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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, February 3, 2023, Vol. 24, No. 26

                           Headlines



B R A Z I L

BRAZIL: 2022 Gross Debt Falls to Lowest Level in More Than 5 Years


C H I L E

LATAM AIRLINES: Gets OK to Expand Scope of Deloitte's Services


J A M A I C A

JAMAICA: Producer Price Index Fell by 1.6% in December
[*] JAMAICA: Strengthening Trade Ties With Guyana


P E R U

TELEFONICA DEL PERU: Fitch Lowers IDR to 'BB', On Watch Negative


P U E R T O   R I C O

UNLIMITED DEVELOPMENT: Case Summary & One Unsecured Creditor


T R I N I D A D   A N D   T O B A G O

ATLANTIC LNG: Venezuela Gas Offers Lifeline for Train 1
TRINIDAD & TOBAGO: Group Urges Reopening of Scrap Iron Industry

                           - - - - -


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

BRAZIL: 2022 Gross Debt Falls to Lowest Level in More Than 5 Years
------------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil's
government debt as a share of gross domestic product ended 2022 at
its lowest level in more than five years, central bank data showed,
helped by nominal economic growth and net public debt redemptions.


The country's gross debt fell to 73.5% of GDP in December from
74.6% in November, accumulating a 4.8 points contraction in the
year, to its lowest ratio since July 2017, when it reached 73.2%,
according to globalinsolvency.com.

The reduction was mainly led by a nominal rise in GDP, which is
also affected by inflation. Economists weekly polled by the central
bank now estimate a 3% rise in 2022 GDP, after starting last year
forecasting a mild 0.3% growth, the report notes.

Latin America's largest economy has shown more vigor than initially
expected on the back of solid service activity, an improved job
market and government fiscal stimulus ahead of a presidential
election in October, the report relays.

Economists weekly polled by the central bank now estimate a 3% rise
in 2022 GDP, after starting last year forecasting a mild 0.3%
growth, the report discloses.

Latin America's largest economy has shown more vigor than initially
expected on the back of solid service activity, an improved job
market and government fiscal stimulus ahead of a presidential
election in October, the report notes.

But the impressive gross debt reduction was also helped by public
net debt redemptions, as the Treasury chose to reduce bond issues
while Brazil's benchmark interest rate was aggressively hiked to
battle inflation, the report relays.  Prepayments of state-run
development bank BNDES debts with the Treasury also helped to
reduce the need for bond issuance, as well as the government's own
primary result, the report adds.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).




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

LATAM AIRLINES: Gets OK to Expand Scope of Deloitte's Services
--------------------------------------------------------------
LATAM Airlines Group S.A. and its affiliates obtained an order from
the U.S. Bankruptcy Court for the Southern District of New York
authorizing Deloitte Advisory SpA to provide additional services.
       
The services include assisting the Debtors in assessing SAP S/4HANA
in relation to the finance business processes through diagnostics
and configuration; and preparing and executing leadership model
training for the Debtors' operational leaders.
       
The firm will be paid UF $3,978 for the SAP S/4HANA assessment
services, and $970 for the leadership model training services.
       
Ricardo Briggs Luque, a managing director at Deloitte Advisory SpA,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
       
The firm can be reached at:
       
            Ricardo Briggs Luque
            Deloitte Advisory SpA
            Rosario Norte 407, Floor 16
            Las Condes, Santiago, Chile

         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.




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

JAMAICA: Producer Price Index Fell by 1.6% in December
------------------------------------------------------
RJR News reports that the cost to produce outputs in the
manufacturing industry fell in the month of December.

The Producer Price Index (PPI) for the sector was down 1.6 per
cent, according to RJR News.

The Statistical Institute of Jamaica says the main contributor to
the decline was a nine per cent fall in the index for the cost of
fuel, the report notes.

The movement in the industry's index was however tempered by a 0.3
per cent increase in the index for the heaviest-weighted major
group 'Food Beverages & Tobacco,' the report relays.

