/raid1/www/Hosts/bankrupt/TCRLA_Public/220804.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, August 4, 2022, Vol. 23, No. 149

                           Headlines



A R G E N T I N A

ARGENTINA: Gets US$1.14BB IDB Loan to Decarbonize Energy Sector
ARGENTINA: Nation Reaffirms Commitment to $44BB IMF Program
PROVINCE OF BUENOS AIRES: S&P Affirms 'CCC+' ICR, Outlook Stable


B A R B A D O S

BARBADOS: Says Restructuring Student Revolving Loan Fund Necessary


B E R M U D A

NABORS INDUSTRIES: Egan-Jones Retains CCC+ Sr. Unsecured Ratings
TEEKAY TANKERS: Egan-Jones Retains BB- Senior Unsecured Ratings


C O L O M B I A

PACIFICO TRES: Fitch Affirms BB+ Rating on USD260.4MM USD Bonds


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Complaints Mount Over Constant Blackouts


G U A T E M A L A

GUATEMALA: IDB OKs $4MM Grant to Help Eliminate Malaria by 2025


P E R U

AUNA SAA: Fitch Puts 'BB-' IDRs on Watch Negative


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: FTC Looks for Signs of Anti-competitive Behavior

                           - - - - -


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

ARGENTINA: Gets US$1.14BB IDB Loan to Decarbonize Energy Sector
---------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $1.14
billion conditional line of credit for investment projects to
decarbonize Argentina's energy sector.

The IDB Group remains committed to supporting Argentina's
development agenda with projects that have a direct impact on
development. As part of the credit line, the IDB authorized an
initial $200 million in financing. This will be augmented by an
additional EUR100 million from the French Development Agency and
EUR100 million from the European Investment Bank.

The first operation aims to help decarbonize Argentina's electric
power industry by slashing its greenhouse gas emissions. It will
also help expand and upgrading power transmission grids, offering
tangible benefits to Argentine citizens.

Argentina will use these funds to upgrade transmission systems in
different provinces. It will also prioritize projects that cut
greenhouse gas emissions by expanding transmission capacity for
renewable energy, reducing technical losses and decommissioning
diesel-fired power plants.

These investments will bolster service quality and reliability to
better meet rising demand and increase the electrification of
energy consumption, driving greater productive development in
Argentina's provinces.

Each intervention is designed to include measures to ensure climate
resilience and adaptation. The program will also allocate funds for
reforestation with native species in areas to be defined with each
province's forestry authorities.

The initiative will also underpin work to develop a gender and
diversity policy for the Federal Electric Transportation Trust
Fund, as well as an action plan for transmission projects to boost
female participation in the industry (which currently stands at
under 20%) and mitigate gender-based violence at all stages of the
project.

The program aligns with Vision 2025, the IDB's blueprint for
recovery and inclusive growth in Latin America and the Caribbean.
This program focuses on three of Vision 2025's five key pillars:
digitalization, climate change, and gender and inclusion.

The $200 million IDB loan has a repayment term of 25 years, a grace
period of five and a half years, and an interest rate based on the
SOFR.

                    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: Nation Reaffirms Commitment to $44BB IMF Program
-----------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that the
International Monetary Fund said Argentine officials reaffirmed the
nation's commitment to its $44 billion program with the fund,
attempting to shore up confidence after the economy fell deeper
into crisis.

IMF Managing Director Kristalina Georgieva tweeted after meeting
then Argentine Economy Minister Silvina Batakis that the minister
"agreed on the importance of decisive program implementation".
Batakis retweeted the comment, according to the report.

For its part, the Economy Ministry said Batakis laid out the
country's economic challenges to IMF officials in extensive
meetings without reference to any discussions about executing on
the program, the report notes.

Batakis also met with US Treasury staff, including David Lipton,
senior counselor to Treasury Secretary Janet Yellen, the report
relays.

It was the IMF's first major meeting with Argentine officials since
Batakis's predecessor, Martin Guzman, abruptly resigned July 2,
blowing a long-simmering political crisis wide open, the report
notes.

Since Guzman departed, political uncertainty has seen prices soar
and the peso plunge in unofficial markets, clouding the outlook for
the IMF program, the report says.

One of Argentina's last remaining international creditors, the
Inter-American Development Bank suggested it won't approve new
funding to the country until the government gets its house in
order, the report discloses.

