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

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

          Friday, September 23, 2022, Vol. 23, No. 185

                           Headlines



A R G E N T I N A

ARGENTINA: Central Bank Hikes Interest Rates to 75%
ARGENTINA: Inflation Hits 79% Ahead of Likely Rate Hike


B E R M U D A

VIKING CRUISES: Moody's Affirms B3 CFR & Alters Outlook to Stable


B R A Z I L

BRAZIL: China Seen Buying Less Beef, Pressuring Meatpackers
BRAZIL: Hunger Returns to Haunt Country Amid Divisive Vote


C H I L E

INVERSIONES LATIN AMERICA: S&P Cuts Secured Notes Rating to 'B+'


J A M A I C A

JAMAICA: Aluminum Prices Rise
JAMAICA: Inflation Steadies at 10.2% in August


P U E R T O   R I C O

EPUMPS SOLUTIONS: Starts Subchapter V Case


X X X X X X X X

LATAM: Smaller Economies Face Bigger Inflation Challenge, IMF Says

                           - - - - -


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

ARGENTINA: Central Bank Hikes Interest Rates to 75%
---------------------------------------------------
Buenos Aires Times reports that Argentina's Central Bank raised its
benchmark interest rate in a bid to prop up its currency and curb
inflation nearing 100 percent.

The Central Bank boosted its benchmark Leliq rate by 5.5 percentage
points to 75 percent, according to an emailed statement, according
to Buenos Aires Times.  The move comes a day after data showed
consumer prices jumped nearly 79 percent a year in August, the
fastest pace in 30 years, the report relays.  It was the bank's
ninth rate hike this year, the report notes.

The bank's board of directors also added in the statement that it
intends to reduce the level of short-term debt held by the Central
Bank next year, but didn't provide more specifics, the report
discloses.

Earlier, Central Bank President Miguel Pesce and Economy Minister
Sergio Massa affirmed, in a meeting with International Monetary
Fund Managing Director Kristalina Georgieva their commitment to
implement the country's US$44.5-billion deal with the IMF, the
report says.  A key element of the accord includes keeping interest
rates above the rate of inflation, the report notes.

"The new rate hike catches up with the rise in current and expected
inflation  --  but may not be sufficient to tame inflation or boost
reserves.  The substantial uncertainty on inflation and the
persistent risk that the peso may soon see a sharper depreciation
undermine the ability of the new rate to convince households to
save or investors to have a position in pesos," said Adriana
Dupita, Bloomberg's Latin America economist, the report says.

Economists surveyed by the Central Bank forecast inflation will
accelerate to 95 percent by the end of the year, the report
discloses.

Central banks across Latin America have raised rates this year to
combat high inflation, but prices have continued to stay hot as
high levels of all-cash workers and businesses make monetary policy
less effective than in developed economies, the report notes.
Argentina's Central Bank made incremental rate increases early in
the year but over the past three months has ramped up its hikes,
with a combined 23 percentage point increase since July, the report
relays.

Pesce and Massa face added pressure after they allowed a devalued
exchange rate for the month of September for producers of soy - the
nation's biggest export - in a bid to replenish the country's
dwindling international reserves, the report discloses.

The Central Bank has been propping up the official peso rate,
currently at 143 per dollar, the report notes.  The blue-chip swap
rate, an implied exchange-rate based on the difference in prices
between Argentine stocks and their American depositary receipts,
stands at 297 per dollar, 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.


ARGENTINA: Inflation Hits 79% Ahead of Likely Rate Hike
-------------------------------------------------------
Patrick Gillespi at Bloomberg News reports that annual inflation in
Argentina surged to 78.5 percent in August, almost certainly
cementing another Central Bank interest rate hike.

That was faster than the 78.2 percent median estimate from
analysts, and marks a new three-decade high, according to
government data published, according to Bloomberg News.  Consumer
prices rose seven percent from a month earlier, Bloomberg News
relays.

