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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

          Monday, June 27, 2022, Vol. 23, No. 121

                           Headlines



A R G E N T I N A

PAMPA ENERGIA: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable
PAMPA ENERGIA: S&P Affirms 'CCC+' ICR, Outlook Stable


B R A Z I L

BRAZIL: Sao Paulo City Bus Drivers Go On Strike
PETROLEO BRASILEIRO: Regulator Approves Sale of Gaspetro Stake
[*] BRAZIL: Warehouses Lack Space for Corn Harvest


C H I L E

VTR FINANCE: S&P Affirms 'B+' ICR & Alters Outlook to Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Ministry Freezes Fuel Prices


M E X I C O

LAFORTA - GESTAO: Milbank, Pachulski Represent Backstop Lenders


S U R I N A M E

SURINAME: Achieves Success in Re-Arranging Foreign Debt


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Faces 33% Hike in Flour Prices


X X X X X X X X

[*] BOND PRICING: For the Week June 20 to June 24, 2022

                           - - - - -


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

PAMPA ENERGIA: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Pampa Energia S.A.'s Long-Term (LT)
Foreign Currency (FC) and Local Currency (LC) Issuer Default
Ratings (IDRs) at 'B-'. Fitch also affirmed Pampa's senior
unsecured notes at 'B-'/'RR4' and assigned a rating of 'B-'/'RR4'
to the new senior unsecured notes due Dec. 8, 2026. The Rating
Outlook is Stable for both FC and LC IDRs.

The ratings reflect Pampa's strong operating performance in a
challenging macroeconomic and uncertain regulatory environment.
Pampa's gross leverage fell to 2.1x from 3.4x in 2020 due to strong
demand and prices. Leverage will continue to fall in 2022 to 1.7x
due to continued higher realized oil and petrochemical prices,
which increased 25% and 31%, respectively, in 1Q22 over 1Q21. Power
production also increased 10% over that time and the closing of the
cycle at the Ensenada plant is expected in 2H22, an increase of
280MW to Pampa's capacity.

Pampa's 'B-' LT FC IDR is constrained by Argentina's Country
Ceiling of 'B-', which limits the foreign currency rating of
Argentine corporates. Fitch's Country Ceilings are designed to
reflect the risks associated with sovereigns placing restrictions
upon private sector corporates, which may prevent them from
converting local currency to any foreign currency under a stress
scenario and/or may not allow the transfer of foreign currency
abroad to service foreign currency debt obligations.

Pampa is capped at an average Recovery Rating of 'RR4' since
Argentina is categorized within Group D with a soft cap of 'RR4',
per the Country-Specific Treatment of Recovery Ratings Criteria.
This assumes a recovery in the range of 31% to 50%.

KEY RATING DRIVERS

Exchange Offering: On June 16, 2022, the company announced a
voluntary exchange offer of its USD500 million notes due in 2023.
The new bonds would carry a 9% interest rate and amortize 33% in
2024, 33% in 2025 and 34% in 2026 and represent an increased coupon
from the current 7.375% notes. Investors who tender by July 6th
receive the early exchange consideration and can either (i) receive
USD1,000 comprised of cash (30% of the total amount that
participates in the exchange offer, evenly distributed among the
investors that choose this option), and the balance in new notes at
par; or (ii) receive USD1,010 of the new notes.

Investors tendering after July 6 up until July 20 receive the late
exchange consideration, which is USD1,000 of principal in the new
notes per USD1,000 of principal in the existing notes. The exchange
offer is subject to the satisfactions of certain conditions,
including a minimum 70% acceptance rate, which the company can
waive, and the access to the foreign exchange market for the
payment of the cash consideration.

Strong Operator, Weak Operating Environment: Pampa Energia is an
integrated energy company in Argentina with a significant market
share in each of its business segments: upstream, power generation,
and gas transportation. Pampa is a strong operator and contributor
in each of its business segments and has been a leader, providing
stable and predictable services in Argentina during a difficult
economic and operating environment, recently accelerated by
coronavirus.