Batakis has insisted on complying with the agreement Guzman
negotiated and has even imposed a public sector hiring freeze as a
fiscal measure. However, she's also said in separate comments that
some targets in the IMF program will change at each review, the
report adds.

As previously reported by the Troubled Company Reporter-Latin
America, Lower House Speaker Sergio Massa replaced Batakis on
August 2, 2022, as new Economy Minister. Massa will oversee a new
Economy Ministry which will include the duties of the agriculture
and production ministries, according to a statement from the
president's press office, reports Bloomberg News.

                           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.

PROVINCE OF BUENOS AIRES: S&P Affirms 'CCC+' ICR, Outlook Stable
----------------------------------------------------------------
On Aug. 2, 2022, S&P Global Ratings affirmed its 'CCC+' global
scale issuer credit ratings on the province of Buenos Aires. The
outlook is stable. S&P also affirmed the issue-level 'CCC+'
ratings.

Outlook

The stable outlook balances the risks in the next 12-18 months
stemming from low liquidity buffers and limited access to funding
with the province's improved debt amortization profile resulting
from the international debt restructuring in September 2021. S&P
said, "We don't expect holdout creditors (that represented 2.4% of
total restructured debt) to undermine the province of Buenos Aires'
(PBA) ability to seek financing or service its debt in the next 12
months. Our stable outlook also includes our expectations of
budgetary performance with low operating surpluses and moderate
deficits after capital expenditures (capex)."

Downside scenario

S&P said, "We could downgrade the province if a weaker fiscal
performance or liquidity position increases the risk of default or
a distressed debt exchange in the next 12 months. Stricter foreign
exchange controls that lead to a downward revision of our transfer
and convertibility (T&C) assessment of Argentina would result in a
downgrade of the PBA. If holdout creditors were to jeopardize the
issuer's ability to access financing, we could also lower the
ratings."

Upside scenario

S&P said, "Given that we don't believe that Argentine local and
regional governments (LRGs) meet the conditions for us to rate them
above the sovereign, we could only upgrade the PBA if we take a
similar action on the sovereign in the next 12 months. This would
have to be accompanied by a stronger cash flow generation capacity
in the province or greater certainty about its capacity to tap debt
markets."

Rationale

The 'CCC+' ratings on the province of Buenos Aires balance a
moderately low debt service profile in the next two years with
significant challenges, including stressed macroeconomic
conditions, limited access to debt and foreign currency markets,
and low fiscal and liquidity buffers. Moreover, debt service will
increase as capital payments resume, in line with the restructured
terms of its international bonds. Debt service will be about $700
million in 2024 and $760 million-$910 million annually over
2025-2037, from $290 million in 2022 and $385 million in 2023.
While these amounts are low in terms of the province's total
budget, limited buffers and access to the market underscore risks
to debt service in the next few years.

S&P expects fiscal and liquidity buffers to remain limited

S&P said, "We expect the PBA's operating surpluses to average 1% of
operating revenues in 2023-2024, with results after capex remaining
moderately negative as the province increases capex. Our forecast
assumes increases in own-source revenue and transfers from the
national government (46% of total revenue) in line with nominal GDP
growth. We incorporate potential pressures on operating spending,
particularly payroll (43% of the government's outlays) amid high
inflation and following real salary losses over the past couple of
years. In addition, inflation dynamics haven't created significant
cash flow and liquidity buffers since 2020, unlike most of the
other Argentine provinces we rate. Moreover, the PBA's high
reliance on the national government for nonautomatic transfers and
its social and infrastructure needs underline the limited
flexibility in the province's budget.

"We assume international debt markets will remain closed to the
sovereign and Argentine local governments, and that the province
will cover funding needs over the coming 12-18 months with
pre-approved and new loans from multilateral lending agencies,
funding from the national government, and short-term notes in the
local market (authorized for about 2% of the budgeted operating
revenues for this year). Local market dynamics have remained
adequate for the province amid high liquidity in the market and as
investors seek to diversify government peso holdings. Upcoming peso
payments over 2022-2023 include short-term bonds (Letras), bonds to
suppliers, and bonds to the province-owned bank, Banco Provincia,
for around 2% of operating revenues, which we consider manageable.