Clothing prices rose 109 percent from a year earlier, while food
costs increased by 80 percent, Bloomberg News discloses.  Worse may
be to come, since the government raised regulated utility prices in
September, which will have a knock-on effect in several sectors,
Bloomberg News says.

"Monetary tightening won't suffice to cool price gains in the near
term. Energy subsidy cuts and pass-through from faster peso
depreciation will push inflation near 90 percent by year-end," said
Adriana Dupita, Latin America economist for Bloomberg.

Central Bank officials are widely expected to raise borrowing costs
in the coming days, Bloomberg News relays.  The monetary authority
has started hiking more aggressively since Economy Minister Sergio
Massa took over in early August, Bloomberg News notes.

Keeping rates above inflation is also a key pillar of Argentina's
US$44-billion programe with the International Monetary Fund,
Bloomberg News says.  The benchmark rate currently stands at 69.5
percent, Bloomberg News notes.

Massa met with IMF Chief Kristalina Georgieva in Washington,
committing to implement the program, Bloomberg News relays. Massa
also told reporters afterward that bringing inflation down is one
of the government's top priorities, Bloomberg News notes.

Local economists aren't convinced yet, Bloomberg News discloses.
They see annual inflation reaching 100 percent between the end of
this year and early 2023, Bloomberg News 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.




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

VIKING CRUISES: Moody's Affirms B3 CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Viking Cruises
Ltd ("Viking"), including its B3 Corporate Family Rating, B3-PD
Probability of Default Rating, B2 senior secured rating and Caa2
senior unsecured rating. Moody's changed the rating outlook to
stable from negative.

"The affirmations and stable outlook reflect Moody's expectation
that Viking's EBITDA and cash flow will continue to improve through
2023, leading to improving credit metrics," said Moody's VP-Senior
Analyst, Pete Trombetta. "Capacity increases from fleet growth,
coupled with stronger pricing compared to 2019 levels, will lower
debt/EBITDA to around 7.5x at the end of 2023," continued
Trombetta. The corporate family rating also reflects Moody's
forecast that Viking's EBITDA will approximate 2019's $760 million
in 2023 and free cash flow will be modestly positive. However,
financial leverage will remain elevated because of the debt-funded
fleet growth and other debt capital raised since the start of the
Covid-19 pandemic. Moody's belief that liquidity will remain
adequate also supports the stable outlook.

Affirmations:

Issuer: Viking Cruises Ltd

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured Regular Bond/Debenture, Affirmed B2 (LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 (LGD5)

Issuer: Viking Ocean Cruises Ltd.

Senior Secured Regular Bond/Debenture, Affirmed B2 (LGD3)

Issuer: Viking Ocean Cruises ship VII Ltd.

Senior Secured Regular Bond/Debenture, Affirmed B2 (LGD3)

Outlook Actions:

Issuer: Viking Cruises Ltd

Outlook, Changed To Stable From Negative

Issuer: Viking Ocean Cruises Ltd.

Outlook, Changed To Stable From Negative

Issuer: Viking Ocean Cruises ship VII Ltd.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Viking's corporate family rating reflects its weak credit metrics
as a result of the impact of the pandemic. After pausing all cruise
operations in March 2020, Viking restarted ocean cruise operations
in May 2021 and river cruises in July 2021. It returned to
operating all of its ocean vessels and most of its river vessels
this spring. The CFR also reflects Moody's forecast of modest free
cash flow that will continue to be pressured by higher fuel costs,
increased interest burden and new ship capex. This will limit
Viking's ability to materially reduce debt over the next two to
three years. Viking's credit profile is supported by the company's
adequate liquidity and historical willingness to bring in new
equity partners as evidenced by equity raised in 2016 and 2021. The
credit profile also reflects Viking's well-recognized brand name in
both the premium segment of the river cruising and ocean cruising
markets. Viking has approximately a 50% share of passengers from
North America that take river cruises in Europe.