The December PPI movement brought the point-to-point index for the
manufacturing industry up by 11.2 per cent, the report notes.

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: Strengthening Trade Ties With Guyana
-------------------------------------------------
RJR News reports that Jamaica is strengthening trade ties with
Guyana.

Minister of Industry, Investment, and Commerce Senator Aubyn Hill
has led a second trade mission to the country with a delegation
from Jamaica.

More than 70 business and trade interests were a part of the
mission.

Mr. Hill says the move is to drive exports and investments between
Guyana and Jamaica, which he hopes will create strategic alliances
and help expand the economy.

Vice President of Guyana, Dr. Bharrat Jagdeo, says the partnership
will lower unemployment while also enhancing infrastructure and the
housing stock.

Guyana is the fastest growing economy in the region, and one of the
only jurisdictions in the world projected to see double digit
growth.

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.




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P E R U
=======

TELEFONICA DEL PERU: Fitch Lowers IDR to 'BB', On Watch Negative
----------------------------------------------------------------
Fitch Ratings has downgraded all of Telefonica del Peru's S.A.A.'s
(TdP) ratings, to 'BB' from 'BB+'. The rating action applies to the
Long Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR),
the LT Local Currency (LC) IDR, and the PEN1.7 billion notes due
2027. In conjunction with these moves, Fitch has placed all of
these ratings on Rating Watch Negative (RWN).

The downgrade of TdP's ratings reflects the near-term
materialization of the company's tax liability, which will result
in a material deterioration in the company's leverage profile,
although the timing and extent of additional debt financing needed
to pay the tax payments remains uncertain. In addition, the company
has continued to operate in an intense competitive environment amid
lingering cost inflation pressures and an uncertain economic
backdrop in Peru. While TdP benefits from its scale as the largest
operator in Peru, as well as its diversified product portfolio, the
company's negative FCF has weighed on its financial profile.

KEY RATING DRIVERS

Materialization of Tax Liability: As of Sept. 30, 2022, the total
provision for income tax liability on the company's balance sheet
was PEN2.8 billion, related to a long-running tax dispute with
Peruvian authorities. Peru's supreme court recently ruled in favor
of Peru's tax agency, SUNAT, in relation to a big proportion of the
outstanding income tax provisions in which TdP will be ordered to
make payments in the near term.

At present, the exact amount, timing, and structure of the payments
is not yet known, but Fitch expects, according to what the recent
shareholders meeting approved, the company will seek additional
financing and potential capital contributions to service these
payments, which will affect the company's financial profile.
Peruvian companies facing tax liabilities have the option to extend
a portion of the final settlement payment up to six years by
following standard procedures with the SUNAT.

Weak Profitability, Negative FCF Trends: Fitch expects FCF to
gradually improve over the rating horizon, but will remain negative
and continue to weigh on the company's financial profile. Despite
experiencing a partial recovery in mobile revenues and margins off
of pandemic lows, EBITDA margins have continued to be relatively
weak versus peers in the region.

Fitch expects an acceleration of fiber rollout and low single digit
ARPU growth to offset declining demand for fixed voice, generating
revenue growth in the low single digits for the fixed business over
the rating horizon. A more stable mobile competitive environment,
growing demand for broadband, and cost containment efforts should
result in modest EBITDA margin expansion over the rating horizon,
albeit below historic levels and below that of investment-grade
peers.

Leverage Expected to Worsen: Some modest improvements in YTD EBITDA
in 2022 resulted in net debt/EBITDA improving to 2.3x as of
September 2022, from 3.1x in 2021, driven in part by cost savings
initiatives. Fitch forecasts capital intensity of roughly 11% while
margins will likely only improve marginally as competition spurs
network investments, limiting FCF improvement. While the extent and
timing of new financing to cover near-term material tax payments is
not yet known, Fitch expects leverage to materially weaken.

