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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

          Tuesday, September 6, 2022, Vol. 23, No. 172

                           Headlines



A R G E N T I N A

ARGENTINA: Locals Buy Dollars to Protect Savings From Crisis


B E R M U D A

AMERICAN MILLENNIUM: A.M. Best Revises C-(Weak) FSR to Developing


B R A Z I L

BRAZIL: Economy Minister Sees GDP Growth in 2022 at Over 2.5%


C H I L E

WOM SA: Fitch Affirms 'BB-' LT Foreign Currency IDR, Outlook Stable


J A M A I C A

JAMAICA: Cost of Production Inputs Declined in July


M E X I C O

CEMEX SAB: Discloses Closing of Divestment of Its Operations
METROFINANCIERA SAPI 08U: Fitch Affirms Csf LT Rating on Sr. Notes


P U E R T O   R I C O

ROJESIE INC: Files for Chapter 11 Bankruptcy Along With Owner
SAN JORGE HOSPITAL: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Minister Says Gov't Set to Limit Fuel Subsidy


X X X X X X X X

LATAM: Small Businesses Turn to Fintechs to Bridge Funding Gap

                           - - - - -


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

ARGENTINA: Locals Buy Dollars to Protect Savings From Crisis
------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that as political
turmoil roiled Argentina last month and inflation surged to a
three-decade high, the population did what they do in every crisis:
buy dollars.   

About 1.4 million people bought greenbacks on the formal market in
July, up nearly 60 percent from June, according to Central Bank
data published Aug. 26, according to Bloomberg News.  

They did that despite hefty disincentives, the report notes.  Due
to strict government controls, people can only exchange pesos for
up to US$200 a month and have to pay 75 percent in taxes on top of
that, the report relays.  The number of people buying dollars in
June was the highest since 2020, when there was only one tax on
dollar purchases, rather than the two there are now, the report
discloses.  

Despite the levies, it made financial sense for many to exchange
pesos for dollars at the bank instead of on the commonly-used black
market, the report relays.  That's because the peso plunged on the
parallel market, making dollars significantly more expensive than
at the official exchange rate, even when accounting for the extra
charges, the report notes.

The government's political crisis - resulting in three economy
ministers in one month - exacerbated already-high inflation in
Argentina as businesses jacked up prices and citizens ditched pesos
for dollars to shield themselves from losses, the report relays.
Savers buying dollars at the bank add further pressure to the
Central Bank's dwindling cash reserves that are meant to prevent a
possible devaluation, 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
Aug. 12, 2022, S&P Global Ratings affirmed its foreign and
local-currency sovereign credit ratings of 'CCC+/C' on the
Republic of Argentina. The outlook remains stable. S&P also
affirmed its national scale 'raBBB-' rating and its 'CCC+' transfer
and convertibility assessment. S&P said the stable outlook reflects
the challenges in managing pronounced economic imbalances ahead of
the 2023 national elections given disagreement on policy within the
government coalition and financing pressures in the local market.

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.
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.

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

AMERICAN MILLENNIUM: A.M. Best Revises C-(Weak) FSR to Developing
-----------------------------------------------------------------
AM Best has revised the implications of the under review status to
developing from negative for the Financial Strength Rating (FSR) of
C- (Weak) and the Long-Term Issuer Credit Rating (Long-Term ICR) of
"cc" (Very Weak) of American Millennium Insurance Company (AMIC)
(Bridgewater, NJ), a wholly owned subsidiary of Citadel Reinsurance
Company Limited (Citadel Re) (Hamilton, Bermuda). Additionally, AM
Best has revised the implications of the under review status to
developing from negative for the FSR of B (Fair) and the Long-Term
ICR of "bb" (Fair) of Citadel Re.

The ratings of AMIC reflect its balance sheet strength, which AM
Best assesses as very weak, as well as its weak operating
performance, limited business profile and marginal enterprise risk
management (ERM).

