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

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

          Friday, August 12, 2022, Vol. 23, No. 155

                           Headlines



A R G E N T I N A

ARGENTINA: Economy Minister Vows to Respect IMF Deficit Deal


B R A Z I L

REPUBLIC OF BRAZIL: DBRS Confirms BB(low) Issuer Rating


C H I L E

CHILE: Inflation Tops 13% as Weak Peso Adds to Price Pressure


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Gov't. Increase Pay for Heavy Machine Operators
DOMINICAN REPUBLIC: To Face "Extraordinary" Inflation Pressure


J A M A I C A

RJRGLEANER COMMUNICATIONS: Incurs $40MM Loss for April-June Qtr


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Copper Thieves Affecting Telecom Services

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Economy Minister Vows to Respect IMF Deficit Deal
------------------------------------------------------------
Buenos Aires Times report that Argentina's new economic "super
minister" pledged to respect the crisis-wracked country's
commitment with the IMF to reduce its public deficit to 2.5 percent
this year.

As part of Argentina's long-running negotiations with the
International Monetary Fund to restructure a US$44 billion debt,
authorities had agreed to progressively reduce the public deficit
from three percent in 2021 to 0.9 percent by 2024, according to
Buenos Aires Times.

"We will meet the goal of the 2.5 percent primary fiscal deficit.
We will make the necessary corrections to comply with our word,"
said Sergio Massa, in an announcement of his first measures as the
new "super minister" in charge of the economy, development and
agriculture ministries, as well as relations with international
organizations, the report notes.

Argentina has suffered years of economic crisis, with some 37% of
its population now living in poverty, the report notes.

Inflation for the first half of this year alone topped 36%, and is
predicted to reach 80% by the year's end, the report relays.

Speaking at a press conference after being officially presented by
President Alberto Fernandez in his new job, Massa described
inflation as the "biggest poverty factory" in the country, the
report relays.

"Inflation is one of the main issues to fight. The last month and
the one just started will be the most difficult in terms of
inflation and from there we will begin a downward curve," said
Massa, 50, a lawyer by trade who resigned as president of the lower
house of congress to take up his new post, the report relays.

Massa brushed aside the moniker "super minister," saying "I'm not a
'super' anything - not a magician, nor a savior. I have come to
work in a very determined way," the report discloses.

Fernandez, speaking at Massa's swearing-in, hailed a "new stage of
government," the report relays.

"I am convinced we will come through successfully," he added, notes
the report.

                Tough Challenges Ahead

Massa becomes Argentina's third economy minister in as many months,
the report notes.

In late July, economist Silvina Batakis was let go less than a
month after being chosen by Fernandez to fill the spot suddenly
vacated by Martin Guzman, the architect of the debt refinancing
deal who had served in the role since December 2019, the report
recalls.

In his speech, Massa pledged to tackle the "two-sided Argentina"
where there is some economic growth and employment, but "a huge
lack of confidence in the currency, spending disorder, public
investment gaps and a huge injustice in income distribution," the
report discloses.

One of Massa's toughest challenges will be to increase Argentina's
available international reserves, which analysts say are at
critical levels, the report says.

On that front, Massa announced an agreement with exporters to
advance sales and bring some US$5 billion into the Central Bank
within 60 days, the report notes.

For Victor Beker, director of the Centre for the Study of the New
Economy at the University of Belgrano, the announcements made "are
important, they go in the right direction, but they fell short of
expectations," the report relays.

"We are still far from having a comprehensive economic plan, far
from having answers on how inflation is going to be fought, nor how
the exchange market is going to work," Beker told AFP, the report
says.

A problem he will not be able to solve, though, is the ongoing
power struggle inside the ruling Frente de Todos political
coalition between Fernandez and Vice President Cristina Kirchner,
herself a former president, 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.