Strong Market Shares and Diversification: TdP's business profile,
particularly in terms of market share and diversification, remains
solid. TdP is well-diversified between fixed and mobile service
offerings despite market share losses in recent years due to
intense competition, most notably on the mobile side as Entel and
Bitel (Viettel Group) continue to attract customers. Fitch
estimates TdP has a mobile subscriber share of approximately 30%
and a fixed-line subscriber share of over 60%. The company plans to
focus on expanding and improving its fixed services over the medium
term, mainly through the acceleration of fiber deployment. Fitch
expects marginal improvement in ARPUs on price increases as
consumer spending improves and the product portfolio shifts to
higher-value services.

Linkages with Telefonica S.A.: Fitch rates TdP on a standalone
basis, and does not factor in any expectation of support from
ultimate parent Telefonica S.A. (TEF; BBB/Stable). TEF has
indicated its intention to divest its Hispano-American operations,
including TdP, Telefonica Moviles Chile SA (BBB+/Stable), and
Colombia Telecomunicaciones SA ESP (BBB-/Stable), and nonrated
entities in Mexico, Argentina and elsewhere. Fitch rates TDP on a
standalone basis, given the stronger financial profile of parent
Telefonica SA relative to TdP, while legal, strategic, and
operational incentives for support from the parent are deemed low.

DERIVATION SUMMARY

In comparison with other regional peers in the 'BBB' rating
category, TdP's business position is toward the lower end of the
category because of its still-leading, but weakening market
positions in the highly competitive Peruvian telecom industry. The
company's financial profile deteriorated since 2016 due to intense
competition. This caused a decline in operating margins and cash
flow generation, which are more in line with 'BB' category
issuers.

TdP's business position is roughly in line with sister company
Telefonica Moviles Chile (TCH, BBB+/Negative) in terms of service
diversification and market position, although TMCH is stronger
financially, supported by lower leverage and consistently positive
FCF. TdP's business profile is comparable with Colombian peers UNE
EPM Telecomunicaciones S.A. (Tigo UNE, BBB-/Stable) and Colombia
Telecomunicaciones S.A. E.S.P. (ColTel, BBB-/Stable) with respect
to market shares in fixed and mobile, although Tigo UNE and ColTel
have higher margins and lower leverage metrics that are more in
line with investment-grade issuers.

TdP is rated one notch below competitor Entel (BBB/Stable), as
Entel has been able to capitalize on its improved scale in Peru and
sustained its strong operational performance in Chile. Although
TdP's large fixed-line presence supports its business position in
Peru, Entel has a superior financial profile due to the continued
strength in its Chilean operations and improving profitability
metrics in Peru.

KEY ASSUMPTIONS

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

- Mobile revenues grow to PEN3.9 billion from PEN3.5 billion over
the rating horizon;

- Low-single-digit growth in mobile subscribers and growth in
ARPUs;

- Fixed revenues remaining relatively flat, near PEN3.6 billion
over the rating horizon;

- Continued double-digit declines in fixed-line voice subscribers,
partially offset by broadband and pay-TV subscribers, growing in
the low single digits, with fixed ARPUs growing in the
low-single-digit percentage range;

- EBITDA margins gradually improving to around 14.5%, with an
improved pricing environment offset by mix-shift and cost
inflation;

- Capital intensity in the low-double-digits percentage range;

- Material tax payments pressure FCF.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Stabilization of the ratings is dependent on attaining greater
clarity on manageability of tax liability payments and the company
achieving stability in market position and margin expansion
materially above forecasts.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Continued deterioration of margins and competitive position
regardless of credit metrics;

- Total debt/EBITDA sustained above 4.0x or net debt/EBITDA above
3.5x;

- Unfavorable financing structure of payments.

LIQUIDITY AND DEBT STRUCTURE

Uncertain Liquidity: As of Sept. 30, 2022, the company had PEN360
million in short-term debt, and readily available cash of PEN476
million. TdP benefits from its manageable amortization schedule,
with PEN2.1 billion of its PEN2.7 billion long-term debt, maturing
beyond 2025, including its PEN1.7 billion note due in 2027.
However, projected negative FCF, including the impact of material
tax payments, implies that the company will need to issue
significant additional debt in the near-term. Positively, the
company's debt is completely payable in Peruvian soles, limiting
foreign exchange risk for the company.

