/raid1/www/Hosts/bankrupt/TCRLA_Public/220909.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

          Friday, September 9, 2022, Vol. 23, No. 175

                           Headlines



A R G E N T I N A

ARGENTINA: Creates New Foreign Exchange Rate for Soy Exporters
COMPANIA GENERAL DE COMBUSTIBLES: Fitch Affirms 'B-' IDR


B R A Z I L

BRAZIL: IDB Finds Digital Services Drive 74% Savings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Cost of Building Houses Soars
DOMINICAN REPUBLIC: Gov't Discloses Tax Breaks for Late Payers


H O N D U R A S

TEGUCIGALPA: Fitch Affirms 'B' IDRs, Outlook Stable


P E R U

MINSUR SA: Moody's Upgrades CFR to Ba1, Outlook Remains Stable


P U E R T O   R I C O

PUERTO RICO: Govt. Agencies Owe PREPA $233M Overdue Power Bills


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

                           - - - - -


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

ARGENTINA: Creates New Foreign Exchange Rate for Soy Exporters
--------------------------------------------------------------
Buenos Aires Times reports that Economy Minister Sergio Massa
announced a special exchange rate for the country's soy producers
in a bid to incentivize exports, shore up Central Bank reserves and
avoid a currency devaluation.

Exporters of soy, the country's top commodity, will be able to sell
dollars from their shipments abroad at a rate of 200 pesos per
dollar, more lucrative than the official rate of 139 per dollar,
not including taxes, according to Buenos Aires Times.

This measure "allows us to strengthen reserves, which is essential
to overcome the stress that the economy has been suffering," Massa
said at a press conference with more than a dozen agriculture
business leaders in attendance, the report notes.

Soy exporters have agreed with the government to sell at least US$5
billion in September as well as US$1 billion in the first 72 hours
of the measure, Massa said, the report relays.

Massa had said an emergency decree was be published to make the
policy official, adding that the exchange rate for exporters will
return to normal in October, the report relays.

Massa, who started about a month ago as the third economy minister
since July, is seeking to reverse the months long decline of cash
reserves at the Central Bank. By some private estimates, the
monetary authority only has a little more than US$2 billion of net
cash reserves left, escalating concerns about a peso devaluation,
the report discloses.

The government charges a 33 percent tax on soy exports, making it a
major source of tax revenue and dollars for reserves. Exporters
also must exchange the dollars from exports into pesos - until now
at the official rate, the report says.

A gap between Argentina's official and parallel exchange rates has
led exporters of all types to withhold some shipments, waiting for
a major devaluation to export at a more profitable rate, the report
notes.  Conversely, importers have moved shipments forward to take
advantage of a relatively low official rate, the report relays.

In July, exports rose only seven percent from a year ago while
imports were up 44 percent, according to government data, the
report notes.  Argentina returned to a trade deficit recently after
two years of surpluses, the report discloses.

Massa will travel to Washington with his economic team for his
first in-person negotiations over the country's US$44-billion
program with the International Monetary Fund, the report says.

A key market concern is that Argentina remains far off from the
target in the IMF program for net reserves, the report notes.
Massa said the new measure aims to cool inflation, narrow the
currency gap and stabilize the economy, the report discloses.

"This measure is a tool that puts us very close to complying with
the targets" in the IMF deal, he added.

                     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.

COMPANIA GENERAL DE COMBUSTIBLES: Fitch Affirms 'B-' IDR
--------------------------------------------------------
Fitch Ratings has affirmed Compania General de Combustibles S.A.'s
(CGC) Long-Term Foreign Currency (FC) and Local Currency (LC)
Issuer Default Ratings (IDR) at 'B-'. The Rating Outlook is
Stable.

CGC's ratings reflect its production profile, reserve base,
leverage and the recent improvement in its liquidity profile. CGC's
increased production and its strong liquidity profile and exports
help mitigate the impact of capital controls.

CGC's 'B-' LT FC IDR is constrained by Argentina's Country Ceiling
of 'B-', which limits the foreign currency rating of Argentine
corporates. Fitch's Country Ceilings are designed to reflect the
risks associated with sovereigns placing restrictions upon private
sector corporates, which may prevent them from converting local
currency to any foreign currency under a stress scenario and/or may
not allow the transfer of foreign currency abroad to service
foreign currency debt obligation.