The ratings of Citadel Re reflect its balance sheet strength, which
AM Best assesses as adequate, as well as its marginal operating
performance, neutral business profile and marginal ERM.

AM Best downgraded the Credit Ratings (ratings) of both AMIC and
Citadel Re in February 2021 and maintained the under review with
negative implications status following the downgrade of AMIC's
ratings in October 2020. These rating actions resulted from
persistent net underwriting losses that continued into the second
half of 2020 and negatively impacted the risk-adjusted
capitalization of AMIC, and Citadel Re given its direct ownership
of AMIC. For AMIC, the impact of these unanticipated losses (net of
reinsurance) resulted in a significant deterioration in surplus,
and notably, risk-based capital (RBC) levels which, at the time,
were likely to prompt state regulatory actions. The under review
status was pending the parent, Citadel Re, potentially
recapitalizing AMIC's balance sheet and its plans to raise more
capital from outside investors.

In August 2021, Citadel Re completed its recapitalization of AMIC
with a $6.2 million cash injection, raising the RBC to above 300%
to the satisfaction of AMIC's regulator, the Department of Banking
and Insurance of New Jersey. Although some of the uncertainties
incorporated in the previous under review status had been addressed
through the completion of the recapitalization, management's
planned external capital raising has not yet been completed and is
likely to be delayed until 2023. The rating status also considers
the improved profitability of AMIC's existing core commercial auto
business. However, the ultimate performance of this book of
business and its associated loss reserves may require more time to
flesh out, which also could have an impact on Citadel Re's earnings
and capitalization due to ownership and consolidation. AM Best has
revised the implications of the under review status to developing
from negative for both AMIC and Citadel Re. The developing
implications reflect AM Best's need to see how these various trends
play out.




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

BRAZIL: Economy Minister Sees GDP Growth in 2022 at Over 2.5%
-------------------------------------------------------------
Richard Mann at Rio Times Online reports that Economy Minister
Paulo Guedes said that the Brazilian economy has already grown by
2.5% in the first half of this year and is expected to grow even
faster by the end of the year.

The statement was made during a United Brazil Institute event Sep.
1 in Sao Paulo, the report notes.

The minister also said he had a brief conversation with Central
Bank President Roberto Campos Neto, who, according to Guedes, is
already talking about a GDP of 3% this year, 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.

DBRS Inc. confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low) on Aug 12, 2022. 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.





=========
C H I L E
=========

WOM SA: Fitch Affirms 'BB-' LT Foreign Currency IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed WOM S.A.'s (WOM) ratings, including the
Long-Term Foreign Currency Issuer Default Rating (IDR), the Local
Currency IDR, and the 2024 and 2028 unsecured
U.S.-dollar-denominated notes issued by Kenbourne Invest S.A. at
'BB-'. The Rating Outlook is Stable.

These rating actions reflect WOM's commitment to maintaining a
steady credit profile following the recently announced tower sale
and leaseback transaction, as well as its growing market shares
supported by recent investments in the company's spectrum and
network that should translate into improved EBITDAR. The ratings
are tempered by the competitive pressures of the Chilean market and
the group's negative FCF generation from high dividends and
elevated capex to support network investments.

KEY RATING DRIVERS

Tower Sales Neutral: WOM S.A. announced that it had reached an
agreement with Phoenix Tower International (PTI), a global tower
infrastructure operator, to sell 3,800 of its towers to PTI during
July. As part of the agreement, PTI would be acquiring 2,334 of
WOM's existing towers at the closing, with an additional 1,466
towers to be constructed by 2024. WOM will receive USD930 million
in proceeds from the transaction, most of which will be received in
2022 with the remainder over the next two years. Fitch anticipates
that only a modest amount of this cash will go toward debt
repayment.

High Leverage: As leases have now become a meaningful portion of
WOM's overall financial obligations with 100% of towers now leased,
a supplemental lease-adjusted net leverage metric is considered in
assessing the company's leverage. Fitch's base case is that
lease-adjusted net leverage will trend down over the next few years
from 5.5x toward 4.5x. Keys to deleveraging will be the company's
ability to grow EBITDAR as anticipated as well as the use of
additional proceeds from the tower sale that are expected to come
in 2023 and 2024.