Pampa operates exclusively in Argentina and has maintained a
conservative leverage profile and strong liquidity despite a
difficult macroeconomic environment plagued with an economic
recession, high inflation, unemployment, high cost of capital,
capital controls, and an unstable regulatory environment, which
continuously requires the company to adjust financial policies to
maintain its strong credit profile.

Strong Capital Structure Projected: Fitch's base case forecasts
that total debt to EBITDA in USD terms will be 1.7x in 2022,
compared to 2.1x in 2021, which is consistent with a higher rating
category. Fitch estimates total debt to EBITDA will average 1.3x
from 2023-2025, which is consistent with a higher rating category,
and net debt to EBITDA is expected to be 1.0x in 2022 and below
1.0x from 2023-2025. Moreover, Pampa does not face any major
maturities until July 2023 of USD500 million, which are the notes
for which the company launched an exchange offer.

Capital Controls Ease: Decree No. 277/2020 approved May 28, 2022
eased capital controls for oil and gas producers and will have a
moderately positive impact on Pampa's liquidity. Under the
proposal, companies will be able to offshore 20% of their revenue
from oil production increases in 2022 over 2021. For gas, it will
be 30% of the production increase in 2022 over 2021. Fitch
estimates this would free up nearly USD30 million for Pampa in 2022
but the amount could grow over time if the rule is continued and
the company increases its gas production. The company plans to
produce 9.8 million cubic meters per day in 2022 and 9.9 in 2023
and 2024, compared with 8.0 in 2021.

Although Decree No. 277/2020's regulation is still pending and
taking into consideration that BCRA could impose further imports
restrictions, if Pampa is granted access to the foreign exchange
market under this new regime, Pampa expects to use it to cover
necessary imports to continue developing its investments and
increasing its gas production.

Predictable Cash Flow Profile: Pampa has a predictable cash flow
profile due a majority of its EBITDA coming from USD denominated
contracts with government related entities. Pampa's two main
business segments (upstream and power generation) comprised of
nearly 80% of total EBITDA in 1Q22, with generation representing
54% of total consolidated EBITDA. Pampa's generation business is
fully contracted under various payment schemes with CAMMESA, which
is subsidized by the federal government with some private power
purchase agreements (PPAs).

CAMMESA has a history of payment delays but has paid on average
every 54 days, above the contractual requirement of 42 days.
Despite the payment delays, Pampa's working capital needs have not
been impacted, in fact the company has been able to strengthen
overall liquidity during this time period. Further, Pampa was
awarded contracts under Plan Gas 4 for up to 5.90m3d (37kboed) of
gas per annum at a guaranteed average price of $3.60MMbtu through
2024.

Uncertain Regulatory Environment: Argentina's electricity
regulatory framework continues to be highly uncertain. The system
is not self-sufficient and relies heavily on government subsidies.
This is not expected to change in the short to medium term, and the
problem is further exacerbated by the government's inability to
afford the subsidies, which has been funded through monetary
expansion. Therefore, additional regulatory amendments expected
will be aimed at lowering the overall cost of the system,
negatively impacting generation companies that historically bear
the brunt of the amendments, with regulatory schemes continuously
at risk of being changed.

On a consolidated basis, Pampa's generation is vulnerable to
further changes in regulatory schemes, such as amendments in PPAs
awarded to expand into combined cycle thermal power plants, but the
risk is offset by the company having completed nearly all expansion
projects on time and within budget coupled with its strong market
share.

Small Production Profile and Adequate Hydrocarbon Reserve Life:
Pampa has a small but stable production profile compared with its
international peers, but has a strong 1P reserve life of
approximately 8.5 years. Pampa's production size of below
75,000boed and 1P reserve life below 10 years are consistent with a
'B' category.

