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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

          Wednesday, July 13, 2022, Vol. 23, No. 133

                           Headlines



A R G E N T I N A

ARGENTINA: Subsidy Cuts Mired in Doubt Under New Minister


B A H A M A S

BAHAMAS: Covid-19 and Hurricane Dorian Cost Over $13 Billion


B R A Z I L

BRAZIL: Posts Trade Surplus of $8.8 Billion in June


M E X I C O

FINANCIERA INDEPENDENCIA: S&P Alters Outlook on 'B+' ICR to Stable


P A R A G U A Y

BANCO CONTINENTAL: Fitch Affirms 'BB+' LongTerm IDRs


P U E R T O   R I C O

TRINIDAD CEMENT: Workers March For Money
UNIVERSAL DOOR: Files for Chapter 11 Bankruptcy

                           - - - - -


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

ARGENTINA: Subsidy Cuts Mired in Doubt Under New Minister
---------------------------------------------------------
Jonathan Gilbert at Bloomberg News reports that a sudden change of
economy minister in Argentina that gives the leftist faction of the
ruling Frente de Todos coalition a grip on the country's finances
poses a risk to a key part of its International Monetary Fund
agreement - weaning the population off energy subsidies.

Silvina Batakis was sworn-in after Martin Guzman, an economic
moderate who negotiated the IMF deal earlier this year, resigned in
part because government officials appointed by Vice-President
Cristina Fernandez de Kirchner blocked him from implementing energy
policy as he wished. Batakis is an ally of Fernandez de Kirchner, a
long-time antagonist of global markets and the IMF, according to
Bloomberg News.

To be sure, Batakis said in a radio interview that she'd push ahead
with reducing energy subsidies as she tries to calm investors whose
gut reaction to her arrival was to sell Argentine assets, the
report notes.  Argentina's bonds continued falling with benchmark
sovereign notes slipping 0.4 cent on the dollar in early trading to
around 20 cents, the report relays.

Several analysts insisted that a question mark hangs over Batakis'
commitment to the spending cuts penned by Guzman and the IMF. In
the same interview, she warned that some targets under the IMF
programme would have to change. This year, the programme aims to
trim energy subsidies by 0.6 percent of gross domestic product, the
report discloses.

"There'll be less willingness to follow through with subsidy cuts,
which will probably stop them from becoming the fiscal anchor that
Guzman wanted," said Lucas Caldi, a credit analyst at Portfolio
Personal Inversiones in Buenos Aires, the report says.

Billions of dollars a year in power and natural gas subsidies are
one of the drivers of Argentina's fiscal deficit, leading to loose
monetary policy and imbalances like inflation. But reducing them is
a delicate dance for a coalition that's in power thanks largely to
voters seeking a return to the generous welfare state of the
2003-2015 era, when Fernandez de Kirchner and her late husband
governed.

Guzman oversaw hikes to energy bills this year and last after
prices had been frozen for two years. But he was struggling to win
support from Fernandez de Kirchner loyalists for more increases.
When consumers pay more, the government pays less, the report
notes.  In addition, Argentina is yet to implement a so-called
"segmentation," a politically-sensitive policy that'd see payments
to some middle-class families scaled back, the report relays.

"Guzman defended segmentation tooth and nail, but now an
uncertainty arises," Caldi said, the report discloses.

Government energy spending has been soaring recently as Argentina
imports expensive fuel cargoes to meet winter demand, the report
says.  Subsidies for the 12 months through June were US$13.5
billion, way up from the more than US$7 billion in the previous
12-month period, said Julian Rojo, an analyst at the General
Mosconi think tank in Buenos Aires, the report notes.  In May,
consumers paid just 36 percent of the cost of producing power,
which accounts for most of the subsidies, down from 42 percent in
March and 39 percent in April, according to Portfolio, the report
relays.

Spending could grow further if Batakis opts to devalue the peso but
shields voters already grappling with 61 percent inflation by
applying slow - or no - increases to energy bills, the report
discloses.  That's because much of Argentina's energy production
pricing is linked to the dollar. The difference between the
official, controlled foreign exchange rate and weaker market rates
is widening, a trend that often augurs a devaluation, the report
says.