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B R A Z I L
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REPUBLIC OF BRAZIL: DBRS Confirms BB(low) Issuer Rating
-------------------------------------------------------
DBRS Inc. confirmed the Federative Republic of Brazil's Long-Term
Foreign and Local Currency – Issuer Ratings at BB (low). At the
same time, DBRS Morningstar confirmed the Federative Republic of
Brazil's Short-term Foreign and Local Currency – Issuer Ratings
at R-4. The trend on all ratings is Stable.

KEY RATING CONSIDERATIONS

The Stable trend reflects DBRS Morningstar's assumption that the
next administration will continue to implement a gradual fiscal
adjustment, which should help put public finances on a more
sustainable path and support macroeconomic stability, but that the
economy will remain vulnerable to shocks due to high public debt
and weak economic growth. The confirmation of the BB (low) ratings
balances Brazil's fiscal challenges and weak medium-term growth
prospects with the country's credible monetary policy regime, sound
financial system, and strong external position.

Brazil is scheduled to hold general elections on October 2, 2022.
While uncertainty in the lead up to the election could generate
market volatility, we do not expect the next administration –
regardless of who wins the presidency – to substantially change
the broad orientation of Brazil's macroeconomic policies. In DBRS
Morningstar's view, the next president is unlikely have a majority
in Congress, so the incoming administration will need to build a
coalition across a fragmented and centrist legislature in order to
pass reforms.

The evolution of the ratings could depend on the willingness and
ability of the next administration to sustain fiscal consolidation
efforts. The government implemented a massive fiscal adjustment in
2021, when pandemic-related spending was wound down and tax
collection benefited from the economic recovery. Fiscal results
continued to improve in the first half of 2022 on the back of
strong revenue growth. However, recent tax cuts and spending
increases cloud the fiscal outlook. Moreover, there is strong
political and social pressure for more spending. In this context,
we think the next administration will likely amend the spending cap
or replace it with a new framework in order to ease the fiscal
constraint and accommodate the administration's priorities. In such
a scenario, we would assess the impact on Brazil's credit profile
by looking at the credibility of the new or amended framework in
terms of ensuring fiscal sustainability over the medium term. If
the next administration does not implement a credible fiscal
consolidation plan, the debt ratio would continue on an upward
trajectory, thereby leaving Brazilian public finances vulnerable to
destabilizing shocks.

The Brazilian economy has recovered from the shock of the pandemic
and performed surprisingly well in the first half of 2022. Output
in the first quarter of 2022 was 1.6% above the pre-pandemic level
(fourth quarter of 2019) and just slightly below output based on
pre-pandemic trend growth. High frequency indicators indicate that
growth momentum continued into the second quarter. However, we
expect the pace of growth to slow in the second half of 2022 and in
2023, as external demand moderates, high inflation erodes
consumers' purchasing power, and the full impact of tight monetary
policy is transmitted to the real economy. The IMF forecasts GDP
growth of 1.7% in 2022 (which implies approximately no growth in
the second half of the year given the carryover) and 1.1% in 2023.

RATING DRIVERS

The ratings could be upgraded if the government advances a credible
fiscal consolidation plan, thereby sustaining lower real interest
rates and improving the outlook for public debt sustainability.
Implementation of economic reforms that strengthen the growth
outlook would facilitate this adjustment and be viewed as credit
positive.

The ratings could be downgraded if the commitment to fiscal
consolidation weakens or there is a material deviation from the
expected consolidation path. Additional shocks – either domestic
or external – that exacerbate Brazil's growth challenges could
make the necessary fiscal adjustment even more difficult to
achieve.

RATING RATIONALE

The Election Generates Political Uncertainty But Is Unlikely To
Materially Change Brazil's Macroeconomic Policy Orientation

Brazil is scheduled to hold general elections on October 2, 2022.
If no presidential candidate receives 50% of the valid votes, a
second round will be held on October 30, 2022. Recent polls show
former president Luiz Inacio Lula da Silva leading President Jair
Bolsonaro by a sizable margin. However, the race could narrow,
especially since the government recently cut fuel taxes and
increased social spending. The likelihood of a third candidate
challenging the two frontrunners at this point appears low. So far,
Lula and Bolsonaro have been vague about their specific policy
proposals, but both campaigns have generally focused on issues such
as social spending and the expenditure cap, tax reform, and labor
regulations. Regardless of who wins the presidency, DBRS
Morningstar does not expect material changes in the broad
orientation of Brazil's macroeconomic policies. The next president
is unlikely to have a majority in Congress, so the incoming
administration will need to build a coalition across a fragmented
and centrist legislature in order to pass reforms.