Fitch expects the company will continue to focus on unconventional
gas production in the Neuquén basin and maintain its average
production of 62,000boed, with nearly all of it attributed to gas
production. Pampa is the number three unconventional gas producer
in Argentina and number one in tight gas. It has a 13% share of the
64 million cubic meter per day unconventional gas market.

DERIVATION SUMMARY

Pampa Energia S.A.'s FC IDR is integrated energy company in
Argentina, and its ratings constrained by Argentina's Country
Ceiling. Nevertheless, its generation business compares best to AES
Argentina Generacion S.A. (CCC), Genneia S.A. (CCC), Generacion
Mediterranea S.A. (GEMSA; CCC), and MSU Energy (CCC), and its gas
production business compares best to Compania General de
Combustibles S.A., (CGC; B-/Stable) and Canacol Energy (BB/Stable).
As an integrated energy company its best peer is Capex S.A.
(CCC+).

Pampa is a leading power company in Argentina and compares best to
AES Argentina, Genneia, Albanesi, and MSU Energy. Pampa had the
country's largest market share by installed capacity in 2021 with
4.9 gigawatts (GW), or 12%, followed by Central Puerto S.A. (not
rated) at 10% and AES Argentina at 10%. In addition, Pampa is a
leading developer in the sector and has added 1.2GW of new
installed capacity since 2018, and is expected to add another 280MW
by 2022.

Pampa will have the lowest gross leverage ratios amongst GenCos,
defined as total debt/EBITDA, in the country, averaging 1.4x over
the rating horizon compared with AES Argentina's 2.2x, Genneia's
2.6x, GEMSA at 4.8x and MSU Energy 3.6x. Argentina's peer is Capex
S.A. which is also an integrated gas producer and generation
company. Capex's gross leverage is expected to be higher than
Pampa's averaging 2.6x over the rated horizon and net leverage at
2.5x.

Pampa's upstream segment compares favorably with other gas
concentrated production companies. These peers include Canacol
(BB/Stable) and Compania General de Combustibles (CCC). Pampa's
expected production will average 62,000 boed in 2022-2025, which is
higher than Canacol's at 30,000boed and CGC at 34,000boe/d. Pampa's
PDP and 1P Reserve life in 2020 was 4.2 years and 8.5 years is
aligned to Canacol at 5.7 years and 6.3 years and higher than CGC
at 2.0 years and 4.6 years.

KEY ASSUMPTIONS

Upstream:

-- Daily oil production average of 5,000bbld between 2022-2025;

-- Daily gas production average of 57,700boed between 2022-2025;

-- Average realized natural gas price of USD3.6mmBTU in 2022 and
    USD3.5mmBTU thereafter under PG4;

-- Average realized Brent price of $68bbl in 2022, $63bbl in
    2023, $48bbl in 2024 and $53bbl in 2025;

Generation Segment:

-- Installed capacity year-end is 5,124MW in 2022 and then
    5,345MW in 2023 and flat thereafter;

-- Monomic price of USD41.47 per MWh in 2022 and averaging
    $43.22MWh average from 2023-2025;

-- Load factor across entire portfolio average 36% between 2022-
    2025;

Financial:

-- Fitch Average and EOP ARS/USD exchange rates;

-- Consolidated capex of USD600 million in 2022 and an average of

    USD260 million between 2023 through 2025;

-- No tax expenses in 2022 followed by an effective tax rate of
    25% per annum;

-- USD500 million bond due 2023 matures as scheduled.

RATING SENSITIVITIES

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

FC IDR:

-- An upgrade in Argentina's Country Ceiling.

LC IDR:

-- Given the company's high dependence on subsidies by CAMMESA,
    any further regulatory developments leading to a more
    independent market that is less reliant on support from the
    Argentine government could positively affect its collections
    and cash flow;

-- Contracted exports with high quality off-takers with a long-
    term tenure with adequate legal protections to avoid
    interference from the federal government;

-- Loosening of central bank capital controls rules allowing the
    company to strengthen its hard-currency cash balance;

-- Maintaining a gross leverage, total debt to EBITDA profile of
    2.0x or less.

