/raid1/www/Hosts/bankrupt/TCRLA_Public/221017.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

          Monday, October 17, 2022, Vol. 23, No. 201

                           Headlines



A R G E N T I N A

ARGENTINA: Massa to Meet with Paris Club for Debt Talks


B R A Z I L

BRAZIL: Cloudy Skies for Sugar & Ethanol as it Heads Back to Polls
COSAN SA: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable


C H I L E

LATAM AIRLINES: Prepares to Exit Chapter 11 Bankruptcy by November


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 42.5% of Firms Struggle to Find Applicants


J A M A I C A

JAMAICA: BOJ Increases FX Interventions


P A N A M A

BANISTMO SA: S&P Affirms 'BB+/B' Global Scale ICRs, Outlook Stable


P U E R T O   R I C O

SUN BORICUA: Seeks to Hire Homel Mercado Justiniano as Counsel


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Teachers Face Issues Over Increments

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Massa to Meet with Paris Club for Debt Talks
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globalinsolvency.com, citing Reuters, reports that Argentina's
economy minister Sergio Massa said that he will meet Paris Club
officials on Oct. 27 and 28 in France to wrap up negotiations over
$2 billion in debt that the country owes to the creditor group.

Talks will include the repayment schedule and the interest rate for
the loan from the creditors which include the governments of the
United States, Germany and Italy, according to
globalinsolvency.com.

The Paris Club last year gave Argentina more time to repay the
debt, which allowed Buenos Aires time to negotiate a revamp of its
IMF program, the report notes.  Argentina sealed an agreement with
the IMF earlier this year for a $45 billion program to refinance a
failed loan from 2018, the report relays.  Argentina's Massa met
the head of the Paris Club, Emmanuel Moulin, in Washington, D.C.,
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.




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B R A Z I L
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BRAZIL: Cloudy Skies for Sugar & Ethanol as it Heads Back to Polls
------------------------------------------------------------------
Marcelo Teixeira at Reuters reports that Brazilian sugar and
ethanol makers will likely face a less favorable business
environment regardless of who emerges victorious from the
hotly-contested Brazilian presidential election on Oct. 30,
analysts and experts say.

Citizens go to the polls in less than three weeks for a run-off
between incumbent right-wing President Jair Bolsonaro and his
opponent, the leftist, former President Luiz Inacio Lula da Silva,
according to Reuters.

"It is bad with Bolsonaro, could be worse with Lula," said sugar
and ethanol analyst Arnaldo Correa, a director at Archer
Consulting, the report notes.

The ethanol and sugar industry had a strong recovery from the
pandemic as both prices for sugar and ethanol rose to near-record
levels, the report relays.  But both candidates support policies
that the industry believes could hurt demand, as they seek to lower
costs for consumers, the report discloses.

Bolsonaro scrapped federal taxes on energy and led states to cut
other taxes on fuels in a gambit to boost his chances of being
reelected. Since taxes were heavier on fossil fuels, ethanol lost
its price edge over gasoline at pumps, the report relays.  Most
Brazilian cars can switch between sugar-based ethanol and
conventional gasoline, the report notes.

Bolsonaro has also said he has no plans to reinstate the taxes next
year if reelected, so mills would be expected to shun ethanol and
produce more sugar, which could depress global prices for the
sweetener, the report says.

Lula, if he wins, has promised to change fuel pricing policy at
state-controlled Petrobras (PETR4.SA) to bring gasoline prices
down, which could be even worse for the mills because it would
further squeeze margins on ethanol, the report discloses.

In the first round of the election on October 2, Lula received 48%
of the vote while Bolsonaro garnered 43%, the report relays.  Since
no candidate received a majority, the two go to a runoff, the
report notes.

Lula's Workers Party latest run at the helm with former President
Dilma Rousseff from 2011 to 2016 brought havoc in the sugar and
ethanol sector, as the government kept gasoline prices artificially
low to stem inflation, the report relays.  Profit margins for
ethanol fell, along with global sugar prices, the report says.

Dozens of mills went bankrupt, and several have only recently
recovered, the report discloses.

"Mills sold ethanol below production cost 60% of the time during
that period," said Correa, adding that the industry took on more
debt as a result, the report notes.

