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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

          Thursday, April 20, 2023, Vol. 24, No. 80

                           Headlines



A R G E N T I N A

ARGENTINA: Monthly Inflation Hits 8-Month High of 7.1% in March
ARGENTINA: To Rework US$44B Deal with IMF as Drought Hits Economy


B R A Z I L

AMERICANAS SA: Some Creditors Agree to Suspend Legal Disputes
BRAZIL: Inflation Slowed to 0.71% in March, Despite Gasoline Hikes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Inflation Expected to Slow Down in 2023
DOMINICAN REPUBLIC: Least Affected by Regional Inflation


X X X X X X X X

LATAM: Conferences of Cities Will Focus on Sustainable Investment

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Monthly Inflation Hits 8-Month High of 7.1% in March
---------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Argentina's
inflation rate is expected to have clocked in at an eight-month
high of 7.1% in March, piling pressure on the government as it
looks to tame spiraling prices that have pushed up poverty levels.


The South American country is battling annual inflation above 100%,
one of the highest levels globally, which saps earning power and
has sharpened a cost-of-living crisis, hurting the ruling Peronist
coalition ahead of elections in October, according to the report.

The median forecast came from 15 analysts polled by Reuters, with
estimates ranging from 6.4% to a maximum 7.4% monthly rise, the
report notes.  Analysts said the high inflation rate, expected to
be just shy of a peak last July, was likely to persist as the
government sought to spur grains sales by offering preferential
exchange rates to soy exporters and other producers, the report
relays.

                      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.

S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.

The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency
Issuer Default Rating (IDR) to 'C' from 'CCC-', and has affirmed
the Long-Term Local Currency IDR at 'CCC-' on March 24, 2023.
Fitch's downgrade of Argentina's rating to 'C' from 'CCC-' follows
an executive decree that forces domestic public-sector entities
into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that
default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.

ARGENTINA: To Rework US$44B Deal with IMF as Drought Hits Economy
-----------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentina and the
International Monetary Fund are going back to the drawing board
again on the country's US$44-billion program as a record drought is
expected to push the country into recession, according to an
Economy Ministry official who asked not to be named to discuss
upcoming changes.

The official added that all options are on the table in the fifth
review of the IMF's biggest program, including discussions on
disbursements, but didn't provide more specifics, according to
Bloomberg News.  An IMF spokeswoman didn't immediately respond to a
request for comment during weekend hours.  The Economy Ministry
declined to comment.

Economy Minister Sergio Massa met with IMF First Deputy Managing
Director Gita Gopinath on the sidelines of the lender's spring
meetings where they discussed the economic impact of Argentina's
worst drought on record, Bloomberg News notes.  La Nacion newspaper
reported the development earlier.

It's another setback for Argentina's program, coming less than two
weeks after the IMF changed a key target for the third time since
the deal began about a year ago, Bloomberg News relays.  During
that review, IMF staff and Argentine officials cut the level of net
reserve accumulation, or cash stockpile, needed to be built up at
the Central Bank this year to US$2.6 billion from US$4.8 billion
previously, Bloomberg News notes.

As of April 3 when the IMF published its full report, officials
kept the key primary fiscal deficit target for this year at 1.9
percent of gross domestic product, Bloomberg News says.  Achieving
that target "remains essential" to the program, Gopinath said in a
statement on April 1, Bloomberg News notes.

Earlier, the IMF slashed its growth forecast for Argentina to 0.2
percent of GDP from two percent previously, while private
economists in Buenos Aires are projecting a four percent
contraction, Bloomberg News discloses.  Government data published
showed prices rose 104 percent in March from a year ago, Bloomberg
News says.  Economists at JPMorgan Chase & Co now forecast 130
percent inflation by the end of this year, 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.

S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.

The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency
Issuer Default Rating (IDR) to 'C' from 'CCC-', and has affirmed
the Long-Term Local Currency IDR at 'CCC-' on March 24, 2023.
Fitch's downgrade of Argentina's rating to 'C' from 'CCC-' follows
an executive decree that forces domestic public-sector entities
into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that
default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.



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

AMERICANAS SA: Some Creditors Agree to Suspend Legal Disputes
-------------------------------------------------------------
Rachel Gamarski of Bloomberg News reports that Americanas and
certain financial creditors have agreed to temporarily suspend
their ongoing legal disputes in order to allow the parties involved
to focus their efforts on negotiating a judicial recovery plan that
is acceptable to most of the company's creditors and that makes the
operational future of Americanas possible, the company said in a
filing.  The Company also said that it expects, during this period,
the negotiations will culminate in a plan that has the support of
the largest possible share of Americanas's creditors.

                      About Americanas SA

Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail. It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.

The retailer nosedived in January 2023 after becoming mired in an
accounting scandal. The firm filed for bankruptcy at a court in Rio
de Janeiro on Jan. 19, 2023.

Americanas sought protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25,
2023.  White & Case LLP, led by John K. Cunningham, is the U.S.
counsel.


BRAZIL: Inflation Slowed to 0.71% in March, Despite Gasoline Hikes
------------------------------------------------------------------
Richard Mann at Rio Times Online reports that the Broad National
Consumer Price Index (IPCA) was 0.71% in March after rising 0.84%
in February.  The Brazilian Institute of Geography and Statistics
(IBGE) released the data, according to Rio Times Online.

The data show that inflation has risen 2.09% in the year and 4.65%
in the last 12 months, below the 5.60% observed in the 12 months
immediately before, the report notes.

Eight of the nine groups surveyed by the institute rose this month,
especially transportation, which had the highest increase with
2.11%, compared to 0.37% in February, the report discloses.
Gasoline was the main culprit, 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).




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

DOMINICAN REPUBLIC: Inflation Expected to Slow Down in 2023
-----------------------------------------------------------
Dominican Today reports that the Ministry of Economy, Planning, and
Development (MEPyD) officials have claimed that the adoption of
restrictive monetary policies, coupled with the subsidies offered
by the Dominican Government to counter the rise in fuel prices and
the prolongation of the temporary suspension of adjustments to
electricity rates, have helped slow down inflation. Furthermore,
the drop in raw material prices in the global market and the
worldwide costs of container transportation continue to affect the
moderation of local price levels, according to Dominican Today.

In the “Macroeconomic Panorama 2023-2027” report published by
MEPyD, it is stated that inflation is projected to converge to the
target range of 4% ± 1% in 2023, with an estimated year-end price
growth of 4.5% and an average of 5.5%, the report notes.  The
Central Bank of the Dominican Republic, on April 4, reported that
the monthly CPI variation was 0.21% in March 2023, resulting in
interannual inflation of 5.90% by the end of the month, the report
relays.  The bank suggested that the slowing of inflation would
result in a convergence towards the target range of 4% ± 1% by
mid-year, the report discloses.

According to the MEPyD report, economic prospects for 2023 in the
Dominican Republic are still influenced by the current global
market's level of uncertainty, given the tightening of financial
conditions and the slowdown in major trading partner economies, the
report relays.  The government institution explained that the
country's economy is expected to grow by 4.25% in 2023, 0.25
percentage points less than the macroeconomic forecast for November
2022, and these predictions remain vulnerable to the levels of
uncertainty in the global market, the report discloses.  The MEPyD
assured its commitment to monitor the international environment and
its potential effects on the domestic macroeconomic outlook, 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 To related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.S&P also
affirmed its 'BB-' long-term foreign and local currency sovereign
credit ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.

DOMINICAN REPUBLIC: Least Affected by Regional Inflation
--------------------------------------------------------
Dominican Today reports that according to the latest report from
the General Directorate of Consumer Protection of Honduras, the
Dominican Republic is one of the countries in Central America and
the Caribbean least affected by inflation in the cost of basic food
products.  

Eddy Alcantara, the executive director of the National Institute
for the Protection of Consumer Rights (Pro Consumidor), presented
the comparative graphs of products per unit and pound of bulk
consumption in each of the countries that make up the Central
American Consumer Protection Council (Concadeco), according to
Dominican Today.  The presentation was made within the framework of
a press conference at the Pro Consumidor headquarters, Dominican
Today notes.

The report analyzes the behavior of all the products subject to the
survey carried out by Honduras, taking as a matrix the information
of each nation contained in the database data from each of the
counterpart institutions, such as the price reference per unit and
pound of these basic food products, Dominican Today relays.  The
graphs presented show that of the 21 most influential consumer
products in the reference countries, the Dominican Republic is the
country that could acquire them per unit or pound with the lowest
costs, taking the weight of the United States currency (the dollar)
as a reference at the official exchange rate of each of the States,
Dominican Today discloses.

The study concludes that although inflation has affected all
countries in Central America and the Caribbean, including the
Dominican Republic, it has resulted in lower costs in total
consumption than the other reference countries, Dominican Today
relays.  This coincides with the data shown by the Central Bank of
the Dominican Republic, which indicates that interannual inflation
has been reduced to 5.90%, the report notes.  Alcantara has held
conversations with the heads of institutions that have to do with
the production and supplies of food in the country, and they have
assured that the supply is guaranteed for the next 18 months in the
Dominican Republic, the report relays.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCRLA reported in April 2019 that the Dominican To 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.



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

LATAM: Conferences of Cities Will Focus on Sustainable Investment
-----------------------------------------------------------------
Dominican Today reports that for the first time, the Dominican
Republic is hosting the Conference Series of Latin American Cities,
which will focus on sustainable investment.  The event, organized
by the Americas Society/Council of the Americas (AS/COA) in
collaboration with the Vice Presidency of the Caribbean country,
will bring together members of the Dominican Government and
executives from the private sector to discuss investment, trade,
energy, and technology, according to Dominican Today.

Under the motto "Creating a new vision of sustainable investment,"
the conference will feature three panels.  The first panel will
focus on "Facilitating sustainable investment in strategic
sectors," with a special focus on the industrial, energy, and
service fields.  The Dominican Minister of Industry, Commerce, and
Mipymes, Víctor Bisono, will participate in this discussion, the
report notes.

The second panel, "Diversifying industries, creating opportunities
for development and promoting a climate for innovation," will
explore how to create an attractive climate for innovative
companies to take advantage of opportunities derived from
"nearshoring" and the Dominican Republic's position as a logistics
center in the region, the report relays.

The final panel, "Public-private collaboration for innovative
opportunities that promote sustainable development," will discuss
the joint effort needed to promote investment and empower the
operational framework for economic growth, infrastructure, digital
transformation, transportation, medical devices, and financing of
projects, among other points, the report relays.

The AS/COA has previously visited cities such as Bogota, Buenos
Aires, Lima, Medellín, Mexico City, Monterrey, and Panama City,
the report discloses.  This year, in addition to Santo Domingo, the
conference will be held in Mexico City, Brasilia, Santiago de
Chile, Bogota, and Buenos Aires, the report relays.

The Dominican President, Luis Abinader; the Vice President, Raquel
Peña; and the head and CEO of the Council of the Americas, Susan
Segal, will participate in the event. With a focus on sustainable
investment, the Conference Series of Latin American Cities aims to
promote economic growth, infrastructure, and innovation across the
region, 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
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN 1529-2746.

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