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

-- A downgrade of Argentina's Country-Ceiling ratings;

-- Amendments to capital control rules which weakens the
    company's ability to access its capital and refinance debt;

-- Significant delays in payments that negatively affect working
    capital, liquidity and leverage;

-- Revision of existing contracts (PG4 and PPA) with CAMMESA;

-- Significant deterioration of credit metrics of total/EBITDA of

    4.5x or more;

-- A downgrade may occur if, in Fitch's judgment, a default of
    some kind appears probable or a default or default-like
    process has begun, which would be represented by a 'CC' or 'C'

    rating.

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

Adequate Liquidity: Pampa reported consolidated cash position of
ARS14.6 billion (USD132 million) and marketable securities of
ARS52.2 (USD472 million) in 1Q22. The combined USD604 million in
cash and equivalents should provide ample liquidity for the
company's exchange offer and Fitch estimates the company's cash can
cover over three years of interest expense.

The capital controls have shifted its cash position from being
abroad to being entirely in Argentina although Pampa will
moderately benefit from the new rule allowing oil and gas companies
who increase production to offshore some of their excess cash. The
company's debt and interest expenses are predominately in USD, and
Fitch expects the company will maintain a balanced cash position
between U.S. dollars and Argentine pesos.

ISSUER PROFILE

Pampa is a leading independent energy integrated company in
Argentina. Pampa and its subsidiaries are engaged in generation and
transmission of electricity in Argentina, and oil and gas
exploration and production, refining, petrochemicals and
hydrocarbon commercialization and transportation 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                   RECOVERY   
PRIOR
   ----                  ------                   --------   
-----

Pampa Energia          LT IDR      B-    Affirmed              B-
S.A.
                       LC LT IDR   B-    Affirmed              B-

   senior unsecured    LT          B-    New Rating    RR4

   senior unsecured    LT          B-    Affirmed      RR4     B-


PAMPA ENERGIA: S&P Affirms 'CCC+' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings, on June 23, 2033, affirmed its 'CCC+' issuer
credit and issue-level ratings on Argentine energy company, Pampa
Energia S.A. (Pampa). S&P also assigned a 'CCC+' issue-level rating
to the proposed senior unsecured notes.

The stable outlook on Pampa incorporates its view of its sound
operating performance, positive free cash flow generation, and
adequate liquidity.

According to the subscription notice, Pampa intends to offer cash
equivalent to 30% of the 2023 notes, which are effectively
tendered, and issue new senior unsecured notes for the remaining
portion at par. In the early ternder, the bondholders may opt for
the cash consideration or a premium of $10 or for each $1,000
tendered. The new notes will bear interest rate of 9.0% (up from
7.375%) and will amortize in three equal annual installments
between December 2024 and December 2026. S&P said, "In our view,
the proposed compensation doesn't imply that investors would
receive less value than the original issuance's promise. Therefore,
we don't consider the exchange offer tantamount to default. The
transaction is subject to a minimun acceptance rate of 70%."

S&P said, "We view the offer as a distressed exchange, mainly
because if the proposed exchange doesn't succeed, Pampa could
struggle to access the foreign exchange market to obtain U.S.
dollars to service its debt. This is mainly due to the current T&C
restrictions imposed by Argentina's central bank (BCRA), the
country's deep economic slump, and the domestic private entities'
limited access to foreign credit. In order to preserve
international reserves, BCRA has imposed restrictions on accessing
the foreign exchange market to pay debt maturities coming due
through Dec. 31, 2022, and we believe these restrictions could be
extended through 2023. Domestic companies must refinance 60% of
principal amounts and can only access the foreign exchange market
for the remaining 40%, 45 days prior to the debt maturity date.
Given that Pampa is proposing an exchange way in advance of the
2023 maturity, the BCRA granted the company access to the foreign
exchange market for up to 30% of the notes' validly tendered and
approved the exchange.