Bolsonaro, meanwhile, in July intervened in the country's first
carbon market in ways that have been detrimental, said Soren
Jensen, a former Copersucar executive and an expert in renewable
fuels, the report relays.

That market, known as Renovabio, was designed to boost renewable
fuels by allowing mills to sell carbon credits (CBios) generated by
the use of biofuels instead of oil-based fuels, the report says.
Fuel distributors were obliged to buy those credits to offset
fossil fuels' emissions, the report notes.

Bolsonaro's administration decided to postpone Renovabio's
compliance targets in yet another move to cut fuel prices, causing
prices for those credits to collapse. "It was the beginning of the
end for the program," Jensen said, the report relays.

Equity research teams at Citi and investment bank BTG Pactual said
all those factors increased risks for the financial performance of
sugar and ethanol companies, 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.


COSAN SA: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings, on Oct. 11, 2022, affirmed its 'BB-' global
scale rating on Brazilian conglomerate Cosan S.A. with a stable
outlook. Cosan's 'bb' stand-alone credit profile remains
unchanged.

S&P said, "We also affirmed the 'BB-' issue-level rating on the
debt issued by Cosan's financial arms, Cosan Overseas Ltd. and
Cosan Luxembourg S.A., and kept the '3'(65%) recovery rating
unchanged. Moreover, we affirmed the 'BB-' issuer credit rating on
Cosan Lubrificantes e Especialidades S.A. (Moove).

"The stable outlook indicates that we cap the ratings on Cosan by
the ratings on Brazil. In our view, there are significant
uncertainties about the group's ability to service its financial
obligations on a timely basis in a hypothetical sovereign default
scenario."

Cosan recently announced that it's building a minority stake of
about 6.5% in Vale S.A. (Vale; BBB-/Stable/--) totaling R$21.7
billion through a combination of direct purchase of shares and
derivatives. Cosan initially acquired 4.9%, and it will request the
Brazilian anti-trust authority's (CADE) approval to reach 6.5%.
With this stake, Cosan is seeking an active participation in Vale's
decision-making via voting rights and electing a member to the
board of directors. S&P views the company's strategy to expand its
presence in the iron ore industry as positive in terms of portfolio
diversification and it will raise exposure to hard currencies, but
its adjusted leverage will peak at 5.0x by the end of 2022,
compared with 4.0x in 2021.

S&P said, "We adjust Cosan's debt by adding the put option that
Banco Bradesco and Itau Unibanco -- the preferred shareholders of
the special purpose vehicles created above Cosan's stakes in Raizen
S.A. (BBB-/Stable/--) and Compass Gas e Energia S.A. (not rated) --
have against Cosan. This adjustment of R$8 billion to our debt
estimate at the end of 2022 would likely gradually fall in the next
few years because dividends paid to preferred shareholders can
reduce the principal, adjusted yearly by interest rate plus spread.
Still, although we adjust preferred shares as debt, we recognize
that those are more flexible than market debt, with no specific
short-term maturity date or required amortization payments. As a
result, we haven't changed Cosan's 'bb' stand-alone credit profile
(SACP)."

Cosan is financing a large portion of the acquisition with
derivatives (collar financing), which reduces its exposure to the
downside price of Vale's stock, but demonstrates the group's higher
tolerance for leverage. As part of the deal, Cosan already has
economic rights over a 1.5% stake at Vale. For the rest, it will
gradually receive additional dividends as it amortizes the collar
until reaching a 6.5% stake in 2027. S&P said, "We view this
transaction as large and very complex, leading Cosan to post higher
leverage than it has in past years. We could revise the SACP
downward if we see future large debt-funded mergers and
acquisitions (M&A) or a more aggressive financial policy."

This year, the group has announced several other M&As totaling
about R$7 billion. On the natural gas and energy front, it
concluded two acquisitions of piped natural gas distributors. Its
lubricant arm, Moove, announced the acquisition of Tirreno and
Petrochoice, expanding international operations. Subsidiary Cosan
Investments (not rated) also acquired the 51% remaining interest in
the private use terminal (TUP) at the port of São Luís. In
addition, the group recently announced the acquisition of an
additional 13% stake in two land management companies, Tellus and
Janus.

