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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, August 1, 2022, Vol. 23, No. 146

                           Headlines



A R G E N T I N A

ARGENTINA: Cabinet Reshuffle, Rumors of Another New Minister
ARGENTINA: Moves to Hike Key Rate by 800bps With Local Note Offer


B R A Z I L

BRAZIL: 277,944 Net Formal Jobs Created in June
CYRELA BRAZIL: S&P Withdraws 'BB-' Global Scale ICR
PETROBRAS BRASILEIRO: BOD OKs New Fuel Prices Formation Guidelines


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Gets US$120M Loan for Digital Transformation
WATER AND SEWERAGE: To Cut Half of its Managers, Some Staff


X X X X X X X X

[*] BOND PRICING: For the Week July 25 to July 29, 2022

                           - - - - -


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

ARGENTINA: Cabinet Reshuffle, Rumors of Another New Minister
------------------------------------------------------------
Buenos Aires Times reports that Argentina's President Alberto
Fernandez is poised to name lower house Speaker Sergio Massa as the
country's new economy minister, appointing a second person for the
job in less than a month, according to local newspaper Clarin.
Gustavo Beliz, the President's secretary of strategic affairs, has
resigned.

Gustavo Beliz has presented President Alberto Fernandez with his
resignation from the post he has held since December 2019, reports
Perfil, according to Buenos Aires Times.  The news was confirmed by
sources from the national government, the report notes.

Beliz's resignation is the first of the day amid the reigning
uncertainty at Casa Rosada, where many assume Sergiio Massa will
soon take up a position in this cabinet's administration, the
report discloses.

Internal government sources say that the president is focused on
"the need to get out of this moment," the report notes.

Sergio Massa would replace Silvina Batakis, who took office on July
4 after the abrupt resignation of Martin Guzman, the newspaper
reported, without naming its sources, the report relays.  In a
tweet, Massa said he had seen "rumors" and had not been made any
offer but was expecting to speak with Fernandez between Friday and
Saturday, the report discloses.  A spokeswoman for the president
did not immediately reply to a request for comment.

Another abrupt change - or the mere rumour of one - will likely
inject volatility into markets in the coming days, the report
relays.  After Guzman resigned on July 2, prices soared and the
peso plunged in parallel markets, the report notes.

Massa, if confirmed, will inherit enormous challenges: economists
see inflation reaching 90% this year, the central bank's reserves
are razor thin and the country is behind on the targets it must
meet to comply with a US$44 billion program with the International
Monetary Fund, the report says.

Massa is seen as one of the more market-friendly figures within the
ruling coalition, the report discloses.  A former mayor who built
his reputation as being tough on crime, he was cabinet chief
between 2008 and 2009 during the presidency of Cristina Fernandez
de Kirchner, the report notes.

Batakis is returning from a trip to Washington, D.C. in which she
met with representatives from the IMF, the US Treasury, the World
Bank as well as private investors, 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.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris  Club debt.

As reported by The Troubled Company Reporter - Latin America on
July 19, 2022, Fitch Ratings placed Argentina's Long-Term Foreign
Currency Issuer Default Rating (IDR) and Long-Term Local Currency
IDR Under Criteria Observation (UCO) following the conversion of
the agency's Exposure Draft: Sovereign Rating Criteria to final
criteria. The UCO assignment indicates that ratings may change as
a direct result of the final criteria. It does not indicate a
change in the underlying credit profile, nor does it affect
existing Rating Outlooks.

Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.

Fitch added that it is uncertain whether the EFF will be a strong
anchor for macroeconomic stabilization. Its policy requirements
are fairly unambitious relative to other IMF programs and in
light of the economy's deep imbalances, but it faces heightened  
risk nonetheless from weak political support and  spill-overs
from the Russia-Ukraine war, says Fitch.

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.

DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.

ARGENTINA: Moves to Hike Key Rate by 800bps With Local Note Offer
-----------------------------------------------------------------
Buenos Aires Times reports that Argentina's central bank offered
its Leliq note, which is used as the benchmark interest rate, at a
rate of 60%, representing an 800 basis-point increase and the
largest hike in almost three years.

The rate increase was communicated to traders through the local
Siopel trading system, according to people with direct knowledge of
the matter who asked not to be named because the information is not
public, according to Buenos Aires Times.  It represents the largest
interest rate increase since August 2019 but still falls short of
surpassing annual inflation running at 64%, the report notes.

