/raid1/www/Hosts/bankrupt/TCRLA_Public/220722.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, July 22, 2022, Vol. 23, No. 140

                           Headlines



A R G E N T I N A

ARGENTINA: Meets w/ IMF Board First Time Since Batakis Appointment
PAMPA ENERGIA: Discloses Amendment to Exchange Offer Memorandum


B R A Z I L

BRAZIL LOAN I: Fitch Affirms Sr. Sec. Notes at BB-, Outlook Stable
BRAZIL: Household Consumption Grew 2.02%, Reveals Survey
BTG PACTUAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Now Stable
CIELO SA: Fitch Affirms LT IDR at 'BB', Alters Outlook to Stable
LOCALIZA RENT: Fitch Affirms LT FC IDRs at 'BB', Outlook Stable

MINERVA SA: Minerva Food Posts Financial Results for 1Q FY2022
PETROLEO BRASILEIRO: Fitch Affirms 'BB-' LT IDR, Outlook Now Stable
SANTA CATARINA: S&P Alters Outlook to Positive, Affirms 'B+' ICR


C A Y M A N   I S L A N D S

BISCAYNE CAPITAL (BVI): Oct. 13 Hearing on Settlement Motion Set
BISCAYNE CAPITAL: Oct. 13 Hearing on Settlement Motion Set
NORTH POINTE: Oct. 13 Hearing on Settlement Motion Set
VANGUARDIA HOLDINGS: Oct. 13 Hearing on Settlement Motion Set


G U Y A N A

GUYANA: Gets $130MM IDB Loan to Improve Public Policy re Pandemic


H O N D U R A S

TEGUCIGALPA: Fitch Lowers LongTerm IDR to 'B', Outlook Stable


P A N A M A

NG PACKAGING: Fitch Affirms 'BB+' IDR, Alters Outlook Pos.


P U E R T O   R I C O

TIERRA ADENTRO: Seeks to Hire Vilarino & Associates as Counsel

                           - - - - -


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

ARGENTINA: Meets w/ IMF Board First Time Since Batakis Appointment
------------------------------------------------------------------
Jorgelina do Rosario, writing for Reuters, reports that the
International Monetary Fund's board of executive directors met on
July 8, 2022, to discuss the $44 billion Argentine program for the
first time since Silvina Batakis' appointment as economy minister,
two people with direct knowledge of the meeting said.

The IMF later confirmed the meeting had taken place and gave no
further details, notes the report.

In an informal meeting, the fund's staff said Batakis was in the
process of selecting her team, and once ready the first contacts
between technical level IMF officials and new Argentine officials
will be made. Staff also informed the Board that they were keeping
a close watch on market conditions, as some of Argentina's dollar
bonds were now trading in very distressed territory under 20 cents
on the dollar, according to the report.

The purpose of the meeting was to update the board on the state of
affairs in Argentina, the fund's largest debtor, sources said, the
report notes.

The meeting was attended by Ilan Goldfajn and Julie Kozack, the
head and deputy director of the IMF's Western Hemisphere
Department, as well as Luis Cubeddu, the IMF's chief of mission to
the country, the report relays.

Sergio Chodos, who will continue to be Argentina's representative
at the IMF, was also present, the report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of
South
America.  Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning  the October 2019
general election. He succeeded Mauricio  Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year
2019, according to the World Bank. Historically, however,  its
economic performance has been very uneven, with high  economic
growth alternating with severe recessions, income  maldistribution
and in the recent decades, increasing poverty.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris  Club debt.

As reported by The Troubled Company Reporter - Latin America on
July 19, 2022, Fitch Ratings placed Argentina's Long-Term Foreign
Currency Issuer Default Rating (IDR) and Long-Term Local Currency
IDR Under Criteria Observation (UCO) following the conversion of
the agency's Exposure Draft: Sovereign Rating Criteria to final
criteria. The UCO assignment indicates that ratings may change as
a
direct result of the final criteria. It does not indicate a change
in the underlying credit profile, nor does it affect existing
Rating Outlooks.

Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.

Fitch added that it is uncertain whether the EFF will be a strong
anchor for macroeconomic stabilization. Its policy requirements
are
fairly unambitious relative to other IMF programs and in light of
the economy's deep imbalances, but it faces heightened risk
nonetheless from weak political support and  spill-overs from the
Russia-Ukraine war, says Fitch.

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.  DBRS has confirmed Argentina's Long-Term Foreign Currency

Issuer Rating at CCC and Long-Term Local Currency – Issuer Rating

at CCC (high) on July.


PAMPA ENERGIA: Discloses Amendment to Exchange Offer Memorandum
---------------------------------------------------------------
Pampa Energia S.A. ("Pampa" or the "Company") disclosed its
decision to amend the terms and conditions of its exchange offer
memorandum dated June 16, 2022 (together with the modifications
made through the announcement made by Pampa on July 7, 2022, the
"Exchange Offer Memorandum"). Capitalized terms used herein and not
otherwise defined shall have the meaning ascribed to them in the
Exchange Offer Memorandum.

A full text copy of the company's press release is available free
at:

                 https://prn.to/3yR2dnP

                  About Pampa Energia

Pampa Energia S.A. (Pampa) is an integrated energy company in
Argentina, engaged in the generation and transmission of electric
power, as well as in E&P, and petrochemicals and hydrocarbon
commercialization and transportation. Since 2018, when Pampa
started divesting its oil business, its focus was reoriented to
the
expansion of its power generation and to the production of natural
gas, mainly development and exploitation of unconventional gas
reserves (mostly tight gas), as well as to continue investing for
the development of its non-controlling interest in transmission and
gas transportation. End of 2020 Pampa announced the sale of its
electricity distribution business that was completed in mid-2021.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

                     *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 19, 2022, Moody's Investors Service has assigned a Caa3
rating to Pampa Energia S.A's proposed new series 9 notes,
while also affirming Pampa's Caa3 Corporate Family Rating
and senior unsecured ratings.  The outlook is stable.




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

BRAZIL LOAN I: Fitch Affirms Sr. Sec. Notes at BB-, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the senior secured pass-through notes
issued by Brazil Loan Trust I at 'BB-sf' and revised the Rating
Outlook to Stable from Negative following Fitch's revision of
Brazil's Rating Outlook to Stable from Negative on July 14, 2022.

   DEBT            RATING                   PRIOR
   ----            ------                   -----

Brazil Loan Trust I

Senior Secured    LT    BB-sf    Affirmed    BB-sf
Pass Through Notes
105859AA0

Senior Secured    LT    BB-sf    Affirmed    BB-sf
Pass Through Notes
Reg S USU0952YAA83

TRANSACTION SUMMARY

The transaction is a pass-through securitization of a 10-year
amortizing loan originated by Bank of America N.A. (AA/Stable) to
the Brazilian State of Maranhão (BB-/Negative). The loan is
guaranteed on an unconditional and irrevocable basis by the
Federative Republic of Brazil (BB-/Stable). The proceeds of the
loan were used by Maranhão to refinance existing debt with
Brazil.

Loan principal and interest amortizations by either Maranhão, as
borrower, or Brazil, as guarantor, are passed through for principal
and interest amortizations on the notes. The rating of the notes is
credit linked to the rating of Brazil.

Payments on the loan are made to a bank account of Wilmington Trust
N.A (administrative agent; A/Negative). On the next day, funds are
transferred to an Issuer account at the Bank of New York Mellon
(indenture trustee; AA/Stable). Payments are made under the notes
immediately thereafter.

Fitch's rating addresses timely payment of interest and principal
on the scheduled payment date until legal final maturity.

KEY RATING DRIVERS

Transaction Rating Linked to Sovereign IDR: The transaction
benefits from an unconditional an irrevocable guarantee from Brazil
as primary obligor on the underlying loan. Therefore, the rating of
the senior secured pass-through notes is equivalent to Brazil's LT
FC IDR, which was affirmed by Fitch on July 14, 2022, at 'BB-' with
a revised Rating Outlook of Stable from Negative.

RATING SENSITIVITIES

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

-- The senior secured pass through notes' ratings are linked to
    the LT FC IDR of Brazil; hence, a downgrade of Brazil's IDR
    would trigger a proportionate downgrade of the notes.

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

-- The senior secured pass through notes' ratings are linked to
    the LT FC IDR of Brazil; hence, an upgrade of Brazil's IDR
    would trigger a proportionate upgrade of the notes;

-- The impacts of the Ukraine War are incorporated into Fitch's
    view of the sovereign's credit quality and may therefore
    indirectly affect the transaction's rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

BRAZIL: Household Consumption Grew 2.02%, Reveals Survey
--------------------------------------------------------
Rocco Caldero at Rio Times Online reports that consumption in
Brazilian homes registered a drop of 3.47% in May compared to
April. Compared to the same period in 2021, there was an increase
of 0.39%. The year-to-date figure shows an expansion of 2.02%.

The Brazilian Supermarket Association (Abras) released the data on
July 14 in Sao Paulo, according to Rio Times Online.  The drop in
Subscribe to our Premium Membership Plan, the report notes.

According to data from the Brazilian Supermarket Association
(Abras), the value of the 35 products of broad consumption (food,
beverages, meat, cleaning products, hygiene, and beauty items) was
affected by the inflation drop in May, the report relays.  The
variation in May was 0.94%, the lowest since January, the report
adds.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

As reported in the Troubled Company Reporter-Latin America on
July 18, 2022, Fitch Ratings has affirmed Brazil's Long-Term
Foreign Currency Issuer Default Rating at 'BB-' and revised the
Rating Outlook to Stable from Negative.

On June 17, 2022, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Brazil.

Moody's Investors Service also affirmed on April 15, 2022, Brazil's
long-term Ba2 issuer ratings and senior unsecured bond ratings,
(P)Ba2 senior unsecured shelf ratings, and maintained the
stable outlook.