On the other hand, the group has also sold assets for about R$2.2
billion. S&P said, "For the next few years, we expect Cosan will
keep an active M&A strategy, acquiring additional stakes in
existing investments or increasing portfolio diversification. We
think this will likely be accompanied by the sale of stakes in
subsidiaries either through IPOs or follow-ons, in line with recent
track record."

ESG credit indicators: E-2, S-2, G-2

S&P said, "ESG factors have an overall neutral influence on our
credit rating analysis of Cosan. The bulk of its operations consist
of the railroad operator, Rumo, and the regulated utility, Comgas.
Despite exposure to environmental risks in the sugar and ethanol
sector through Raízen, which we forecast dividends will represent
10%-15 of Cosan's consolidated EBITDA, we have a positive view of
the regulatory framework for the latter entity, given the track
record of transparency of rate setting, despite risks of delays in
rate hikes due to political intervention. Although rail operations
are more fuel efficient than truck transportation, the key driver
for customers remains economic.

"At this point, the acquisition of the minority stake in Vale
doesn't change our view of Cosan's ESG credit indicators. ESG
factors are a very negative consideration in our credit rating
analysis of Vale, given a series of disasters demonstrating weak
governance because of the inability to adequately map, mitigate,
and address these risk factors."




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C H I L E
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LATAM AIRLINES: Prepares to Exit Chapter 11 Bankruptcy by November
------------------------------------------------------------------
Reuters reports that LATAM Airlines (LTM.SN) detailed a financing
plan on Wednesday, October 12, 2022, that the company hopes will
finalize its exit from bankruptcy in the first week of November.

The company filed for Chapter 11 in 2020 after airline travel
plummeted during the pandemic and won court approval that June.
The reorganization plan would inject about $8 billion into the
airline through a combination of capital increase, issue of
convertible bonds and new debt.

In a note sent to the market regulator, October 11,
2022, night, LATAM detailed the structure of its exit financing
that includes a $500 million revolving credit facility and a
five-year term loan facility of $1.1 billion.

It also includes $450 million in senior secured notes due in 2027
and $700 million in senior secured notes due in 2029 as well as
$750 million five-year bridge-to-notes and another $750 million in
seven-year bridge-to-notes.

The company intends to underwrite the bridging credit lines, the
revolving credit line and the term financing.  In addition, the
offering of the bonds is expected to close on Oct. 18, 2022.

                   About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020.  Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor.  Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: 42.5% of Firms Struggle to Find Applicants
--------------------------------------------------------------
Dominican Today reports that the 2020 National Survey for the
Detection of Needs for Skills and Qualifications in Employment
(ENDHACE), which identifies the skills gap in the workforce of
Dominican companies, the challenges they encounter in finding
qualified candidates, and the solutions they use to address this
situation, was made public by the Dominican government.

The objective of this study, which was conducted by the Ministry of
Economy, Planning and Development and the National Statistics
Office (ONE) with assistance from the Organization of
Ibero-American States (OEI), the European Union (EU), and the
Spanish Agency for International Cooperation for Development
(AECID) through the PROETP II Program, is to provide accurate data
on the employment situation and the skill requirements of workers
in formal companies in the ten main branches, according to
Dominican Today.

The ENDHACE 2020 results include a list of the principal
difficulties that have an impact on the operations of former
employer companies, the report notes.  Regarding this, 25.0% said
that taxes were the main barrier, followed by competitors in the
unorganized sector (14.7%), the price and accessibility of
electricity (11.2%), and employees with low educational levels
(9.7%), the report relays.

According to the report, at the time of the survey, 70.7% of the
companies reported having open positions in the previous 12 months,
and of those, 42.5% said they had trouble filling those positions
with qualified candidates, 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.




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J A M A I C A
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JAMAICA: BOJ Increases FX Interventions
---------------------------------------
David Rose at Jamaica Observer reports that the Bank of Jamaica
(BOJ) has increased its interventions in the market through its BOJ
Foreign Exchange Intervention Trading Tool (B-FXITT) as the foreign
exchange (FX) rate between the Jamaican dollar (JMD) and United
States dollar (USD) moves up in the last month.

The BOJ intervened in the foreign exchange market on September 15
and 16 with US$30 million on each day as the weighted average sell
rate trended up from $151.60 at the start of the month to $153.50
on September 14, according to Jamaica Observer.