"Persistent fiscal deficits have led to a very weak liquidity,
which is a key risk to PBA's creditworthiness. Per our estimates,
free and readily available cash is low and doesn't cover debt
repayment for the next 12 months. The PBA will likely cover this
with regular cash flows and or will roll it over, in the case of
domestic debt. In 2024, debt service will increase because the
province will make the first principal payments on its restructured
international bonds, which will likely lead to volatility in the
liquidity coverage ratio and increase financing needs.

Debt stock dropped to 55% of the province's operating revenue in
2021, down from the peak of 70% in 2018, as official currency
depreciation has been slower than inflation (which tends to benefit
fiscal revenue levels). S&P said, "We expect the debt burden to
fall to about 50% of operating revenue by 2024 because financing
conditions remain tight, and revenue is likely to follow nominal
GDP growth. However, about 85% of the PBA's debt is denominated in
U.S. dollars, which underscores potential currency risk should the
peso depreciate more than we expect."

Limited growth in Argentina and uncertain support from the national
government to provinces constrain the rating
Economic growth prospects are weak, in line with that for the
sovereign. S&P said, "Following a 10% rebound in Argentina's
economic growth in 2021, we expect it to slow to about 2% per year
in 2022-2024. Pronounced macroeconomic imbalances, a moderate pace
for planned fiscal consolidation, and volatile global economic
conditions underscore challenges in securing new deficit financing
and for smooth rollovers in the small peso debt market. We consider
the PBA's socioeconomic indicators as in line with the national
average, and according to our estimates, the province's GDP per
capita will be $12,000 in 2022, in line with the estimated national
level of $12,900. Amid increasingly strained financial conditions,
including very limited access to financing, the province's
administration decided to prioritize operating and capital spending
over timely debt payment obligations."

S&P said, "Finally, we believe that amid eroding macroeconomic
conditions, the sovereign could delay fiscal support measures to
subnational governments, especially given Argentina's history of
major policy swings. We assess the institutional framework for
Argentina's LRGs as very volatile and underfunded, reflecting our
perception of the sovereign's very weak institutional
predictability and volatile intergovernmental system that has been
subject to various modifications to fiscal regulations and lack of
consistency over the years. This has jeopardized LRGs' financial
planning and consequently their credit quality. Among key
structural problems, we highlight the lack of progress in adjusting
"coparticipation" allocations (federal tax revenue distributed to
provinces) to economic and social conditions."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  BUENOS AIRES (PROVINCE OF)

   Issuer Credit Rating        CCC+/Stable/NR

  BUENOS AIRES (PROVINCE OF)

   Senior Unsecured            CCC+




===============
B A R B A D O S
===============

BARBADOS: Says Restructuring Student Revolving Loan Fund Necessary
------------------------------------------------------------------
The Barbados government is defending its decision to have changes
made to the Student Revolving Loan Fund (SRLF) noting that the
restructuring is necessary if the fund is to survive at least
another 45 years.

"Therefore, the SRLF will soon be restructured to allow it to be
transformed into a more customer-centric and agile organisation.
This is to be achieved by ensuring that the SRLF is a great place
to work for its employees because the first customer is the
internal customer. It is to ensure that excellent service is
provided because management and leadership is 'in service'," said
Education, Technological & Vocational Training Minister, Kay
McConney.

Speaking at the Fund's 45th Anniversary Awards Dinner, McConney,
assured that the government is aware that for the Fund to continue
existing another 45 years and more, it would have to make changes
in its operations.

She said she is pleased to be championing the restructuring effort
in Cabinet, noting that new and innovative lending products would
be introduced and the Fund could expect a greater leveraging of
technology.

"Certainly, we believe, that if the SRLF can be transformed in this
manner that it will serve Barbadians for another 45 years and
more," she said, noting that all Barbadians "owned" the Student
Revolving Loan Fund, and had a vested interest in ensuring its
viability.

"I want you to spread the word about the Student Revolving Loan
Fund," she said, adding that, providing educational loans was an
inherently risky business.

The minister said that the SRLF would soon be asked to perform as a
"commercial state-owned enterprise", with some practices that
wouldn't simply be government-focused but oriented and anchored in
that of a "true, viable, sustainable commercial entity".

McConney said that many student-lending agencies, regionally and
internationally, had suffered severe financial setbacks or had
closed completely.

"The Student Revolving Loan Fund is still going strong in Barbados,
45 years later. It is able to generate, and I am so proud of this,
yearly profits, and for the past 12 years, it has operated without
the need for yearly Government subventions.