The Most Important Policy Issue Facing Brazil's Sovereign Credit
Profile Is Consolidating Fiscal Accounts

Fiscal results continued to improve in the first half of 2022, but
recent tax cuts and spending increases cloud the outlook for fiscal
sustainability. Brazil implemented a massive fiscal adjustment in
2021, when pandemic-related spending was unwound and tax collection
benefited from the recovery. The consolidated public sector primary
balance shifted from a deficit of 9.4% of GDP in 2020 to a surplus
of 0.7% in 2021. Fiscal results continued to improve in the first
half of 2022 on the back of strong revenue growth. Several factors
drove the increase in revenue, including better-than-expected
economic growth, elevated commodity prices, and high inflation. In
May, the 12-month consolidated public sector posted a primary
surplus of 1.3% of GDP. The fiscal result is the best in 8 years.
However, fiscal accounts are likely to deteriorate in the second
half of 2022. The government recently cut federal taxes on fuels
through the end of the year, passed a constitutional amendment to
temporarily expand social benefits and deliver aid to truckers and
taxi drivers, and passed a law that cut state-level tax rates on
essential goods and services. According to the August 1st FOCUS
Survey, median expectations point to a primary surplus of 0.3% for
the year.

Notwithstanding the improving fiscal results through mid-year, the
combination of permanent tax cuts and higher spending in the
context of rising uncertainty about the fiscal framework raise
concerns about fiscal outlook. Commodity-related revenue gains may
prove transitory, the state-level sales tax cut is permanent, and
both presidential candidates have expressed their intention to
permanently expand social benefits under Auxilio Brazil. The
structural deterioration associated with these measures will
increase the scale of the fiscal adjustment necessary to stabilize
public debt dynamics. Taking into account the full-year effect of
recent measures, median expectations according to the FOCUS Survey
point to a primary deficit of 0.3% for 2023.

In the context of rising political and social pressure for more
spending, we expect the next administration – regardless of who
wins the presidency – to amend the spending cap or replace it
with a new framework in order to ease the fiscal constraint and
accommodate the administration's priorities. In such a scenario, we
will be looking at the credibility of the new or amended framework
in terms of ensuring fiscal sustainability over the medium term.

The pandemic-induced recession and fiscal response have pushed
public debt levels higher, although by less than previously
expected. Gross non-financial public sector debt (IMF definition)
jumped from 88% of GDP in 2019 to 99% in 2020. With relatively low
interest rates, strong growth and better fiscal results, the debt
ratio declined to an estimated 93% in 2021. The IMF projects the
ratio to fall to 92% in 2022. This is nearly 6 percentage points of
GDP lower than we projected in our last review in September 2021.
Going forward, however, the trajectory is upward and roughly the
same as projected one year ago. Assuming that the primary deficit
shifts to a balanced position in 2024 and then reaches a surplus of
1.0% of GDP in 2027, the debt-to-GDP ratio would gradually rise
through 2026 when it would peak at 95%. This scenario does not
include potential extraordinary receipts, such as privatization
proceeds, nor the potential drawdown of the government's sizable
liquid assets, both of which could reduce the gross debt ratio. In
addition, almost all public debt is denominated in local currency
and held by Brazilian residents, thereby reducing exchange rate and
rollover risks stemming from global market volatility.

Nevertheless, DBRS Morningstar considers debt sustainability risks
to be elevated. If the next administration does not sustain fiscal
consolidation efforts, the debt ratio would continue on an upward
trajectory, thereby jeopardizing the sustainability of public
finances. Tighter financing conditions or rising risk premiums
could also worsen debt dynamics. The vulnerability of public
finances to shocks highlights the importance of pursuing a
consolidation strategy backed by a credible fiscal framework that
reinforces market confidence and sustains access to affordable
borrowing.