The move marks an increase in borrowing costs that investors had
been calling for as the key rate trailed inflation that's above
70%, the report relays.  Consumer prices in July have accelerated
since former Economy Minister Martin Guzman resigned at the start
of the July, blowing open a political crisis that's caused prices
to soar, the report notes.  JPMorgan Chase & Co estimates that July
monthly inflation will be 7.3% faster than the previous month's
5.3%, the report says.

The country's US$44 billion program with the International Monetary
Fund also calls for positive real rates, the report discloses.

A central bank spokesman declined to comment.

In the same statement to traders, the central bank said that it was
raising the overnight passive 1-day repo rate to 55%, from the
previous 46.50%, and the active 1-day repo rate to 75%, from 65%,
the people said, the report relays.  As of July, the passive repo
rate is the floor of the reference range the central bank uses as a
guide to define its monetary policy rate, the report notes.

Argentina's Treasury raised by 600 basis points the rate on the
short-term local note it uses to mark the ceiling of the benchmark
monetary policy rate, 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.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris  Club debt.

As reported by The Troubled Company Reporter - Latin America on
July 19, 2022, Fitch Ratings placed Argentina's Long-Term Foreign
Currency Issuer Default Rating (IDR) and Long-Term Local Currency
IDR Under Criteria Observation (UCO) following the conversion of
the agency's Exposure Draft: Sovereign Rating Criteria to final
criteria. The UCO assignment indicates that ratings may change as
a direct result of the final criteria. It does not indicate a
change in the underlying credit profile, nor does it affect
existing Rating Outlooks.

Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.

Fitch added that it is uncertain whether the EFF will be a strong
anchor for macroeconomic stabilization. Its policy requirements
are fairly unambitious relative to other IMF programs and in
light of the economy's deep imbalances, but it faces heightened  
risk nonetheless from weak political support and  spill-overs
from the Russia-Ukraine war, says Fitch.

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.

DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.



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

BRAZIL: 277,944 Net Formal Jobs Created in June
-----------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil created a
net 277,944 formal jobs in June, with all sectors of the economy
posting growth, figures from the country's labor ministry showed.

That number, however, was lower than the 317,812 jobs created in
the same month last year, said the ministry, which based its
figures on adjusted government data, according to
globalinsolvency.com.  

Net job creation in South America's largest economy reached 1.335
million in the six months of the year, with each month recording
growth, the report notes.  A strong labor market has led Brazil's
government to forecast 2% growth this year, boosted by strength in
the services sector and the continued reopening of the economy
after the coronavirus pandemic, the report discloses.

The services sector created 124,534 new jobs in June, making it the
biggest contributor to the overall result, followed by 47,176 new
jobs in the retail sector and 41,517 jobs in the industrial sector.
The average monthly salary of the new jobs created in June was
1,923 reais ($369.64), a 0.68% increase from May, the ministry
said, the report adds.

                      About Brazil

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

As reported in the Troubled Company Reporter-Latin America on
July 18, 2022, Fitch Ratings has affirmed Brazil's Long-Term
Foreign Currency Issuer Default Rating at 'BB-' and revised the
Rating Outlook to Stable from Negative.

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.

Moody's Investors Service also affirmed on April 15, 2022,
Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings, and maintained the
stable outlook.

CYRELA BRAZIL: S&P Withdraws 'BB-' Global Scale ICR
---------------------------------------------------
S&P Global Ratings withdrew its global scale rating on Brazilian
homebuilder Cyrela Brazil Realty S.A. (Cyrela) at its request.
S&P's global scale issuer credit rating on the company was 'BB-'
and the outlook was stable at the time of withdrawal.

S&P said, "Our 'brAAA' national scale rating on Cyrela remains in
place with a stable outlook and reflects our opinion, detailed on
the report "Brazilian Homebuilder Cyrela 'BB-' Global Scale And
'brAAA' National Scale Ratings Affirmed, Outlook Stable ,"
published on Nov. 17, 2021."