"The gap in the exchange rates that's opening up is unacceptable,"
making a devaluation likely, said Nicolas Gadano, an Argentine
consultant and university professor who specialises in the
intersection of economics and energy. "That could produce a
situation where consumers cover even less of the price of energy,"
the report relays.

Still, investors will have to wait to see Batakis' true colours.
"Batakis is a relatively recent convert to Kirchnerismo and was
more of a 'rational heterodox' in the past," Nicholas Watson, a
Latin America analyst for Teneo, wrote in a note. "Just how
rational and how heterodox she is now is will become clear in the
coming week," 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: Covid-19 and Hurricane Dorian Cost Over $13 Billion
------------------------------------------------------------
RJR News reports that combined, the COVID-19 pandemic and Hurricane
Dorian are estimated to have cost The Bahamas $13.1 billion, with
the pandemic accounting for $9.5 billion.

This is according to the findings of a report compiled by the
Inter-American Development Bank (IDB) and the United Nations
Economic Commission for Latin America and the Caribbean (ECLAC),
the report notes.

The estimated national losses cover the period 2020 to 2023,
according to RJR News RJR News.




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

BRAZIL: Posts Trade Surplus of $8.8 Billion in June
---------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil's trade
surplus reached $8.814 in June, official figures showed, below
market expectations.

The reading was the second best for the month of June, after last
year, since the figures were recorded in 1989, according to
globalinsolvency.com.

According to the Economy Ministry, exports grew 15.6% from June
last year, to $32.7 billion, while imports jumped 33.7% to $23.9
billion, the report notes.

Global inflationary pressures have been boosting the value of
tradable goods, amid rising food and energy prices and disrupted
supply chains with the Russia-Ukraine war, the report relays.

But Brazilian imports have increased faster, which has prompted the
ministry to revise its projections for the year, the report
discloses.

The first half of 2022 ended with a $34.2 billion surplus, down
from $37.0 billion in the year-ago period, the report notes.

The government now expects to end 2022 with a $81.5 billion
surplus, the report relays.  The number represents a major cut from
the $111.6 billion 2022 surplus estimate made in April, the report
adds.

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.




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

FINANCIERA INDEPENDENCIA: S&P Alters Outlook on 'B+' ICR to Stable
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Mexican microfinance
lender Financiera Independencia (Findep) to stable from negative.
In addition, S&P affirmed its long-term 'B+' issuer credit and
issue-level ratings on the company.

In the past couple of years, Findep changed its strategy to focus
on its core business line: individual personal loans. The company
sold FINSOL Mexico, FISOFO, and FINSOL Brazil, and with them nearly
35% of its earning assets. However, the company recovered its
growth dynamism and maintained its business stability with a more
concentrated loan portfolio. Additionally, with the sales Findep
was able to improve its efficiency and keep its cost of risk down.
In this sense, the company maintained a positive trend in its
operating revenues and profitability above its pre-pandemic level.
In addition, Findep was able to contain its asset quality metrics
last year and in the first half of this year, signaling that it has
been able to manage the risk of its new portfolio composition, but
we still consider them to be the company's main weakness.

Despite the sales of some of its business units and the sluggish
economic growth in Mexico, the company was able to achieve
portfolio growth above 10% in 2021 and increase its operating
efficiencies by offering fewer products that share more operating
synergies. Additionally, thanks to these factors, AFI --its US
subsidiary-- became the main growth engine for the company last
year and S&P expects it to remain so for the next 12 months.
Historically, AFI had been solely operating in California, but has
recently received approval to extend its operations in Arizona and
Texas. This should help Findep increase its operating revenues and
improve efficiencies since operations in these states will be
purely digital with its existing platform. Additionally, this will
help the company increase its geographic footprint and continue
growing its consolidated loan portfolio. However, there is also an
increasing risk of entering new markets that could weigh on its
operating performance in these new states.

After selling its FINSOL and FISOFO subsidiaries, the company has
been able to manage its loan portfolio risk and keep asset quality
contained. However, S&P still considers asset quality to be one of
the weaknesses of the company. The accelerated growth of the
company's portfolio in the U.S. through its AFI brand has been an
important factor in mitigating Findep's historically high cost of
risk as this sector has shown a better performance. S&P forecasts
that NPAs plus NCOs should stay high but stable at about 19% for
the next 12 months, slightly below the levels the company had
before the pandemic.