Brazil's Medium-Term Growth Prospects Are Relatively Weak

The IMF estimates potential GDP growth at around 2 percent. The
poor outlook partly reflects Brazil's aging population, which has
led to a slowdown in the growth of the labor force. However,
interlinking structural constraints of low investment, high
business costs and weak competitive forces also play a role. Low
investment is especially evident in Brazil's underdeveloped
infrastructure. In addition, high tariff barriers, elevated
compliance costs, and inward-looking industrial policy impede
Brazil from more fully benefiting from global trade and investment.
In DBRS Morningstar's view, the election results in October are not
likely to have a material impact (positive or negative) on Brazil's
growth prospects. The country's weak medium-term growth outlook has
led us to make a negative adjustment in the "Economic Structure and
Performance" building block assessment.

We view the risks around the growth outlook as balanced. The
cumulative impact of recently implemented microeconomic reforms
related to credit markets, labor regulations, and infrastructure
concessions could strengthen investment and productivity more than
currently expected. Alternatively, a political unwillingness or
inability to address macroeconomic imbalances could end up
dampening investment and weakening growth prospects.

Brazil's Credit Strengths: Solid Monetary Policy Framework,
Well-Capitalized Banks, And Healthy External Accounts

The central bank has responded to surging inflation by aggressively
tightening monetary policy. Annual headline inflation reached 12.1%
in April before declining slightly to 11.9% in June. This is well
above the upper limit of the central bank's target range of 5.0%
for the year. Rising food and energy prices have contributed to
inflationary pressures, but the price gains are broad-based. In
response, the central bank raised the policy rate from 2.0% in
March 2021 to 13.25% in June 2022. Such actions have put monetary
policy in a highly restrictive stance. The real policy rate was
7.0% in June, against the central bank's estimate of the neutral
real rate of 4.0%. We expect inflation to decline in the second
half of 2022, partly due to federal and state tax cuts on fuels,
electricity, and telecommunications. Median expectations for
yearend inflation, according to the August 1st FOCUS Survey, are
7.2%. However, the disinflationary process could be slow. According
to the FOCUS survey, inflation will only decline to 5.3% by the end
of 2023, which is still above the upper limit of the central bank's
target range (4.75%) for 2023. Against this backdrop, the central
bank looks set to maintain a highly restrictive policy stance
through 2023, which will likely act as a headwind to growth in the
near term.

On an institutional level, the central bank has reinforced its
inflation-targeting credibility with the markets over the last six
years. The central bank's de facto independence was reinforced in
February 2021 when the government passed a reform to provide the
central bank with greater institutional autonomy. Moreover, the
central bank's enhanced inflation-targeting credibility, combined
with the tapering of directed lending, should strengthen monetary
policy transmission over time.

Brazil's large banks remain highly capitalized with ample
liquidity, but challenging market conditions could weigh on
profitability. Higher levels of debt, combined with rising interest
rates and high inflation, could make it more difficult for some
households to make their debt repayments. Non-performing loans
among households increased in the second half of 2021 and in early
2022. However, the overall level of non-performing loans remains
low, and banks appear well-provisioned and sufficiently capitalized
to digest greater-than-expected credit losses, if necessary,
particularly the larger banks with well-diversified loan
portfolios. In addition, banks appear well-positioned to manage
global market volatility. Their reliance on external funding is low
and their direct exposure to exchange rate risk is minimal.