KEY RATING DRIVERS

Weak Operating Environment: CGC's ratings are capped by the country
ceiling of Argentina, given its exposure to the federal government
through gas purchasing agreements (Plan Gas) over the rating
horizon. Argentina's energy sector is influenced by the government,
as it is a strategic sector for economic growth and revenues
(through taxes, royalties, and exports). It also relies on
government subsidies to incentivize gas development. CGC is a major
participant in the gas market, especially in the southern part of
Argentina (Austral). It stands to benefit from the further
development of the energy market but is exposed to unpredictable
government intervention, which has historically been challenging
for corporates.

In recent years, despite having the world's largest shale gas
deposit, Argentina has relied on gas imports from Bolivia and LNG
to meet local demand. This increased gas prices domestically, which
benefited gas producers, but Fitch expects further government
intervention since current prices are not sustainable.

Production Profile: CGC's production increased by 58% in 2021
compared to 2020, reaching 55,500boed, following last year's
acquisition of Sinopec Argentina. The acquisition diversified the
company's operations and production profiles by adding sites in San
Jorge, Neuquina, and Cuyo basins. These are prolific basins, and
Cuyo falls within the prolific Vaca Muerta basin, complementing
CGC's existing operation in the Austral basin.

As of end of June 2022, CGC is now the seventh largest gas
producer, up from eighth, and fifth largest oil producer, up from
16th, in the country. CGC's 1P reserve base increased by 108% to
122mmboe, and its 1P reserve life at 6.4 years expected for 2022,
up from 4.5 years at the end of 2020. Production mix was 63% gas
and 27% oil.

Stable Cash Flow Profile: Fitch's rating case estimates FCF will be
negative in 2022 as the company deploys USD300 million in capex to
its assets located in the San Jorge and Austral basins. For
2023-2025, CGC is expected to be FCF positive, absent any
extraordinary dividends, capex, or acquisitions. CGC's cash flows
are supported by contracted revenues under Plan Gas 4 (PG4) through
2024. Fitch estimates the weighted average realized price for gas
in 2022 will be USD4.14Mmbtu and between 2023 through 2025. At
least 40% of its total production is contracted under PG4 at a
price of USD3.46Mmbtu.

CGC is exposed to potential payment delays by the government, but
this is mitigated through its oil production, which will partially
be exported, and non-contracted gas sales. Moreover, the company
maintains a strong liquidity position, a large portion of which is
held in USD abroad, to offset the impact of capital controls and
payment delays. The company stands to benefit from the easing of
the capital controls (Decree 277/2022) that encourages energy
companies to increase exports, by allowing them to maintain dollars
abroad.

Adequate Leverage Profile: CGC's gross leverage, defined as total
debt to EBITDA, is expected to be 2.1x in 2022 and decrease to an
average 1.7x over the rating horizon, which assumes debt will be
rolled over each year through 2025. Total debt to 1P is expected to
be USD4.43boe in 2022, an improvement from USD6.76boe in 2020. CGC
has roughly USD110 million of debt maturing in 2022. The largest
portion comprises of USD57.5 million outstanding of its 2021
syndicated loan. The rating case assumes that CGC will tap local
markets to replenish its cash position and will maintain debt at or
below USD500 million per annum between 2023-2025 on its balance
sheet.

DERIVATION SUMMARY

CGC's (B-/Stable) credit profile compares favorably to Argentine
corporates Pampa Energia (B-/Stable) and Capex S.A. (CCC+) and to
other small independent oil and gas companies in the region. The
ratings of GeoPark Limited (B+/Stable), SierraCol Energy
(B+/Stable), Gran Tierra Energy International Holdings Ltd.
(GTE)(B/Stable), and Frontera Energy (B/Stable) are constrained to
the 'B' category, given the inherent operational risks associated
with small scale and low diversification of their oil and gas
production profiles.

Compared to Argentine peers Pampa Energia and Capex, CGC's has a
conservative leverage profile and strong liquidity that help
mitigate the impact of capital controls.