The company's funding mix is still concentrated in its 2024
international bond maturity, which represents 61% of its total
debt. The rest is comprised by commercial and development banking
lines with diversified maturities. In this context, Findep has
reduced refinancing risk for the remainder of 2022 and 2023.
However, international debt markets remain partly closed to nonbank
financial institutions (NBFIs), which could pressure the company's
liquidity profile in the following years. S&P's base-case scenario
incorporates that Findep will have a specific refinancing plan up
to 12 months before the maturity in July 2024. Therefore, it will
monitor these financing plans in the upcoming months.

Findep's capital ratio has been increasing for the past couple of
years as the company has deleveraged using the proceeds from the
sale of its subsidiaries. S&P said, "For the next 12 months, we
expect the company to continue growing its loan portfolio,
averaging about 19% per year, which will increase its capital
consumption and counterbalance its growing internal capital
generation. Additionally, the company has a tax credit contingent
liability that could drag down its total adjusted capital by up to
MXN220 million. All these factors lead us to forecast that Findep
will maintain a projected RAC ratio around 9.8% for the next 24
months."

Finally, the company's profitability improved even compared to
pre-pandemic levels, reflecting its better operating efficiency due
to synergies from its microlending business, coupled with
decreasing costs of risks. As a result, Findep's return on average
assets (ROAA) was 3.3% in 2021, comparing favorably with
pre-pandemic levels of about 2.5%. S&P expects Findep to continue
growing its operating revenues while maintaining its cost of risk
in line with current levels, resulting in ROAA near 3.5% for 2022.




===============
P A R A G U A Y
===============

BANCO CONTINENTAL: Fitch Affirms 'BB+' LongTerm IDRs
----------------------------------------------------
Fitch Ratings has affirmed Paraguay's Banco Continental
S.A.E.C.A.'s (Continental) Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) at 'BB+'. The Rating Outlook is
Stable. Fitch also affirmed Continental's Short-Term Foreign and
Local Currency IDRs at 'B'.

In addition, Fitch has withdrawn Continental's Support Rating of
'3' and Support Rating Floor of 'BB' as they are no longer relevant
to the agency's coverage following the publication of the updated
Bank Rating Criteria. In line with the updated criteria, Fitch has
assigned Continental a Government Support Rating (GSR) of 'bb'.

KEY RATING DRIVERS

Continental's IDRs are driven by its intrinsic creditworthiness, as
reflected in its Viability Rating (VR) of 'bb+'.

The ratings consider Continental's strong local franchise as the
largest Paraguayan bank with 15.3% of loans of the banking system,
albeit moderate on a global basis and its less diversified business
model due to its low retail portfolio. Its strong capitalization
metrics relative to its local and similarly rated international
peers also influence the bank's ratings. Additionally, the VR
considers Continental's good liquidity ratios, adequate
profitability and asset quality, and its stable but concentrated
funding.

In Fitch's opinion, Continental's capitalization is its main
financial strength. The bank's Fitch Core Capital
(FCC)-to-risk-weighted assets (RWA) ratio reached 22.0% at March
31, 2022. Continuous capital injections and earnings retention have
underpinned this metric. Continental's capital base remains well
above the minimum regulatory limit of 12% of risk weighted assets.
In Fitch's view, the bank continues to be well prepared to face the
Central Bank's higher capital requirements for domestic
systemically important banks if necessary (maximum of 200 bps
according to the law No5587/16). There is no specific date for such
a requirement to be effective.

Continental's business model focuses on corporate (71%) and SMEs
(24%) lending, which has allowed the bank to maintain stable and
low non-performing loan (NPL) ratios over the past few years (NPLs
2018-2021 1.8% on average), but has also resulted in some
concentration in the top 20 borrowers accounting for 25% of the
total loans and 1.1x of the FCC.

Continental's NPL's remained low at 1.8% at March 2022 (2021:
1.62%), but it is expected to modestly increase due to the drought
effects in 2022's GDP growth. Nevertheless, the agribusiness sector
deterioration has been partially offset by the good performance of
the services and wholesale & retail sectors, in which Continental's
exposure is high (around 80% of total loans at 1Q22). Fitch expects
that any pressure over asset quality would be manageable, according
to the bank's business model, good reserve coverage (1.7x) and good
collateral levels (50%).