Brazil's External Accounts Are In A Relatively Strong Position

The current account posted a deficit of 1.4% of GDP (rolling 4
quarters) in the first quarter of 2022. Rising global commodity
prices due to the implications of Russia's invasion of Ukraine have
not had a major impact on Brazil's terms of trade. Primary goods
exports, such as soybeans and meat, have benefited from higher
prices, but the positive price effect has been offset by a
widespread increase in import prices, particularly fertilizers. We
expect the current account to remain in a modest deficit position
over the next few years, with net FDI inflows providing a stable
source of external financing. Brazil's flexible exchange rate
should help external accounts adjust to evolving global conditions.
Moderate external debt levels reduce risks to balance sheets across
the economy stemming from potential currency fluctuations. In
addition, sizable foreign exchange reserves (21% of GDP) provide
the central bank with substantial resources to mitigate the impact
of potential capital flow volatility, if necessary.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental (E) Factors

This factor is relevant but does not affect the ratings. Under the
2015 Paris Agreement, Brazil seeks to reduce its greenhouse gas
(GHG) emissions by 50% by 2030 from 2005 levels. Brazil's ability
to meet its Paris commitments appears achievable but may depend on
implementing policies that reduce agriculture-related emissions
(particularly from livestock production), incentivize further
investment in renewable energy (Brazil already generates a
comparatively high share of energy from renewables), and curb
deforestation in the Amazon. Land management practices in Brazil
could create economic challenges and strain trading relationships
over time and, as a result, the factor Land Impact and Biodiversity
is a relevant factor for the ratings. On the other hand, the
fiscal, regulatory, and enforcement measures required to achieve
the country's climate goals are unlikely to impact sovereign credit
quality.

Social (S) Factors

The Human Capital & Human Rights factor affects the ratings.
Similar to other emerging market economies and many of its regional
peers, Brazil's per capita GDP is low at US$7.6k (US$16.2k on a PPP
basis). This reflects a relatively low level of labor productivity.
The factor Access to Basic Services does not affect the ratings.
Brazil has universal healthcare coverage, although the quality can
vary significantly across the country.

Governance (G) Factors

Two governance factors affect the ratings: (1) Bribery, Corruption
and Political Risk, and (2) Institutional Strength, Governance and
Transparency. According to Worldwide Governance Indicators, Brazil
ranks in the 48th percentile for Rule of Law and 43rd percentile
for Control of Corruption. In addition, Brazil ranks in the 36th
percentile for Government Effectiveness and 46th percentile for
Regulatory Quality. The third factor, Peace and Security, does not
affect the ratings, although Brazil exhibits some signs of social
strife and challenges relating to violence in major cities.

Notes: All figures are in U.S. dollars unless otherwise noted.
Public finance statistics reported on a general government basis
unless specified. Fiscal balance and gross debt figures are
reported for the non-financial public sector (NFPS) and based on
the IMF definition. NFPS debt includes central, state, and local
governments, and social security funds; it excludes the central
bank, state-owned enterprises, Petrobras and Eletrobras.




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C H I L E
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CHILE: Inflation Tops 13% as Weak Peso Adds to Price Pressure
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globalinsolvency.com, citing Bloomberg News, reports that Chile's
inflation hit a new 28-year high in July as food and transportation
prices surged and the peso plunged to an all-time low, boosting
pressure on the central bank to extend its aggressive interest rate
hikes.

Prices rose 13.1% from a year prior, more than the 13% median
forecast of economists in a Bloomberg survey.

Monthly inflation stood at 1.4%, the national statistics institute
reported, the report notes.

Chile's annual inflation rate has risen for 17 consecutive months
amid several back-to-back shocks, the report relays.

Last year's domestic stimulus and early pension withdrawals sparked
a consumer spending boom, while higher global commodity prices and
the peso's nose-dive worsened price pressures in 2022, the report
discloses.

In response, the central bank has raised rates by 925 basis points
in just over a year and will likely lift them again next month, the
report relays.

Food and non-alcoholic beverage prices rose 1.9% in July as meat
and fruit jumped by 3.1% and 5.1%, respectively, according to the
statistics agency, the report notes.  Transportation costs leaped
by 3.4%, with gasoline soaring by 4.6%. Meanwhile, clothing prices
fell 2.7% during the same period, the report adds.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Gov't. Increase Pay for Heavy Machine Operators
-------------------------------------------------------------------
Dominican Today reports that the Minister of Labor, Luis Miguel De
Camps Garcia, announced a salary increase of more than 60% for
operators of heavy agricultural machinery and another 30% for piece
rates.