The total value of eligible bids received on September 15 was
US$52.1 million with the settlement price for bids coming in at
$152.05, the report relays.

Another US$42.5 million in bids were received on September 16 with
the settlement price coming in at $152.25, the report discloses.
JMMB Bank (Jamaica) Limited and GraceKennedy Currency Trading
Services Limited, trading as FX Trader, received US$6 million each
day while National Commercial Bank Jamaica Limited (NCBJ) and JMMB
Securities Limited were allocated between US$3.40 million up to
US$6 million over the two days, the report relays.  The FX rate
went to $152.69 on September 19 and ended September at $152.82, the
report discloses.

However, the BOJ intervened once again on October 7, 10 and 11 with
US$30 million as the weighted average sell rate hit $154.36 on
October 6, the report notes.  Unlike the prior FX interventions in
September, the value of eligible bids received on October 7 was
US$58.75 million with a settlement price of $153.37, the report
relays.  The FX intervention on October 10 saw US$56 million in
eligible bids received with a settlement price of $153.42, the
report notes.  The Bank of Nova Scotia Jamaica Limited and NCBJ
received US$6 million each while cambio Barita Investments Limited
received US$4.15 million on October 7, the report says.  NCBJ and
JMMB Securities were allocated US$6 million each on October 10, the
report notes. US$49.60 million in eligible bids were received on
October 11 with a settlement price of $152.98, the report relays.
JMMB Bank Jamaica and JMMB Securities were allocated US$5.65
million and US$5.30 million respectively, the report discloses.

The last time the BOJ intervened in the FX market was in July where
they deployed US$126.10 million over five days in the month, the
report says.  This was the second largest monthly intervention
after the BOJ sold US$140 million between February 14 to 17, the
report notes.

"Additionally, the MPC [Monetary Policy Committee] noted that the
bank's continued strong international reserves reinforce its
ability to support the foreign exchange market as needed, the
report relays.  The MPC highlighted the key role that the use of
the reserves have played in managing the exchange rate and, by
extension, the fight against inflation, the report notes.  The
committee noted that it would continue closely monitoring the
reserves to ensure they remain at adequate levels," the BOJ's MPC
minutes for August 16 and 17 said, the report adds.




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P A N A M A
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BANISTMO SA: S&P Affirms 'BB+/B' Global Scale ICRs, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its global scale 'BB+/B' issuer credit
ratings on Banistmo S.A. The outlook remains stable. S&P revised
downward the bank's SACP to 'bb+' from 'bbb-'.

S&P said, "We revised downward the stand-alone credit profile
(SACP) of Banistmo S.A. to 'bb+' from 'bbb-' on our expectation
that the bank's asset quality metrics will remain weaker than those
of peers.

"Additionally, we project the bank's profitability to remain lower
than that of the banking system in the next two years -but to
improve from the previous year's level, supporting its sound
capitalization.

"However, we're affirming our 'BB+/B' issuer credit ratings because
Banistmo remains a key subsidiary of Bancolombia S.A.
(BB+/Stable/B) given its role as a growth engine in Panama.
Therefore, we equalize our rating on Banistmo to that on its
parent."

The stable outlook on Banistmo reflects that on its parent, and its
expectation that the subsidiary will maintain its strategic
importance to the group.

As a result of the pandemic's harsh economic impact, some troubled
retail borrowers were unable to resume loan payments, pressuring
Banistmo's asset quality. This, coupled with still 14% of the
bank's total loans in the forbearance programs -- above to the
banking system's figure of 6.0% -- and 9.1% of total loans at Stage
3 risk category (according to International Financial Reporting
Standards 9) as of June 2022, could further raise the bank's
nonperforming asset (NPA) levels. Banistmo's NPAs to total loans
rose to 4.7% during the first half of 2022, notably higher than the
system's average of 2.9%, due to troubles at the bank's consumer
lending segment. Also, Banistmo's net charge-offs (NCOs) increased
to 1.4%, above the system's average of 0.7%. Banistmo historically
has posted weaker asset quality metrics than the banking system,
but the gap has widened as the bank continues facing risks.
Therefore, S&P revised its assessment of Banistmo's risk position
to moderate from adequate.