ISSUER PROFILE

Telefonica del Peru S.A.A. is the largest integrated telecom
operator in Peru in terms of revenue share. The company provides
mobile and fixed-line telephony, broadband and Pay-TV though its
Movistar brand, as well as IT solution services for corporate
clients.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Telefonica del
Peru, S.A.A.        LT IDR    BB  Downgrade     BB+

                    LC LT IDR BB  Downgrade     BB+

   senior
   unsecured        LT        BB  Downgrade     BB+




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

UNLIMITED DEVELOPMENT: Case Summary & One Unsecured Creditor
------------------------------------------------------------
Debtor: Unlimited Development Corp.
        Cond Capitolio Plaza
        Apt 11009
        San Juan, PR 00901

Business Description: The Debtor owns a residential apartment
                      located at Capitolio Plaza, San Juan, PR,
                      valued at $375,000.

Chapter 11 Petition Date: January 31, 2023

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 23-00253

Debtor's Counsel: Wanda Luna-Martinez, Esq.
                  LUNA LAW OFFICES
                  PO Box 19400
                  San Juan, PR 00919-4000
                  Tel: (787) 998-2356
                  Fax: (787) 200-8837
                  Email: quiebra@gmail.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ismael Crespo as president.

The Debtor listed Cielo Vivienda LLC as its only unsecured
creditor
holding a claim of $825,000.

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

https://www.pacermonitor.com/view/PHXP4II/UNLIMITEDED_DEVELOPMENT_CORP__prbke-23-00253__0001.0.pdf?mcid=tGE4TAMA




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

ATLANTIC LNG: Venezuela Gas Offers Lifeline for Train 1
-------------------------------------------------------
Trinidad Express reports that Atlantic LNG's Train 1 could be given
a lifeline with both the US approval for gas to come to T&T from
Venezuela's Dragon field and production from the cross-border,
Manatee field, predicts Prof Andrew Jupiter.

Jupiter, who for decades was involved in cross-border negotiations
with the Venezuelans, said the deal opens up hundreds of millions
of standard cubic feet of gas per day (mmscf/d) coming to T&T to
support industries at Point Lisas and the LNG plants in Point
Fortin, according to Trinidad Express.

"I have been in cross-border negotiation since 1987 when I went
with then-prime minister ANR Robinson to Caracas to sign the
delimitation treaty with Venezuela.  I say this to tell you that
whether it was the NAR, PNM or UNC governments, we have all worked
on this and to see the major stumbling block to cross-border gas
being removed and the possibility of gas coming to T&T from
Venezuela is a great moment and I have to commend Prime Minister Dr
Keith Rowley and his government for getting it done," said Jupiter,
who is Professor of Practice, Petroleum Engineering, at the St
Augustine campus of The University of the West Indies, the report
discloses.

                            Major Boost

Admitting there were still a lot of legal hurdles to get past,
Jupiter said the important thing is the gas is proven and when
combined with Manatee could be a major boost to the country's
strugggling production, the report notes.

"We are talking here about well over half a billion standard cubic
feet of gas per day getting here by 2027. That will certainly open
the door to train 1 returning to production of LNG." Jupiter
posited, the report says.

Atlantic LNG has been mothballed since 2020 because of a shortage
of natural gas. The present restructuring of Atlantic LNG does not
include Train 1 but rather Train's II, III and IV. Even with only
three trains in operation, Atlantic's CEO Ronald Admas admitted
that the plants are only running at 70 per cent of their capacity,
the report relays.

Jupiter said that many people are unaware there is as much as 10
tcf of proven reserves in fields that are located close to the
border with T&T and signficant possibilities for low pressure gas
to flow to T&T from the Bolivarian Republic, the report notes.

With respect to the Dragon field, Jupiter said a lot of the
technical work has already been done on the field and he thinks it
could be produced from T&T using subsea wells.

