debt Sustainability -- 'a'

Budget Loans (Notches) --N/A

Ad-Hoc Support (Notches) --N/A

Asymmetric Risks (Notches) --N/A

Rating Cap

Sao Paulo's ratings are capped by the sovereign's Negative
Outlook.

Rating Floor --N/A

Quantitative assumptions - Issuer Specific

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:

-- Yoy 5.2% increase in operating revenue on average in 2022-
    2026, compared to 7.4% actual growth for 2017-2021;

-- Yoy 5.5% increase in tax revenue on average in 2022-2026,
    compared to 9.6% actual growth for 2017-2021;

-- Yoy 7.4% increase in operating spending on average in 2022-
    2026, compared to 5% actual growth for 2017-2021. Note that
    opex growth is projected with inflation plus spread, given the

    historical performance and the stressed rating case scenario.

-- Net capital balance of - BRL12,201 million on average in 2022-
    2026, compared to -BRL7,084 million on average for 2017-2021;

-- Cost of debt: 5.5% in 2022, 4.6% in 2023; 4.3% in 2024-2025
    and 4.2% in 2026.

Quantitative assumptions - Sovereign Related

Figures as per Fitch's sovereign actual for [2021] and forecast for
[2023], respectively (no weights and changes since the last review
are included as none of these assumptions was material to the
rating action).

RATING SENSITIVITIES

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

-- Sao Paulo's IDR's are at the sovereign level and could only be

    upgraded if the sovereign is upgraded in combination with an
    upgrade of the state's SCP;

-- Sao Paulo's SCP could be upgraded if its payback ratio remains

    below 13x and its coverage ratio is equal to or above 1.5x
    under Fitch´s rating case scenario.

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

-- A downgrade of Brazil's IDRs would negatively affect the Sao
    Paulo's IDRs;

-- Sao Paulo's IDRs could be downgraded if its enhanced payback
    ratio is projected above 13x;

-- Sao Paulo's SCP could be downgraded if actual debt service
    coverage ratio (ADSCR) falls below 1.2x and its payback ratio
    is projected between 9x and 13x.

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 2022, net adjusted debt totaled BRL263 billion and
considers unrestricted cash availabilities of BRL43 billion.
Foreign currency debt corresponds to 10% of adjusted debt, while
80% consist of intergovernmental debt related to the legacy of the
debt restructuring program of the 1990s. Foreign debt is owed to
multilateral organizations like the World Bank and the
Interamerican Development Bank, characterized by long amortization
profiles and guaranteed by the federal government.

Intergovernmental debt pays the lowest between the policy rate
(Selic) and CPI + 4% spread. Fitch expects monetary tightening to
have an impact over debt cost in the next couple of years, which
was reflected in projections.

ISSUER PROFILE

State of Sao Paulo, Brazil, is classified by Fitch as a Type B LRG,
which is required to cover debt service from cash flow on an annual
basis. Sao Paulo is the most populous Brazilian state with
approximately 45 million people. Its revenue sources are mostly
based on taxation with a low dependence on federal transfers and ad
hoc sources. Sao Paulo has the right to borrow on the domestic
market and externally, subject to national government approval.

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
   ----                  ------                          -----

Sao Paulo, State of    LT IDR      BB-       Affirmed    BB-

                       LC LT IDR   BB-       Affirmed    BB-

                       Natl LT     AA(bra)   Affirmed    AA(bra)




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J A M A I C A
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DIGICEL GROUP: Sees Slide in Market Value
-----------------------------------------
RJR News reports that businessman Denis O'Brien says Digicel has
seen a slide recently in the market value of $925 million of its
bonds that fall due in almost eight months' time, amid mounting
concerns about the telecom group's ability to refinance the debt.

The March 2023 bonds have fallen to $0.72 on the dollar as of
Monday from a near-par value of more than $0.98 in January, as
investors fret over Digicel's exposure to emerging markets and
currencies in a weakening global economy as well as mounting
turmoil in the group's traditional funding source, the US junk bond
markets, according to RJR News.

Fitch, one of the world's leading credit ratings agencies, said in
a note in recent days that Digicel, with operations across more
than 30 markets in the Caribbean and Pacific regions, faces
significant refinancing risk with the 2023 bonds, the report
notes.

The comments were in a publication that focused on Cable & Wireless
Communications, Digicel's main competitor in a number of markets,
the report adds.

                     About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.

The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America in April
2020, Moody's Investors Service downgraded Digicel Group Limited's
probability of default rating to Caa3-PD from Caa2-PD. At the same
time, Moody's downgraded the senior secured rating of Digicel
International Finance Limited to Caa1 from B3. All other ratings
within the group remain unchanged. The outlook is negative.

Also in April 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.