"As of March 31, 2022, Pampa had strong cash position of $607
million, S&P adjusted gross debt to EBITDA for the last 12 months
of 2.4x (2.5x annualizing EBITDA as of the same date), and free
operating cash flow (FOCF) to gross debt of 18.5%. However,
operating conditions remain difficult given Argentina's volatile
economic conditions, high inflation, and weak domestic currency.
Pampa's business could be hit hard by a volatile regulatory
framework, particlularly its power generation business, such as a
shift in the currency denomination of power generation agreements
(PPAs) to Argentine pesos from U.S. dollars, and/or through
tariff-adjustment delays. Moreover, capital controls pose a
challenge for Argentine issuers to continue to refinance
foreign-currency debts.

"We rate Pampa's proposed senior unsecured notes at the same level
as the issuer credit rating, because we don't believe the company
has material financial obligations that would rank ahead of its
unsecured debt by way of structural or contractual subordination in
a default scenario. Although Pampa guarantees $88 million of debt
of Greenwind, a subsidiary, it represents less than 10% of total
consolidated debt amount."




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

BRAZIL: Sao Paulo City Bus Drivers Go On Strike
-----------------------------------------------
Rio Times Online discloses that the bus drivers and collectors of
Sao Paulo City's public transportation went on strike indefinitely.
The decision occurred after a conciliation hearing ended without
agreement on June 13, at the Regional Labor Court, according to Rio
Times Online

Among other claims, the bus drivers and collectors in the state
capital ask for a wage increase based on the National Consumer
Price Index (INPC), which is 12.47%, the report notes.

As reported in the Troubled Company Reporter-Latin America on June
17, 2022, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Brazil.


PETROLEO BRASILEIRO: Regulator Approves Sale of Gaspetro Stake
--------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil's
antitrust watchdog approved the sale of state-run oil firm Petroleo
Brasileiro S.A.'s (Petrobras) 51% stake in gas company Gaspetro
with no restrictions.

Petrobras is selling the stake to Compass, which is controlled by
energy company Cosan, for 2.03 billion reais ($394.15 million),
according to a statement from Compass when the deal was announced
last July, according to globalinsolvency.com.

Japan's Mitsui & Co. owns the remaining 49% stake in Gaspetro, a
holding company which controls 18 distributors of piped natural
gas, the report notes.  The watchdog's decision came on a 4-3 vote,
the report relays.

The three members who voted against had sought for the sale to be
approved with restrictions such as the sale of 12 of Gaspetro's 18
distributors, the report notes.

In March, the regulator's general superintendent recommended that
the deal be approved with no restrictions, saying "the post-deal
scenario is better for the competitive environment than the
pre-deal one," the report adds.

As reported in the Troubled Company Reporter-Latin America,
Egan-Jones Ratings Company on April 4, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Petroleo Brasileiro S.A. - Petrobras to BB from BB-.


[*] BRAZIL: Warehouses Lack Space for Corn Harvest
--------------------------------------------------
Rio Times Online reports that corn is piling up outside Brazil's
silos as the country's largest producing region harvests a super
crop.

Warehouses are still full of soybeans, harvested only a few months
before corn, according to Rio Times Online.

Corn piles up outside silos full of soybeans; farmers worry as
harvest progresses in Mato Grosso, the report notes.

As reported in the Troubled Company Reporter-Latin America on June
17, 2022, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Brazil.




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C H I L E
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VTR FINANCE: S&P Affirms 'B+' ICR & Alters Outlook to Negative
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Chilean cable and
broadband operator, VTR Finance NV (VTR) to negative from stable.
S&P also affirmed its 'B+' issuer credit rating on VTR Finance, 'B'
issue-level rating on its senior notes, and 'B+' issue-level rating
on VTR Comunicaciones SpA's senior secured bonds.

The negative outlook on VTR reflects weaker-than-expended
performance and that S&P could lower the rating in the next 6-12
months if prolonged operating weakness due to intense competition
and rising costs continues to pressure EBITDA margin and cash flows
and the establishment of JV is delayed or potential benefits from
it aren't enough to offset operational weakness.