De Camps expressed that with this increase, all minimum wages in
the country will have been revised and increased, according to
Dominican Today.

"We continue working to improve the working conditions of all
Dominican workers. We have achieved a lot so far thanks to
consensus and we will continue to review and make the necessary
adjustments," said the official, the report notes.

He pointed out that this significant increase in the minimum wage,
as well as the previous 15, are the result of the tripartite
dialogues achieved by the government of President Abinader since
the beginning of his administration, fulfilling his promise to
improve the working conditions of Dominicans, the report relays.

He added, "The agreements we have reached show considerable
increases and adjustments in all cases above the historical average
and in some cases the highest increases in history," the report
notes.

The minister highlighted that the new wage scale set by Resolution
No. 10-2022 of the National Wage Committee (CNS) establishes that
agricultural heavy machinery workers will go from 11,109 to 18,000
pesos, the report relays.

The CNS is a permanent body under the Ministry of Labor, through
which the parties involved know and review the minimum wage rates
in the private sector and in the country's different branches of
economic activities, 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.


DOMINICAN REPUBLIC: To Face "Extraordinary" Inflation Pressure
--------------------------------------------------------------
Dominican Today reports that economist Henri Hebrard defends fuel
subsidies, and said that the Dominican Republic's inflationary
problem puts "Extraordinary" pressure on the public and private
sectors, especially for next year, 2023, to revise salaries,
according to Dominican Today.

Hebrard assured that the average minimum wage in the country of
just over RD$16,000.00 per month does not cover the cost of the
basic food basket of quintile 1 of the population, that is 20% of
the poorest households, as this is above RD$24,000.00, the report
notes.  Consequently, this segment can only afford 65% of the
products in the basket, the report relays.

In an interview on the program Matinal, which is broadcast on
Telemicro, channel 5, the economist stressed that the inflation
problem did not start with the Ukraine-Russia war, the report says.
"In fact, the highest peak we had in the rate of almost 10.5% was
in May of last year," he added.

Likewise, he insisted that without fuel subsidies or their
expansion in the electricity sector, the country would have
inflation levels higher than 14%, the report discloses.  He also
said that "second round inflation" causes any product, sound, or
service to increase its price even if it is not directly linked to
the elements affected by the world crisis, which he described as
collateral damage that has caused inflation not to decrease, 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.



=============
J A M A I C A
=============

RJRGLEANER COMMUNICATIONS: Incurs $40MM Loss for April-June Qtr
---------------------------------------------------------------
RJR News reports that the RJRGLEANER Communications Group
registered a $40 million loss during the April to June quarter.

For the same period in 2021, the company made $110 million net
profit, according to RJR News.  

The company says a drop in advertising spend and increased expenses
for productions factored into the results, the report notes.

RJRGLEANER's earnings for the quarter fell by nine per cent,
amounting to $1.29 billion, the report relays.

Last year, the group raked in $1.42 billion, the report discloses.

The company says revenues from its audio/visual services fell by 12
per cent, the report notes.

Print declined by six per cent and revenue from radio fell by two
per cent, the report adds.




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

TRINIDAD & TOBAGO: Copper Thieves Affecting Telecom Services
------------------------------------------------------------
RJR News reports that copper thieves in Trinidad and Tobago caused
an estimated one million dollars in damage to Telecommunications
Services of Trinidad and Tobago (TSTT) Limited.

TSTT's fibre optics and copper cables were cut and stolen from one
of its main arteries in Cross Crossing, San Fernando, according to
RJR News.

The incident caused disruption to mobile, Internet and cable
service to tens of thousands of customers throughout the country,
the report notes.

Chief executive of Digicel Trinidad, Abraham Smith, says he is
deeply concerned about the increasing number of instances of
deliberate cable vandalism caused by persons searching for copper,
the report relays.

TSTT is reportedly in the process of moving its customers away from
its copper network to an advanced fibre network and commenced the
movement of its copper plant, 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
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