Steady Growth Prospects: Fitch forecasts WOM to grow revenues from
CLP611 billion in 2021 to CLP790 billion in 2024, driven by network
investments to aid post-paid migration and support stable ARPUs in
a competitive Chilean market. While Fitch forecasts EBITDA to
contract slightly over the rating horizon due to higher lease
expense, EBITDAR is expected to grow from CLP184 billion in 2021 to
over CLP250 billion over the same period due to improvements in
scale.

Proven Track-Record: Since WOM launched in mid-2015, the company
has scaled rapidly, reaching over 7.0 million customers, more than
half of which are post-paid. The company has taken market share
from larger incumbents through its disruptive marketing campaign,
based on brand recognition, gigabyte-per-CLP value and retail
experience. Fitch expects the company's longer-term market share to
grow to approximately 25% from 21% as of March 2022, supporting
slower but more profitable growth as the company nears its market
share targets. WOM has a solid growth plan, backed by its
experienced management team and shareholder. Novator has experience
running telecommunications ventures in both developed and
developing markets, and executed its growth strategy while
demonstrating a path to profitability.

Competitive Telecom Market: The Chilean telecom market remains very
competitive, as incumbent operators have had to cut prices and
improve service to defend market share, pressuring margins and cash
flows. Fitch expects industry-wide mobile ARPUs to remain
pressured, although WOM's value proposition and lower blended ARPUs
could mitigate these concerns to a degree. The market is relatively
mature, although the ongoing migration from prepaid to post-paid,
and the attendant growth in data consumption, present
opportunities. The company's expansion into FTTH is largely neutral
for the ratings as that initiative is still in its infancy.

DERIVATION SUMMARY

WOM's ratings reflect the company's short but impressive track
record in Chile and Fitch's expectation that the company will
maintain moderately high amounts of leverage. WOM has much higher
leverage than Chilean rival Telefonica Moviles Chile (BBB+/Stable),
and less scale and service diversification. WOM is expected to
carry higher net leverage over the medium term than mobile leader
Entel (BBB/Stable) as a result of its 5G investments. Like WOM,
Entel entered a new market, causing subscriber attrition and price
competition. However, WOM was quicker to generate positive EBITDA
and deleverage organically.

Chilean fixed-line provider VTR (BB-/Negative) is similar to WOM in
scale, but VTR has a stronger market position in the more stable
fixed-line segment. Both companies are owned by experienced
international operators, and are expected to maintain moderately
high amounts of leverage and upstream excess FCF. Fitch expects
lower leverage at WOM than VTR in the long term, but WOM lacks
VTR's leading market position and history of positive FCF
generation.

KEY ASSUMPTIONS

-- Subscribers grow to over 8 million by FY 2024, with greater
    than 50% being postpaid consumers; service ARPUs flat to
    slightly down over the rating horizon; some minor contribution

    (5%-10% of revenues) from the fiber optic network;

-- Revenues growing from CLP611 billion to CLP790 billion from
    2021 to 2024;

-- EBITDA margins declining from 22% to 16% reflecting the
    incremental lease expense;

-- EBITDAR margins (fully excluding leases) improving from 30% to

    32% on improvements in scale;

-- Capex (including payments related to the 2021 spectrum
    acquisition) of 30% of revenue in 2022. Around 13%-15%
    thereafter;

-- Net leverage (fully expensing leases) approaching 3.0x;

-- Net leverage (fully capitalizing leases) trending toward 4.5x.

RATING SENSITIVITIES

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

-- Deleveraging toward 3.0x net debt/EBITDA or 3.5x lease-adjusted
net leverage on a sustained basis, with consistent growth in EBITDA
and pre-dividend FCF, supported by improved competitive position
and scale.