As of May 2022, Continental had 5.4% of the total portfolio adhered
to deferral programs compared to 8.6% of total system. The bank had
a ratio of renewed, refinanced and restructured loans (RRR) of
about 11%, -which is below the bank system (13%)- but still high
compared to international peers. Fitch estimates the bank's NPLs
will remain relatively commensurate to its rating levels.

Continental's operating profit to RWA ratio increased to 3.4% at
March 2022 (from 2.6% in 2021 and 2.4% in 2020). The upward trend
is underpinned by its strong franchise with stable net interest
margins -increasing higher interest rate, fees and loan growth rate
in the non-agribusiness sector- and increased cost efficiencies.
Fitch expects this ratio to remain above 3%, despite some pressures
on loan impairments (and given 2021's low comparison base), and
will still be according to the rating category.

Continental´s funding relies heavily on wholesale deposits which
are highly concentrated (the top 20 depositors accounted for 25.1%
of total at 1Q22), a risk that is partially offset by its good
asset and liability management and comfortable liquidity levels. At
March 30, 2022, liquid assets covered 22.7% total customer
deposits. Continental's loan to customer deposits ratio reached
104%, which is commensurate with its rating level. Continental has
further diversified its funding base during the recent past, with
an issuance of a five-year USD300 million sustainable bond in the
international markets. The bank's funding is complemented by
approved credit lines with a number of foreign financial
institutions.

Low board independence compared to regional peers, and key person
risk due to the owner of the bank's high influence on Continental's
strategic decisions are incorporated as a weakness for the
corporate governance evaluation.

RATING SENSITIVITIES

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

-- Continental's VR and IDRs could be affected by material
    weakening of the bank's currently strong capital metrics (FCC
    sustained below 18%), which could arise from a deterioration
    of the operating environment which materially impact the
    bank's asset quality or profitability metrics or from a change

    on its strong competitive position in the local market.

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

-- An upgrade is unlikely over the foreseeable future, but could
    result from potential improvements in Fitch's assessment of
    the Paraguayan operating environment faced by local banks
    together with an upgrade of the sovereign ratings.

OTHER DEBT AND ISSUER RATINGS:

KEY RATING DRIVERS

Senior unsecured debt rating is at the same level with the bank's
Long-Term IDR, as Fitch views the likelihood of default of the
senior debt is the same as that of the issuer.

GOVERNMENT SUPPORT RATING

Continental's GSR of 'BB' reflects Paraguay's (Long-Term Foreign
Currency IDR BB+/Stable) relatively modest capacity to provide
support should it be required, also the sovereign rating and the
bank's systemic importance are higher importance factors in this
assessment. In Fitch's view, this result in a moderate probability
of sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

-- Senior debt ratings would generally move together with the
    bank's LT IDRs;

-- A potential rating upgrade in the bank's GSR is unlikely.
    Continental is considered by Fitch as a domestic systemically
    important financial institution (D-SIFI) of the Paraguay
    financial system.

Continental' GSR is sensitive to changes in Fitch's assessment
about the ability and / or propensity of the sovereign to provide
timely support to the bank.


VR ADJUSTMENTS

-- The Operating Environment score of 'bb' has been assigned
    above the 'b' category implied score due to the following
    adjustment reasons: Sovereign Rating (positive);

-- The Business Profile score of 'bb' has been assigned above the

    'b' category implied score due to the following adjustment
    reasons: Market Position (positive).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

Banco Continental S.A.E.C.A. has an ESG Relevance Score of '4' for
Governance Structure due to the low board independence compared to
regional peers, and due to the main owner of the bank has a high
influence on Continental's strategic decisions, which Fitch
considered a key person risk. This has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

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

   DEBT               RATING                           PRIOR
   ----               ------                           -----

Banco Continental    LT IDR          BB+   Affirmed    BB+
S.A.E.C.A.

                     ST IDR          B     Affirmed    B

                     LC LT IDR       BB+   Affirmed    BB+

                     LC ST IDR       B     Affirmed    B

                     Viability       bb+   Affirmed    bb+

                     Support         WD    Withdrawn   3

                     Support Floor   WD    Withdrawn   BB

                     Government      bb    New Rating
                     Support

                     senior LT       BB+   Affirmed    BB+
                     unsecured



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

TRINIDAD CEMENT: Workers March For Money
----------------------------------------
Trinidad Express reports that Trinidad Cement Ltd (TCL) workers
expressed frustration as they held a placard protest outside the
company's Claxton Bay compound.