Viking has adequate liquidity, including cash of $1.4 billion at
June 30, 2022, or $1.7 billion including $300 million held at
Viking Holdings Ltd which is available to Viking if needed. Moody's
expects this level of cash is sufficient to cover the company's
cash needs. Viking has not arranged a revolving credit facility. It
has a history of holding significantly more cash than is needed for
operations. Moody's view alternate sources of liquidity as limited
because Moody's believe that while cruise ships as valuable
long-term assets, it will be challenging to quickly sell ships to
raise cash, if needed.

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

Ratings could be upgraded if operating performance recovers to
levels that would sustain debt/EBITDA at or below 5.5x while
maintaining adequate liquidity. Ratings could be downgraded if
liquidity deteriorated in any way, or if debt/EBITDA does not
improve to below 6.5x by the end of 2024.

Incorporated in Bermuda, Viking operated a fleet of 78 river cruise
vessels and seven ocean or expedition ships as of June 30, 2022.
Its river cruises operate in over 20 countries largely in
Continental Europe. Historically, about 85% of its total river and
ocean customers are sourced from North America. TPG Capital and
Canada Pension Plan Investment Board own minority interests (about
40% in the aggregate) in Viking Holdings Ltd, parent company of
Viking Cruises. The remaining ownership is indirectly held under a
trust in which founder, Torstein Hagen has a life interest. Net
cruise revenues were about $1 billion for the last twelve months
ended June 30, 2022.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.




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

BRAZIL: China Seen Buying Less Beef, Pressuring Meatpackers
-----------------------------------------------------------
Bloomberg News reports that shares of Brazilian beef companies are
plunging after a US report showed China drastically curbing imports
of the red meat.

The Asian nation, which normally relies on Brazil for a significant
portion of its beef, will purchase 19pc less off of world markets
next year as its economy struggles under strict Covid-19 prevention
measures, the US Department of Agriculture said in a report,
according to Bloomberg News.

JBS SA, the world's biggest meat producer, fell as much as 6pc on
in Sao Paulo, the most intraday in about a year, the report notes.
Marfrig Global Foods SA and Minerva SA dropped over 6pc, the report
relays.

The report comes as beef markets have been in turmoil since the
Covid-19 pandemic disrupted supply chains and sent prices soaring
for consumers around the world. Prices for Chinese beef imports
rose about 37pc in the first half of 2022, USDA said, the report
discloses.

While all Brazilian meatpackers will be hard hit by any slump in
Chinese consumption, Minerva is the most exposed, the report says.
China accounts for about 35pc of Minerva's revenue, and the
company's total exports are expected to decline 4pc in 2023,
according to Leandro Fontanesi, an analyst at Bradesco BBI, the
report relays.

Brazil accounted for 38pc of China's beef imports through July of
this year. China bought roughly 60pc of all Brazilian beef exports
in the same span, the report notes.

                        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.


BRAZIL: Hunger Returns to Haunt Country Amid Divisive Vote
----------------------------------------------------------
Buenos Aires Times reports that 33.1 million Brazilians are living
in hunger.

The figure - a 73-percent increase in the past two years, according
to the Brazilian Network for Research on Food Security - has become
the subject of a bitter political battle as Latin America's biggest
economy heads for elections on October 2, according to Buenos Aires
Times.

The presidential front-runner, leftist ex-president Luiz Inacio
Lula da Silva, regularly attacks far-right incumbent Jair Bolsonaro
over the fact Brazil reappeared on the World Food Programme's
"Hunger Map" last year, with 28.9 percent of the population living
in "moderate or severe food insecurity," the report notes.

It is a major setback for a country that had been removed from the
map in 2014, after an economic boom and landmark social programs
helped lift 30 million people from poverty during Lula's
administration (2003-2010), the report notes.

Bolsonaro has aggressively counter-attacked, accusing the former
president of bankrupting Brazil with corruption, the report
relays.