In September 2021, Liberty Latin America (LLA; the owner of VTR)
has agreed to establish a 50/50 Joint venture (JV) with America
Movil S.A.B de C.V. to incorporate their respective Chilean
operations. S&P views the JV as favorable to VTR's credit quality
in the medium term, because it would provide synergies between the
two companies.

In fiscal 2021, VTR's revenues declined 7% mostly because of the
carryover effect from loss of subscribers in 2020 and lower average
revenue per user (ARPUs) to defend customer base amid intense
competition. As of March 2022, S&P Global Ratings-adjusted EBITDA
margin declined to 29% for the last 12 months. The company
increased commercial and promotional efforts to regain higher-end
customers lost during the pandemic and to moderate churn. This took
a toll on ARPUs, which coupled with increased network costs, hit
margins. S&P said, "We expect intense operating pressures and
competition to persist through the end of the year, which along
with high inflation could pose additional challenges. As such, we
revised our forecast downward and we now expect revenue to decrease
4% in fiscal 2022 and 2% in 2023, and EBITDA margin to remain
slightly below 30%."

S&P said, "We expect the much weaker EBITDA to push up S&P Global
Ratings-adjusted leverage to about 7.5x in 2022 and 7.0x in 2023.
In addition, sizeable capital investments for the network build up
and upgrades to defend customer base to keep the free operating
cash flow (FOCF) negative through 2023. However, the available $202
million revolving credit facility (RCF) or potentially additional
prepayments of loans granted to related parties could provide cash
to support operations.

"Although the creation of the JV is subject to regulatory
approvals, we expect it to close in the second half of 2022. The
combined entity would have a greater share of the Chilean broadband
and mobile telecommunications markets with a wider array of
services and enhanced technological capabilities. In addition, the
JV would yield run-rate synergies estimated at about $180 million
annually, the bulk of which VTR expects to materialize by the third
full year after the deal closes, mainly from cost efficiencies and
cross-selling of services. But we expect a heavy investment
program, because the new entity would accelerate investments in
broadband and deploy 5G; therefore, discretionary cash flows from
it would remain negligible. Overall, we believe that the JV could
lift VTR's competitiveness and strengthen margins in the medium
term and help stabilize the rating on the company if the JV offsets
VTR's weaker performance. Additionally, depending on the final
structure and asset allocation of the JV, VTR's credit profile
could benefit from a stronger combined group credit profile.
Combined operations would also have lower leverage as America Movil
(BBB+/Negative/--) would provide a less leveraged asset, which
generated EBITDA of about CLP160 billion in 2021, and net debt of
CLP259 billion for the transaction."

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




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

DOMINICAN REPUBLIC: Ministry Freezes Fuel Prices
------------------------------------------------
Dominican Today reports that for the week from June 25 to July 1,
2022, the Ministry of Industry, Commerce, and MiPymes provides that
fuels will be marketed at the following prices:

   -- premium Gasoline will be sold at RD$293.60 per gallon,
      maintaining its price;

   -- regular Gasoline RD$274.50 per gallon keeps its price;

   -- regular Gasoil RD$221.60 per gallon retains its price;

   -- gasoil Optimo RD$241.10 per gallon maintains its price;

   -- avtur RD$298.91 per gallon keeps its price;

   -- kerosene RD$338.10 per gallon maintains its price;

   -- fuel oil #6 RD$192.11 per gallon maintains its price;

   -- fuel oil 1%S RD$211.77 per gallon maintains its price; and

   -- liquefied Petroleum Gas (LPG) RD$147.60 per gallon maintains

      its price.

                 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.




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

LAFORTA - GESTAO: Milbank, Pachulski Represent Backstop Lenders
---------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Pachulski Stang Ziehl & Jones, LLP and Milbank LLP
submitted a verified statement to disclose that they are
representing the Backstop Lenders in the Chapter 11 cases of
Laforta - Gestao e Investimentos, Sociedade Unipessoal LDA.

In May 2022, certain holders, or investment advisors, sub-advisors
or managers of the account of such holders of the senior secured
notes issued pursuant to that certain indenture, dated as of
September 20, 2013, by and among Offshore Drilling Holding S.A., a
public limited liability company incorporated under the laws of the
Grand Duchy of Luxembourg, as Issuer, the Guarantors party thereto,
and Deutsche Bank Trust Company Americas, as trustee and collateral
agent, governing ODH's 8.375% Senior Secured Notes due 2020,
engaged Milbank LLP and Pachulski Stang Ziehl & Jones LLP in
connection with a potential restructuring of the Debtor.

The Legal Professionals represent only the Backstop Lenders and do
not represent or purport to represent any entity or entities other
than the Backstop Lenders in connection with this chapter 11 case.
In addition, the Backstop Lenders, both collectively and through
the individual members, do not represent or purport to represent
any other entities in connection with this chapter 11 case.

As of June 16, 2022, members of the Backstop Lenders and their
disclosable economic interests are:

                                         Amount of Notes
                                         ---------------
OWL CREEK I, L.P                           US$2,830,000
Owl Creek Asset Management L.P.
640 Fifth Ave 20th Floor
New York, NY 10019

OWL CREEK II, L.P.                         US$17,547,000
Owl Creek Asset Management L.P.
640 Fifth Ave 20th Floor
New York, NY 10019

OWL CREEK OVERSEAS MASTER FUND, LTD.       US$39,427,000
Owl Creek Asset Management L.P.
640 Fifth Ave 20th Floor
New York, NY 10019

OWL CREEK SRI MASTER FUND, LTD.            US$2,376,000
Owl Creek Asset Management L.P.
640 Fifth Ave 20th Floor
New York, NY 10019

OWL CREEK CREDIT OPPORTUNITIES             US$47,780,000
MASTER FUND, L.P.
Owl Creek Asset Management L.P.
640 Fifth Ave 20th Floor
New York, NY 10019

BANCO NACIONAL DE MEXICO, S.A.             US$40,000,000
INTEGRANTE DEL GRUPO FINANCIERO BANAMEX
DIVISION FIDUCIARIA, COMO FIDUCIARIO
DEL FIDEICOMISO IRREVOCABLE F/17297-7
Credit Suisse Asset Management
Paseo de la Reforma
115 Piso 25
11000 Ciudad de Mexico
CDMX Mexico

BANCO NACIONAL DE MEXICO, S.A.             US$9,550,000
INTEGRANTE DEL GRUPO FINANCIERO BANAMEX
DIVISION FIDUCIARIA, COMO FIDUCIARIO
DEL FIDEICOMISO IRREVOCABLE F/17937-8
Credit Suisse Asset Management
Paseo de la Reforma
115 Piso 25
11000 Ciudad de Mexico
CDMX Mexico

CLAREANT SCF S.A.R.L.                      US$78,497,000
Alcentra Limited
160 Queen Victoria Street
London
EC4V 4LA
UK

SAN BERNARDINO COUNTY                      US$15,692,000
EMPLOYEES' RETIREMENT ASSOCIATION
Alcentra Limited
160 Queen Victoria Street
London
EC4V 4LA
UK

MULTI-STRAT S.A.R.L.                       US$3,891,000
Alcentra Limited
160 Queen Victoria Street
London
EC4V 4LA
UK

ALCENTRA SCF II S.A.R.L.                   US$ 176,730,000
Alcentra Limited
160 Queen Victoria Street
London
EC4V 4LA
UK