They claim they are being disrespected by the company's management,
according to Trinidad Express.

Oilfield Worker's Trade Union (OWTU) branch president, Kevin Arjoon
said, "The frustration is caused mainly by the lack of respect and
also the lack of payment for close to eight years, the report
notes.  No payment of COLA (Cost of Living Allowance) has been
made, the report relays.  They're not honouring the collective
agreement by paying the gain share so they are breaching the
collective agreement, the report discloses.  They are unilaterally
interfering with people's pension plans and they have incorrectly
calculated people's pension," the report says.

He explained that hundreds of workers have been affected including
retirees who worked with the company for over 40 years, present
hourly rated and casual employees and junior and senior staff, the
report notes.

Arjoon said the last time management met with the union
representatives was on March 31, the report relays.

"We have been waiting on some documents so we can proceed with the
negotiations. We are waiting on some financial documents that we
have not been furnished with since March 31," the report says.

He added that these documents were received in the past.

"Everything that we benefit from is based on these financials. For
the unions to calculate workers' money properly, the financials
need to be given to us, as they're customarily given to us . . .
Over the past three months we had about eight deaths to the TCL
family.  Workers who have died and not received their money,"
Arjoon said, the report relays.

He added that during the Covid-19 pandemic, operations continued at
the plant, the report notes.

"The workers came out, braved that period of time and we continued
working and producing. So during the Covid period, the company
would have made a significant amount of money. To have us outside
like this is not right," the report notes.

Employee Akini Solomon said that while they are being told there is
no money, expensive vehicles are being seen and expensive parties
are being held, the report relays.

"Is it that the company's giving away free vehicles? The hotels
having free parties? No, they playing with our monies and we are
fed up," said Solomon, the report relays.

Workers added that protest action will continue even as Arjoon said
they are awaiting a meeting with company officials, the report
notes.

"We're hoping that the management is responsible enough to meet
with us and sort out these issues, bring these things to a close,
give us the financials, allow the union to do what the union has to
do and bring settlement to these workers. It's too long, eight
years," the report relays.

As reported in the Troubled Company Reporter-Latin America on Feb.
6, 2022, S&P Global Ratings said that it raised its long-term
corporate credit rating on Trinidad Cement Limited Group (TCL) to
'B' from 'B-'.  S&P also raised its issue-level rating on the
company's senior secured term loan to 'B' from 'B-'.


UNIVERSAL DOOR: Files for Chapter 11 Bankruptcy
-----------------------------------------------
Universal Door and Window Manufacturer Inc. returned to Chapter 11
bankruptcy protection in Puerto Rico.

The Debtor disclosed total assets of $1.692 million against total
liabilities of $3.403 million in its schedules.  The Debtor says
its real property assets in Puerto Rico total $1.666 million.

Evelio Vidal Crespo Traverzo and Lillian Alers Sotto each owns 50%
of the Debtor.

The Petition states funds will be available to Unsecured
Creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Aug. 15, 2022, at 9:00 AM via Telephonic Conference Information for
AUST/Trial Attys.

Proofs of claim are due by Nov. 14, 2022.

            About Universal Door and Window Manufacturer

Universal Door and Window Manufacturer Inc. was originally
dedicated to the manufacturing of security doors and windows in
aluminum and glass for the Puerto Rico housing and commercial
markets. In 2011 manufacturing operations were closed and the
conversion to a commercial income producing property was
commenced.

The remaining assets of the company are its real estate, equipment
and inventory.  At present it owns three properties consisting of
commercial and residential buildings and parcels of land located in
San Sebastian, Puerto Rico with an aggregate value of
$1.67million.

Universal Door and Window Manufacturer previously sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
15-01120) on Feb. 19, 2015.

Universal Door and Window Manufacturer Inc. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No.
22-01961) on July 5, 2022.  In its petition, the Debtor estimated
assets and liabilities between $1 million and $10 million.

Alexis Fuentes Hernandez, of Fuentes Law Offices LLC, is the
Debtor's counsel.  CPA Luis R. Carrasquillo & Co., P.S.C., is the
Debtor's financial consultant.



                           *********


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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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

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

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