Courting low-income voters, the incumbent has upscaled and
rebranded Lula's signature welfare program, and is campaigning
extensively in the impoverished northeast, home to a quarter of
Brazil's 213 million people, the report says.

                     Hard-won Gains

Sprawled across the northeastern interior, the Sertao, or
hinterland, is a semi-arid expanse of brown-and-olive-green
scrubland, the report notes.

Each generation here remembers its worst drought - 1960, 1993, 2010
- and the misery it caused, the report recalls.

Joao Alfredo de Souza, a community leader in the rural township of
Conceiçao das Crioulas describes Lula's time in office as a
watershed of ambitious programmes promoting housing, electricity,
water, welfare, education and "Zero Hunger," the report relays.

But the retired farmer says times have been "very tough" since
Covid-19 hit Brazil, killing 680,000 people and triggering an
economic implosion followed by soaring inflation, the report
notes.

He says Bolsonaro has won some northeasterners' support by
super-sizing Lula's "Bolsa Familia" ("Family Stipend") welfare
program - rebranded "Auxilio Brasil," the report says

Bolsonaro recently tripled the average payment from Lula's day, to
600 reais (US$115) a month, and is now pledging to increase it to
800 reais, the report notes.

De Souza is unimpressed by the election-year spending spree, the
report adds.

                          'Africa of Brazil'

A half-hour drive away down a bone-jarring dirt road, in Regiao de
Queimadas, a settlement still dotted with traditional mud-and-stick
houses, signs of progress are harder to find, the report
discloses.

A team of officials in four-by-four trucks from the federal
government's National Health Foundation is going door-to-door
asking whether people have bathrooms, the report relays.

Many don't.

"This place is the Africa of Brazil," says one of the officials,
reflecting a widespread perception of the region among government
bureaucrats in Brazil, the report discloses.

The program's ostensible goal is to build adequate facilities for
those who need them, the report says.

The head of the local farmers' association, Edineia de Souza, is
skeptical, the report notes.

"These guys only come around at election time," says the
40-year-old corn and bean farmer, the report relays.  "We're still
waiting on the bathrooms from last time," he added

De Souza, who helps organise food donations for needy families with
a grass-roots charity called Amigos no Sertao, hopes things will
change if Lula wins, the report notes.

"When he was in office, projects got done," she said, the report
relays.

But she doesn't place much faith in politics, 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.




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C H I L E
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INVERSIONES LATIN AMERICA: S&P Cuts Secured Notes Rating to 'B+'
----------------------------------------------------------------
S&P Global Ratings, on Sept. 20, 2022, lowered its rating on
Chilean power generator Inversiones Latin America Power Limitada's
(ILAP) senior secured notes due 2033 to 'B+' from 'BB-' and removed
it from CreditWatch with negative implications.

S&P said, "The outlook is negative and reflects our view that
there's a one-in-three chance of a further downgrade in the next
6-12 months if cash deficit by the next interest payment date is
wider-than-expected or if the project's DSCR drops below 1x in
2023. The latter could be the result of a still significant price
disparity between the injection and withdrawal nodes (also known as
the "decoupling effect") or wind energy generation at a
weaker-than-expected level.

"We view prospects for the Chilean electricity market during the
second half of the year as more favorable due to a forecast for
sufficient snowmelt for the spring and summer months. This,
together with the use of the hydro reserve, could result in greater
hydro-power generation that would provide stability to the national
grid. In addition, we expect a higher quantity of natural gas
shipments from Argentina to Chile during the remaining months of
the year, which would strengthen the system and reduce the need for
diesel generation. Nevertheless, we believe that ILAP's CFADS
during the second half of 2022 will be lower than our previous
expectations. Our base-case scenario estimates that the project
will face cash deficits of $3 million - $5 million (please see the
assumptions below). As a result, the project will have to use part
of its DSRA to meet its next interest payment of $14.5 million due
on Jan. 3, 2023.