CGC is an energy company, and its business profile compares mostly
to Capex and Pampa's upstream business, but both Capex and Pampa
are diversified energy companies that generate majority of cash
flows from power generation, thus they are more exposed to CAMMESA.
Both Pampa and CGC are leaders in Argentina in their respective
business operations.

CGC produces both oil (33%) and gas (67%) exclusively in Argentina,
which limits its ratings, its offtaker and impact of capital
controls. Nonetheless, its pro forma production size compares
favorably to other 'B' rated oil and gas E&P producers, which will
constrain its rating to the 'B' category. These peers include
Canacol, Geopark, SierraCol, Gran Tierra Energy, and Frontera
Energy.

Over the rating horizon, Fitch expects that CGC's production will
average 57,000boed, which is higher than all its peers, as
SierraCol is expected to produce on average 36,000boed, Geopark and
Frontera both of which are expected to be 45,000 bbld, GTE at
35,000boed, and Canacol at 45,000boed. CGC's 1P reserve life is
expected to be 6.9 years, which is comparable to that of its peers,
as Sierra Col's 1P reserve life is 7.2 years, Frontera at 6.2
years, Geopark at 6.3 years, GTE at 6.0 years, and Canacol at 6.3
years.

CGC's 2021 half-cycle production is expected to be USD20.0boe and
full-cycle cost to be USD27.06boe. In line with GTE at USD20.2boe
in 2021 and full-cycle cost to be USD38.4boe, but CGC is higher
than SierraCol's half-cycle production cost of $13.70 bbl in 2021
and full-cycle cost was $26.60 bbl, but better than Frontera's at
$28.60bbl and $42.20 bbl. CGC's high cost of production is mostly
attributed to a higher cost of capital of USD4.8boe, due to its
operating environment in Argentina.

CGC has an adequate capital structure with gross leverage, defined
as total debt to be EBITDA, expected to be 2.1x in 2022 and total
debt to 1P estimated to be USD4.43boe, and average 1.7x and 3.24boe
between 2023-2025, respectively. This compares well to GTE's 1.4x
gross leverage and total debt to 1P be USD9.97boe, Frontera at 1.5x
and USD5.21 bbl, and Canacol at 3.5x and USD7.0boed.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

Operations

-- Oil and gas production to average 57,000 boe/d over the next
    four years;

-- Average realized natural gas price of USD3.50mmBTU flat over
    the rating horizon under PG4;

-- Average realized Brent price of USD86bbl in 2022, USD85bbl in
    2023, and USD53bbl long term;

-- Capex of USD300 million in 2022; annual average of USD150
    million between 2023 and 2025;

-- Lifting cost (COGS - D&A) of USD18.00boe average between 2023-
    2025;

-- Selling expenses are USD1.70boe flat from 2023-2025;

-- SG&A expenses are USD 2.00boe flat from 2023-2025;

-- Exploration expense are USD 0.20boe flat from 2023-2025;

-- Other income expenses are USD0.50boe flat from 2023-2025;

-- Reserve replacement ratio of 105% per annum.

Financial:

-- Fitch Average and EOP ARS/USD exchange rates;

-- Dividends received of USD7 million per annum 2022-2025;

-- Dividends paid of USD10 million per annum 2022-2025;

-- Debt outstanding remains close to USD500 million per annum
    from 2022 through 2024;

-- Interest costs are 9% of total debt outstanding.
   
RATING SENSITIVITIES

-- Any further regulatory developments leading to a more
    independent market that is less reliant on support from the
    Argentine government could positively affect its collections
    and cash flow given the company's dependence on PG4 subsidies
    paid by the government;

-- Contracted exports with high quality off-takers with a long-
    term tenure with adequate legal protections to avoid
    interference from the federal government;

-- Loosening of central bank capital controls rules allowing the
    company to strengthen its hard-currency cash balance;

-- Maintaining a gross leverage, total debt to EBITDA profile of
    2.0x or less.