"This is testimony to the prudent oversight of successive
management committees, and the dedication and commitment of
management and staff of the Student Revolving Loan Fund," she
added.





=============
B E R M U D A
=============

NABORS INDUSTRIES: Egan-Jones Retains CCC+ Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on July 27, 2022, retained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Nabors Industries Ltd. EJR also retained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Hamilton, Bermuda, Nabors Industries Ltd., is a
land drilling contractor, and also performs well servicing and
workovers.


TEEKAY TANKERS: Egan-Jones Retains BB- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on July 27, 2022, retained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Teekay Tankers Ltd.

Headquartered in Hamilton, Bermuda, Teekay operates one of the
world's largest conventional tanker fleets including aframax, long
range (LR) and suezmax vessels.




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

PACIFICO TRES: Fitch Affirms BB+ Rating on USD260.4MM USD Bonds
---------------------------------------------------------------
Fitch Ratings affirmed the following ratings of Fideicomiso P.A.
Pacifico Tres (Pacifico):

-- USD260.4 million USD bonds at 'BB+';

-- COP397,000 million UVR bonds at 'BB+'/'AA+(col)';

-- COP300,000 million UVR loan at 'BB+'/ 'AA+(col)';

-- COP450,000 million COP Loan A at 'AA+(col)';

-- COP150,000 million COP Loan B at 'AA+(col)'.

The Rating Outlook is Stable.

RATING RATIONALE

The ratings are based on the low revenue risk due to the existence
of traffic top-ups and grantor payments, a strong debt structure,
characterized by several prefunded reserve accounts, distribution
tests, a cash sweep mechanism and robust liquidity mechanisms.
Under Fitch's rating case, Pacifico presents a loan life coverage
ratio of 1.5x, which is robust for the rating category according to
applicable criteria and revenue profile, but is limited to the
credit quality of Agencia Nacional de Infraestructura (ANI). The
latter is viewed as a credit-linked entity to the Government of
Colombia (BB+/Stable).

KEY RATING DRIVERS

Fitch also revised the assessment of the project's Complexity,
Duration and Scale subfactors of Completion Risk to 'Stronger' from
'High Midrange', in order to reflect the construction advance over
90%, expected remaining duration and costs to complete the works,
and available security. Thus, the project's ratings are not
constrained by the credit quality of its contractors including
Constructura Meco S.A. Sucursal Colombia (Meco), which was
downgraded to 'BBB-(pan)' from 'BBB+(pan)' Rating Watch Negative in
June 8, 2022. Meco has signed engineering, procurement and
construction (EPC) contract with Pacifico, in consortium with
Construcciones El Condor and MHC.

Construction is expected to continue for at least another year,
with the most complex works already completed, and few permits
pending. Remaining works such as utilities relocation and right of
way management have been extended due to delays in expropriation
processes and the coronavirus pandemic, but are expected to
continue to advance at an adequate pace. According to the
independent engineer, the EPC contractor has the experience and the
ability to successfully develop the project. The completion
schedule is adequate, and the performance bond and secured,
multipurpose loan facility (SMF) provide enough liquidity to cover
debt service should the EPC contractor need to be replaced.

According to the Independent Engineer, construction progress was
93% as of May 2022. Four Functional Units (UFs) have been
completed, with only one UF (UF5) pending completion, which has a
progress of 72%. Multiple issues have delayed the construction
progress of UF5, related to the relocation of a hydrocarbon
pipeline, difficult rights of way (ROW) management, and
difficulties to undertake road closures as planned.

On June 8, 2022, ANI granted the concessionaire a Liability
Exoneration Event (LEE) to extend the UF5 work plan period until
May 2023. Accordingly, the concessionaire is in the process of
applying to the lenders for an extension of the UF5 Long-Stop Date
and the Project Completion Date.

Considering the main pending items to complete construction, Fitch
revised its qualitative project attribute assessments for
Complexity, Scale and Duration to 'Stronger' from 'High Midrange',
noting that ROW management delays could result in some, although
not significant, penalties; and the utility relocation process in a
section of the road could cause further delays, mitigated by the
small length this represents with regards to the total length that
is pending completion. Furthermore, the concessionaire has already
begun the supervision process with ANI to receive a certificate of
partial completion which is expected to be approved in the coming
months.

RATING SENSITIVITIES

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

-- Deterioration in Fitch's view regarding the ANI's credit
    quality's contributions.