BTG PACTUAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Now Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on the Long-Term (LT)
Issuer Default Ratings (IDRs) of 18 Brazilian Financial
Institutions (FI) to Stable from Negative and affirmed their
respective LT IDRs, and Short-Term (ST) IDRs.

The rating actions on Brazilian FIs follows Brazil's sovereign
ratings affirmation at 'BB-' and its Outlook revision to Stable
from Negative on July 14, 2022.

Today's rating action review includes Brazilian FIs listed below
with Issuer Default Ratings (IDR) at the same level or one notch
above the sovereign.

Debt ratings are not affected by the Sovereign rating action given
that, as per Fitch's criteria, issuances ratings do not have
Outlooks. Furthermore, the FIs' National Ratings were not directly
affected, as these ratings reflect the relative strengths and
weaknesses of each institution in a specific jurisdiction.

Rating actions have also been taken on XP Inc., a company based in
the Cayman Islands, the holding company of the Brazilian NBFI's of
XP Investimentos.

Fitch has withdrawn Pan's Support Rating of '3', as it is no longer
relevant to the agency's coverage following the publication of the
updated Bank Rating Criteria. In line with the updated criteria,
Fitch has assigned Pan a Shareholder Support Rating (SSR) of
'bb-'.

In addition, Fitch has withdrawn BBM and ABC's Support Ratings of
'3', as they are no longer relevant to the agency's coverage
following the publication of the updated Bank Rating Criteria. In
line with the updated criteria, Fitch has assigned both banks a
Shareholder Support Rating (SSR) of 'bb'.

KEY RATING DRIVERS

Government Support-Driven Fis:

Banco Nacional de Desenvolvimento Econômico e Social S.A. (BNDES)

Banco do Nordeste do Brasil S.A. (BNB)

Banco da Amazônia S.A. (BdA)

Caixa Econômica Federal S.A. (Caixa)

These FIs' IDRs are driven by the expected sovereign support to be
provided by the federal government in case of need; the Brazilian
government is the ultimate shareholder and the source of any
potential support, if required. Therefore, its ratings remain
aligned with Brazil's sovereign ratings as, aside from majority
federal ownership, these policy banks are key agents for the
implementation of government economic guidelines. The revision of
their Outlooks to Stable mirrors that on the LT IDRs of Brazil.
Fitch is also affirming these entities' GSRs (at bb-) following the
same rating action on Brazil's rating.

VR-Driven FIs Rated At or Above the Sovereign:

Banco Daycoval S.A. (Daycoval)

BRB - Banco de Brasilia S.A. (BRB)

Banestes S.A. - Banco do Estado do Espirito Santo (Banestes)

Banrisul - Banco do Estado do Rio Grande do Sul S.A. (Banrisul)

Banco BTG Pactual S.A. (BTG)

Banco Bradesco S.A. (Bradesco)

Banco Itaú Unibanco S.A. (Itau)

Itaú Unibanco Holding S.A. (IUH)

These FIs' IDRs are driven by its intrinsic creditworthiness or
VRs. This group includes issuers with solid credit profiles in the
context of the domestic environment, but also with strong links or
limitations imposed by the sovereign in terms of relativity given
their current rating levels being in line or above the country's
IDRs.

In the case of Bradesco, IUH and Itau, its VRs are one notch above
the sovereign level, reflecting their very strong credit profiles
and its relevant role in the Brazilian financial system, meaning
that they have better headroom to absorb potential spill-overs from
macroeconomic conditions compared with entities rated in lower
levels.

The IDRs of all State-Owned FIs within this group (BRB, Banestes
and Banrisul) are at the same level of the sovereign and,
consequently, its Outlooks mirror the Outlook on the Sovereign,
which was revised to Stable from Negative. Banco do Brasil is not
included in this revision because its Outlook had already been
revised to Stable.

Shareholder Support Driven (Local and Foreign Owned) FIs:

Banco ABC Brasil S.A. (ABC)

Banco BOCOM BBM S.A. (BBM)

Banco Pan S.A. (Pan)

BTG Pactual Holding S.A. (BTGH)

IDRs on the institutions of this group are driven by the
institutional support of their respective parents (or driven by the
credit profile of their main operating subsidiary, as in the case
of BTGH), which are rated above or equal to the Brazilian sovereign
rating.

ABC's and BBM's IDRs are driven by Fitch's assessment of the
expected institutional support from its parents - Arab Banking
Corporation B.S.C. (ABC; Long-Term IDR BB+/Stable) for ABC and Bank
of Communications Co., Ltd. (BOCOM; A/Stable) for BBM. The IDRs of
these Brazilian subsidiaries are constrained by Brazil's 'BB'
Country Ceiling, while their Long-Term Local Currency IDR is
currently capped at two notches above Brazil's Local Currency
sovereign rating (BB-/Stable). This reflects Fitch's view that the
propensity and ability to provide support to their subsidiaries'
senior creditors is linked to Brazilian sovereign risk and country
ceiling, and might be reduced in case of extreme sovereign stress,
despite the group's strategic commitment to the country. Therefore,
the revision to Stable of ABC's LT Foreign Currency IDR and BBM's
Local Currency and Foreign Currency LT IDRs mirrors the revision of
the Outlook of the Brazilian Sovereign Ratings. In addition, Fitch
has withdrawn ABC and BBM's Support Rating of '3', as they are no
longer relevant to the agency's coverage following the publication
of the updated Bank Rating Criteria. In line with the updated
criteria, Fitch has assigned both banks a Shareholder Support
Rating (SSR) of 'bb'.

Pan's IDRs reflect BTG's high propensity of support since both
controller and subsidiary operate in the same jurisdiction, are
subject to the same regulations and, following the acquisition, are
part of the same regulatory group under the prudential regulation
of Brazil's central bank. Therefore, in Fitch's view, a lack of
support would represent a high reputational risk for the parent.
The Stable Outlook on the Long-Term IDRs reflects the Stable
Outlook on BTG's IDRs. In addition, Fitch has withdrawn Pan's
Support Rating of '3', as it is no longer relevant to the agency's
coverage following the publication of the updated Bank Rating
Criteria. In line with the updated criteria, Fitch has assigned Pan
a Shareholder Support Rating (SSR) of 'bb-'.

BTGH is a pure Holding company and its IDRs are the same level of
BTG's IDRs - the holding's main operational subsidiary, with 76.5%
of direct control. BTGH presents moderate leverage and the
Brazilian regulatory framework is favorable to financial groups
(both operate under the same jurisdiction and are under the
supervision of the Brazilian authorities). Therefore, the ratings
equalization is based on the high correlation between the credit
risk of BTG and BTGH.

NBFIs IDRs Driven by their Intrinsic Creditworthiness Rated At or
Above the Sovereign Level

B3 Brasil, Bolsa, Balcao S.A.

XP Inc

B3 and XP Inc are NBFIs and their IDRs are driven by their
intrinsic creditworthiness (Fitch does not assign VR for NBFIs).
The OE factor remained Negative for these two entities but the
importance of the factor has been revised to moderate from higher
due to the resilience of their financial and business profile to
the environment. Their IDRs were affirmed and the LT Outlook were
revised to Stable, mirroring the Sovereign.

B3 ratings are highly influenced now by its business profile and
risk profile. Its very strong credit profile underpins its IDRs
being one notch above the sovereign level and the operating
environment factor score. Its ratings also reflect its above-peer
profitability and growing margins despite economic downturns over
the last few years as well as strong operational and counterparty
risk infrastructure.

XP Inc. is the Cayman Islands international holding company of XP
Investimentos; it is rated at the sovereign level. XP Inc's ratings
are highly influenced by its consolidated business profile and
leading retail brokerage franchise in Brazil, including a
well-developed open architecture distribution business, as well by
its sound earnings profile.

RATING SENSITIVITIES

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

Fitch considers that all FIs included in this review remain
constrained by the sovereign rating or by the usual maximum uplift
of one notch above the sovereign and, therefore, the main
sensitivities of all entities included in this action are linked to
potential changes in the sovereign ratings, in any direction.
Similarly, IDRs, which are derived from SSR or GSR, of the entities
mentioned in this report remain dependent on Fitch's view regarding
the ability and/or propensity of its ultimate parent in providing
support to the controlled entity/subsidiary in case of need and
will change depending on Fitch's opinion on it. For more details
and for the individual sensitivities derived from each institution
VR, please access the individual report of each entity.

Rating downside primarily would be also contingent on a downgrade
of the Brazilian sovereign rating or the OE.

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

Upside is also contingent to an upgrade on the sovereign or the
OE.

ESG Considerations

Fitch assigns Caixa a ESG Relevance Score for 'Community Relations,
Social Access, Affordability' of '4[+]'. CAIXA's public sector
ownership supports its ability to attract low cost retail deposits,
while its policy role ensures it retains a dominant position in the
low- income retail mortgage market. These factors considerably
boost CAIXA's franchise, strengthen its credit profile and have a
moderately positive impact on its ratings in conjunction with other
factors.

In addition, Fitch assigns Caixa, BNDES, BNB and BdA an ESG
Relevance Score for 'Governance Structure' (GGV) of '4'. A GGV
score of '3' is the standard score assigned to all banks rated by
Fitch. Given these banks' majority federal ownership and a track
record of the government's ability to influence and interfere in
the policies of the banks it controls, Fitch believes that an
increase of government influence on these banks' management and
strategy could negatively affect creditors' rights. This has a
moderately negative impact on the banks' ratings 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.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

   DEBT          RATING                        PRIOR
   ----          ------                        -----

B3 S.A.         LT IDR       BB    Affirmed    BB
Brasil, Bolsa, Balcao

                ST IDR       B     Affirmed    B

                LC LT IDR    BB    Affirmed    BB

                LC ST IDR    B     Affirmed    B

Itau Unibanco   LT IDR       BB    Affirmed    BB
Holding S.A.

                ST IDR       B     Affirmed    B

                LC LT IDR    BB    Affirmed    BB

                LC ST IDR    B     Affirmed    B

Banco           LT IDR       BB-   Affirmed    BB-
Daycoval S.A.