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

-- A downgrade of Argentina's country ceiling ratings;

-- Amendments to capital control rules which weakens the
    company's ability to access its capital and refinance debt;

-- Significant delays in payments that negatively affect working
    capital, liquidity and leverage;

-- Revision of existing contracts (PG4);

-- Significant deterioration of credit metrics of total/EBITDA of

    4.5x or more.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: CGC reported USD300 million in cash and cash
equivalent in 2Q22, sufficient enough to cover debt maturities in
the next 12 months. The company's debt was USD719 by the end of
June, composed by USD247 million in short-term debt. The rating
case assumes that CGC will tap local markets to replenish its cash
position and will maintain debt at or below USD500 million per
annum between 2023-2025 on its balance sheet.

ISSUER PROFILE

CGC is an energy company with operations in Argentina, engaged in
the development, production and exploration of natural gas, crude
oil, LPG (upstream business) and with a significant interest in a
network of pipelines in northern and central Argentina.



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

BRAZIL: IDB Finds Digital Services Drive 74% Savings
----------------------------------------------------
A study conducted by the Inter-American Development Bank (IDB)
based on data from the City of Sao Paulo, "Economic benefits of the
digital transformation of public services" found that each BRL1
invested in digitalizing public services generated a return, or
annual savings, of BRL27 to the public administration.

The study quantifying the benefits of digital transformation in the
public sector concluded that digital transformation saved citizens
and companies an average of 74% of the unit cost of public service
request. For services for individuals only, the average reduction
was 83%, while savings on services for companies were 67%.

For citizens and businesses, the study analyzed changes in the
volume of requests, costs associated with travel, wait times,
printing and mailing documents, and other aspects.

"The results of this study, which is among the first to assess the
post-implementation impact of digital transformation in Latin
America, prove expected outcomes: large savings for both citizens
and government", said IDB Representative in Brazil Morgan Doyle.

"In addition to reducing costs, digitalization improves people's
lives by making it easier for them to access services. Brazil
stands out in the delivery of digital public services, and the IDB
provides technical and financial resources so it can continue to
pursue this path. Digitalization is a priority of Vision 2025, our
blueprint for achieving a sustainable and inclusive economic
recovery", he added.

The researchers also analyzed the impact for government
administration, considering costs related to human resources,
physical space and investment in digitalization, among others, and
they found an average drop of 40% in the unit cost of a service
request, as well as saving of 50% on human resources who directly
provide public services. Meanwhile, 19% less staff were needed to
handle requests. These changes gains from digitalization allow
officials or employees to be reallocated to other activities,
expanding government capacity.

Evidence-based knowledge generation

This study forms part of IDB's efforts to support evidence-based
knowledge generation and thus drive digitization in the public
sector. The bank also supports the Brazilian digital transformation
with financial resources, such as the US$1 billion Brazil Mais
Digital credit line, and through initiatives such as the Rede
Gov.Br Platform, where it partners with the federal government to
propel digital transformation in Brazilian municipal governments.

"Brazil is a leading country in digital transformation of the
public sector, and this study shows that digitalization is key to
increase the efficiency of public services", according to Susana
Cordeiro Guerra, Department Manager of Institutions for the
Development of the IDB.

"At the IDB, we are committed to measuring the effectiveness of
development and we hope that the lessons learned from the Brazilian
experience will serve as an important input for the design of
digital transformation strategies for other countries in the
region."

The results of the study are based on the digitalization of 15
service request processes, which make up 22% of the Municipality's
volume of digital services. These processes include unlocking
passwords for individual micro-entrepreneurs, student
transportation electronic tickets, parking permits for people with
disabilities, and services linked to property taxes.

The analysis covers digitalization of the process of registering
and directing the request to the appropriate person rather than
performing the service itself, since some services have steps that
must be face-to-face.

Digitalization is one of several channels in an integrated service
delivery strategy that also considers groups who use digital media
less, such as older people. But it is extremely relevant: an IDB
survey published in 2021 showed that the vast majority of the
Brazilian population is ready for more and better digital services.
The survey found that 86% of Brazilians already feel adapted to
online life and 95% have internet access from their cell phones.

                          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.




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

DOMINICAN REPUBLIC: Cost of Building Houses Soars
-------------------------------------------------
Dominican Today reports that according to data from the National
Statistics Office (ONE), the Housing Cost Index (ICDV) has shot up
this month in some inputs about last July, especially materials and
steels, concretes, aggregates, ceramic floors, and breakers. At the
same time, others have dropped, such as lumber and blacksmith
items, according to Dominican Today.