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M E X I C O
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BANCA MIFEL: S&P Withdraws 'BB-/B' Ratings
------------------------------------------
S&P Global Ratings revised the outlook on its global and national
scale ratings on Banca Mifel S.A. to stable from negative.
Immediately afterwards, S&P withdrew at issuer's request its
'BB-/B' ratings. In addition, it affirmed its 'mxA-/mxA-2' national
scale ratings.

Rationale

S&P said, "The outlook revision results from an improvement in the
bank's RAC ratio in the past 12 months. We expect Banca Mifel's
capitalization to gradually increase through internal capital
generation. During the past couple of years, its sound earnings and
a conservative dividend policy improved gradually the bank's RAC
ratio. In this sense, we forecast that Banca Mifel's RAC will be
7.8% for the next 24 months. This places the bank comfortably
within our current assessment of its capital and earnings.

"We're withdrawing the global scale ratings at the issuer's
request. Our issuer credit ratings reflect Banca Mifel's increasing
operating revenues, coupled with a small market share and
geographic concentrations in Mexico's highly competitive banking
system. On the other hand, Banca Mifel's asset quality metrics
remain manageable but with pressures stemming from its mortgage
portfolio. However, we expect that higher net charge-offs will
gradually decrease nonperforming assets. Additionally, the lower
top-20 client concentration prevented the bank's metrics from
rapidly deteriorating. Wholesale deposits accounted for 55.9% of
the bank's total funding base as of March 2022. Finally, Banca
Mifel's liquidity has enough cushion to cope with unexpected cash
outflows for the next 12 months."


CREDITO REAL: Involuntary Chapter 11 Case Summary
-------------------------------------------------
Alleged Debtor:        Credito Real, S.A.B. de C.V., SOFOM, E.N.R.
                       Avenida Insurgentes Sur No 730
                       Piso 20, Colonia Del Valle, C.P.
                       Mexico City, D.F. Mexico 03103

Involuntary Chapter
11 Petition Date:      June 22, 2022

Court:                 United States Bankruptcy Court
                       Southern District of New York

Case No.:              22-10842

Petitioners' Counsel:  David H. Botter, Esq.
                       AKIN GUMP STRAUSS HAUER & FELD LLP
                       One Bryant Park
                       New York, NY 10036
                       Tel: (212) 872-1000
                       Email: dbotter@akingump.com

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

Alleged creditors who signed the petition:

  Petitioner                         Nature of Claim  Claim Amount
  ----------                         ---------------  ------------
Institutional Multiple               Unsecured Bond     $1,050,000
Investment Fund LLC                       Debt
60 State Street
Boston, MA 02114

Banco Monex, S.A., Institucion De    Unsecured Bond     $2,000,000
Banca Multiple, Monex                     Debt
Grupo Financiero
Avenida Paseo de la Reforma 284
Mexico City, Mexico 06600

Solitaire Fund                       Unsecured Bond     $5,000,000
Aeulestrasse 6                             Debt
Vaduz, Liechtenstein 9490




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P U E R T O   R I C O
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MOVIMIENTO PENTECOSTAL: July 20 Hearing on Disclosure and Plan
--------------------------------------------------------------
Judge Mildred Caban Flores has entered an order conditionally
approving the Disclosure Statement explaining the Plan of
Movimiento Pentecostal Apostolico Cristiano, Incorporado.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of such
objections as may be made to either will be held on July 20, 2022,
at 9:00 AM, via Microsoft Teams.

Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must be filed on/or before 14
days prior to the date of the hearing on confirmation of the Plan.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date
of
the hearing on confirmation of the Plan.

The Debtor must file with the Court a statement setting forth
compliance with each requirement in U.S.C. Sec. 1129, the list of
acceptances and rejections and the computation of the same, within
7 working days before the hearing on confirmation.

The Debtor filed a Chapter 11 Small Business Plan and a Disclosure
Statement on June 16, 2022.  The Debtor sought Chapter 11
protection from the Court in order to reorganize its finances and
to avoid foreclosure of the property where the church is located.
Under the Plan, Oriental Bank will be paid in full in the principal
amount of $180,000 at an annual interest rate of 6.00% with monthly
payments in the amount of $1,289.58 for 59 months, commencing on
the effective date of plan and a lump sum payment in the amount of
$154,109 on the 60th month with proceeds to come from a
refinancing.  Class 2 unsecured claims include creditor Coop A/C
Roosevelt Roads (Claim No. 1), with a claim in the amount of
$7,528, which will be paid in full in the principal amount of
$7,527.64 at an annual interest rate of 4.00% with monthly payments
in the amount of $138.63 for 60 months, commencing on the effective
date of plan.

A copy of the Disclosure Statement is available at
https://bit.ly/3HLSKm1

                  About Movimiento Pentecostal

Movimiento Pentecostal Apostolico Cristiano, Incorporado, is a
non-profit corporation duly organized under the laws of the
Commonwealth of Puerto Rico engaged in religious activities and in
the managing of a church located at Urb. Villa Carolina 143, Calle
401, Apt. 7, Carolina, PR 00985-4022.