                ST IDR       B     Affirmed    B

                LC LT IDR    BB-   Affirmed    BB-

                LC ST IDR    B     Affirmed    B

Banco ABC       LT IDR       BB    Affirmed    BB
Brasil S.A.

                ST IDR       B     Affirmed    B

                Support      WD    Withdrawn   3

                Shareholder  bb    New Rating
                Support

Banco BTG       LC LT IDR    BB-   Affirmed    BB-
Pactual S.A.

                LC ST IDR    B     Affirmed    B

                LT IDR       BB-   Affirmed    BB-

                ST IDR       B     Affirmed    B

Banestes S.A. – LC ST IDR    B     Affirmed    B
Banco do Estado do Espirito Santo

                LT IDR       BB-   Affirmed    BB-

                ST IDR       B     Affirmed    B

                LC LT IDR    BB-   Affirmed    BB-

Banco da        LT IDR       BB-   Affirmed    BB-
Amazonia S.A.

                ST IDR       B     Affirmed    B

                LC LT IDR    BB-   Affirmed    BB-

                LC ST IDR    B     Affirmed    B

                Government   bb-   Affirmed    bb-
                Support

Banco do        LT IDR       BB-   Affirmed    BB-
Nordeste do Brasil S.A.

                ST IDR       B     Affirmed    B

                LC LT IDR    BB-   Affirmed    BB-

                LC ST IDR    B     Affirmed    B

                Government   bb-   Affirmed    bb-
                Support

Banco LT IDR BB Affirmed BB
BOCOM BBM S.A.

                ST IDR       B     Affirmed    B

                LC LT IDR    BB+   Affirmed    BB+

                LC ST IDR    B     Affirmed    B

                Support      WD    Withdrawn   3

                Shareholder  bb    New Rating
                Support

Banco do        LT IDR       BB-   Affirmed    BB-
Estado do
Rio Grande do Sul S.A.

                ST IDR       B     Affirmed    B

                LC LT IDR    BB-   Affirmed    BB-

                LC ST IDR    B     Affirmed    B

Banco PAN       LT IDR       BB-   Affirmed    BB-
S.A.

                ST IDR       B     Affirmed    B

                LC LT IDR    BB-   Affirmed    BB-

                LC ST IDR    B     Affirmed    B

                Support      WD    Withdrawn   3

                Shareholder  bb-   New Rating
                Support

BRB -           LT IDR       BB-   Affirmed    BB-
Banco de Brasilia SA

                ST IDR       B     Affirmed    B

                LC LT IDR    BB-   Affirmed    BB-

                LC ST IDR    B     Affirmed    B

XP Inc.         LT IDR       BB-   Affirmed    BB-

                ST IDR       B     Affirmed    B

                LC LT IDR    BB-   Affirmed    BB-

                LC ST IDR    B     Affirmed    B

Banco Bradesco  LT IDR       BB    Affirmed    BB
S.A.

                ST IDR       B     Affirmed    B

                LC LT IDR    BB    Affirmed    BB

                LC ST IDR    B     Affirmed    B

Caixa           ST IDR       B     Affirmed    B
Economica
Federal

                LC LT IDR    BB-   Affirmed    BB-

                LT IDR       BB-   Affirmed    BB-

                LC ST IDR    B     Affirmed    B

                Government   bb-   Affirmed    bb-
                Support

Banco Nacional   LT IDR      BB-   Affirmed    BB-
de Desenvolvimento
Economico e Social (BNDES)

                 ST IDR      B     Affirmed    B

                 LC LT IDR   BB-   Affirmed    BB-

                 LC ST IDR   B     Affirmed    B

                Government   bb-   Affirmed    bb-
                Support

BTG Pactual     LT IDR       BB-   Affirmed    BB-
Holding S.A.

                ST IDR       B     Affirmed    B

                LC LT IDR    BB-   Affirmed    BB-

                LC ST IDR    B     Affirmed    B

Itau Unibanco   LC LT IDR    BB    Affirmed    BB
S.A.

                LC ST IDR    B     Affirmed    B

                LT IDR       BB    Affirmed    BB

                ST IDR       B     Affirmed    B

CIELO SA: Fitch Affirms LT IDR at 'BB', Alters Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Cielo S.A.'s Long-term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB' and revised the
Rating Outlook to Stable from Negative.

The Outlook revision for Cielo mirrors the revision of the Outlooks
for Bradesco's and Banco do Brasil's IDRs as well as the Brazilian
leading banks, which are Cielo's counterparty risks. The rating
actions on these Brazilian Financial Institutions, in turn,
followed Fitch's affirmation of Brazil's sovereign ratings at 'BB-'
and its Outlook revision to Stable from Negative on July 14, 2022.

KEY RATING DRIVERS

Outlook Stabilized: The Brazilian sovereign's Outlook revision
reflects the better-than-expected evolution of public finances amid
successive shocks in recent years since Fitch assigned the Negative
Outlook in May 2020. In 2021 Brazil recorded its first primary
fiscal surplus since 2013, highlighting revenue outperformance and
the government's commitment to withdraw stimulus implemented during
the pandemic.

Growth Resilience in 2022: Economic activity has been more
resilient than Fitch previously expected. Fitch projects 1.4%
growth in 2022, up from 0.5% previously, reflecting
better-than-expected 1Q22 ouput, post-pandemic re-opening of
lagging sectors, a solid job recovery, augmented social transfers
and higher commodity prices. Fitch expects that the lagged impact
of the significant monetary policy tightening and domestic
election-related and global uncertainties should constrain growth
going forward and into 2023, despite the resilience thus far.
Downside risks persist to our 1% growth projection for 2023.

Low Risk of Credit Loss: Cielo has no direct credit exposure to
cardholders, as the card-issuing bank guarantees cardholders'
payments, while the company's exposure to merchants is limited. The
company is, however, partially exposed to card-issuing bank
defaults on a payment settlement for Visa and MasterCard
transactions.

The risk associated with Visa and MasterCard transactions is
mitigated because more than 95% of the volume of transactions is
concentrated in the five largest Brazilian banks, Banco do Brasil
(BB-/Stable), Banco Bradesco (BB/Stable), Itau (BB/Stable), Caixa
(BB-/Stable), and Santander Brasil (not rated). For some
non-investment-grade banks, Cielo's risk management policy requires
the card-issuing bank to pledge collateral.

RATING SENSITIVITIES

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

--A positive rating action on Brazil's sovereign ratings that leads
to positive rating actions on Banco do Brasil, Bradesco, Caixa
Economica Federal and Itaú.

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

-- A negative rating action on Brazil's sovereign ratings that
    leads to negative rating actions on Banco do Brasil, Bradesco,

    Caixa Economica Federal and Itau;

-- An increase in the volume of credit and debit transactions
    with banks rated 'BB-' and below without collateral being
    pledged by the card-issuing bank or not guaranteed by
    MasterCard;

-- Weakening credit profile of the main banks that operate with
    Cielo;

-- A significant loss due to fraud and chargebacks;

-- Tougher competition leading to a significant loss of market
    share and profitability;

-- Significant changes in regulatory risk.

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.

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.

   DEBT         RATING                      PRIOR
   ----         ------                      -----

Cielo S.A. LT    IDR     BB      Affirmed   BB

LOCALIZA RENT: Fitch Affirms LT FC IDRs at 'BB', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Localiza Rent a Car S.A.'s (Localiza)
Long-Term Local Currency (LC) and Foreign Currency (FC) Issuer
Default Ratings (IDRs) at 'BB+' and 'BB', respectively, and the
Long-Term National Scale Rating of Localiza and its wholly owned
subsidiary Localiza Fleet S.A. (Localiza Fleet) at 'AAA(bra)'. In
addition, Fitch has upgraded the Long-Term National Scale Rating of
Companhia de Locacao das Americas - Locamerica (Locamerica) and its
wholly owned subsidiary Unidas S.A. (Unidas), collectively Unidas,
to 'AAA(bra)' from 'AA+(bra)' and removed the Rating Watch
Positive. The Rating Outlooks are Stable.

The rating actions follow the conclusion of the business
combination of Localiza and Unidas (now collectively Localiza),
respectively, the largest and second largest car and fleet rental
companies in Brazil. The event strengthened the market position of
the combined entity, which benefits from expected synergies. The
ratings also reflect the resilient operating performance of both
companies throughout economic cycles and a group with solid capital
structure and strong liquidity position. The sovereign Country
Ceiling at 'BB' caps Localiza's FC IDR.

KEY RATING DRIVERS

Solid Leading Market Position: The business combination, which
comprised the share merger of Unidas's into Localiza's, further
strengthened Localiza's leading and prominent business position
within the car and fleet rental industry in Brazil, underpinned by
its even larger scale, proven operating expertise, national
footprint and a strong used car sale operation. As of March 2022,
Localiza's and Unidas's total fleet of 494,656 vehicles, consisting
of 294,587 in rent-a-car (RaC) and 197,069 in fleet management
(GTF), secured the combined entity a comfortable leadership in both
markets. As a result, the company will have a stronger bargaining
power with original equipment manufacturers (OEM) and be able to
better capture economies of scale. At YE 2022 and 2023, Localiza's
own total fleet should be around 524,000 (already excluding the
49,000 vehicles carve out) and 559,000 vehicles, respectively.

Strong Operating Performance: Rating case scenario presents robust
consolidated EBITDA based on moderate organic growth and improving
margins. Healthy demand dynamics should continue to allow tariffs
adjustments, which is crucial to face cost inflation, higher asset
purchase prices and increasing cost of capital. Localiza should
reach consolidated net revenue of BRL21.6 billion and EBITDA at
BRL7.8 billion (36% margin) in 2022 and BRL28.5 billion and BRL8.5
billion (30% margin) in 2023, from pro forma (Localiza plus Unidas)
BRL17.5 billion and BRL6.4 billion (36% margin), respectively, in
the LTM ended in March 2022. Forecasted EBITDA considers lower
margins coming from asset sales.