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

-- For the national scale ratings, successful completion of UF5;

-- Improvement in Fitch's view regarding the ANI's credit
    quality's contributions.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

SECURITY

The secured parties benefit from a first-priority security interest
in, control over, and lien on all of the issuer rights in the
indenture trustee accounts and the funds, financial assets and
other properties deposited and to be deposited in such accounts.

Senior lenders share common collateral on a pari passu basis in
relation to all current and future debt of the project company. All
proceeds from the collateral will be paid to the intercreditor
agent, who, in turn, will distribute the monies to the secured
parties. None of the parties will have the right to take
independent enforcement in respect to the common collateral.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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.




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

DOMINICAN REPUBLIC: Complaints Mount Over Constant Blackouts
------------------------------------------------------------
Dominican Today reports that citizens who went to make their
payments at the pay stations of Empresa Distribuidora de
Electricidad del Este (Edeeste) and Empresa Distribuidora de la
Region Sur (Edesur) specified that they do not feel that their
claims are working.

Even though both institutions oriented to the provision of electric
services state that they are "willing" to receive the
inconveniences regarding the increase or lack of energy in their
different payment and administrative stations, people explain that
they must make a partial payment of their bill to be heard,
according to Dominican Today.

"I had to pay a large part of the month's rate so that they could
receive a report, and the truth is that one does it so that they
can give me the proof; in the end, they do whatever they want,"
said Jaime Lorenzo, who made his payment at an Edesur office, the
report notes.

The head of information of this media, Tomas Aquino Mendez, called
about six times, and in each call, he waited five minutes; in none
of the questions, he got an answer, which registered more than a
dozen citizens who called the newspaper to denounce the situation
and say that they have ceased from using this platform to make
complaints and claims, the report relays.

                     Edesur Set Up Tents

Edesur rectified that the work days continue at the company's
facilities, during working hours, from 8:00 am to 5:00 pm, for the
46 offices the company has throughout its concession area: its call
center operates 24 hours a day, seven days a week, the report
notes.

According to the information provided by Edesur, the tents set up
were because the commercial offices were closed on that day, and
they set up this open space to receive customers who were scheduled
to protest, making them feel listened to, as intermediaries, to
manage the solution of the cases in question, the report says.

         Edeeste, No Electricity, And No Complaints

In the offices of the Empresa Distribuidora de Electricidad de la
Region Este (Edeeste), there was an atmosphere described as "little
collaboration," as the users maintain constant complaints regarding
the services, the report discloses.

"That rate is very high, I have been standing in line since 11 am
to catch up with the blackouts, because that is the only thing they
are giving is blackouts for two," said Isabel Cruz Pina, a resident
of Villa Mella, the report says.

At the Venezuela Avenue branch office, many residents were upset
because they explained that at the time of making their claims,
they were asked to pay, but also that the company employees who
received them only spent their time using electronic devices, the
report notes.

"You talk to them, and they are looking at their cell phones. For
example, I have a restaurant, and I went from paying 76,000
thousand and some pesos in three months. I am already paying
102,000 thousand pesos, so I took it to claim there and they tell
me that I must pay almost the entire bill, because it is with 80%
that a report of the claim is given, I came to pay and here I am
paying back, from three months to now it has become a disaster,"
said Margaret Alcantara, the report relays.

                           Clarification

Recently, Edesur clarified that the open door days continue in all
the company's facilities from 8:00 am to 5:00 pm, from Monday to
Saturday in its 46 offices, the report notes.

                                Damages

One of the most predominant complaints from users is that due to
the constant blackouts, they have suffered economic losses due to
damage to their household appliances, the report discloses.

                             Bills

Users are complaining about increases up to three and four times in
this year's bills, the report adds.

                   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.




=================
G U A T E M A L A
=================

GUATEMALA: IDB OKs $4MM Grant to Help Eliminate Malaria by 2025
---------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $4 million
grant to help Guatemala eliminate malaria by 2025 and sustainably
prevent its reintroduction. The funding is from the Global Fund to
Fight AIDS, Tuberculosis and Malaria.

With a $4 million grant, the IDB will contribute with actions that
focus on areas with the highest risk of transmission, which are
home to nearly 5 million people across 149 municipalities in
Guatemala.

The program will focus on helping implement a malaria diagnosis,
treatment, research and response strategy that includes active
epidemiological surveillance; stronger integrated vector
management; and work to enhance the financial, administrative, and
technical sustainability of the Ministry of Health's efforts to
eliminate malaria.