He was full of praise for Shell for coming back to T&T and
suggested that Shell saw the opportunity to capitalise on T&T's
relationship with Venezuela and its cross-border potential to
re-enter this country, the report says.

"I believe that Shell, as it always does, plans for 25 years and I
think it was not by accident that it bought the interest in
Atlantic to become the single largest shareholder and also it
bought BG and it is involved with the government with this project.
Shell would not invest its money unless it can get a return and
unless it has sound legal backing for what it is doing. So I am
very happy that we are partnering with Shell on this project," the
report relays.

Jupiter said there was also no issue with respect to the financing
of the project with the NGC already expcted to spend at least $1
billion on the pipeline, the report notes.

He said, "I think it was in 2018 that the Finance Minister
announced that the NGC had set aside $1 billion to fund the project
and therefore there is already a budget in place for it," the
report relays.

Energy sources said NGC will have to build a pipeline to connect
with Shell's pipeline that runs from the Hibiscus platform to
Atlantic LNG in order to get the gas to the petrochemical plants,
the report notes.

Jupiter said he was confident that the country has the legal and
negotiating teams to ensure it gets the best benefit from the
cross-border gas with several scholarship winners on the team and
high-quality consultants, the report adds.


TRINIDAD & TOBAGO: Group Urges Reopening of Scrap Iron Industry
---------------------------------------------------------------
Kim Boodram at Trinidad Express reports that the Trinidad and
Tobago Scrap Iron Dealers Association (TTSIDA) is calling for
immediate implementation of The Scrap Metal Bill 2022 and the
restart of the industry, with a warning that the "thousands"
currently out of income have been asked not to protest.

TTSIDA president, Allan Ferguson, said at a press conference that
the need to reopen the industry couldn't be exaggerated, as some
25,000 people had their income suddenly taken away and many
struggled to buy food, according to Trinidad Express.

Ferguson said "thousands" were visiting and calling him and the
TTSIDA for help but resources were thin and since the shutdown of
the industry five months ago, members have received "no help" from
the Government, the report notes.

Speaking at Yzee Event Hall, Kelly Village, Caroni, Ferguson said
many of those affected by the shutdown were "getting fed up" and he
had to ask them not to take action such as blocking the nation's
roads, the report notes.

"People are getting weary of the fight," Ferguson said, later
accusing the Government of having "hate" for poor people, the
report relays.

He said he has been asking the membership for "patience," and that
while people from all over T&T had been affected by the shutdown,
some were now living in the nation's dumps, the report discloses.

"Not one help did we receive from this Government after five months
and we kept on getting nothing," he added.

Ferguson said: "Some are saying, chief, let's block all the roads
in T&T," but he has explained to them how this would affect others,
such as senior citizens being taken to hospital, the report
relays.

"There may be a time they will not listen to me," Ferguson said.

He later addressed Prime Minister Dr Keith Rowley, Trade Minister
Paula Gopee-Scoon, Attorney General Reginald Armour and Energy
Minister Stuart Young, stating, "God doh sleep," the report notes.

Ferguson has called for support from all other sectors, as well the
various religious faiths, saying the issue was "not about scrap
alone," the report discloses.

"There will be a day poor people will gather and stop this
injustice of the poor," he added.

Ferguson said the Government was not taking care of people properly
and "that is why we have so much crime," the report notes.

He said even if the industry was reopened "tomorrow," 90 per cent
of those who were affected wouldn't be able to reenter and accused
the Government of preparing to accommodate its "financiers" in the
business, the report relays.

The call on the Government to reopen the scrap metal business was
endorsed by Movement for Social Justice (MSJ) leader, David Abdulah
who said "nothing else would suffice," the report notes.

Speaking at the conference, Abdulah said people had to be allowed
to earn money and take care of themselves, the report discloses.

Also present was United National Congress (UNC) activist, Marsha
Lorraine Walker, who said issues around the local industry were
matters of the law and enforcement, the report says.

Walker said military weapons and uniforms were being seen used in
crimes, however this has not led to the shutting down of the Army,
the report adds.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
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