Moderate Leverage: Margin expansion at the RaC and GTF segments
resulting in higher return on invested capital (ROIC) and a ROIC
spread over the cost of debt at levels in line with historical
numbers should enable Localiza to cope with high interest rates and
asset inflation - allowing the company to conciliate its growth and
fleet renew with a moderate financial leverage. Localiza's
consolidated net leverage (IFRS-16 adjusted), measured by net
debt/EBITDA, should be between 2.5x and 3.0x on the rating horizon,
comparing with Localiza's average of 2.7x in the last three years.

Manageable FCF: The capital-intensive nature of the rental
industry, which demands sizable and regular investments to grow and
renew the fleet, pressures Localiza's cash flow. FCF should remain
negative, on average, at BRL4.3 billion from 2022 to 2024,
pressured by annual average growth capex of BRL4.5 billion. Funds
from operations (FFO) and cash flow from operations (CFFO) should
be, on average, BRL900 million and BRL1 billion, respectively, in
the same period. The new group has room to postpone fleet renewal
and reduce expansion capex, if needed.

Parent and Subsidiary Linkage: Localiza Fleet, Locamerica and
Unidas's ratings reflect Localiza's strong incentive to support
them, according to Fitch's Parent and Subsidiary Rating Linkage
Criteria, which equalizes the ratings of the four companies. The
subsidiaries will operate under a common brand and compose a
synergic vehicle rental ecosystem, benefiting from greater
bargaining power when buying and selling vehicles and negotiating
with customers. Localiza also guarantees 100% of Localiza Fleet's
debt.

DERIVATION SUMMARY

Compared with Localiza, Simpar S.A. (Simpar, FC and LC IDRs
BB/Stable) has lower scale on GTF and RaC businesses and a weaker
financial profile - with higher leverage and more pressured FCF.
Positively, Simpar presents a more diversified business portfolio
through operations in logistics and rental of heavy vehicles.
Compared with Ouro Verde Locacao e Servico S.A. (Ouro Verde, FC and
LC IDRs BB-/Stable), Localiza has a much stronger business profile,
higher liquidity, better access to credit market and lower
leverage.

Compared to CEMEX, S.A.B. de CV. (LC and FC IDRs BB+/Stable),
Localiza has a more diversified business profile, higher
profitability, less volatile cash flow generation and a more
liquid/tradable asset base. On the other hand, CEMEX has higher
scale, a historic of positive cash flow generation and relatively
similar leverage on the rating horizon.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for Localiza

-- Total fleet growth around 7% on the next three years;

-- Average ticket for RaC increasing 19% in 2022 and 4% in 2023;

-- Average ticket for GTF increasing 10% in 2022 and 6% in 2023;

-- Net capex around BRL5.7 billion in 2022-2023;

-- Dividend payout around 25% throughout the rating horizon.

RATING SENSITIVITIES

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

-- A positive rating action for Localiza's FC IDR will depend on
    an improvement on Brazil's Country Ceiling;

-- An upgrade on Localiza's LC IDR would depend on the ability to

    further improve its business profile and/or to bring its
    consolidated leverage ratios to more conservative levels, with

    net debt-to-EBITDA ratio moving towards 2.0x on a recurring
    basis;

-- Upgrade not applicable to the National Scale ratings.

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

-- Failure to preserve liquidity and inability to access adequate

    debt funding;

-- Prolonged decline in demand coupled with company inability to
    adjust operation, leading to a higher than expected fall in
    operating cash flow;

-- Increase in total leverage to more than 4.5x and in net
    leverage to more than 3.5x on a regular basis;

-- A negative movement on Brazil's Country Ceiling could result
    in negative rating action for Localiza's FC IDR.

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 Profile: Localiza's robust liquidity position,
ample access to different sources of funding, and track record of a
proactive liability management are key credit considerations, with
cash covering its short-term debt by an average over 3.0x during
the last three years. The group's expected negative FCF, a result
of its growth and fleet renew, should be financed by a combination
of cash and additional debt in the rating scenario.

As of March 2022, on a pro forma basis, Localiza and Unidas had
BRL7.9 billion of cash and equivalents and BRL24.9 billion of total
debt, with BRL3.4 billion due in the short term. Localiza's
financial flexibility is enhanced by the its ability to postpone
growth capex to adjust to the economic cycle, if needed, and by the
considerable number of the group's unencumbered assets, with a book
value of fleet higher than its net debt.

ISSUER PROFILE

Localiza is the largest rental car company in Brazil, either by
fleet size or revenue. It operates in the Rent a Car, Fleet Rental
and Used Car Sale segments and fully owns Localiza Fleet,
Locamerica and Unidas, among other not rated operating companies.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Growth capex was moved from the CFO to the CFI,

-- Effects of IFRS 16 reversed,

-- Capex funded by OEM payables affecting FCF but not FFO.

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.

   DEBT            RATING                       PRIOR
   ----            ------                       -----

Unidas      Natl    LT   AAA(bra)    Upgrade   AA+(bra)
S.A.
Localiza Fleet S.A.

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

Companhia de Locacao das Americas - LOCAMERICA

Localiza    LT IDR   BB              Affirmed   BB
Rent a Car S.A.

            Natl     LT   AAA(bra)   Affirmed   AAA(bra)

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

MINERVA SA: Minerva Food Posts Financial Results for 1Q FY2022
--------------------------------------------------------------
Minerva Foods, the South American exporter of fresh beef and cattle
byproducts, which also operates in the processed foods segment,
announces to the market the financial results for the first quarter
of 2022 (1Q22).

The Company's consolidated gross revenue totaled R$7.6 billion in
1Q22, up by 25% over 1Q21. In the 12 months ended March 2022
(LTM1Q22), consolidated gross revenue reached R$30.1 billion, a 35%
increase over LTM1Q21.

In 1Q22, exports accounted for 70% of Minerva Foods' gross revenue,
consolidating the Company's position as the leading beef exporter
in South America, with a market share of about 20% on the
continent.

EBITDA totaled R$646 million in 1Q22, up 33% year on year and a
first-quarter all-time high, with an EBITDA margin of 8.9%. In
LTM1Q22, EBITDA was R$2.6 billion, a growth of 15% compared to the
same period of 2021, with an EBITDA margin of 9.1%.

In 1Q22, the Company recorded net income of R$114.6 million. In the
12 months ended March, net income was around R$454 million.

In 1Q22, net leverage measured by the Net Debt/LTM EBITDA ratio
remained flat at 2.5x, confirming the Company's healthy capital
structure and its commitment to capital discipline.

We also highlight the payment of additional dividends in the amount
of R$200 million, or R$0.34/share. For the 2021 fiscal year,
Minerva Foods distributed a total of R$400.0 million in dividends,
or R$0.69/share, corresponding to a dividend yield of 6.5% and a
payout of around 70%.

Headquartered in Barretos, Sao Paulo, Minerva S.A. (Minerva) is one
of Brazil's leading companies in the production and sale of fresh
beef, industrialized products and live cattle. With 25 slaughtering
plants in South America and a slaughtering capacity of 29,350 heads
per day, Minerva is the largest beef exporter in South America,
with a significant presence in South America and plants in Brazil,
Paraguay, Argentina, Uruguay and Colombia. Minerva reported net
revenue of BRL28.4 billion ($5.3 billion) for the 12 months that
ended March 2022.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on July
19, 2022, Moody's Investors Service affirmed Minerva S.A.'s Ba3
corporate family rating and changed the outlook to positive from
stable.

Ratings Affirmed:

Issuer: Minerva S.A

Corporate Family Rating, Affirmed Ba3

Outlook Actions:

Issuer: Minerva S.A

Outlook, Changed To Positive From Stable



PETROLEO BRASILEIRO: Fitch Affirms 'BB-' LT IDR, Outlook Now Stable
-------------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook for 31 Brazilian
corporates to Stable from Negative following a similar revision to
Brazil's Sovereign Rating Outlook. In addition, Fitch has affirmed
the issuers' Long-Term Foreign Currency (FC) Issuer Default Ratings
(IDRs) and Local Currency (LC) IDRs. A full list of rating actions
follows at the end of this press release.

KEY RATING DRIVERS

Outlook Stabilized: The Outlook revision to Stable from Negative
for these issuers results from their exposure to Brazil's Country
Ceiling or their direct linkage to the country's sovereign ratings.
The Brazilian Sovereign's Outlook revision to Stable from Negative
reflects the better-than-expected evolution of public finances amid
successive shocks in recent years since Fitch assigned the Negative
Outlook in May 2020. Last year, Brazil recorded its first primary
fiscal surplus since 2013, highlighting revenue outperformance and
the authorities' commitment to withdraw stimulus implemented during
the pandemic.

Growth Resilience in 2022: Economic activity has been more
resilient than Fitch's earlier expectations. Fitch projects 1.4%
growth in 2022, up from 0.5% previously, reflecting a
better-than-expected 1Q22 outturn, post-pandemic re-opening of
lagging sectors, a solid job recovery, augmented social transfers
and higher commodity prices. Fitch expects that the lagged impact
of the significant monetary policy tightening and domestic
election-related and global uncertainties should constrain growth
going forward and into 2023, despite the resilience thus far.
Downside risks persist to Fitch's 1% growth projection for 2023.

RATING SENSITIVITIES

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

-- The Rating Outlook for Foreign Currency (FC) Issuer Default
    Ratings (IDRs) of issuers with FC IDRs of 'BB' and Local
    Currency (LC) IDRs of 'BB+' or higher would be revised to
    Positive from Stable if the Brazilian sovereign Rating Outlook

    was revised to Positive from Stable;

-- The FC IDR of issuers with FC IDRs of 'BB' and LC IDRs of
    'BB+' or higher would be upgraded to 'BB+' if the Country
    Ceiling was raised to 'BB+' from 'BB';

-- Please refer to the issuers' rating action commentary for
    positive rating sensitivities for their LC IDRs.

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

-- The FC IDRs would be negatively impacted by a revision of the
    Brazilian sovereigns Rating Outlook to Negative from Stable,
    or a lowering of the Country Ceiling to 'BB-' from 'BB';

-- The LC IDRs could be negatively impacted by a revision of the
    Brazilian sovereigns Rating Outlook to Negative from Stable or

    a lowering of the Country Ceiling to 'BB-' from 'BB';

-- Please refer to the issuers' rating action commentary for
    negative rating sensitivities for their LC IDRs.

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.

ESG CONSIDERATIONS

Companhia Energetica de Minas Gerais (CEMIG) has an ESG Relevance
Score of '4' for Governance Structure due to ownership
concentration, as a majority government-owned entity and due to the
inherent governance risks that arise with a dominant state
shareholder, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

Petroleo Brasileiro S.A. (Petrobras) has an ESG Relevance Score of
'4' for Human Rights, Community Relations, Access & Affordability
due to the potential impact of social pressures on pricing policy
in the future, which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

Petroleo Brasileiro S.A. (Petrobras) has an ESG Relevance Score of
'4' for Governance Structure due to its nature as a majority
government-owned entity and the inherent governance risk that
arises with a dominant state shareholder, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Rede D'Or Sao Luiz S.A. has an ESG Relevance Score of '4' for Labor
Relations & Practices due to labor/tax litigation. The company
registers their employees (mostly physicians) as service providers,
not as Rede D'Or's employees. This has a negative impact on the
credit profile, and is relevant to the ratings 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                        PRIOR
   ----           ------                        -----

Aegea            LT IDR     BB      Affirmed    BB
Saneamento e
Participacoes S.A.

                 LC LT IDR  BB      Affirmed    BB

Cemig            LT IDR     BB      Affirmed    BB
Geracao e
Transmissao S.A.

                 LC LT IDR  BB      Affirmed    BB

Energisa         LT IDR     BB      Affirmed    BB
Sergipe –
Distribuidora de Energia S/A

                 LC LT IDR  BB+     Affirmed    BB+

BR Malls         LT IDR     BB      Affirmed    BB
Participacoes S.A.

                 LC LT IDR  BBB-    Affirmed    BBB-

Cemig            LT IDR     BB      Affirmed    BB
Distribuicao
S.A.

                 LC LT IDR  BB      Affirmed    BB

Petroleo         LT IDR     BB-     Affirmed    BB-
Brasileiro S.A. (Petrobras)

                 LC LT IDR  BB-     Affirmed    BB-

Companhia        LT IDR     BB      Affirmed    BB
de Gas de Sao Paulo – COMGAS

                 LC LT IDR   BBB-   Affirmed    BBB-

Rumo S.A.        LT IDR      BB     Affirmed    BB

                 LC LT IDR   BB+    Affirmed    BB+

Energisa S.A.    LT IDR      BB     Affirmed    BB

                 LC LT IDR   BB+    Affirmed    BB+

Simpar S.A.      LT IDR      BB     Affirmed    BB

                 LC LT IDR   BB     Affirmed    BB

Americanas       LT IDR      BB     Affirmed    BB
S.A.

                 LC LT IDR   BB+    Affirmed    BB+

Cosan S.A.       LT IDR      BB     Affirmed    BB

                 LC LT IDR   BB+    Affirmed    BB+

Globo            LT IDR      BB     Affirmed    BB
Comunicacao e
Participacoes S.A.

                 LC LT IDR   BBB-   Affirmed    BBB-

Transmissora     LT IDR      BB     Affirmed    BB
Alianca de
Energia Eletrica S.A.

                 LC LT IDR   BBB-   Affirmed    BBB-

Ache             LT IDR      BB     Affirmed    BB
Laboratorios
Farmaceuticos S.A.

                 LC LT IDR   BBB    Affirmed    BBB

Dexco S.A.       LT IDR      BB+    Affirmed    BB+

                 LC LT IDR   BB+    Affirmed    BB+

JSL S.A.         LT IDR      BB     Affirmed    BB

                 LC LT IDR   BB     Affirmed    BB

Energisa         LT IDR      BB     Affirmed    BB
Paraiba –
Distribuidora de Energia S/A

                 LC LT IDR   BB+    Affirmed    BB+

Raizen S.A.      LT IDR      BBB    Affirmed    BBB

                 LC LT IDR   BBB    Affirmed    BBB

Raizen           LT IDR      BBB    Affirmed    BBB
Energia S.A.

                 LC LT IDR   BBB    Affirmed    BBB

Transportadora   LT IDR      BB     Affirmed    BB
Associada de Gas S.A. – TAG

                 LC LT IDR   BBB-   Affirmed    BBB-

Compass          LT IDR      BB     Affirmed    BB
Gas e Energia S.A.

                 LC LT IDR   BB+    Affirmed    BB+
Engie            LT IDR      BB     Affirmed    BB
Brasil
Energia S.A.

                 LC LT IDR   BBB-   Affirmed    BBB-

MRS              LT IDR      BB     Affirmed    BB
Logistica S.A.

                 LC LT IDR   BBB-   Affirmed    BBB-

Alupar           LT IDR      BB     Affirmed    BB
Investimento S.A.

                 LC LT IDR   BBB-   Affirmed    BBB-

Energisa         LT IDR      BB     Affirmed    BB
Minas Gerais –
Distribuidora de Energia S/A

                 LC LT IDR   BB+    Affirmed    BB+

CESP –           LT IDR      BB     Affirmed    BB
Companhia
Energetica de
Sao Paulo

                 LC LT IDR   BBB-   Affirmed    BBB-

Companhia        LT IDR      BB     Affirmed    BB
Energetica de Minas Gerais (CEMIG)

                 LC LT IDR   BB     Affirmed    BB

Localiza         LT IDR      BB     Affirmed    BB
Rent a Car S.A.

                 LC LT IDR   BB+    Affirmed    BB+

Movida           LT IDR      BB     Affirmed    BB
Participacoes S.A.

                 LC LT IDR   BB     Affirmed    BB

Rede D'Or        LT IDR      BB     Affirmed    BB
Sao Luiz S.A.

                 LC LT IDR   BBB-   Affirmed    BBB-

SANTA CATARINA: S&P Alters Outlook to Positive, Affirms 'B+' ICR
----------------------------------------------------------------
On July 20, 2022, S&P Global Ratings revised its outlook on the
global and national scale ratings on the Brazilian state of Santa
Catarina to positive from stable. S&P affirmed its global scale
'B+' long-term foreign and local currency issuer credit ratings on
the state. S&P also affirmed its 'brAA' long-term national scale
rating.

Outlook

S&P said, "The positive outlook reflects prospects for an upgrade
in the 12 to 18 months if the state's proactive financial policies
sustain strong revenue performance and manage expenditure pressures
so that deficits after capital expenditures (capex) remain limited
and debt stock stabilizes below 60% of operating revenues. In our
opinion, such a scenario would diminish the state's vulnerability
to unexpected shocks, indicating stronger creditworthiness.

"We could also upgrade Santa Catarina if its growth becomes
structurally stronger than Brazilian peers and compares more in
line with international peers at higher levels of economic
development."

Downside scenario

Alternatively, a significant deceleration in revenues that is not
followed by a corrective dynamic in expenses could weaken budgetary
performance and translate into a growing debt burden or pressures
in the state's liquidity position, leading S&P's to revise the
outlook to stable in the next 12 months.

Rationale

The outlook revision reflects the state's improved fiscal
performance following ongoing efforts to strengthen its finances,
underpinned by the strong economic recovery in 2021-2022 after the
2020 economic downturn. The state has posted fiscal surplus since
2019, reverting a trend of moderate but sustained deficits. This
has strenghtened Santa Catarina's liquidity position and lowered
its debt burden: S&P expects debt to be below 60% of operating
revenues by the end of this year from over 100% in 2018. A
relatively wealthier economy than other Brazilian states remains
key to sustain the state's tax collection while advancing on
corrective spending policies. That said, growth prospects are still
linked to Brazil's modest GDP growth prospects and uncertainties
during election cycles. These factors, coupled with monetary
tightening and limited fiscal space, will weigh on the state's
growth. The rating also reflects the volatile and unbalanced
institutional framework for Brazilian local and regional
governments (LRGs) under which Santa Catarina operates.

A wealthier economy than local peers and prudent financial
management should mitigate institutional framework rigidities

Santa Catarina has better socioeconomic conditions, including lower
unemployment and poverty rates, than other Brazilian states and the
national average. Moreover, comparably better infrastructure, human
capital, and public safety are advantages that have supported
growth in the recent past. S&P said, "We estimate that local GDP
grew 8% in 2021, after a 1% contraction in 2020. Santa Catarina's
GDP per capita of $11,550 this year remains above the Brazilian
average of $8,900. That said, this recent positive trend has not
reverted years of sluggish growth, and GDP per capita (measured in
dollars) still remains below its peak in 2014. We still see the
state's economic performance as broadly linked to Brazil's, and we
expect the expiration of fiscal stimulus, aggressive monetary
tightening, and uncertainty over the general election to slow
domestic demand. We project growth in Brazil to slow to 1.2% this
year and average 2.0% in the next few years."

On top of moderately weak growth expectations, the very rigid
fiscal framework limits the capacity of Brazilian LRGs to react to
adverse shocks and structurally balance their fiscal performance.
Minimum spending requirements on education and health that are
established percentage of LRGs' revenues and still high personnel
and pension spending result in low discretionary spending and
constrain Santa Catarina's capacity to build up countercyclical
financial tools. Moreover, across Brazilian states, the electoral
dynamics related to the October 2022 national and local elections
are creating additional uncertainty about local governments
committing to prudent fiscal management in the long term.