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

-- Substantial deterioration in ARPUs and/or stagnation in
competitive position, resulting in net debt/EBITDA above 4.0x or
lease-adjusted net leverage above 4.5x on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: WOM has adequate liquidity, with its manageable
amortization schedule balanced by its high investment needs. As of
March 31, WOM had CLP92 billion of cash, with no significant
maturities until the 2024 USD510 million notes. As part of the
previously announced tower sale and leaseback transaction, WOM has
received approximately USD670 million on Aug. 12 with the remaining
proceeds expected to be received over the next couple of years.
Additionally, WOM has announced its intention to pay dividends of
at least USD224 million while repaying up to USD270 million face
value of its bonds through a tender offer. Fitch anticipates
strongly negative FCF in 2022, due to the aforementioned dividends
and elevated capex (including spectrum payments), which constrains
financial flexibility to a degree.

ISSUER PROFILE

WOM S.A. is a Chilean telecommunications provider whose primary
business is the provision of mobile services. The company was
formed in 2015 after Novator Partners LLP purchased Nextel Chile
S.A.'s assets out of bankruptcy.

SUMMARY OF FINANCIAL ADJUSTMENTS

Tower Obligations: When appropriate to the issuer's business model,
Fitch may present additional ratios to supplement the core
approach.

WOM's rental expense is high compared with its telecom peers given
its primary focus on mobile telecom service and the rental of all
of the company's towers following the recent tower sale. Fitch
supplements WOM's core unadjusted credit metrics with
lease-adjusted metrics. As part of these adjustments, Fitch
excludes right of use asset amortization and interest associated
with leases from EBITDA. Fitch capitalizes the annual lease charge
using a standard 7x multiple for Chilean issuers to create a debt
equivalent.

Rating Action

Debt/Entity                Rating          Prior
-----------                ------          -----                  

WOM S.A.
                   LT IDR     BB-  Affirmed  BB-

                   LC LT IDR  BB-  Affirmed  BB-

Kenbourne Invest S.A.

  senior unsecured LT         BB-  Affirmed  BB-




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

JAMAICA: Cost of Production Inputs Declined in July
---------------------------------------------------
RJR News reports that the cost of inputs for goods in the
manufacturing industry recorded its first decline since the start
of the 2022.

The Producer Price Index for the sector fell by 0.8 per cent by the
end of July, the report says.

The main contributor to this downward movement was a 4.5 per cent
drop in the index for the major group 'Refined Petroleum Products',
adds the report.

The decline was, however, tempered by a 0.2 per cent increase in
the index for the major group 'Food, Beverages & Tobacco', it
notes.

July's PPI movement brought the point-to-point index for the
manufacturing industry to 21 per cent.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.



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

CEMEX SAB: Discloses Closing of Divestment of Its Operations
------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed that, through certain subsidiaries,
it has successfully closed the previously informed sale of its
operations in Costa Rica and El Salvador to Cementos Progreso
Holdings, S.L., through its subsidiaries, for an approximate amount
of U.S.$329 million, as per the terms of the transactional
documents.

The transaction, which was closed in line with the terms that had
been disclosed on December 29, 2021, is an important step in
meeting the goal of optimizing the company's global asset base
through asset divestments under CEMEX's strategic plan, Operation
Resilience. In line with Operation Resilience, the company
continues to actively evaluate other divestment opportunities in
the regions in which it operates.

Proceeds from this divestment are expected to be used to fund
CEMEX's bolt-on investment growth strategy, reduce debt and other
general corporate purposes. These transactions represent CEMEX's
permanent exit from both countries.