"In the next few years, the drop in the decoupling effect would
also depend on the expansion of transmission lines as more
renewable projects start to operate in the country, as well as the
further development of the battery energy storage systems. As part
Chile's decarbonization program, about 8 gigawatts (GW) of solar
and wind capacity was added to the system in the past year, which
caused congestion on the transmission lines. This is because the
renewable assets are located either in the north or South of the
country, while most of the consumption is in the central part,
closer to Santiago. As unconventional renewables capacity will
continue to rise, we expect transmission capacity to remain
pressured until the Kimal-Lo to Aguirre transmission line is
completed by the end of 2028. Meanwhile, we expect the regulator --
Coordinador Electrico Nacional -- to work on initiatives to
alleviate the transmission congestion, for example, through
additional transmission capacity between the southern and central
parts of the country.

"In this context, we now expect the project's DSCR to be close to
1x in 2023 and rise to our previous expectations of 1.2x by 2024,
given a gradually lower decoupling effect. Such metrics, in our
view, are too low for the 'BB-' rating."




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

JAMAICA: Aluminum Prices Rise
-----------------------------
RJR News reports that aluminum prices rose as Europe continued to
grapple with a power crisis that has curtailed production of the
energy-intensive metal.

Three-month aluminum on the London Metal Exchange was up one per
cent at US$2,293 a ton, according to RJR News.

Industry observers say about half of the European Union's aluminum
and zinc production capacity has already been forced offline due to
the power crisis, the report notes.

Other metals prices were lackluster, weighed down by worries that
aggressive central bank rate hikes would push the global economy
into recession, the report adds.

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.


JAMAICA: Inflation Steadies at 10.2% in August
----------------------------------------------
RJR News reports that inflation in Jamaica for the 12 months up to
August was 10.2 per cent, reflecting what appears to be a slight
steadying of price movements.

Point to point inflation as at July was also 10.2 per cent,
according to RJR News.

The movement in prices up to the end of August was mainly
influenced by a 15 per cent jump in the cost of transport services,
the report relays.

A 19 per cent increase in the 'Restaurants and Accommodation
Services' costs, along with a 12 per cent uptick in the cost of
'Food and Non-Alcoholic Beverages' influenced the price movement,
the report notes.

Prices in the month of August alone went up by 0.9 per cent, the
report adds.

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.




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

EPUMPS SOLUTIONS: Starts Subchapter V Case
------------------------------------------
Epumps Solutions LLC filed for chapter 11 protection in the
District of Puerto Rico.  The Debtor elected on its voluntary
petition to proceed under Subchapter V of chapter 11 of the
Bankruptcy Code.

Epumps Solutions LLC 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. 28, 2022, at 10:30 AM via Telephonic Conference Information
for AUST/Trial Attys.  

Proofs of claim are due by Nov. 23, 2022.

                   About Epumps Solutions LLC

Epumps Solutions LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 22-02731) on Sept. 14,
2022.  In the petition filed by Alexis O. Hernandez Arnaldy, as
president,the Debtor reported assets and liabilities between
$500,000 and $1 million.

Roberto Santos Ramos has been appointed as Subchapter V trustee.

The Debtor is represented by Noemi Landrau Rivera of Landrau Rivera
& Associates.




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

LATAM: Smaller Economies Face Bigger Inflation Challenge, IMF Says
------------------------------------------------------------------
As inflation continues to be elevated across Latin America and the
Caribbean (LAC), the impact on real incomes and purchasing power
remains a key challenge, especially for the most vulnerable. The
International Monetary Fund (IMF) looked into this challenge from
the perspective of smaller economies in LAC by analyzing recent
inflation dynamics for three sub-groups of small economies: Central
America, Panama, and the Dominican Republic (CAPDR); the Caribbean;
and the smaller economies in South America-Bolivia, Ecuador,
Paraguay, and Uruguay.