Despite the structural uncertainty, Santa Catarina's 2019-2022
administration has had a record of fiscal prudency. The
administration has been implementing proactive policies that have
bolstered budgetary performance despite challenging conditions. The
government's party has broad support in the state legislature,
which has been pivotal in passing key pieces of legislation, such
as the pension reform approved in 2021. That said, our management
assessment reflects doubts about how the management prioritizes
timely debt service payment in periods of severe financial stress,
because the administration has raised legal injunctions to suspend
debt payments in the past.

Strong revenue performance should limit fiscal erosion and lower
the debt burden

Santa Catarina's recent financial strengthening provides space for
it to face growing budgetary pressures from both the expected
deceleration in revenues and the growing expenses. S&P said, "We
forecast operating surplus to decline to 8% of operating revenues
on average in 2022-2024, down from 13.6% in 2021, and results after
capex to turn slightly negative from an average surplus of 7% of
total revenues in 2020-2021. The strong economic recovery after the
pandemic-related downturn has boosted the state's revenue, with
operating revenues growing by 16% in 2021. Moreover, accelerating
inflation has helped sustain this dynamic in the first half of
2022, despite the slowing economy. That said, the rate reduction of
the Industry and Commerce state tax (ICMS; its Portuguese acronym)
will moderately slow revenue growth in the second half of 2022. On
July 1, 2022, the state lowered the rate of taxes on gasoline,
ethanol, and electricity to the 17% general rate from 25%,
following federal legislation capping state taxes on essential
goods. Still high commodity prices and a diverse economic matrix
should limit the impact of the tax modification because taxation on
capped items represents only 15% of the state's operating revenues.
Overall, we expect operating revenue growth to slow to 12% by the
end of the year, from growth of over 30% in the first half of
2022."

S&P said, "On the expenditure side, we see significant pressure to
increase payroll and infrastructure spending following two years of
subdued execution and salary freezes. Moreover, mandatory spending
linked to revenue performance led the government to increase in
2021 teachers' minimum salaries by 70%. The effects of the measure,
coupled with salary adjustments to other sectors of the
administration, will result in an annual increase of nearly 20% in
payroll in 2022. At the same time, Santa Catarina's unbalanced
pension system is a longstanding source of fiscal pressure. The
reform passed in August 2021 adopted changes approved at the
federal government level and was key at stabilizing the pension
deficit, but unfunded yearly benefits of about 12% of operating
revenues are still significant and will continue to limit budget
flexibility. Meanwhile, we expect capex to remain above
pre-pandemic levels and average R$3 billion in the next three
years, or 9% of total spending.

"Cash and equivalents accumulated are sufficient to cover the next
12 months debt service, which we estimate at R$2.5 billion.
However, the state will likely spend part of the accumulated cash
to finance its infrastructure plan, potentially resulting in
volatile debt service coverage levels. Meanwhile, Brazil's
intergovernmental framework continues to limit access to external
liquidity because it establishes that states must receive
authorization from the federal government under certain specific
rules and remain in compliance with fiscal targets to issue debt.

"We assume Santa Catarina's borrowings will remain limited this
year and average R$1 billion annually in 2023-2024, keeping net
financing negative. Under these assumptions, we expect the debt
burden to stabilize below 60% of operating revenue in 2022-2024.
This is down from an average of 100% in 2016-2018. The state's main
creditor is the federal government (43% of total debt).”

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION  
                                   TO             FROM
  SANTA CATARINA (STATE OF)

  Issuer Credit Rating       B+/Positive/--    B+/Stable/--

  Brazil National Scale      brAA/Positive/--  brAA/Stable/--




===========================
C A Y M A N   I S L A N D S
===========================

BISCAYNE CAPITAL (BVI): Oct. 13 Hearing on Settlement Motion Set
----------------------------------------------------------------
The liquidators of Biscayne Capital (B.V.I) Ltd, which is in
liquidation, filed a motion to request that the bankruptcy court
enter an order barring, enjoining, and restraining all "barred
persons" from commencing, prosecuting, continuing, or asserting all
"barred claims against any "protected persons" including any
Debtors (SGG Party) in this Chapter 15 case.

The hearing to consider the settlement motion will be held before
Hon. A. Jay Cristol of the U.S. Bankruptcy Court of the Southern
District of Florida on Oct. 13, 2022 at 10:30 a.m.  It will be held
at the C. Clyde Atkins United States Courthouse, 301 N. Miami
Avenue, Miami, FL, 33128, Courtroom #7.

Any objections to the relief sought in the Settlement Motion must
be filed with the court in accordance with the application rules by
no later than Sept. 23, 2022 at 5:00 p.m.

The liquidators are:

       William Sugden
       Leah Fiorenza McNeill
       Christopher Coleman
       Alston & Bird LLP
       1210 West Peachtree Street, Atlanta Georgia 30309
       will.sugden@alston.com
       leah.mcneill@alston.com
       chris.coleman@alston.com

                         About the Debtor

South Bay Holdings, LLC, was an entity formed to develop real
estate projects in Florida.  When South Bay was originally
founded, it financed its activities primarily through bank
loans and "friends and family" money.

In 2006 and 2007, South Bay sought to significantly expand its
business, including by acquiring 29 lots and associated
memberships at an exclusive resort in Key Biscayne, Florida.

To finance the expansion, the owners then began to form certain
special purpose vehicles to sell notes that were intended to
support these development activities. The Notes were issued in
multiple series through SG Strategic Income Ltd., GMS Global
Market Step Up Note Ltd., and Preferred Income Collateralized
Interest Ltd. Collectively, these three entities appear to have
issued not less than $260 million of these Notes; however, the
actual number is yet to be verified by transaction records and
statements which have not yet been received.  Certain other
related entities were otherwise involved with the issuance of
the Notes.

These entities are all collectively owned either by Vanguardia
Trust (BVI), a British Virgin Islands trust, or SBH Trust (BVI),
also a British Virgin Islands trust. Both of the Trusts have a
common set of principals: Mr. Ernesto Weisson, Mr. Roberto Cortes,
Mr. R. Cortes Rueda, and Mr. J.C. Cortes Pablo.

Starting no later than 2016, the U.S. Securities and Exchange
Commission commenced an investigation of the Principals, Biscayne
Capital International, LLC, and others concerning the issuance and
marketing of the Notes.

In August 2018, the companies owned by the Trusts were put into
liquidation proceedings.

The liquidators of North Pointe Holdings (BVI) Ltd - In
Liquidation and 11 affiliates, including Biscayne Capital (BVI)
- in Liquidation, and Diversified Real Estate Development Ltd.,
(in Official Liquidation) filed Chapter 15 cases in Miami,
Florida (Bankr. S.D. Fla. Case No. 18-24659) on Nov. 26, 2018.

The Florida Bankruptcy Court entered an order on Jan. 14, 2019
recognizing the Cayman Islands liquidations of Vanguardia Group
Inc. (In Official Liquidation), SG Strategic Income Ltd. (In
Official Liquidation), Diversified Real Estate Development Ltd.
(In Official Liquidation), GMS Global Market Step Up Note Ltd. (In
Official Liquidation), Preferred Income Collateralized Interest
Ltd. (In Official Liquidation), Sentinel Investment Fund SPC (In
Official Liquidation), and Sports Aficionados Ltd. (In Official
Liquidation) (collectively, the "Cayman Island Debtors") as
"foreign main proceedings".

BISCAYNE CAPITAL: Oct. 13 Hearing on Settlement Motion Set
----------------------------------------------------------
The liquidators of Biscayne Capital Holdings Limited, which is in
liquidation, filed a motion to request that the bankruptcy court
enter an order barring, enjoining, and restraining all "barred
persons" from commencing, prosecuting, continuing, or asserting all
"barred claims against any "protected persons" including any
Debtors (SGG Party) in this Chapter 15 case.

The hearing to consider the settlement motion will be held before
Hon. A. Jay Cristol of the U.S. Bankruptcy Court of the Southern
District of Florida on Oct. 13, 2022 at 10:30 a.m.  It will be held
at the C. Clyde Atkins United States Courthouse, 301 N. Miami
Avenue, Miami, FL, 33128, Courtroom #7.

Any objections to the relief sought in the Settlement Motion must
be filed with the court in accordance with the application rules by
no later than Sept. 23, 2022 at 5:00 p.m.

The liquidators are:

       William Sugden
       Leah Fiorenza McNeill
       Christopher Coleman
       Alston & Bird LLP
       1210 West Peachtree Street, Atlanta Georgia 30309
       will.sugden@alston.com
       leah.mcneill@alston.com
       chris.coleman@alston.com

                         About the Debtor

South Bay Holdings, LLC, was an entity formed to develop real
estate projects in Florida.  When South Bay was originally
founded, it financed its activities primarily through bank
loans and "friends and family" money.

In 2006 and 2007, South Bay sought to significantly expand its
business, including by acquiring 29 lots and associated
memberships at an exclusive resort in Key Biscayne, Florida.

To finance the expansion, the owners then began to form certain
special purpose vehicles to sell notes that were intended to
support these development activities. The Notes were issued in
multiple series through SG Strategic Income Ltd., GMS Global
Market Step Up Note Ltd., and Preferred Income Collateralized
Interest Ltd. Collectively, these three entities appear to have
issued not less than $260 million of these Notes; however, the
actual number is yet to be verified by transaction records and
statements which have not yet been received.  Certain other
related entities were otherwise involved with the issuance of
the Notes.

These entities are all collectively owned either by Vanguardia
Trust (BVI), a British Virgin Islands trust, or SBH Trust (BVI),
also a British Virgin Islands trust. Both of the Trusts have a
common set of principals: Mr. Ernesto Weisson, Mr. Roberto Cortes,
Mr. R. Cortes Rueda, and Mr. J.C. Cortes Pablo.

Starting no later than 2016, the U.S. Securities and Exchange
Commission commenced an investigation of the Principals, Biscayne
Capital International, LLC, and others concerning the issuance and
marketing of the Notes.

In August 2018, the companies owned by the Trusts were put into
liquidation proceedings.

The liquidators of North Pointe Holdings (BVI) Ltd - In
Liquidation and 11 affiliates, including Biscayne Capital (BVI)
- in Liquidation, and Diversified Real Estate Development Ltd.,
(in Official Liquidation) filed Chapter 15 cases in Miami,
Florida (Bankr. S.D. Fla. Case No. 18-24659) on Nov. 26, 2018.

The Florida Bankruptcy Court entered an order on Jan. 14, 2019
recognizing the Cayman Islands liquidations of Vanguardia Group
Inc. (In Official Liquidation), SG Strategic Income Ltd. (In
Official Liquidation), Diversified Real Estate Development Ltd.
(In Official Liquidation), GMS Global Market Step Up Note Ltd. (In
Official Liquidation), Preferred Income Collateralized Interest
Ltd. (In Official Liquidation), Sentinel Investment Fund SPC (In
Official Liquidation), and Sports Aficionados Ltd. (In Official
Liquidation) (collectively, the "Cayman Island Debtors") as
"foreign main proceedings".


NORTH POINTE: Oct. 13 Hearing on Settlement Motion Set
-------------------------------------------------------
The liquidators of North Pointe Holdings (BVI) Ltd, which is in
liquidation, filed a motion to request that the bankruptcy court
enter an order barring, enjoining, and restraining all "barred
persons" from commencing, prosecuting, continuing, or asserting all
"barred claims against any "protected persons" including any
Debtors (SGG Party) in this Chapter 15 case.

The hearing to consider the settlement motion will be held before
Hon. A. Jay Cristol of the U.S. Bankruptcy Court of the Southern
District of Florida on Oct. 13, 2022 at 10:30 a.m.  It will be held
at the C. Clyde Atkins United States Courthouse, 301 N. Miami
Avenue, Miami, FL, 33128, Courtroom #7.

Any objections to the relief sought in the Settlement Motion must
be filed with the court in accordance with the application rules by
no later than Sept. 23, 2022 at 5:00 p.m.

The liquidators are:

       William Sugden
       Leah Fiorenza McNeill
       Christopher Coleman
       Alston & Bird LLP
       1210 West Peachtree Street, Atlanta Georgia 30309
       will.sugden@alston.com
       leah.mcneill@alston.com
       chris.coleman@alston.com

                         About the Debtor

South Bay Holdings, LLC, was an entity formed to develop real
estate projects in Florida.  When South Bay was originally
founded, it financed its activities primarily through bank
loans and "friends and family" money.

In 2006 and 2007, South Bay sought to significantly expand its
business, including by acquiring 29 lots and associated
memberships at an exclusive resort in Key Biscayne, Florida.

To finance the expansion, the owners then began to form certain
special purpose vehicles to sell notes that were intended to
support these development activities. The Notes were issued in
multiple series through SG Strategic Income Ltd., GMS Global
Market Step Up Note Ltd., and Preferred Income Collateralized
Interest Ltd. Collectively, these three entities appear to have
issued not less than $260 million of these Notes; however, the
actual number is yet to be verified by transaction records and
statements which have not yet been received.  Certain other
related entities were otherwise involved with the issuance of
the Notes.

These entities are all collectively owned either by Vanguardia
Trust (BVI), a British Virgin Islands trust, or SBH Trust (BVI),
also a British Virgin Islands trust. Both of the Trusts have a
common set of principals: Mr. Ernesto Weisson, Mr. Roberto Cortes,
Mr. R. Cortes Rueda, and Mr. J.C. Cortes Pablo.

Starting no later than 2016, the U.S. Securities and Exchange
Commission commenced an investigation of the Principals, Biscayne
Capital International, LLC, and others concerning the issuance and
marketing of the Notes.

In August 2018, the companies owned by the Trusts were put into
liquidation proceedings.

The liquidators of North Pointe Holdings (BVI) Ltd - In
Liquidation and 11 affiliates, including Biscayne Capital (BVI)
- in Liquidation, and Diversified Real Estate Development Ltd.,
(in Official Liquidation) filed Chapter 15 cases in Miami,
Florida (Bankr. S.D. Fla. Case No. 18-24659) on Nov. 26, 2018.

The Florida Bankruptcy Court entered an order on Jan. 14, 2019
recognizing the Cayman Islands liquidations of Vanguardia Group
Inc. (In Official Liquidation), SG Strategic Income Ltd. (In
Official Liquidation), Diversified Real Estate Development Ltd.
(In Official Liquidation), GMS Global Market Step Up Note Ltd. (In
Official Liquidation), Preferred Income Collateralized Interest
Ltd. (In Official Liquidation), Sentinel Investment Fund SPC (In
Official Liquidation), and Sports Aficionados Ltd. (In Official
Liquidation) (collectively, the "Cayman Island Debtors") as
"foreign main proceedings".



VANGUARDIA HOLDINGS: Oct. 13 Hearing on Settlement Motion Set
-------------------------------------------------------------
The liquidators of Vanguardia Holdings Ltd, which is in
liquidation, filed a motion to request that the bankruptcy court
enter an order barring, enjoining, and restraining all "barred
persons" from commencing, prosecuting, continuing, or asserting all
"barred claims against any "protected persons" including any
Debtors (SGG Party) in this Chapter 15 case.

The hearing to consider the settlement motion will be held before
Hon. A. Jay Cristol of the U.S. Bankruptcy Court of the Southern
District of Florida on Oct. 13, 2022 at 10:30 a.m.  It will be held
at the C. Clyde Atkins United States Courthouse, 301 N. Miami
Avenue, Miami, FL, 33128, Courtroom #7.

Any objections to the relief sought in the Settlement Motion must
be filed with the court in accordance with the application rules by
no later than Sept. 23, 2022 at 5:00 p.m.

The liquidators are:

       William Sugden
       Leah Fiorenza McNeill
       Christopher Coleman
       Alston & Bird LLP
       1210 West Peachtree Street, Atlanta Georgia 30309
       will.sugden@alston.com
       leah.mcneill@alston.com
       chris.coleman@alston.com

                         About the Debtor

South Bay Holdings, LLC, was an entity formed to develop real
estate projects in Florida.  When South Bay was originally
founded, it financed its activities primarily through bank
loans and "friends and family" money.

In 2006 and 2007, South Bay sought to significantly expand its
business, including by acquiring 29 lots and associated
memberships at an exclusive resort in Key Biscayne, Florida.

To finance the expansion, the owners then began to form certain
special purpose vehicles to sell notes that were intended to
support these development activities. The Notes were issued in
multiple series through SG Strategic Income Ltd., GMS Global
Market Step Up Note Ltd., and Preferred Income Collateralized
Interest Ltd. Collectively, these three entities appear to have
issued not less than $260 million of these Notes; however, the
actual number is yet to be verified by transaction records and
statements which have not yet been received.  Certain other
related entities were otherwise involved with the issuance of
the Notes.

These entities are all collectively owned either by Vanguardia
Trust (BVI), a British Virgin Islands trust, or SBH Trust (BVI),
also a British Virgin Islands trust. Both of the Trusts have a
common set of principals: Mr. Ernesto Weisson, Mr. Roberto Cortes,
Mr. R. Cortes Rueda, and Mr. J.C. Cortes Pablo.

Starting no later than 2016, the U.S. Securities and Exchange
Commission commenced an investigation of the Principals, Biscayne
Capital International, LLC, and others concerning the issuance and
marketing of the Notes.

In August 2018, the companies owned by the Trusts were put into
liquidation proceedings.

The liquidators of North Pointe Holdings (BVI) Ltd - In
Liquidation and 11 affiliates, including Biscayne Capital (BVI)
- in Liquidation, and Diversified Real Estate Development Ltd.,
(in Official Liquidation) filed Chapter 15 cases in Miami,
Florida (Bankr. S.D. Fla. Case No. 18-24659) on Nov. 26, 2018.

The Florida Bankruptcy Court entered an order on Jan. 14, 2019
recognizing the Cayman Islands liquidations of Vanguardia Group
Inc. (In Official Liquidation), SG Strategic Income Ltd. (In
Official Liquidation), Diversified Real Estate Development Ltd.
(In Official Liquidation), GMS Global Market Step Up Note Ltd. (In
Official Liquidation), Preferred Income Collateralized Interest
Ltd. (In Official Liquidation), Sentinel Investment Fund SPC (In
Official Liquidation), and Sports Aficionados Ltd. (In Official
Liquidation) (collectively, the "Cayman Island Debtors") as
"foreign main proceedings".





===========
G U Y A N A
===========

GUYANA: Gets $130MM IDB Loan to Improve Public Policy re Pandemic
-----------------------------------------------------------------
Guyana will improve the efficiency and effectiveness of its public
policy and fiscal management response to the COVID-19 pandemic with
a US$130 million loan from the Inter-American Development Bank
(IDB).

The operation, the second of a two programmatic-based loan series,
will support Guyana's government efforts to promote macroeconomic
stability and withdraw emergency tax measures as part of a strategy
to adapt its public policy and fiscal response to the new phase of
the COVID-19 pandemic.  The first phase of this operation
previously approved in December 2020 was disbursed in January
2021.

This new phase of IDB financing will also support measures to
increase the efficiency and transparency of government procurement
processes as well as measures to promote greater fiscal
sustainability, address climate change and accelerate economic
recovery with greater gender equality. These include the approval
of a medium-term fiscal framework, the implementation of recovery
measures included in the Guyana COVID-19 National Action Plan and
the approval of a new institutional framework for public investment
management, among other measures.

The IDB loan has a maturity period of 20 years and a grace period
of 5.5 years and an interest rate based on the Secured Overnight
Financing Rate (SOFR).




===============
H O N D U R A S
===============

TEGUCIGALPA: Fitch Lowers LongTerm IDR to 'B', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDR) of Honduras' Alcaldia
Municipal del Distrito Central, Tegucigalpa (AMDC) to 'B' from
'B+'. The Outlooks are Stable. The Short-Term IDR was affirmed at
'B'.

The standalone credit profile (SCP) was not reviewed; hence remains
at 'b+'.

KEY RATING DRIVERS

The downgrade is driven by a weakening in the credit quality of the
sovereign. The rating action reflects Fitch's view that a
subnational in Honduras could be impacted by the credit quality of
the sovereign, in recognition of a certain degree of
interdependence between subnational finances and macroeconomic
conditions.

Risk Profile: 'Vulnerable'

No changes are factored in the assessment of the key risk factors;
hence the risk profile remains unchanged. AMDC's risk profile
reflects Fitch's 'Midrange' assessment on two risk factors:
expenditure sustainability and expenditure adjustability; and four
as 'Weaker': revenue robustness, revenue adjustability, liabilities
and liquidity robustness and flexibility.

Debt Sustainability: 'a' category

No changes are applied to the debt sustainability score. Under
Fitch's rating case scenario, AMDC's payback ratio (net adjusted
debt to operating balance), primary metric of debt sustainability,
is assessed in the 'aa' category. Fitch overrides the primary
metric by one rating category, to incorporate an actual debt
service coverage ratio (ADSCR, operating balance to debt service)
below 1.0x in Fitch's rating case.

DERIVATION SUMMARY

Fitch factors in the credit quality of the sovereign. AMDC's SCP
remains at 'b+', reflecting a combination of vulnerable risk
profile and debt sustainability in the 'a' category. The
notch-specific rating positioning factors in comparison with
international peers, including Argentine and Nigerian peers.

The agency does not apply any asymmetric risk or extraordinary
support from upper-tier government, which results in an IDR of 'B'.
The Short-Term rating of 'B' is derived from AMDC's Long-Term IDR.

RATING SENSITIVITIES

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

-- If debt sustainability metrics improve such that the payback
    ratio is lower than 5x and the fiscal debt burden is between
    50% and 100%, coupled with an improved debt service coverage
    of ratio between 2.0x and 4.0x;

-- Improvement in Fitch's internal assessment on the sovereign's
    credit quality, provided that AMDC maintains its debt
    sustainability metrics.

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

-- A sustained deterioration of the payback ratio above 9x due to

    a weakened operating balance coupled with an actual coverage
    below 1.5x could lead to a downgrade of Long-Term IDRs or if
    AMDC compares unfavorably with peers;

-- A lowering of Fitch's credit quality of the sovereign.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

ISSUER PROFILE

Tegucigalpa, Alcaldia Municipal del Distrito Central (AMDC) is
Honduras's capital city. Its GDP per capita is above Honduras
USD2,383, but it is low by international standards. AMDC's economic
structure is well diversified, fueled by public and private
investment, which supports robust internally generated revenues.
AMDC covers debt service with its operating balance.

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.

   DEBT          RATING                      PRIOR
   ----          ------                      -----

Tegucigalpa,    LT IDR      B    Downgrade    B+
Alcaldia Municipal
del Distrito Central

                ST IDR      B    Affirmed     B

                LC LT IDR   B    Downgrade    B+



===========
P A N A M A
===========

NG PACKAGING: Fitch Affirms 'BB+' IDR, Alters Outlook Pos.
----------------------------------------------------------
Fitch Ratings has affirmed NG Packaging & Recycling Corporation
Holdings S.A.'s Long-Term Issuer Default Rating (IDR) at 'BB+'.
Fitch also affirmed the unsecured notes co-issued by NG PET R&P
Latin America S.A. and San Miguel Industrias PET S.A at 'BB+'. The
notes are guaranteed by all material subsidiaries from NG Packaging
& Recycling Corporation Holdings S.A. (SMI) and NG Packaging &
Recycling Corporation Holdings II S.A.(Sinea), which manufactures
closures. The company reports combined accounts for NG Packaging &
Recycling Corporation Holdings S.A. and NG Packaging & Recycling
Corporation Holdings II S.A.

The Rating Outlook has been revised to Positive from Stable.

The Rating Outlook revision to Positive reflects the SMI group's
(SMI and Sinea) resilient business model as a one-stop-shop for
rigid plastic packaging, and Fitch's expectation the company will
maintain net leverage at or below 2.5x.

KEY RATING DRIVERS

Steady Leverage: Fitch projects SMI group's net leverage to remain
steady at 2.4x in 2022 (2.3x including factoring in 2021) due to
improved EBITDA from increased volumes. Fitch projects EBITDA to
increase close to USD180 million in 2022 from USD163 million in
2021. Total volume grew +20.6% yoy in 1Q22 driven by organic growth
and the ramp-up of contracts in end-markets such as soft drinks,
edible oil, dairy, and home care. EBITDA grew to USD49.5 million
during the same period (USD36.0 million in 1Q21).

Fully Integrated: Incorporating Sinea's closures business assets
under the new perimeter of the bond transaction, the SMI group is a
one-stop-shop regional supplier, with packaging solution for
containers, closures, thermoforming and recycled resin that creates
barriers to entry for competitors. Fitch expects the containers
segment to represent about 79% of group EBITDA, while the closure
business should account for about 18% of total group EBITDA in
2022.

Negative FCF: FCF is expected to be negative 2022, due to higher
capex and dividends payment after a strong cashflow generation in
2021. Fitch projects capex of about USD73 million as the company is
investing in equipment to sustain its growth. Maintenance capex is
estimated to be around USD16 million. FCF is expected to be
negative at about USD55 million-USD60 million (post interest and
dividends).

Geographic and Product Diversification: Fitch estimates that about
63% of the group's EBITDA will be generated outside of Peru at YE
2022, specifically in Central America, Colombia, Ecuador, Mexico
and others countries. Peru represented 38% of volumes in 1Q22. The
geographic and product diversification also allows the company to
bid for international contracts and provides more flexibility in
negotiations with international suppliers.

Contracted Sales: SMI group's long-term contracts for its container
and closures divisions are positive for the rating, as they provide
predictability in cash flow generation and reduce business risk.
The company's weighted average life of contracts is above five
years. Containers (preforms and bottles) and closures accounted for
43% and 53% of group volumes respectively as of 1Q22. The SMI group
has a pass-through model that provides margin protection against
price volatility in resin and natural hedges against currency
fluctuation as equipment and client contracts are in U.S. dollars.

DERIVATION SUMMARY

The ratings reflect SMI group's geographic and product
diversification, its highly contracted revenues and its
pass-through model that provides margin protection against price
volatility. The company has grown rapidly over the last eight
years, but remains smaller than international peers such as Amcor
plc. SMI group's client concentration remains high following the
regional industry concentration, with the top eight clients
representing a large portion of total revenues. This concentration
is mitigated by greater scale achieved over the years.

KEY ASSUMPTIONS

-- EBITDA close USD180 million in 2022;

-- Capex of about USD73 million in 2022;

-- Net debt/ EBITDA of about 2.4x by 2022.

RATING SENSITIVITIES

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

-- Net leverage below 2.5x on a sustained basis;

-- Strong FCF before dividend payment;

-- Good liquidity.

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

-- Net leverage above 3.5x on a sustained basis;

-- Negative FCF before dividends on a sustained basis;

-- Weak liquidity.

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: SMI group had cash and cash equivalents of
about USD38 million and USD43 million short-term debt as of 1Q22.
Main debt related to the USD380 million senior notes, which mature
in 2028. SMI group is a private company that is majority-owned by
Nexus Group, the leading private equity fund in Peru, and is
associated to Intercorp, one of Peru's largest conglomerates.

ISSUER PROFILE

SMI Group is a leading rigid plastic packaging solutions company in
Latin America, serving the main multinational CPGs in the beverage,
food, personal and home care industries. The company benefits from
a highly visible and diversified revenue stream with blue chip
customers with resin pass-through provisions.

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.

   DEBT                 RATING                     PRIOR
   ----                 ------                     -----

NG Packaging &         LT IDR   BB+    Affirmed    BB+
Recycling Corporation Holdings S.A.

San Miguel Industrias PET S.A.

   senior unsecured    LT       BB+    Affirmed    BB+

NG PET R&P Latin America, S.A.

   senior unsecured    LT       BB+    Affirmed    BB+



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

TIERRA ADENTRO: Seeks to Hire Vilarino & Associates as Counsel
--------------------------------------------------------------
Tierra Adentro Restaurants LLC seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire
Vilarino & Associates, LLC as its legal counsel.

The firm's services will include:

     a) advising the Debtor with respect to its duties, powers and
responsibilities in its Chapter 11 case under the laws of the
United States and Puerto Rico;

     b) advising the Debtor as to whether reorganization is
feasible and, if not, assisting the Debtor in the orderly
liquidation of its assets;

     c) negotiating with creditors in the formulation and
confirmation of a viable plan of reorganization;

     d) preparing legal papers;

     e) appearing before the bankruptcy court or any court where
the Debtor asserts a claim interest or defense related to its
bankruptcy case;

     f) other legal services necessary to administer the case; and

     g) employing other professional services, if necessary.

The hourly rates charged by the firm's attorneys and paralegals
are
as follows:

     Javier Vilarino, Esq. (Senior Attorney)   $275 per hour
     Associates                                $200 per hour  
     Paralegals                                $125 per hour

As disclosed in court filings, Vilarino & Associates is a
"disinterested person" within the meaning of Section 101(14) of
the
Bankruptcy Code.

The firm can be reached through:

     Javier Vilarino, Esq.
     Vilarino & Associates, LLC
     1519 Avenida de la Constitucion 5th Floor
     San Juan, PR 00918
     Phone: +1 787-565-9894
     Email: office@vilarinolaw.com

                About Tierra Adentro Restaurants

Tierra Adentro Restaurants, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-01965)
on July 5, 2022, listing up to $50,000 in assets and up to $500,000
in liabilities. Javier Vilarino, Esq., at Vilarino & Associates,
LLC serves as the Debtor's counsel.



                           *********


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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Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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