The increase in construction inputs has affected housing
construction, the report notes.  Single-family houses have
increased in price by 0.25%, two-story homes by 0.93%, four-story
multi-family houses by 0.49%, and eight-story multi-family houses
by 1.61%, the report relays.

The ICDV increase between June 2021 and July 2022 rose 228.16, the
report discloses.

Ceramic floors went up 1.37 %, modules, meters, and breakers went
up 2.00 %, aggregates 2.37 %, concretes 4.21 %, and steels 9.35 %,
the report notes.

On the other hand, wood, elevators, carpentry, and blacksmith
subcontracts registered lower prices, according to the ONE study,
the report says.

                         Builders

The Association of Home Builders (Acoprovi) recognizes in a press
release that in the face of the prices of construction materials,
the sector is experiencing multiple challenges, "a reality that
drastically affects real estate and economic inflation, and the
increase in the cost of the square meter of construction by more
than 38%, according to the National Statistics Office (ONE) in its
latest June report on the Housing Cost Index (ICDV)," the report
discloses.

The president of Acoprovi, Jorge Montalvo, referred to the issue
through a communique on the taxes of platforms for a temporary
rental of real estate, which he argues endangers the dynamism of
the construction sector, the report relays.

Montalvo said that the international situation had shaken all the
foundations of the sector, from developers to purchasers, who are
bearing the heaviest burden in the aftermath of this scenario:
increases in local labor rates and rising interest rates on
mortgage financing, a situation that drives purchasers to postpone
the decision to buy a property for short-term rental purposes,
projects that today represent an essential part of the performance
of the sector, and which has allowed it to grow by 23.4% in 2021,
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: Gov't Discloses Tax Breaks for Late Payers
--------------------------------------------------------------
Dominican Today reports that the General Directorate of Internal
Taxes (DGII) disclosed the start of payment facilities for
taxpayers with accumulated debts until 2020.

This was reported by the tax consultant, Kenia Rodriguez Acosta,
according to Dominican Today.

"This is the so-called circular 14, which consists of a payment
facility granted by the tax administration to taxpayers so that
they can catch up with their debts.  The same applies to all types
of taxes," said Acosta Rodriguez in a press release from the
entity, the report notes.

According to the tax professional, if the taxpayer has ITEBIS
debts, income or other types, she can apply to obtain the benefits
of this circular, the report relays.

                  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.




===============
H O N D U R A S
===============

TEGUCIGALPA: Fitch Affirms 'B' IDRs, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings (IDR) of Honduras's Alcaldia Municipal del
Distrito Central, Tegucigalpa (AMDC) at 'B'. The Rating Outlook is
Stable. In addition, Fitch has affirmed AMDC's Short-Term IDR at
'B'.

The affirmation reflects Fitch's unchanged view that AMDC's
operating performance and debt ratios will remain in line with 'B'
rated peers' over the medium term, amid a challenging financial
environment that has weakening the credit profile of the sovereign.
The assessment also takes into account AMDC's capex trend that, if
maintained, will need to be financed with new debt in the rating
case scenario. AMDC's standalone credit profile (SCP) has been
assessed at 'b+'.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

The risk profile combines two factors at 'Midrange' (expenditure
sustainability and adjustability) and four factors at 'Weaker'
(revenue robustness, revenue adjustability, liabilities and
liquidity robustness and flexibility). The 'Vulnerable' risk
profile reflects Fitch's view that there is a very high risk of the
issuer's ability to cover debt service with the operating balance
weakening unexpectedly over the scenario horizon (2022-2026) due to
lower revenue, higher expenditure, or an unexpected rise in
liabilities or debt-service requirements. It also reflects the weak
institutional framework in which local and regional governments
(LRGs) operate in Honduras.

Revenue Robustness: 'Weaker'

AMDC benefits from a diversified tax and non-tax revenue structure
which represents 92.6% of its operating revenue at end-2021. Fitch
considers that AMDC does not rely on government transfers that
account for a modest 7.4% of total revenue. For 2017-2021, tax
collection has remained fairly stable. In 2021, tax collection grew
by 11.3% in nominal terms, while operating revenue increase 18.0%
versus 2020 (4.9% versus 2019). In our rating case of a stressed
economy, we forecast a nominal average increase in operating
revenue around 10% in 2022-2026 driven by moderate economic growth
prospects.