IMF said, "Our work shows that high inflation is a bigger challenge
in smaller economies because they are less diversified, rely more
on imports, and have more limited policy levers at their disposal.
The poorest households have been hit the hardest and food
insecurity is on the rise. Many of these countries have pegged
exchange rates and do not have an independent monetary policy.
Thus, they had to rely on temporary fiscal measures, of which about
half were targeted to the most vulnerable. Countries with larger
pre-existing subsidies tended to introduce smaller measures."

                    Inflation on The Rise

During the first half of 2022, inflation reached multi-decade highs
in many of these countries. The latest available inflation data for
August reveals that yearly headline inflation exceeded 9 percent in
CAPDR and 6 percent in the smaller economies of South America,
according to the IMF. In the Caribbean, it reached almost 6 percent
in March. Core inflation showed similar trends, staying at lower
levels than headline inflation since it strips out food and energy
prices.

Smaller economies are typically less diversified and rely more on
imports, making them more susceptible to inflationary pressures
arising from higher import prices. Also, food and fuel-both of
which have experienced large price increases since the beginning of
the war in Ukraine-account for a larger share in the consumption
basket in these economies.

Smaller economies also have more limited policy levers at their
disposal. They typically have less flexible exchange rate
arrangements, and hence, rely less on exchange rate adjustments.
Many of the small countries have high public debt and elevated
sovereign spreads, partly a legacy of the COVID-19 pandemic. Facing
higher public debt levels, smaller economies have more limited
fiscal space and policy options at their disposal.

                   Poorest Hit Hardest

The ongoing inflation wave is hurting the poor more given the rapid
increase in food prices. Inflation estimates across income
quintiles in CAPDR show that over the past few months, the poorest
quintiles have faced considerably higher inflation rates than the
richest quintiles. The main driver of this discrepancy has been the
increase in food prices. These developments may worsen food
insecurity further, which had already increased during the
pandemic.

      Responding to Global Shocks Amid Domestic Constraints

"Many countries worldwide have implemented measures to mitigate the
impact of higher global energy and food prices in the domestic
economy, particularly after the start of the war in Ukraine. To
gauge the magnitude of these measures, we estimate the response of
domestic fuel prices to a one percent change in the international
fuel price-the pass-through from international to domestic fuel
prices. We find that the pass-through from international to
domestic fuel prices has declined from about 1 before the war (i.e.
domestic prices were moving almost one-to-one with international
prices on average during 2015-2021) to about 0.8 after the start of
the war. A similar decline has been observed in the pass-through
from international to domestic fuel prices in the smaller countries
in LAC," IMF said.

Several constraints have shaped the policy responses. Many small
LAC economies have currency pegs and thus less policy flexibility
to address the impact of the price shock. Only a few of these
economies have increased policy rates to contain second-round
effects and keep inflation expectations anchored. To mitigate the
impact of higher global energy and food prices, they have
implemented discretionary fiscal policy measures, most of which
were announced as temporary and about half were targeted to the
most vulnerable.

The size of the fiscal measures has varied across economies-they
have been larger for economies with larger weights of food and
transportation in their consumer price index (CPI) basket, weaker
social safety nets, or lower income per capita.

Looking at the new measures and their costs provides a partial
picture because some countries already had in place extensive
subsidies on food and fuel. When comparing existing energy or food
subsidies with the cost of new measures, we observe that countries
with larger pre-existing subsidies tended to introduce smaller
measures.

Preparing for a possibly more persistent inflationary shock

The IMF added, "Policymakers should be prepared for a possible
long-lasting inflationary shock. Given the uncertainty around the
intensity and duration of the shock, the following general
principles can help policymakers navigate through these turbulent
times: (i) domestic prices should adjust to international prices,
while providing targeted and temporary support to the most
vulnerable; (ii) if targeted measures are not feasible, price
smoothing mechanisms with clear exit strategies could help while
social safety nets are strengthened; and (iii) consider offsetting
revenue or spending measures to limit overall fiscal impact."



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