S&P said, "For 2022 and 2023, we forecast the bank's NPAs to total
loans to rise to about 5.0% and 4.3%, respectively, and NCOs to
total loans to 1.5% and 1.7%. These metrics are weaker than our
forecast for the Panamanian banking system average of 3.8% and
1.2%, respectively, for 2022. Finally, despite our expectations
that Banistmo's NPAs will decrease during 2023, we project its
asset quality to remain weaker than that of the banking system
average."

ESG credit indicators: E-2, S-2, G-2




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P U E R T O   R I C O
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SUN BORICUA: Seeks to Hire Homel Mercado Justiniano as Counsel
--------------------------------------------------------------
Sun Boricua Pa'l Mundo, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Homel
Mercado Justiniano as its counsel.

The firm will render these services:

  a. examine documents and other necessary information to submit
     schedules and statement of financial affairs;

  b. prepare the disclosure statement, plan of reorganization,
     records and reports as required by the Bankruptcy Code and
     the Federal Rules of Bankruptcy Procedures;

  c. prepare applications and proposed orders;

  d. identify and prosecute claims and causes of action
     assertable by the Debtor;

e. examine proof of claims filed and to be filed in the case;

f. advise the Debtor and prepare documents in connection with
    the ongoing of Debtor's business;

g. advise the Debtor and prepare documents in connection with
    the liquidation of the assets of the estate; and

h. provide other legal services.

The firm will be paid at these hourly rates:

     Attorneys       $250
     Associates      $125
     Paralegal       $50

Homel Mercado Justiniano received a retainer in the amount of
$7,750, which includes $1,738 filing fee.

As disclosed in court filings, Homel Mercado Justiniano is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Homel A. Mercado-Justiniano, Esq.
     Homel Mercado Justiniano
     Calle Ramirez Silva #8
     Ensanche Martinez
     Mayaguez, PR 00680-4714
     Tel: (787) 831-2577/808-2945
     Email: hmjlaw2@gmail.com

                    About Sun Boricua Pa'l Mundo

Sun Boricua Pa'l Mundo, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-02809)
on Sept. 27, 2022, with up to $50,000 in assets and $$100,000 to
$500,000 in liabilities. Judge Maria de los Angeles Gonzalez
oversees the case.

Homel A. Mercado-Justiniano, Esq. represents the Debtor.




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Teachers Face Issues Over Increments
-------------------------------------------------------
Following up on an article on how teachers are faring in the
current economic climate and what adjustments they have been forced
to make, a few teachers discussed their concerns with the Trinidad
Express Business.

Candice (not her actual name), a secondary school teacher, stated
why she feels the Government's current 4 per cent offer to public
servants is a 'negative increase,' according to Trinidad Express.

CANDACE explained that the teaching service in T&T has a pay
structure that ranges from grade 1 to grade 9, the report relays.
The grades are further ranked A to F, depending on the assessment
of their performance, the report discloses.  The teachers are given
a certain amount of time by which they must apply for the next
level, the report notes.

That is called the longevity period, within which they must apply,
she said. If they do not apply within the three longevity periods,
they must reapply, the report discloses.

"You are eligible for increments, which are moves along the
teaching tier if you have finished your performance assessment over
a 3 on a scale of one to five, the report notes.

"You begin at Grade A when you join the teaching service, and after
a year and a performance evaluation, you should advance to Grade B.
The incremental scale has a $364 difference between each point.
You'll be promoted from point A to point B as a teacher, then from
point B to point C, and so on," said the teacher, the report
relays.

She explained that the 4 per cent offer from the Government is
roughly equal to one increment, the report says.

"What does this mean for teachers who haven't been promoted in
years and are, in some circumstances, earning $1,000 less than
their wage bracket? If teachers were paid in accordance with their
proper pay scale, it may alleviate some of the financial
difficulties they are now facing," she said, the report relays.

                       Minister Responds

The Express Business contacted Education Minister Dr Nyan Gadsby
Dolly, to inquire why teachers are not receiving the appropriate
increments despite yearly performance reports, Trinidad Express
relays.

The minister said the existing system must be replaced with a more
modern one in order for it to operate more efficiently, the report
notes.