Stable tax revenue is counterbalanced by a low GDP per capita by
international standards and a weaker macroeconomic background at
the national level that constrained the growth prospects of taxes
and non-taxes. In addition, taxation has shown some volatility
linked to political cycles.

Revenue Adjustability: 'Weaker'

AMDC's ability to generate additional revenue in response to
possible economic downturns is limited. The city has formal
tax-setting authority over several local taxes and fees that
accounted for about 92.6% of total revenue in 2021. However, its
affordability to raise revenue is constrained by the lower-middle
income of residents by international standards and social-political
sensitivity to tax increases.

Expenditure Sustainability: 'Midrange'

AMDC's control over operating expenditure is remarkable, with a
track record of keeping spending growth below that of operating
revenue for the period of 2017-2021, allowing for a stable
operating margin of around 54.5% on average in 2017-2021. Operating
expenditure (opex; current expenses plus government transfers)
represented on average 37.3% of total expenditure over the last
five years. Over the same period, capital outlays have represented
an average of 50.6% of total expenditure (in fiscal 2020: 41.4%).
Overall, in comparison to 2020, opex increased 23.5% while
operating balance grew 12.9%; keeping the operating margin at 49.3%
of operating revenues.

Expenditure Adjustability: 'Midrange'

In its rating scenario, Fitch expects AMDC to continue to report
large operating margins of 41.8%. Around 45.3% of expenditure
before debt service is capital outlays, keeping the share of
inflexible expenditure below 70%. This represents a moderate
flexibility to control and cut expenses in a scenario of lower
revenues. Fitch believes that the high level of capital investments
necessary to cover the city's large infrastructure needs and
requirements will largely be financed by operating margins and
debt.

AMDC's high investment program, with capex averaging 50.6% of total
in 2017-2021, resumed its positive growth trend in 2021 and
increased by 39.4% versus 2020. Over the longer term, high level of
capex is necessary to maintain local attractiveness amid
demographic pressures calling for more spending on infrastructure
such as water distribution and roads.

Liabilities and Liquidity Robustness: 'Weaker'

The central government sets a public debt ceiling for subnationals.
However, this can be waived if Congress permits subnational
governments to acquire new debt. Besides bank loans, there is no
track record of capital market access for financing. Their direct
long-term debt is exposed to market risk since all the debt has
variable interest rates; however, the maturity profile of this debt
has no concentration risk. Overall, there is a weak national
framework for debt and liquidity management.

At YE 2021, direct debt totaled HNL6,082 million, of which HNL560
million was short-term bank loans. Average cost of debt hovers
around 9.25%. Long- and short-term debt is paid through a trust
mechanism that ensures timely debt service payments. All of AMDC's
debt is with local commercial banks. As of July 2022, direct debt
is at HNL5,522 million, there are no short-term bank loans
registered. In our rating case, net adjusted debt is expected to
increase towards HNL11,308 million by end-2026 underpinned by large
infrastructure needs in sectors such as public transport, roads and
water. We assume that the city's investment program is going to be
maintained.

Liabilities and Liquidity Flexibility: 'Weaker'

AMDC's available liquidity is weaker with respect to payables
(end-2021: 0.13x; average 2017-2021: 0.10x). In addition, the city
has exhibited high concentration of counterparty risk on bank
credit lines (bank ratings) below 'BBB' category, triggering a
'Weaker' assessment on this factor. Historically, local governments
in Honduras prefer to tap bank loans rather than other funding
options due to shallow capital markets. As of July 2022, AMDC had
no outstanding short-term debt (July 2021: HNL1,263 million).

Debt sustainability: 'a' category, unchanged

Under Fitch's rating case scenario, AMDC's payback ratio (net
adjusted debt to operating balance) is forecast at 6.5 years in our
2022-2026 projections; this is the primary metric of debt
sustainability, and is assessed in the 'aa' category. Fitch
overrides the primary metric by one rating category, to incorporate
an actual debt service coverage ratio (operating balance to debt
service) below 1.0x in our rating case. The overall final score for
debt sustainability is 'a'.