Guatemala has seen a significant drop in malaria, from over 7,000
cases in 2010 to 12,309 in 2021. However, it still has 48 active
transmission hotspots.

In the Mesoamerican region, malaria cases have fallen by 90% over
the last two decades, one of the sharpest drops in the world. El
Salvador was certified as malaria free in 2021, and Belize expects
to achieve the same certification by the end of this year.

To combat the disease, Guatemala has received support from the
Regional Initiative to Eliminate Malaria, which has been run by the
IDB since 2018 and has awarded $5.6 million in grants to leverage
$10.5 million in country contributions. These joint efforts align
with the priorities of the IDB's Vision 2025 "Reinvest in the
Americas," a plan to promote recovery, economic growth and social
progress in the region.

The Global Fund decided to award Guatemala this "transition" grant
from 2022 to 2024 to bolster the political, technical,
administrative and financial sustainability of the country's
efforts to eliminate malaria.

The IDB administers the Regional Initiative to Eliminate Malaria,
so to align and harmonize the cooperation, the Global Fund and
Country Coordination Mechanism asked the bank to administer the
technical and financial aspects of this $4.7 million grant, which
includes a $716,000 contribution from Guatemala.

Malaria remains one of the world's greatest health threats, even
though it can be prevented and effectively treated. In 2020, the
World Health Organization (WHO) tallied 241 million cases of
malaria in 87 countries where the disease is endemic, leading to
627,000 deaths.

Malaria is caused by a parasite that uses humans as its reservoir.
The mosquito is the vector that transmits the disease from one
person to another, but mosquitoes can only become infected by
biting someone who is already infected. Time is therefore of the
essence when diagnosing and treating malaria to keep the disease
from spreading to other people.





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

AUNA SAA: Fitch Puts 'BB-' IDRs on Watch Negative
-------------------------------------------------
Fitch Ratings has placed Auna S.A.A.'s (Auna) Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) rated 'BB-', and its
senior unsecured notes rated 'BB-' on Rating Watch Negative. This
reflects the uncertainties of the likely pressure on the company's
credit profile following announcement of two acquisitions on top of
already weak credit metrics per Fitch's calculations and rating
triggers. Auna has not publicly disclosed the full conditions of
the transactions, yet mentioned that it is expected to be accretive
to the company's performance metrics, including liquidity, margins
and leverage.

Fitch expects to take any actions on AUNA's ratings upon the
disclosure of final terms and conditions of the acquisitions.

KEY RATING DRIVERS

Acquisition Risks and Leveraged Profile: Although Fitch expects the
acquisition to increase and diversify AUNA's business, the
associated risks with integrating and operating in a new
region/country (Mexico) and, moreover, the uncertainties regarding
final terms and conditions, including the funding for these cash
out flows, are key risks for Auna's ratings. Auna's performance
during 2021 and LTM March 2022 has indicated weak credit metrics
for the rating category and has underwhelmed Fitch's expectations
of net leverage moving down to below 4.0x by end of 2022.

Per Fitch's criteria, Auna's net leverage was 6.3x and 6.4x as of
the end of 2021 and March 31, 2022, respectively. Fitch does expect
these metrics to improve during 2022 on a stand-alone basis as a
result of relatively stronger operating performance throughout the
year compared with 2021. Nevertheless, Auna's rating headroom is
limited, since negative sensitivities indicate downgrade pressures
with net leverage remaining above 4.5x on a sustained basis.

Acquisitions to Improve Diversification: Acquisitions in Colombia
and Mexico are expected to improve Auna's business scale and
diversification. Auna has announced it acquired a controlling stake
in IMAT S.A.S. (IMAT) and Oncomedica S.A. (Oncomedica), a leading
healthcare group in Monteria, Colombia. It is specialized in
oncology, cardiology and high complexity services, and it is
expected to add around 427 beds in two hospitals considering
expansions. Auna's total operating beds in Colombia would increase
to 1.062 (484 in Peru). During 2021, around 65% of Auna's revenues
were originated in Peru and 35% in Colombia.

Auna has also announced it has entered into an agreement to acquire
a 100% ownership stake in Organizacion Clinica America (OCA), a
leading healthcare group in Mexico providing premium healthcare and
oncological services. The transaction has been authorized by
COFECE, the Mexican anti-trust commission and is subject to the
satisfaction of certain customary closing conditions.