She said, "At times, there are circumstances which may prevent them
(teachers) from being at their present incremental point e.g the
non-receipt of previous staff reports or errors in the reports, the
report relays.  At the heart of this issue is also the requirement
for the manual system to be replaced with a digitized process,
which will be much more efficient, the report notes.  The
digitization of human resource records is currently being done at
the Ministry of Education," the report discloses.

Dr Gadsby Dolly did not disclose how far the Ministry of Education
has progressed toward digitizing all human resource data, but she
did note that it is a large project that is currently being worked
on, the report relays.

However, educators told the Express Business that the reason some
teachers in Trinidad and Tobago are not receiving their proper
increments is due to unnecessary bureaucracy at the Ministry of
Education, the report saus.

"When staff reports are done, they are done for an entire school.
When the reports leave the school, they must go to the district
office because the school supervisor must sign them, and only after
the school supervisor signs them, do the reports go to the Ministry
of Education," the report notes.

"The school supervisor will usually do an entire batch and send it
via courier to the Ministry of Education. Most of the time, when
staff reports go missing, it happens at the Ministry of Education,
where things are often misplaced," the report relays.  This error
hardly ever happens at the school level because when the MOE says
what year or years, they are unable to locate, you can go back to
the school and look at your file and find exactly what is missing,
the report notes.  The MOE is ridiculous, the report says.

They are still paper-based, and all teachers still have a physical
file, the report discloses.

"If something happens to you, like a transfer or you are going on a
scholarship to do a Diploma in Education or anything else, they
must pull your physical file to update.  Imagine in this day and
age they do not have computerized files, so it is very possible for
things to go missing and that's why it takes very long for some
teachers to get their retirement benefits even after they have left
the service," Candice said, the report relays.

                         Union Disturbed

Speaking to TV6's Morning Edition anchor Fazeer Mohammed, Trinidad
and Tobago Unified Teachers' Association vice-president Kyrla
Robertson-Thomas said some teachers had not been promoted to the
next level despite achieving all of the prerequisites, the report
notes.

She said teachers recently had to grieve the loss of one of their
own after discovering that a teacher had been an assistant teacher
(primary) for around 15 years and died while waiting to be promoted
to a T1 post, the report relays.

The system does not allow ATPs (Assistant Teachers Primary) to be
placed with trained teachers and perform the duties specified in
their job descriptions, according to Robertson-Thomas, the report
discloses.

"He was operating at the lowest level without proper compensation
but was expected to carry out the duties of a trained teacher," she
added.

In reference to that teacher, Robertson-Thomas recalled a
discussion she had with the permanent secretary in 2016 and said,
"If that man died, his blood would be on your hands.  The Teaching
Service Commission, the Chief Personnel Officer (CPO), and every
technocrat in the ministry did nothing to aid UTT and USC students
in obtaining promotions.  Instead, they continued to allow them to
teach and perform all T1-level responsibilities without suggesting
that they be promoted," the report notes.

According to Robertson-Thomas, TTUTA informed the Government in
advance to be mindful of the Bachelor's of Education program they
planned to implement at UTT as they hoped the new degree would be
compatible with the previous Diploma in Education for students
moving forward, the report relays.

With the advent of UTT, the teachers training college closed down
and became a UTT campus, and the previous two-year diploma became a
four-year Bachelor's degree in education, the report notes.

However, when teachers completed the degree, they still encountered
problems advancing their career, the report relays.

She said many teachers have had T1 secondary training but were
given the "pie in the sky" impression that they would inevitably
become T3 secondary teachers once they complete the Bachelor's
degree, the report says.  The current system does not fully
acknowledge the change, which leaves these teachers in "limbo," the
report discloses.

According to Robertson-Thomas, these individuals end up sliding
through the holes of the educational system and languishing in the
same location for years, unable to progress, the report relays.

"This man (teacher) is no longer alive, and there are many more
like him (in the system)." She said,  "Teachers are depressed,
dejected, and feel unappreciated, she added.

On October 5, World Teachers' Day, Robertson-Thomas recommended
that the Minister of Education ditch her high heels in favor of a
pair of cozy flats or sneakers and do a thorough tour of the
country's schools to examine what is going on, the report relays.

The Education Minister told the Express Business that she couldn't
even estimate how many elementary and secondary school teachers
received grades of 3 or above in their 2021 evaluations since she
would need to manually evaluate all staff reports to get that data,
the report adds.



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