PETROBRAS BRASILEIRO: BOD OKs New Fuel Prices Formation Guidelines
------------------------------------------------------------------
Rocco Caldero at Rio Times Online reports that Petroleo Brasileiro
S.A.'s Board of Directors approved the Guideline for Pricing in the
Domestic Market to be applied to oil products and natural gas sold
in the domestic market, including the Board of Directors and the
Fiscal Council.

The guideline, however, will not alter the company's price balance
policy with the national and international markets, according to
Rio Times Online.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A.
Petrobras explores for and produces oil and natural gas.

As reported in the Troubled Company Reporter-Latin America on July
14, 2022, Egan-Jones Ratings Company July 8, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Petroleo Brasileiro S.A. - Petrobras to BB+ from
BB.




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

TRINIDAD & TOBAGO: Gets US$120M Loan for Digital Transformation
---------------------------------------------------------------
Trinidad Express reports that CAF, the Development Bank of Latin
America, approved a loan of US$120 million for Trinidad & Tobago,
which will be used to accelerate the digitalization of the state
and productive sectors, to help mitigate the impacts of the
pandemic and close the digital gap in the country.

In a news release, CAF said the funds will be managed by the
Ministry of Finance, with the technical support of the Ministry of
Digital Transformation. The funds are meant to support initiatives
related to regulatory and institutional changes, management, and
planning, according to Trinidad Express.  

The Program aims to promote actions in the following fields:

   -- Digital government: Creation of an institutional and public
policy framework for the digitisation of the State, with
initiatives such as the development of a cybersecurity strategy,
updating of service platforms for citizens, interoperability
between ministries, a digital identification project, investment in
a data center, development of a government cloud and an ecosystem
for online tax payments, among others.

   -- Digital economy: Support the strategic objective of
increasing the contribution of the ICT sector to GDP and consider
digital solutions for the development of productive sectors, such
as the development of blockchain technologies for the agricultural
sector and digital payment systems, use of ICT for climate
resilience, the creation of a software developers' hub, among
others.

   -- Digital society: Initiatives to massify access to ICTs, by
fostering the digital inclusion of the population with less access.
It seeks to support digital literacy and capacity building in
excluded communities, as well as to invest in infrastructure for
isolated areas and the provision of free Wi-Fi.

Executive president of CAF, Sergio Diaz-Granados, said: "This loan
adds to the efforts of the Government of Trinidad and Tobago to
close the digital divide, promote the information society and the
expansion of the digital ecosystem in the country, the report
notes.

"CAF will not only support these efforts through the loan, but also
with technical assistance for digital transformation in the
financial, educational, agricultural, and tax collection sectors,"
the report relays.

In the last six years (2016-2021), CAF approved loans and grants
for Trinidad and Tobago totaling US$1.3 billion, and during the
same period, it has disbursed US$1.2 billion in priority sectors
for the country. CAF's portfolio went from US$300 million in 2017
to US$1.16 billion in 2021, the report notes.

In a speech in November 2019, Minister of Finance, Colm Imbert said
T&T was fortunate to be a full member of the Development Bank of
Latin America (CAF) saying its approach is a breath of fresh air
compared to the that of other multi-lateral lending institutions,
the report discloses.

"I really have appreciated their approach to financing
infrastructure, policy, and fiscal consolidation in T&T. It has
been a breath of fresh air when compared to other developmental
banks," the report adds.


WATER AND SEWERAGE: To Cut Half of its Managers, Some Staff
-----------------------------------------------------------
RJR News reports that the Trinidad and Tobago Cabinet has mandated
the board of the Water and Sewerage Authority (WASA) to immediately
implement a transformation plan which will start with the cutting
of 213 members of the executive team.

This will be followed by a reduction in the non-management
workforce, according to RJR News.

Minister of Public Utilities, Marvin Gonzales, says Cabinet
approved the transformation plan during a meeting, the report
notes.

WASA currently has 426 executive managers, the report relays.

According to Mr. Gonzales, the cutting of other staff will not be
done without discussions with the collective bargaining units, the
report discloses.

However, he was reluctant to give a number or percentage for staff
cuts, saying he did not want to prejudice the discussions, the
report adds.




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

[*] BOND PRICING: For the Week July 25 to July 29, 2022
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
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
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
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 Chubut A     4.5    2208    3/30/2021    AR     USD
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
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
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
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
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
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     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
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     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
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Chapman, Editors.

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

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                  * * * End of Transmission * * *