DERIVATION SUMMARY

AMDC's SCP is assessed at 'b+', reflecting a combination of
vulnerable risk profile and debt sustainability in the 'a'
category. The notch-specific rating positioning factors in
comparison with international peers, including Argentine, Turkish
and Nigerian peers. Fitch factors in the credit quality of the
sovereign but does not apply any asymmetric risk or extraordinary
support from upper-tier government, which results in an IDR of 'B'.
The short-term rating of 'B' is derived from AMDC's Long-Term IDR.

KEY ASSUMPTIONS

Qualitative assumptions:

Risk Profile: 'Vulnerable'

Revenue Robustness: 'Weaker'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Midrange'

Expenditure Adjustability: 'Midrange'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Weaker'

Debt sustainability: 'a' category

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Sovereign credit quality: 'Yes'

Sovereign Floor: 'N/A'

Quantitative assumptions - Issuer Specific

Fitch's rating case is a 'through-the-cycle' scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2017-2021 figures and 2022-2026 projected
ratios. The key assumptions for the scenario include:

-- Overall operating revenue CAGR for 2022-2026 is forecast at
    10.9%;

-- Opex is forecast to reach a CAGR for 2022-2026 of 14.4%;

-- Net capital balance of around minus HNL2,012 million in 2026;

-- Cost of debt for 2022-2026 at 9.25%; long term debt has fixed
    interest rate;

-- Capex is expected to grow at least in line with inflation in
    the rating case, which is to be financed with operating
    margins and new debt. The starting amount for 2022 is the
    three-year average for 2019-2021. Large infrastructure needs
    underpinned this assumption.

RATING SENSITIVITIES

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

-- If debt sustainability metrics improve such that the payback
    ratio is lower than 5x and the fiscal debt burden is between   
  
    50% and 100%, coupled with an improved debt service coverage
    ratio between 2.0x and 4.0x;

-- Improvement in Fitch's internal assessment on the sovereign's
    credit quality, provided that AMDC maintains its debt
    sustainability metrics.

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

-- A sustained deterioration of the payback ratio above 9x due to

    a weakened operating balance coupled with an actual coverage
    below 1.5x could lead to a downgrade of Long-Term IDRs or if
    AMDC compares unfavorably with peers;

-- A lowering of Fitch's credit quality of the sovereign.

ISSUER PROFILE

Tegucigalpa, Alcaldia Municipal del Distrito Central (AMDC) is
Honduras's capital city. Its GDP per capita is above Honduras
USD3,258, but it is low by international standards. AMDC's economic
structure is well diversified, fueled by public and private
investment, which supports robust internally generated revenues.
AMDC covers debt service with its operating balance.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's net-adjusted debt corresponds to the difference between
Fitch's adjusted debt and AMDC YE cash that Fitch views as
unrestricted. Unrestriscted cash is calculated as cash net of
earmarked items or payables.

RATING ACTIONS

                             Rating          Prior
                             ------          -----
Tegucigalpa, Alcaldia
Municipal del Distrito
Central
                    LT IDR     B   Affirmed   B
                    ST IDR     B   Affirmed   B
                    LC LT IDR  B   Affirmed   B




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

MINSUR SA: Moody's Upgrades CFR to Ba1, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service upgraded Minsur S.A.'s corporate family
rating to Ba1 from Ba2. The outlook remains stable.

Ratings Upgraded:

Issuer: Minsur S.A.

Corporate Family Rating, Upgraded to Ba1 from Ba2

Outlook Actions:

Issuer: Minsur S.A.

Outlook, Remains Stable

RATINGS RATIONALE

The rating action reflects Minsur's sound credit metrics that
better positions the company in the Ba1 rating category supported
by high quality copper and tin assets operating in the first and
second quartile of the mining cash cost curves, and a track record
of good liquidity and conservative financial policies, despite the
geographic concentration (90% of cash flows generated in Peru and
10% in Brazil).

Moody's expects Minsur to continue posting strong credit metrics
including leverage around 1.1x, positive free cash flow generation
and strong EBIT margin above 35% at different price points.