The Legal Professionals do not own, nor has they ever owned, any
claims against the Debtor. Notwithstanding the forgoing, the Legal
Professionals are owed professional fees and expenses from the
Backstop Lenders. The Legal Professionals will seek to have their
fees and disbursements incurred on behalf of the Backstop Lenders
paid by the bankruptcy estate pursuant to title 11 of the United
States Code or as otherwise permitted in this chapter 11 case. More
specifically, the Debtor's Emergency Motion for Entry of Interim
and Final Orders Authorizing (I) Post-Petition Financing Secured By
Senior Liens, etc. [Docket No. 12] and the Court's Interim Order
thereon [Docket No. 26] authorize the payment of professionals'
fees and reimbursement of out-of-pocket expenses of the
professionals retained by the Backstop Lenders. The Legal
Professionals do not perceive any actual or potential conflict of
interest with respect to the representation of the Backstop Lenders
in this chapter 11 case.

All of the information contained herein is intended only to comply
with Bankruptcy Rule 2019 and is not intended for any other
purpose. Nothing contained in this Verified Statement should be
construed as a limitation upon, or waiver of, the Backstop Lenders'
right to assert, file and/or amend its claims in accordance with
applicable law and any orders entered in this chapter 11 case.

The Backstop Lenders, through their undersigned counsel, further
reserves the right to supplement and/or amend this Verified
Statement in accordance with the requirements set forth in
Bankruptcy Rule 2019 at any time in the future.

Counsel to the Backstop Lenders can be reached at:

      PACHULSKI STANG ZIEHL & JONES, LLP
      Michael D. Warner, Esq.
      Benjamin L. Wallen, Esq.
      440 Louisiana Street, Suite 900
      Houston, TX 77002
      Telephone: (713) 691-9385
      Facsimile: (713) 691-9407
      E-mail: mwarner@pszjlaw.com
              bwallen@pszjlaw.com

         - and -

      Mark Shinderman, Esq.
      Casey Fleck, Esq.
      Brian Kinney, Esq.
      Mohammad Tehrani, Esq.
      MILBANK LLP
      55 Hudson Yards
      New York, NY 10001
      Telephone: (212) 530-5000
      E-mail: mshinderman@milbank.com
              CFleck@milbank.com
              bkinney@milbank.com
              mtehrani@milbank.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3tSy326

              About La Forta - Gestao e Investmentos

Laforta - Gestao E Investimentos Sociedade Unipessoal LDA is a
private limited liability company organized under the laws of
Portugal.  LaForta is one of three "sister" companies wholly owned
by Offshore Drilling Holding S.A. that each hold a single
ultra-deepwater semi-submersible drilling rig.  LaForta owns La
Muralla IV, a ten-year old, sixth-generation, ultra-deepwater
semi-submersible drilling rig, while its sister companies own the
rigs Centenario GR and the Bicentenario.  ODH is one business among
several Mexico-based companies wholly or indirectly owned by ODH's
ultimate owners.  

LaForta - Gestao e Investmentos sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-90126).
In the petition filed by CRO David Weinhoffer, the Debtor estimated
assets between $50 million and $100 million and liabilities between
$1 billion and $10 billion.

Jackson Walker LLP, is the Debtor's counsel.  CLIFFORD CHANCE US
LLP is the corporate counsel.  Stretto is the claims agent.




===============
S U R I N A M E
===============

SURINAME: Achieves Success in Re-Arranging Foreign Debt
-------------------------------------------------------
RJR News reports that Suriname has had the first success in its
efforts to re-arrange the country's huge foreign debt with
creditors after announcing that the Paris Club had agreed to
restructure the more than US$100 million debt after months of
intense negotiations.

President Chandrikapersad Santokhi told Parliament that the parties
have agreed that Suriname will pay US$34 million less in interest
and principal over the next three years and as a result this would
greatly benefit the population, according to RJR News.

Suriname's debts have been rearranged with the Netherlands, Italy,
France, Sweden, and Israel, the report notes.

The country's total debt is currently US$3.2 billion, the report
adds.




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

TRINIDAD & TOBAGO: Faces 33% Hike in Flour Prices
-------------------------------------------------
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 notes.

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.




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

[*] BOND PRICING: For the Week June 20 to June 24, 2022
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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