For the past years, the church has suffered a decrease in the
numbers of parishioners, which directly resulted in a reduction in
the collection of donations at the church.  This situation caused
the church to suffer a considerable decrease of income.  The
church
lacked the necessary income to pay the mortgage payment for the
property where the church is located.  It attempted to negotiate
with its main creditors, but the efforts were unsuccessful.

Movimiento Pentecostal filed a petition for Chapter 11 protection
(Bankr. D.P.R. Case No. 21-02645) on Sept. 1, 2021, listing as much
as $500,000 in both assets and liabilities.  Judge Mildred Caban
Flores oversees the case.  The Debtor tapped Almeida & Davila,
P.S.C. and Tamarez CPA, LLC as legal counsel and accountant,
respectively.




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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 & TOBAGO: Flour Prices Increase in Country
---------------------------------------------------
RJR News reports that consumers in Trinidad and Tobago are paying
more for flour.

State owned National Flour Mills (NFM) has announced a 33% hike in
the wholesale price of the commodity, with a suggested retail price
increase of 28% for consumers, according to RJR News.

NFM blamed the hike on the ongoing war in Ukraine, a major wheat
producer, the report relays.

It said that while it has been able to secure sufficient wheat
stocks to ensure the country has an adequate supply of flour for
the rest of this year, it came at a cost of a 49% increase on
existing prices, the report discloses.

NFM said it decided to limit the increase in the wholesale price of
flour to 33% to reduce losses in its flour division and ensure
overall profitability, the report adds.




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

LATAM: Slow, Uneven Employment in Caribbean
-------------------------------------------
Trinidad Express reports that the Economic Commission for Latin
America and the Caribbean (ECLAC) and the International Labour
Organization (ILO) say that while regional economies grew 6.6 per
cent last year, the recovery in employment has been "slow, partial
and uneven".

In a joint report entitled "Employment Situation in Latin America
and the Caribbean, real wages during the pandemic: trends and
challenges". the two United Nations agencies underline that the
recovery of employment to pre-Coronavirus (Covid-19) pandemic
levels lags in comparison with the recovery in the countries'
economic activity, according to Trinidad Express.

The report says by the end of 2021, most countries had regained
their pre-crisis GDP levels, while employment levels remained lower
in many cases, the report notes.

"As seen in other crisis situations, the dynamics between
employment and economic activity play a critical role for
implementing better and more timely labor policies, which means
that possible lags in employment suggest the need to strengthen the
instruments to facilitate people's reincorporation into the labor
market," the report relays.

The report said after the number of employed in the region suffered
a historic contraction in 2020 (8.2 per cent), there was a
significant rebound in that indicator in 2021, notching 6.8 per
cent growth in the 4th quarter of that year versus the same period
of 2020, Trinidad Express discloses.

"However, despite the considerable increase in employment
throughout the year, the number of employed people in the region
did not return to the level seen at the end of 2019 until the 4th
quarter of 2021."

The report states the labor gaps between men and women widened in
2021, adding that the labor market recovery has also been unequal,
"to the detriment of women, Trinidad Express discloses.

"Although employment and labor force participation have improved
for both men and women, the former have benefited more than the
latter. The crisis prompted by the coronavirus disease (Covid-19)
pandemic affected female employment more significantly, marking a
setback equivalent to more than 18 years in the levels of women's
labour force participation, the report notes.

"The slow recovery in the activities that account for a larger
share of female employment and the larger burden that women
shoulder in caring for the sick, children and older people help
explain this notable difference in the dynamics of total
participation rates." The report said the health crisis stemming
from Covid-19 has had "important effects" on wage trends in the
region. It said the impact of the recent evolution of inflation has
been most clearly reflected in real minimum wages, "the purchasing
power of which declined in 2021," Trinidad Express relays.

In addition, the average real wages in the region in 2021 were 6.8
per cent below pre-pandemic levels, "lagging more than economic
activity and employment vis-à-vis that marker," warning this could
worsen in 2022, when even steeper rises in inflation are expected,
the report notes.

"It is vital to deploy institutional instruments, such as
collective bargaining and minimum wages, to enable discussion of
wage adjustments at the level of productive units and branches of
activity, to meet the needs of both workers and companies," says
Mario Cimoli, ECLAC's acting executive secretary, and Claudia
Coenjaerts, the ILO's regional director for Latin America and the
Caribbean, in the document's foreword, the report discloses.

They wrote that policies to facilitate the insertion of wage
earners-such as hiring subsidies-that are focused on the most
vulnerable groups will not only contribute to a faster recovery in
their employment levels but will also "prevent wage conditions from
becoming more precarious than before the pandemic," the report
adds.



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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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