                    About Cementos Progreso

Cementos Progreso Holdings, S.L, is a leading regional group in
cement and construction materials with operations in seven
countries after this transaction. Its flagship brand is Cementos
Progreso, which since its foundation in 1899 has been characterized
by operating under strict legal compliance and ethical values
instituted by its founder, Carlos F. Novella. For more information,
please visit www.progreso.com

                     About CEMEX SAB

CEMEX, S.A.B. de C.V., is a holding company of entities which
main activities are oriented to the construction industry,
through the production, marketing, distribution and sale of
cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 20, 2022, Fitch Ratings has upgraded the foreign and local
currency Issuer Default Ratings (IDRs) of CEMEX, S.A.B. de C.V.
(CEMEX) to 'BB+' from 'BB', its senior unsecured notes to 'BB+'
from 'BB' and its subordinated hybrid issuance to 'BB-' from 'B+'.
Cemex's National Long-Term rating is being upgraded to 'AA-(mex)'
from 'A+(mex)', and its National Short-Term rating is affirmed at
'F1'. The Rating Outlook is Stable.


METROFINANCIERA SAPI 08U: Fitch Affirms Csf LT Rating on Sr. Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed the following Metrofinanciera, S.A.P.I.
de C.V. SOFOM ER (Metro, B+(mex)/Negative) residential
mortgage-backed securities:

Issuer/entity                Rating                  Prior
-------------                ------                  -----
Metrofinanciera
METROCB06U (F#529) 2006

METROCB06U           Natl LT  CC(mex)vra   Affirmed  CC(mex)vra

Metrofinanciera
METROCB04U (F#425) 2004

METROCB04U           Natl LT  AAA(mex)vra  Affirmed  AAA(mex)vra

Metrofinanciera
MTROCB08U (F#339)
MTROCB 08U

MTROCB 08U
MX97MT010017         LT       Csf          Affirmed  Csf

MTROCB 08U
MX97MT010017         Natl LT  C(mex)vra    Affirmed  C(mex)vra

Metrofinanciera
MTROCB07U (F#297)
MTROCB 07U

Senior Notes      
MX97MT010009         LT       Csf          Affirmed  Csf

Senior Notes
MX97MT010009         Natl LT  C(mex)vra    Affirmed  C(mex)vra

Metrofinanciera
MTROFCB08 (F#381) 2008

MTROFCB 08
MX97MT020008         Natl LT  AAA(mex)vra Affirmed   AAA(mex)vra

KEY RATING DRIVERS

Adequate Operational Risk: Metrofinanciera maintains adequate
servicing, reporting and recovery activities of its portfolio and
adequate dynamics in the monetization of non-performing assets. The
entity is rated by Fitch as a primary servicer at 'AAFC3-(mex)'
with a Stable Outlook.

Immaterial Counterparty Risks: Commingling risk is immaterial for
all transactions, as collections are received directly into the
trust account banks (TAB), isolating funds from insolvency of the
counterparties. Similarly, payment interruption risk is also
immaterial.

MTROCB 07U (Trust F/297)

Defaults Remain High: As of June 2022, defaults over original
balance (OB) have continued decreasing to 10.1% from 10.9% a year
ago due to repossession activities and at higher levels compared to
other transactions. Prepayments have remained stable, reaching an
average of 10.7% in the last 12 months (LTM).

The outstanding portfolio remains highly polarized as 57.3% is
defaulted. In the LTM, a total of 22 properties were sold, which
Fitch views as positive for amortization of the notes given the
amortization scheme. As of June 2022, the total portfolio consists
of 918 loans with an average current loan-to-value (CLTV) of 52.4%
and remaining term of 95 months. Current rating considers timely
interest payments and ultimate principal. Expected WAFF of the
performing portfolio is 59.1%.

Increased OC Deterioration: Overcollateralization (OC) levels have
continued decreasing as performance has deteriorated, reaching
-217.9% as of July 2022 (July 2021: -187.4%). The interest coverage
ratio (ICR) has remained stable since the last review, averaging
2.0x in the LTM (minimum of 1.2x), which reflects the considerable
exposure to liquidity risk. Excess spread (XS) has slightly
decreased and remains negative, averaging -4.6%. As of July 2022,
bond balance reached 24.7% of original balance. The current rating
considers timely interest payments and ultimate principal.

MTROCB 08U (Trust F/339)

Defaults Remains High: As of June 2022, defaults over OB decreased
reaching 9.6% from 10.9% a year ago due to repossession activities.
Prepayments have also remained stable, reaching an average of 12.7%
in the LTM. The portfolio remains highly polarized with 55.5% in
default. In the LTM, 36 properties were sold, which Fitch views as
positive for amortization of the notes. As of June 2022, the total
portfolio consists of 947 loans with an average CLTV of 48.9% and
remaining term of 90 months. Expected WAFF of performing portfolio
is of 56.4%.

Considerable OC Deterioration: OC levels have continued decreasing,
reaching -350.5% as of July 2022 (July 2021: -289.1%). ICR has
remained stable, averaging 1.3x in the LTM (minimum of 1.0x,
exposing increased liquidity risk), while XS has slightly decreased
and remains in negative territory, averaging -20.8% in the LTM
(-16.1 a year ago). Amortization during the last year was only
0.7%, reaching a balance of 36.8% as of July 2022. The current
rating considers timely interest payments and ultimate principal.

RATING SENSITIVITIES

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

Ratings would be downgraded to 'Dsf' if transactions default on its
interest payments given the increasingly deterioration of OC
levels.

Fitch has revised global economic outlook forecasts as a result of
the Ukraine War and related economic sanctions. Downside risks have
increased and Fitch has published an assessment of the potential
rating and asset performance impact of a plausible, but
worse-than-expected, adverse stagflation scenario on Fitch's major
SF and CVB sub-sectors

Fitch's 2022 asset performance outlook for these transactions
continues to be neutral, and we expect there to be virtually no
impact on asset performance due to the economic fallout of the
Ukraine War. However, downside risks have increased and a slowing
home price growth, lower GDP and higher inflation could pressure
mortgage performance.

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

An upgrade is unlikely since the current rating reflects the
probably impending default on the notes.




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

ROJESIE INC: Files for Chapter 11 Bankruptcy Along With Owner
-------------------------------------------------------------
Rojesie Inc. filed for chapter 11 protection in the District of
Puerto Rico. The Debtor filed as a small business debtor seeking
relief under Subchapter V of Chapter 11 of the Bankruptcy Code.

Jesus Rogelio Ramos Puente, the president, and sole stockholder of
Rojesie, has also filed his own bankruptcy case (Case No.
22-2527).

Joint administration of the cases has been requested.

According to court filing, Rojesie Inc. estimates between 1 and 49
creditors.  The petition states funds will be available to
unsecured creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Oct. 3, 2022, at 2:00 PM via Telephonic Conference Information for
AUST/Trial Attys.

Proofs of claim are due by Nov. 8, 2022.

                          About Rojesie Inc.

ROJESIE INC., doing business as PARADOR VILLAS SOTOMAYOR, sought
protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.P.R. Case No. 22-02529) on Aug. 29, 2022.  In the
petition filed by Jesus Rogelio Ramos Fuente, as president, the
Debtor reported assets and liabilities between $1 million and $10
million.

Carlos G. Garcia Miranda has been appointed as Subchapter V
trustee.

Gloria Justiniano Irizarry, of JUSTINIANO'S LAW OFFICE, is the
Debtor's counsel.


SAN JORGE HOSPITAL: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: San Jorge Children's Hospital, Inc.
        258 Sasn Jorge Street
        San Juan, PR 00910

Business Description: The Debtor operates a hospital specializing
                      in pediatrics.

Chapter 11 Petition Date: September 1, 2022

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 22-02630

Judge: Hon. Maria De Los Angeles Gonzalez

Debtor's Counsel: Wigberto Lugo Mender, Esq.
                  LUGO MENDER GROUP, LLC
                  100 Carr 165 Suite 501
                  Guaynabo, PR 00968-8052
                  Tel: (787) 707-0404
                  Email: wlugo@lugomender.com

Debtor's
External
Auditor &
Tax Consultant:       FPV & GALINDEZ

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Edward P. Smith as chief operating
officer.

A full-text copy of the petition is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/MKIBALA/San_Jorge_Childrens_Hospital_Inc__prbke-22-02630__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Allergan Sales of                                      $107,922
Puerto Rico
PO Box 195409
San Juan, PR
00919-5409

2. Autoridad Acueductos Y                                 $424,682
Alcantarillado
P.O. Box 14580
Bo. Obrero Station
San Juan, PR
00916-4580

3. Autoridad de Energia                                 $3,062,880
Electrica
PO Box 363508
San Juan, PR
00936-3508

4. Autoridad de Energia                                   $133,422
Electrica
PO Box 363508
San Juan, PR
00936-3508

5. Baxter Sales Corporation                               $172,075
PO Box 70257
San Juan, PR 00936-0280

6. Capital Building                                       $152,557
Maintenance Inc.
Delta Street #1310
Puerto Nuevo
San Juan, PR 00920

7. Cardinal Health PR                                     $244,138
120 Inc
PO Box 366211
San Juan, PR 00936

8. Cardinal Health PR                                     $129,770
120 Inc.
PO Box 366211
San Juan, PR 00936

9. Ciracet                                                $182,599
P.O. Box 8970
Ponce, PR 00732

10. Edwin Cardona Y Asoc.                                 $249,076
MSC 364 Garden Hills Plaza
Carr 19 1353
Guaynabo, PR
00966-2700

11. Grupo Hospitalistas Pedia                              $81,186
130 Ave Winston Churchill
PMB #108
San Juan, PR 00926

12. Grupo Intensivo                                       $308,040
Pediatrico San Juan
San Jorge Office
Bld. Ofic. 406
San Juan, PR 00912

13. Isla Lab                                              $103,864
Products LLC
PO Box 361810
San Juan, PR
00936-1810

14. Laboratory Corporation                                $132,485
PO Box 12140
Burlington, NC
27216-2140

15. P.R. Pathology                                        $138,801
Associates PSC
1760 Calle Loiza
Cond. Madrid
Suite 201
San Juan, PR 00911

16. Perfect Integrate                                     $194,180
Solutions
PMB 115 Ste 112
100 Grand Paseo Blvd
San Juan, PR 00926-5955

17. PG Law, LLC                                            $74,952
PO Box 194302
San Juan, PR
00919-4302

18. Puerto Rico Hospital                                  $180,047
Call Box 158
Carolina, PR
00986-0158

19. Rimaco, Inc.                                           $96,466
P.O. Box 8895
Fenandez Junco Station
San Juan, PR
00910-0895

20. San Jorge                                              $70,576
Building II Inc.
P.O. Box 9642
Carolina, PR 00988




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

TRINIDAD & TOBAGO: Minister Says Gov't Set to Limit Fuel Subsidy
----------------------------------------------------------------
RJR News reports that Trinidad and Tobago Finance Minister Colm
Imbert says the government cannot sustain the current fuel subsidy
if oil prices remain as is.

Addressing the Spotlight on the Economy Forum, Minister Imbert said
for the financial year 2022, the government would have paid some
2.6 billion Trinidad and Tobago dollars to subsidise fuel,
according to RJR News.

With crude oil prices currently at 90 US dollars a barrel, the
government anticipates that next year's subsidy will be around 500
million dollars less, the report notes.

That's, of course, taking into consideration that the subsidy was
adjusted downwards on April 19, 2022, which saw an increase at the
pumps, the report relays.

However, the Minister believes this is still too much, the report
discloses.

He announced that the Trinidad and Tobago government is looking at
capping the fuel subsidy at 1 billion dollars, which is less than
half of the 2.18 billion projected for 2023's subsidy, the report
adds.





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

LATAM: Small Businesses Turn to Fintechs to Bridge Funding Gap
--------------------------------------------------------------
Fintechs in Latin America are playing a critical role in reducing
the funding gap for micro, small and medium-sized enterprises
(MSMEs), helping these companies build resilience and weather some
of the worst economic impacts of the global pandemic, according to
the study "The SME Access to Digital Finance Study", jointly
published by the Cambridge Centre for Alternative Finance (CCAF) at
the University of Cambridge Judge Business School and the
Inter-American Development Bank (IDB).

The study provides a deep dive into the Latin American fintech
ecosystem with specific focus on access to funding for MSMEs. It
draws on empirical data from the survey responses of 540 MSME
customers of 34 fintech platforms in Brazil, Mexico, Colombia,
Peru, Argentina, and Chile. The findings show that 75% of
responding firms were micro enterprises, supporting the hypothesis
that fintechs are a critical enabler in the smaller business
funding cycle. Overall, the median amount borrowed or raised was
below $4,000, showing the importance of microenterprises in the
region, although for 75% of the sample the amounts ranged up to
$20,000.

Further, the study highlights that prior to successfully receiving
funding from a fintech platform, MSMEs had attempted to raise funds
through different sources, including banks or family and friends.
Although many MSMEs had sought funding from banks, only
approximately one-half had received and accepted an offer. Indeed,
MSMEs using a Peer-to-Peer (P2P)/Marketplace lending platform
revealed that they had been unable to secure funding from any other
source except a fintech firm.

Additionally, MSMEs reported that the decision to raise funds
through a fintech platform was largely influenced by being able to
receive the funds faster and with a higher standard of customer
service. According to half of the responding MSMEs, the choice of
fintech funding was also heavily influenced by the availability of
better interest rates than traditional or other funding options.

"The findings of this study illustrate the potential of fintechs in
narrowing the MSME funding gap and driving MSME growth across the
LATAM region," says Bryan Zhang, Executive Director and Co-founder
at the CCAF. "Especially for micro enterprises, fintech credit is
proving to deliver much needed support for them to sustain, grow
and expand."

Overall, the main impact on businesses receiving funding was a
reported increase in productivity, with 43% of firms using a P2P
lending platform recording greater productivity. Additional
benefits included a third of MSMEs that used a digital lending or
invoice trading platform reporting reductions in costs.

"Funds secured via fintechs enabled Latin American MSMEs to
purchase assets and refinance or expand their business. More
importantly, they enabled 92% of respondents to maintain or
increase employees, 86% to maintain or increase income and 84% to
maintain or increase turnover," says Juan Antonio Ketterer,
Division Chief of the Connectivity, Markets and Finance at IDB.

"Thanks to the availability of credit, Fintech-financed firms
became more resilient, even in the face of the unprecedented
trading conditions associated with the global pandemic. These
results might be a call for action to our policymakers to help this
industry grow."

Finally, the report also summarizes the current regulatory
situation of the six countries covered by the study, acknowledging
the importance of policymakers and regulators in the region in
facilitating MSMEs to access digital finance, supporting
development of the fintech industry and adopting innovative and
enabling regulatory frameworks.

This summary draws on the data and insights created in the IDB's
FinTechLAC Latin America and the Caribbean Fintech Regulation Map
(FintechRegMap). In recent years, as part of Vision 2025, the IDB's
blueprint for achieving economic and social development in the
region, the Bank has developed an agenda to increase the levels of
financial inclusion in Latin America and the Caribbean through
digital finance and fintech.

The IDB has been supporting governments in the region to develop
public policies, improve institutional capacity, and increase
access to financing for individuals and firms in countries
including Brazil, Chile, Colombia, and Mexico. Moreover, the Bank
has supported create innovation hubs in Costa Rica, Dominican
Republic, El Salvador, and the Pacific Alliance as well as invested
on an ambitious knowledge agenda to inform policymaking, which
includes this latest study in partnership with the University of
Cambridge.

A copy of the full SME Access to Digital Finance Study report can
be freely downloaded : https://bit.ly/3TEcVaU



                           *********


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.
.


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