RATING SENSITIVITIES

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

-- Net adjusted leverage (net debt/EBITDA) consistently below
    3.5x;

-- Interest coverage -- measured as EBITDA/Net interest paid
    ratio -- consistently above 4.0x;

-- Well-spread debt maturity schedule, with limited recurring
    short-term debt;

-- Expanded network resulting in improved scale and geographic
    diversification.

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

-- Net adjusted leverage consistently above 4.5x;

-- Major legal contingencies issues that represent a disruption
    in the company's operations or a significant impact to its
    credit profile.

ISSUER PROFILE

Auna S.A. is one of the largest and most recognized companies in
the Peruvian health care industry, with a growing presence in
Colombia's health care industry. The company offers Peruvian
oncology health care plans and operates hospitals and clinics in
both the Peruvian & Colombian markets, offering all levels of
care.

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.

Entity/Debt                  Rating                Prior
-----------                  ------                -----
Auna S.A.A.         LT IDR     BB-  Rating Watch On  BB-
                    LC LT IDR  BB-  Rating Watch On  BB-
senior unsecured   LT         BB-  Rating Watch On  BB-




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

TRINIDAD & TOBAGO: FTC Looks for Signs of Anti-competitive Behavior
-------------------------------------------------------------------
Asha Javeed at Trinidad Express reports that executive director of
the Fair Trading Commission (FTC) Bevan Narinesingh said despite
the increase in food prices in T&T, the FTC has not yet observed
any anti-competitive behaviour in the local market.

He said the FTC's job is to get to the root causes of the high
prices in T&T, according to Trinidad Express.

In their review, they will determine whether it relates directly to
shipping, whether it is caused by disruptions in the global supply
chain, whether it is as a result of the conflict between
Russia/Ukraine or as a result of the Covid-19 pandemic, the report
notes.

"And we have to determine whether that is happening because of
anti-competitive behavior or whether it's because of collusion
among entities.  How could we try to get these conditions better?
How could market conditions and business practices be improved? So
we understand certain situations have arisen because of the
pandemic. And the idea is to really determine whether these high
prices that we're experiencing now and the ongoing hardships that
we all are facing as a result of something untoward," he said, the
report notes.

In a Zoom meeting to raise awareness of the FTC's role as it
monitors T&T, Narinesingh said: "We have not necessarily seen this
happening in T&T but our concerns are really the result of the high
prices in T&T and whether indeed, that is a result of something
that is anti-competitive, the report relays.

"You cannot use these global situations as a cover for
anti-competitive activity," he said, the report discloses.

He observed that there were inflationary challenges around the
world which put pressure on prices, the report says.

"We are very diligent about that and are trying to encourage
compliance with respect to that as well," he added.

He advised entities involved in shipping and supermarkets to
"compete and act as independently as possible," the report relays.

"Some of the advice, we would say, is not to share sensitive
information, independently determine your pricing structure, and
basically try to develop a culture of compliance which will include
training of staff," he said, the report notes.

                'No Legal Action Taken Yet'

In response to a question from the Express, chairman of the FTC
Ronald Ramkissoon, acknowledged that the FTC has yet to root out
any instances of anti-competitive behavior or take legal action on
anyone, the report relays.

"We have not, as of now, identified specifically any particular
action that falls within the remit of the Act. However, what we can
tell you is that investigations are ongoing in respect of what will
be considered anti competitive behaviour and such of course, the
second question is we have not taken any legal action," he
answered, the report discloses.

                  Anti-Competitive Practices

"We are very much dependent on data on research, on establishing
what the facts are, before we move to the next stage, the report
notes.

"I would also say that we have been spending a fair amount of time
over the last couple of years explaining to the business community
in particular, what happens to the anti-competitive practices,"
Ramkissoon said, the report says.

He observed that T&T has functioned for decades without a Fair
Trade Commission and that there are certain practices that may or
may not have been anti-competitive, the report discloses.

"Our first duty we consider is to explain, to educate and to
demonstrate what activities are not helpful for good business. And
we are very much into the growth of businesses but the growth of
good businesses because of competitive businesses. We are not about
closing down businesses necessarily. We wish the community to know
that there's a process. There's a reporting process, first of all,
by those who feel harmed by the activity of other businesses, then
there's an investigation process," he said, the report adds.



                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *