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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

          Wednesday, July 6, 2022, Vol. 23, No. 128

                           Headlines



A R G E N T I N A

ARGENTINA: Seeks Hedging in Crypto After Economy Minister Resigns


B R A Z I L

BRAZIL: Central Bank Aims for Inflation at 3.25% Target in 2023
COMPANHIA SIDERURGICA: Fitch Affirms BB LongTerm IDRs, Outlook Pos.
MC BRAZIL DOWNSTREAM: Fitch Assigns 'BB-' LT IDRs, Outlook Stable


C H I L E

ALTO MAIPO: Comunidad de Aguas Files $68 Mil. Chapter 11 Suit


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Official Explains Power Cuts


H A I T I

[*] HAITI: IMF Management Approves a Staff-Monitored Program


J A M A I C A

CIBONEY GROUP: Sees Setback in Sale of Shares


P U E R T O   R I C O

TOYS "R" US: Former Executives Face Trial on Botched Bankruptcy

                           - - - - -


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

ARGENTINA: Seeks Hedging in Crypto After Economy Minister Resigns
-----------------------------------------------------------------
Ignacio Olivera Doll at Bloomberg News reports that the cost of
buying Tether's stablecoin USDT with Argentine pesos surged after
Economy Minister Martin Guzman resigned.

The resignation marked the biggest departure of President Alberto
Fernandez's government after infighting escalated within the ruling
coalition, according to Bloomberg News.  No replacement was
immediately named.  

The price of USDT measured in Argentine pesos jumped on major
exchanges soon after the minister announced his resignation on
Twitter, according to the CryptoYa website, which reports
minute-by-minute prices, the report notes.  The coin fetched 257
Argentine pesos on the Binance exchange, up 6.6 percent, the report
relays.  On the Lemon Cash exchange, prices jumped 11 percent to
279 pesos, the report notes.

Crypto is the only market trading in Argentina on July 2.  While
volumes are small, the moves could indicate unease, at least among
some traders, over the growing rift within the ruling coalition and
concern over the government's ability to tackle rising inflation
and other economic challenges, the report relays.   

Argentina is one of the nine countries with the highest adoption of
cryptocurrencies, according to Chainalysis, a site specializing in
crypto and blockchain, the report says.  In a country with
recurring currency crises and inflation running around 60 percent
annually, two-thirds of Argentines who invest in crypto say they do
so to protect their savings, according to a study by Buenos
Aires-based Wunderman Thompson, 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.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

Argentina obtained on March 25, 2022, approval from the Executive
Board of the International Monetary Fund (IMF) of a 30-month
extended arrangement under the Extended Fund Facility (EFF)
amounting to SDR 31.914 billion (equivalent to US$44 billion).
Under the new terms, Argentina secured a much-needed grace period
that postpones repayment of its debt. However, IMF warned of
exceptionally high risks to the program.




===========
B R A Z I L
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BRAZIL: Central Bank Aims for Inflation at 3.25% Target in 2023
---------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil's central
bank is aiming for inflation in 2023 "around" the 3.25% target but
less than 4%, its chief, Roberto Campos Neto, said, as policymakers
hike interest rates to cool surging consumer prices in Latin
America's largest economy.

When it raised its key interest rate to 13.25% and penciled in
another hike for August, the central bank said it was looking to
ensure inflation next year converged "around the target" rather
than "to its target," according to globalinsolvency.com.

"Around is less than 4%, just to make that very clear," Campos Neto
said in an online news conference, the report relays.  He repeated
the central bank's guidance that interest rates would rise and stay
in significantly contractionary territory for longer to fight
inflation, the report discloses.  Consumer prices grew at an 11.7%
rate in the 12 months through May, the report adds.

As reported in the Troubled Company Reporter-Latin America 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.


COMPANHIA SIDERURGICA: Fitch Affirms BB LongTerm IDRs, Outlook Pos.
-------------------------------------------------------------------
Fitch Ratings has affirmed Companhia Siderurgica Nacional's (CSN)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB', and National Scale ratings at 'AAA(bra)'. In addition,
Fitch has affirmed CSN Inova Ventures' and CSN Resources S.A.'s
senior unsecured notes, which are guaranteed by CSN, at 'BB'/RR4'.
The Rating Outlooks for the IDRs are Positive, and the Outlook for
the National Scale Rating is Stable.

CSN's ratings reflect the strong business position and cost
competitiveness of its iron ore business and Brazilian flat steel
operations. The ratings also factor in cash flow diversification
added by the company's steel operations abroad, as well as its
growing presence in the Brazilian cement industry. The Positive
Outlook reflects Fitch's expectation of continued reductions in the
company's gross debt and net debt due to strong operating cash flow
due to elevated iron ore prices.

KEY RATING DRIVERS

Solid FCF Generation: Fitch projects CSN will generate BRL16.3
billion of EBITDA and BRL5.8 billion of FCF during 2022 after
spending BRL4.1 billion on capex, which is an increase from BRL2.8
billion of investments in 2021. CSN expects an additional
disbursement of BRL4.7 billion for the conclusion of the
LafargeHolcim acquisition. Fitch's base case forecasts 35 million
tons of iron ore to be sold in 2022, and that the average iron ore
price will be USD120/ton. These volumes are 6% higher than 2021,
but remain 8% below 2019 levels. CSN generated BRL22.1 billion of
EBITDA and FCF of BRL8.6 billion during 2021 as iron ore prices
averaged a record USD160/ton.

Lowering Debt Burden: Fitch believes CSN's cash flow generation
will allow the company to lower net debt to BRL 17.6 billion
(USD3.5 billion) by the YE 2022 from BRL 18.7 billion at YE 2021,
after making the payment for the LafargeHolcim cement assets. Fitch
forecasts CSN will end 2022 with a gross and net debt/EBITDA ratio
of 2.1x and 1.1x. These ratios are expected to weaken as iron ore
prices fall, but remain at 3.0x or higher for gross, and at or
below 2.0x for net leverage. The impact of the fall in iron ore
prices will be partially offset by stronger results from CSN's
steel division, new production coming from the Itabirite projects
and cement business growth.

Still High Iron Ore Prices: Iron ore spot prices have remained at
historically high levels driven by a constrained supply, due to the
Russia invasion of Ukraine, as well as weather-related disruptions
in Brazil and Australia, and still resilient Chinese demand, where
infrastructure stimulus has largely offset the decline of the
property sector. Fitch expects prices to fall in 2022 for a yearly
USD120/ton average, and follow a multiyear downtrend through 2024
to USD75/ton.

Weakening Steel Environment: Fitch anticipates CSN's steel volumes
will remain flat and that domestic prices will fall by 15% in 2022.
Steel prices started to fall in Brazil from the August 2021 peak
and continued to decrease in 2022 amid political risk, inflationary
pressures, tighter monetary policy and a growth slowdown. Flat
steel apparent consumption fell 15% in January-April of 2022
compared with a year ago, according to the Brazilian Steel
Institute. However, an easing of the semiconductor shortage is
expected to improve auto making in 2H22. Fitch expects CSN's
EBITDA/ton of more than USD270 in 2022.

Short-Term Debt Concentration: CSN had less than 20% of its debt
falling due by the end of 2023, as of the end of March 2022. More
than 90% of the debt falling due during this timeframe is with
Brazilian banks. Caixa Economica Federal, Banco do Brasil, and
Nippon Export and Investment Insurance are CSN's largest lenders.
Banco do Brasil has also lent money to CSN's controlling
shareholder.

Parent Subsidiary Linkage: Fitch applies its Parent and Subsidiary
Rating Linkage criteria to CSN Cimentos, CSN Mineracao and their
parent, CSN. The parent is stronger than the subsidiary and legal
incentives for support are assessed as medium, as the presence of
cross acceleration clauses in CSN Cimentos and CSN Mineracao
mitigate the absence of corporate guarantees from CSN.

Fitch deems strategic incentives for support as high, as the
integration into iron ore bolsters CSN's steel business cost
advantage, and because Fitch expects the cement business
contribution to CSN's EBITDA to increase from about 5% to 12% in
the near term. If approved by the Brazilian anti-trust agency CADE,
CSN's LafargeHolcim's acquisition would make CSN Cimentos the third
largest cement producer in Brazil. Synergies exist between the iron
ore, steel and cement businesses, and management and strategies are
fully integrated, with both companies closely sharing reputational
risks.

Country Ceiling: Fitch measures the relationship between cash flow
generation in a given country or region relative to hard currency
gross interest expense over a three- to five-year time horizon in
determining a company's applicable Country Ceiling. If Brazil's
'BB' Country Ceiling were due to a sovereign downgrade, CSN's
rating would remain at 'BB', as the company's cash flow generated
through exports and EBITDA generated abroad allow it to comfortably
cover its hard-currency debt service by more than 1.5x in the next
two years, which allows for an up to three notch uplift. As a
result, CSN's Foreign Currency IDR's Outlook remains Positive
despite Brazil's current Negative sovereign Outlook.

DERIVATION SUMMARY

CSN's more integrated business profile and diversified portfolio of
assets compare well with Usinas Siderurgicas de Minas Gerais S.A.'s
(BB/Stable). Both issuers are highly exposed to the local steel
industry in Brazil. CSN and Usiminas show weaker business positions
than Brazilian steel producer Gerdau S.A (BBB/Stable), which has a
diversified footprint of operations with important operating cash
flow generated from its assets abroad, mainly in the U.S., and
flexible business model (mini-mills) that allow it to better
withstand economic and commodities cycles.

Among the three business steel producers, Gerdau has consistently
maintained the strongest balance sheet, most manageable debt
amortization schedule, and has consistently made efforts to improve
its capital structure through assets sales or equity issuances.
Gross debt levels at CSN remain high relative to Gerdau and
Usiminas. CSN also has a more challenging debt amortization
schedule than either Usiminas or Gerdau.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within The Rating Case for the Issuer:

-- Benchmark iron ore prices average USD120/ton in 2022,
    USD85/ton in 2023 and USD75/ton in 2024;

-- Iron ore volumes expand by 6% in 2022, and grow 4% in 2023 and

    in 2024;

-- Iron ore EBITDA/ton at USD42 in 2022, USD20 in 2023, and USD16

    in 2024;

-- Steel volumes stay flat in 2022, 2023, and 2024;

-- Steel EBITDA/ton at USD273 in 2022, USD152 in 2023, and USD150

    in 2024;

-- Capex reaches BRL2.8 billion in 2021, and averages BRL5
    billion till 2024 to build the Itabirite expansion;

-- An exchange rate of BRL5.10/USD1.00 at YE 2022 and
    BRL5.10/USD1.00 at YE 2023.

RATING SENSITIVITIES

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

-- Additional asset sales in order to support gross debt
    reduction;

-- Improved debt amortization schedule;

-- Sustained adjusted total debt/EBITDA ratio below 3.0x and/or
    adjusted net debt/EBITDA ratio below 2.0x.

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

-- Inability or unwillingness to reduce gross debt levels with
    cash proceeds from asset sale;

-- Sustained adjusted total debt/EBITDA ratio above 4.0x and/or
    adjusted net debt/EBITDA ratio above 3.0x;

-- Adverse regulatory changes in Brazil's mining industry.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: CSN had BRL32.9 billion (USD6.9 billion) of
Fitch adjusted total debt as of March 31, 2022. Fitch's debt figure
includes BRL2 billion of advances received from Glencore for a 33
million tons iron ore supply contract and excludes lease related
debt from its adjustments. Capital markets debt represents 55% of
the Fitch adjusted debt total, while banks account for 33% of debt,
export credit agencies amount to 6% of debt and the Glencore
advance represents the final 6% of debt. Including the Glencore
debt, approximately 60% of the company's debt is denominated in
U.S. dollars or euros.

Readily available cash and marketable securities reached BRL13.6
billion (USD2.8 billion) as of March 31, 2022. CSN holds
approximately 51 million Usiminas preferred shares and 111 million
ordinary shares not included in the readily available cash measure
because Fitch excludes equity holdings from marketable securities.
CSN also had about BRL6 billion of debt due during 2022 and 2023.
These maturities are fully comprised of bank debt.

CSN's 2021 liability management program has led to the refinancing
of the 2023 bond, the tender offer of its perpetual bonds, the
repayment of approximately BRL 4 billion of bank debt, the decrease
in annual amortization to BRL2 billion from BRL4 billion between
2022 and 2025, and the extension of cash coverage of near-term debt
from 30 months to more than 60 months.

Caixa Economica Federal and Banco do Brasil are CSN's largest
lenders. Banco do Brasil and Bradesco also lent money to CSN's
controlling shareholder, which makes them reliant to a degree upon
CSN's continued success and dividend distributions. Nippon Export
and Investment Company is also a key underwriter of a loan
insurance to upgrade CSN's iron ore facilities.

ISSUER PROFILE

CSN is an integrated high value-added steelmaker with a large
market share in the Brazilian flat steels market and presence in
Germany, the U.S. and Portugal. CSN is the second largest iron ore
exporter of Brazil.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's debt figure includes BRL2.0 billion of advances received
from Glencore for a 33 million tons iron ore supply contract and
excludes lease related debt from its adjustments. Fitch does not
consider equity holdings as part of cash equivalent marketable
securities.

ESG CONSIDERATIONS

Companhia Siderurgica Nacional (CSN) has an ESG Relevance Score of
'4' for Governance Structure due to key person risk and limited
board independence through a single powerful shareholder, which has
a negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

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.

   DEBT               RATING                    RECOVERY   PRIOR
   ----               ------                    --------   -----
Companhia   
Siderurgica
Nacional (CSN)   LT IDR       BB          Affirmed      BB    

                 LC LT IDR    BB          Affirmed      BB

                 Natl LT      AAA(bra)    Affirmed      AAA(bra)

   senior        Natl LT      AAA(bra)    Affirmed      AAA(bra)
   unsecured

CSN Inova Ventures

   senior       LT            BB       Affirmed   RR4   BB
   unsecured

CSN Resources S.A.

   senior       LT            BB        Affirmed   RR4  BB
   unsecured


MC BRAZIL DOWNSTREAM: Fitch Assigns 'BB-' LT IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed MC Brazil Downstream Participacoes
S.A.'s (MC Brazil) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'BB-'.

MC Brazil's ratings reflect a competitive geographic location,
large processing capacity, healthy leverage and resilient debt
service coverage ratios. Fitch expects MC Brazil to be able to
maintain healthy crack spreads, averaging nearly $17/bbl, in a
scenario of unchanged pricing structure. The ratings are somewhat
constrained by the inherent cash flow volatility of the refining
business and by the company's vulnerability to changes in Brazil's
fuel pricing policy.

The Stable Rating Outlook reflects the company's adequate capital
structure and resilient coverage metrics as well as the expectation
of continuation of Petroleo Brasileiro S.A.'s (Petrobras) current
import parity pricing policy for gasoline and diesel.

KEY RATING DRIVERS

Competitive Location: The location of MC Brazil's Mataripe Refinery
(REFMAT) in northeastern Brazil bodes well for the company's
competitiveness as the bulk of refining capacity in Brazil is
located in the south and southeast. Its location and Brazil's
current deficit in refined products support the company's
continuation of import parity pricing seen in Brazil in recent
years. The company may be able to import medium sweet crude oil
feedstock at competitive prices given recent geopolitical
developments.

Adequate Leverage: MC Brazil's ratings are supported by the
likelihood of low leverage ratios, as measured by total debt to
EBITDA, which Fitch expects will average approximately 2.0x through
the rating horizon. Fitch also expects the company's capital
structure to rapidly strengthen as a result of cash sweep
mechanisms. MC Brazil's EBITDA should average approximately USD917
million through the rating horizon.

Large Refinery with Medium Complexity: Although relatively large,
REFMAT is a single site refinery, which may expose the company's
cashflow generation to disruptions from unscheduled downtime, or
force majeure events. REFMAT's medium complexity (Nelson complexity
index of 7.7 according to Petrobras) results in high fuel oil
yields of approximately 40%, which the company expects to export as
very low sulfur fuel oil (VLSFO). VLSFO crack spreads are likely to
decrease going forward, which will increase the company's reliance
on domestic sales of gasoline and diesel as the main margin
contributors.

Exposure to Domestic Pricing Policies: MC Brazil's ratings are
limited by the company's cash flow generation exposure to Brazil's
domestic pricing policies for gasoline and diesel. Its ability to
export products may provide a floor to crack spreads but at more
compressed spreads than domestic market. Between 2010 and 2015,
Brazil had different forms of price controls through Petrobras,
particularly for diesel and gasoline. In 2018 Brazil implemented
fuel subsidies at the retail level. Since 2016, Petrobras has
maintained an import parity pricing policy for oil products that
has boded well for its cash flow generation. Should Brazil
implement price controls similar to those of the early 2010's, MC
Brazil's cash flow generation and its credit quality could be
impacted.

Resilient Debt Service Coverage Levels: Under the rating case,
which assumes average crack spreads for REFMAT of $17/bbl over the
next five years, the company is expected to report an average debt
service coverage ratio (DSCR) of between 6.5x and 7.2x. The rating
case assumes average utilization rates of approximately 96% after
2022. This compares favorably with REFMAT's average availability of
94% over the three years prior to the acquisition by MC Brazil.

High-Volatility Sector: Refining remains one of the most cyclical
corporate sectors globally and is subject to periods of boom and
bust, with sharp swings in crack spreads over the cycle. The last
major bust period was 2009, when collapsing oil prices and lagging
costs led industry margins to tighten materially. The market
rebounded relatively quick as the industry tends to adjust rapidly.
The sector has benefited in recent years from relatively lower
crude oil prices as well as a rapid increase in crude oil price
differentials, which have widened spreads, partially due to
transportation constrains.

Neutral Relationship with Parent: Although MC Brazil is rated on a
stand-alone basis, the company may benefit from its indirect
ownership by Mubadala Capital, the asset management arm of Mubadala
Investment Company (Mubadala), AbuDhabi's (AA/Stable) sovereign
wealth fund with approximately $243 billion of assets under
management. Mubadala contributed approximately $600 million of
equity into MC Brazil as part of the refinery acquisition process
from Petrobras. Mubadala Capital has investments in other
refineries globally, including Compania Espanola de Petroleos,
S.A.'s (CEPSA; BBB-/Stable).

DERIVATION SUMMARY

REFMAT's ratings reflect its status as a single site, medium
complexity refiner with a competitive geographic location. The
company has a nameplate capacity of 302 thousand bpd, which
compares with CVR Energy, Inc.'s (CVI: BB-/Stable) nameplate
capacity approximately 206.5 thousand bpd. REFMAT is smaller than
peers Valero Energy Corporation (BBB/Stable) with 2.6 million bpd
and Marathon Petroleum Corporation (BBB/Stable) with 3.0mmbpd.
REFMAT is also smaller than peers PBF Holding Company LLC
(BB-/Stable) with 1.04mmbpd and HollyFrontier Corporation
(BBB/Stable) with 457 thousand boe/d, of high complexity capacity.

The company's geographic location is comparable with other
mid-continental refineries in U.S. such as CVI and HollyFrontier,
which gives these company's a competitive advantage in terms of
sourcing crude oil close to production facilities while having more
control on pricing its products, particularly for domestic sales.
REFMAT should be well positioned to take advantage of higher than
normal VLSFO crack spreads that may prevail for the next few years
as a result of its ability to access low sulfur crude oils from
Brazil and the implications from International Maritime
Organization (IMO) 2020 rules for low sulfur bunker fuels.

Expected average gross leverage, defined as total debt/EBITDA, of
2.0x is generally in line with 'BB' to 'BBB' peers, which also have
leverage levels that range between 1.4x and 2.0x. The main
differentiator between issuers, such as REFMAT, CVI and PBF, versus
'BBB' peers is primarily size, geographic diversification and
business line diversification.

KEY ASSUMPTIONS

-- Brent oil prices of $105/bbl in 2022, $85/bbl in 2023 and
    $53/bbl for the long term;

-- Crack spreads in Brazil's Northeast region range between $14-
    $20 per bbl over the forecasted period;

-- Average operating expenses of $9.50/bbl;

-- Average capex of $125 million per year over the rating cycle.

RATING SENSITIVITIES

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

-- Greater operations and earnings diversification or evidence of

    lower cash flow volatility;

-- Sustained debt/EBITDA leverage at or below 1.5x.

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

-- Change in gasoline and diesel pricing policy in Brazil that
    could negatively affect cash flow generation;

-- Sustained debt/EBITDA leverage above approximately 3.5x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Robust Liquidity: MC Brazil's liquidity position benefits from a
six months debt service reserve account as well as an initial cash
on hand policy of $300 million funded at time of acquiring RALM
from Petrobras. This liquidity position covers approximately two
years of debt service, which helps the company mitigate short-term
impacts in cash flow generation resulting from crude oil and/or
refined products price volatility. The company also has access to a
$1,000 million bank guarantee to support crude oil purchases.

MC Brazil's debt is primarily composed of $1.8 billion amortizing
debt issuance as well as any drawn amounts from its aforementioned
line of credit. The company may also incur in a limited amount of
additional indebtedness per the terms of the indenture. The notes
have a sculpted amortization, as well as cash sweep provision
driven by a combination of leverage and a target bullet
amortization of $500 million in 2031. The notes also include have a
minimum cash sweep mechanism of 25% of cash flow available sweeps
while leverage is below 2.5x. The cash sweep increases by 25%, for
leverage between 2.5x and 3.0x, and reaches 75% should leverage
surpass 3.0x.

The debt issuance benefits from a cash waterfall structure that
serves opex, crude purchases and commodity hedging first; sr.
secured debt services and other financial obligations second;
third, fund the debt service reserve accounts, fourth; to make any
debt service from cash sweep provision as aforementioned, and
lastly to make distributions to shareholders and other payments
subject to restricted payment tests. The senior secured notes are
collateralized by all material existing and future assets of the
company, shares of the issuer and company, rights in all material
contracts and accounts receivables. The collateral excludes the
liquidity facility for crude purchases. The covenants under the
notes include restricted payment provisions.

ISSUER PROFILE

MC Brazil was formed for the purpose of acquiring and operating the
Landulpho Alves Refinery, now REFMAT, from Petrobras. The refinery
sells its products to Brazil's north and northeast regions and also
exports fuel oils. REFMAT produces 30% Diesel, 17% Gasoline, 39%
Fuel Oil, and the balance is other oil products.

   DEBT                  RATING                        PRIOR
   ----                  ------                        -----
MC Brazil Downstream    LT IDR      BB-    Affirmed    BB-
Participacoes S.A.

                        LC LT IDR   BB-    Affirmed    BB-

MC Brazil Downstream
Trading S.a.r.l.

   senior secured       LT          BB-    Affirmed    BB-



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

ALTO MAIPO: Comunidad de Aguas Files $68 Mil. Chapter 11 Suit
-------------------------------------------------------------
A Chilean organization that manages water rights near the site of a
hydroelectric dam has filed a $68 million adversary suit in the
Delaware bankruptcy case of the dam's developer, Alto Maipo,
alleging that equipment tests by the debtor lowered water levels
and deprived the owners of water access.

The nonprofit organization Comunidad de Aguas Canal El Manzano,
which represents about 3,000 people, alleged in its complaint that
while Alto Maipo was a debtor in possession, it ran turbine tests
and other operations that left Manzano and some of its members
without water.

The case Comunidad de Aguas Canal El Manzano on behalf of itself
and its members and constitutents, Gemma Contreras Bustamante,
Christian Becker Matkovic, Maite Birke Abaroa, Bruno Bercic, vs
Alto Maipo SpA, Adv. Pro. No. 22-50381, seeks allowance of
administrative claims including cure claims against Alto Maipo
SpA.

The plaintiffs are Chilean citizens and residents of San Jose de
Maipo who own, or who represent others who own, water rights.
Plaintiffs' water rights are protected by the Chilean Constitution
and statutes, including the Chilean Water Code and Environment
Law.

Alto Maipo is an entity formed in connection with the construction
of two hydroelectric plants that are extracting and will continue
to extract water to operate, including from the Colorado River
upstream of the intake from which Plaintiffs extract their water.

In 2008 and 2021, Plaintiff Manzano entered into contracts with
Alto Maipo (and its parent corporation and predecessor) that
required Alto Maipo to construct water intakes, prior to beginning
any operations, so that Plaintiffs would not be deprived of their
water rights.

In January 2022, while Alto Maipo was a debtor in possession, it
ran turbine tests and conducted other operations that caused
Plaintiffs to lose access to water for several weeks.

According to the complaint, Alto Maipo's actions breached its
contract with Manzano, and were violations of the Chilean
Constitution and statutes because they deprived Plaintiffs of their
access to water.  Alto Maipo also failed to cure its ongoing breach
and, in fact, disavows having breached its agreements or applicable
law. Plaintiffs have suffered damages of over $68 million as a
result of Alto Maipo's conduct -- including specifically during its
operations prior to and during these chapter 11 case.

Counsel to Comunidad de Aguas Canal El Manzano and the Ad Hoc
Committee of Tort Claimant:

         BLANK ROME LLP
         Stanley B. Tarr
         1201 Market Street, Suite 800
         Wilmington, Delaware 19801
         Telephone: (302) 425-6400
         Facsimile: (302) 425-6464
         E-mail: Stanley.Tarr@BlankRome.com

              - and -

         BLANK ROME LLP
         Michael B. Schaedle
         One Logan Square
         130 North 18th Street
         Philadelphia, PA 19103
         Telephone: (215) 569-5762
         Facsimile: (215) 569-5000
         E-mail: Mike.Schaedle@BlankRome.com

              - and -

         QUINN EMANUEL URQUHART & SULLIVAN, LLP
         Patricia B. Tomasco
         Joanna D. Caytas
         711 Louisiana Street, Suite 500
         Houston, TX 77002
         Telephone: (713) 221-7000
         Facsimile: (713) 221-7100
         E-mail: pattytomasco@quinnemanuel.com
                 joannacaytas@quinnemanuel.com

              - and -

         QUINN EMANUEL URQUHART & SULLIVAN, LLP
         Lucas Loviscek
         Serafina Concannon
         1300 I Street, NW, Suite 900
         Washington, D.C. 20005
         Telephone: (202) 538-8000
         Facsimile: (202) 538-8100
         E-mail: lucasloviscek@quinnemanuel.com
                 serafinaconcannon@quinnemanuel.com

                        About Alto Maipo

Alto Maipo owns the Alto Maipo Hydroelectric Project, outside
Santiago, Chile, which is currently under construction. The project
comprises two run-of-the-river plants with a combined installed
capacity of 531 megawatts. The run-of-the-river project is a joint
venture between U.S. utility subsidiary AES Gener and Chilean
mining company Antofagasta Minerals (AMSA).

Alto Maipo Delaware LLC and Alto Maipo SpA sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11507) on Nov. 17,
2021. Javier Dib, board president and chief restructuring officer,
signed the petitions. At the time of the filing, Alto Maipo
Delaware LLC estimated between $1 billion and $10 billion in both
assets and liabilities.

The cases are handled by Judge Karen B. Owens.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Cleary
Gottlieb Steen & Hamilton LLP as legal counsel; Nelson Contador
Abogados & Consultores SpA as local Chilean counsel; AlixPartners,
LLP as financial advisor; and Lazard Freres & Co. LLC and Lazard
Chile SpA as investment banker.  Prime Clerk, LLC, is the claims,
noticing and administrative agent.




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

DOMINICAN REPUBLIC: Official Explains Power Cuts
------------------------------------------------
Dominican Today reports that while the electricity distribution
companies (Edes) produced blackouts due to transitory failures in
generation plants, the Minister of Energy and Mines, Antonio
Almonte, explained that the Government is working to definitively
solve the electrical problem and ensure service stability.

Homes in various sectors of the country have suffered blackouts due
to "transient failure of generation plants" as announced by the
Edes on their social networks, according to Dominican Today.

Since the afternoon, power cuts have been effective for 15 minutes
and up to hours in some homes and in the lighting system of public
roads, including some traffic lights, the report relays.

Almonte stressed that "for the first time the Dominican Republic
will have a stable electrical system with a cold reserve capable of
withstanding several plants going out for maintenance without the
country turning off," after the contracting of 2,000 megawatts of
energy that will be installed between 2022 and 2026, the report
notes.

                 About Dominican Republic

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

TCRLA reported in April 2019 that the Dominican Today related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

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

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

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

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




=========
H A I T I
=========

[*] HAITI: IMF Management Approves a Staff-Monitored Program
------------------------------------------------------------
Management of the International Monetary Fund (IMF) has approved a
Staff-Monitored Program (SMP) for Haiti after discussions from
March-May, 2022. The SMP was approved on June 17, 2022 and runs
through May 31, 2023. The SMP was designed by IMF staff and the
Haitian authorities, keeping in mind Haiti's fragility and capacity
constraints while supporting the authorities' economic policy
objectives. With timely implementation of the program, the SMP
would help the authorities establish a track record of policy
implementation, possibly paving the way to an IMF-supported upper
credit tranche program.

SMPs are arrangements between country authorities and the IMF to
monitor the implementation of the authorities' economic program but
are not accompanied by financial assistance.

In recent years, Haiti has experienced a protracted political
crisis and assassination of its president, lockdowns, the global
pandemic, a surge in gang-related violence, and an earthquake.
These shocks have weakened economic and institutional frameworks
and adversely affected administrative capacity, while socioeconomic
and security conditions have deteriorated to a distressing level.

After three years of economic contraction, IMF staff expect growth
to turn positive in FY2022, supported by an increase in investment,
and to recover further to 1.4 percent the next year with continued
flows of remittances amidst modest improvements in socio-political
stability.

In this difficult context, the authorities have committed to
implementing policies that would begin to restore macroeconomic
stability and growth, strengthen governance, and start to provide
poverty relief. With a strong focus on governance, the SMP is
geared to increasing accountability and raising ownership of the
reform agenda across the country, placing emphasis on strengthening
public finance management, revenue administration, transparency,
and anti-corruption measures.

The SMP also aims to raise domestic revenues, which have collapsed
in recent years under the strain of social unrest, collection
problems, and the security crisis. The authorities have committed
to implementing a series of administrative measures, including
strengthening the use of the tax identification number and cleaning
up taxpayers' portfolios, revise special tax regimes in a new Tax
Code, including by eliminating some exemptions, and finalize and
publish the new Tax Code, Customs Code and the Customs tariff. This
will simplify the tax system, making it more transparent and thus
less prone to governance abuses.

Central bank financing of the fiscal deficit has fueled inflation,
putting pressure on the exchange rate and leading to a vicious
circle of higher fuel subsidy costs, further monetary financing of
the deficit and higher inflation. The program thus aims to raise
resources for productive spending and reduce monetary financing of
the fiscal deficit to reduce inflation. This is critical for the
population given the heavy burden placed on the poor from the high
increase in prices.

Fuel subsidies have been absorbing at least one third of domestic
revenues and crowding out productive spending on investment, health
and education. They are also highly inequitable, with over 90
percent of the benefits going to the top 10-20 percent of the
income ladder in Haiti. In this light, the authorities plan to
prepare the groundwork to eventually tackle this issue. As a first
step, they launched in April several social programs under the
Programme d'urgence targeted to the groups affected by earlier fuel
price adjustments.

The Haitian authorities will also strengthen the monetary policy
framework and limit foreign exchange interventions to smooth
excessive volatility to gradually eliminate the spread with the
parallel market. Key steps are also planned to improve the
financial regulatory framework and update regulations on anti-money
laundering (AML/CFT) to meet international standards.

Over the course of this SMP, IMF staff will work closely with the
authorities to support implementation of their program and help
them build public support. Indeed, most elements of the
authorities' program are underpinned by ongoing IMF technical
assistance and capacity building. The Fund will also continue to
coordinate closely with Haiti's other development partners to
leverage efforts in support of common objectives. The first review
of the SMP is expected in September. Satisfactory performance under
the SMP could lead to an IMF-supported program under a multi-year
arrangement that would require approval of the IMF's Executive
Board. SMP are only subject to formal IMF management review.




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

CIBONEY GROUP: Sees Setback in Sale of Shares
---------------------------------------------
RJR News reports that there has been a setback in the sale of
majority shares in Ciboney Group.

The directors of the company have disclosed that the preferred
bidder has withdrawn the offer and has indicated no further
interest in acquiring the asset, according to RJR News.

Ciboney said the withdrawal came after the requisite approval for
the sale was sought and received, the report notes.

The company says the majority shareholder is to further communicate
how it proposes to dispose of its shares, the report relays.

Efforts by the majority shareholder to dispose of the asset were
revealed in October last year, the report adds.




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

TOYS "R" US: Former Executives Face Trial on Botched Bankruptcy
---------------------------------------------------------------
Jeremy Hill and Eliza Ronalds-Hannon of Bloomberg News report
former Toys "R" executives Us are set to stand trial over
allegations they misled suppliers about the retailer's dire
financial condition while the company tried to stay afloat in
bankruptcy and then stiffed them on more than $600 million of
bills.

U.S. Bankruptcy Judge Keith Phillips said a trial should go
forward, rebuffing a request from the former executives to throw
out the creditor claims entirely.  The former directors and
officers have denied wrongdoing.

Open questions, according to the judge, include whether the
retailer was already insolvent when it paid nearly $18 million to
its private-equity backers -- Bain Capital, KKR & Co. and Vornado
Realty Trust -- between 2014 and 2017.

The creditors also allege that millions of dollars of bonuses paid
to 117 Toys "R" Us executives and managers just prior to the
company's 2017 bankruptcy amount to a breach of the former
executives' fiduciary duty.  The largest bonus -- $2.8 million --
went to former Chief Executive Officer David Brandon.  An official
committee of low-ranking creditors later negotiated a reduction in
the bonus amounts, according to court papers.

The collapse of Toys "R" Us involved a little-anticipated
bankruptcy filing in 2017 that set off a months-long effort to
restructure the company in bankruptcy court before it ultimately
liquidated early the next year.  The company had struggled for a
decade with a crushing debt load from its 2005 leveraged buyout by
Bain, KKR and Vornado.

The directors revealed in pretrial depositions that they knew the
company couldn't comply with the terms of debt taken on to finance
the bankruptcy, according to filings by the unpaid creditor group.
Financial forecasts the directors describe reviewing in August
2017, before the bankruptcy began, showed the company would breach
a liquidity covenant by January 2018.

The company's breach of that covenant marked the beginning of a
pivot to abandon the restructuring effort and wind operations
down.


The creditors also argued that the executives' decision to take on
more debt to fund the bankruptcy was negligent, but Judge Phillips
nixed that and related claims, deferring to the
court's blessing of so-called debtor-in-possession financing
during the bankruptcy.

The case is TRU Creditor Litigation Trust v. Raether et al,
20-03038, U.S. Bankruptcy Court for the Eastern District of
Virginia (Richmond).

                       About Toys "R" Us

Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey, in
the New York City metropolitan area. Merchandise was sold in 880
Toys "R" Us and Babies "R" Us stores in the United States, Puerto
Rico and Guam, and in more than 780 international stores and more
than 245 licensed stores in 37 countries and jurisdictions.

Merchandise was also sold at e-commerce sites including Toysrus.com
and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us became a privately owned entity but still filed with
the U.S. Securities and Exchange Commission as required by its debt
agreements.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017. In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice. The Company's operations outside
of the U.S. and Canada, including its 255 licensed stores and joint
venture partnership in Asia, which are separate entities, were not
part of the Chapter 11 filing and CCAA proceedings.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel. Kutak Rock
LLP serves as co-counsel.  Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent. Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.
A&G Realty Partners, LLC, serves as its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors. The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C., as local counsel; FTI Consulting, Inc., as financial
advisor; and Moelis & Company LLC as investment banker.

Grant Thornton is the monitor appointed in the CCAA case.



                           *********


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

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