Moody's assumes medium-term price sensitivities of $3-$4 per pound
of copper, $1,300-$1,600 per ounce of gold and $21,762-$16,080 per
ton of tin. The rating incorporates Minsur's conservative financial
policies focused on progressive reductions in financial leverage
through a combination of strong execution, tight cost control and
debt repayment leading to improved credit metrics which in turn,
increased the company's cushion to withstand volatility in
operations. As of June 2022, Minsur's leverage as adjusted by
Moody's was 0.7x with total debt of $1.3 billion down from $1.6
billion as of December 2021.

The Ba1 rating considers the positive long term fundamentals for
tin and copper, which together account for 96% of the company's
cash flows. The company's credit quality is additionally supported
by low costs and high-grade ore in its mines, largely because of
its ownership of the San Rafael mine, the world's largest
tin-producing underground mine; and the diversification into
copper, following Mina Justa's ramp up, which will represent half
of Minsur's cash flows from 2022 onward.

Minsur's liquidity is good supported by its cash balance at $521
million as of June 2022 and the expectation of positive free cash
flow generation given the company's lower capex needs at $230
million on average in the 2023-2025 period, following the
completion of Mina Justa, and the company's conservative financial
policies regarding dividends payments. While Minsur does not have
committed credit facilities, the company's cash balance as of June
was enough to cover debt maturities through 2023. Although the
company's rating does not factor in any uplift because of Minsur's
ownership by the Breca group, one of Peru's largest conglomerates,
it is considered credit positive for the company as Minsur benefits
mostly by way of potential access to funding and occasional
implicit support.

The stable outlook reflects Moody's view that the company's
operating performance will remain stable supported by strong cash
flows from operations, and that the company will maintain its
competitive cost position supporting leverage consistently around 1
time.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Positive rating pressure would require Minsur to continue to
demonstrate a consistent track record of strong operating
performance and sustained cost position and good liquidity. A
potential rating upgrade would also consider the company's future
strategy around growth and diversification and its funding
approach. Quantitively, the outlook or ratings could be positively
affected if the company's leverage, measured as total
Moody's-adjusted debt/EBITDA, consistently remains below 2.5x or
lower with interest coverage, measured as adjusted EBIT/interest
expenses, above 4.5x and CFO - Dividends / debt above 35% on a
consistent basis.

Negative pressure on Minsur's ratings or outlook could arise if
there is any material change in the company's underlying financial
or operational strategy, including material debt-funded
acquisitions, aggressive shareholder returns or additional tax
burden that harm company's profitability and its cash generation
capacity straining liquidity. Quantitatively, Minsur's rating could
be downgraded if the company's liquidity contracts substantially. A
decrease in cash flows that result in CFO - Dividends / debt
remaining below 20%, Moody's-adjusted debt/EBITDA above 3x or
adjusted EBIT/interest expense below 4x on a sustained basis could
also lead to a downgrade.

The principal methodology used in this rating was Mining published
in October 2021.

Headquartered in Lima, Peru, Minsur is a majority-owned subsidiary
of the Peruvian conglomerate Inversiones Breca S.A. The company is
primarily a producer and seller of tin, copper and gold in Peru and
Brazil, where it also produces tin, as well as niobium and tantalum
alloys as by products at Taboca.  



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

PUERTO RICO: Govt. Agencies Owe PREPA $233M Overdue Power Bills
---------------------------------------------------------------
Jim Wyss of Bloomberg News reports that Puerto Rico's House of
Representatives passed a bill that will allow Puerto Rico's
Electric Power Authority, or PREPA, to claw back more than $233
million in unpaid electricity bills owed by federal and state
agencies.

If it becomes law, the measure would create an Electrical System
Stabilization Fund, where some of the overdue fees would be
deposited to help mitigate power price fluctuations, the House said
in a statement.

The deal comes as the bankrupt public power company and its
creditors are negotiating a deal to slash $9 billion of debt.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                          *     *     *

The two Title III plans of adjustment have been confirmed to date,
for the Commonwealth and COFINA debtors.




=====================================
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 the Trinidad and Tobago Finance Minister Colm
Imbert said 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 subsidize 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.

On September 2, the Minister 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 notes.




                           *********


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 * * *