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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, August 23, 2022, Vol. 23, No. 162

                           Headlines



B E L I Z E

BELIZE: S&P Affirms 'B-/B' Sovereign Credit Ratings


C O L O M B I A

BANCOLOMBIA SA: Launches Miami RIA & Offshore Brokerage Operations


J A M A I C A

JAMAICA: BOJ Raises Interest Rate to 6%
[*] KINGSTON WHARVES: Makes Less Profit for June Quarter


P U E R T O   R I C O

CYMA CLEANING: Unsecured Creditors Will Get 94% of Claims in Plan
VANTAGE DRILLING: Posts $48.3 Million Net Income in Second Quarter


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Has US$1.2 Billion in Agri Opportunities

                           - - - - -


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B E L I Z E
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BELIZE: S&P Affirms 'B-/B' Sovereign Credit Ratings
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On Aug. 19, 2022, S&P Global Ratings affirmed its 'B-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Belize. The outlook on the long-term ratings remains stable. In
addition, its transfer and convertibility (T&C) assessment remains
at 'B-'.

Outlook

The stable outlook balances continued economic recovery with high
inflation, weak external liquidity, and risks related to still-high
government debt. S&P expects the government will make gradual
progress strengthening public finances over the next 12 months.

Downside scenario

S&P could lower the ratings over the next six to 24 months if
adverse developments elevate fiscal and external imbalances beyond
our expectations or hamper access to official lending. Failure to
capitalize on the fiscal benefits of the recent sovereign debt
restructuring, combined with poor external liquidity and a
still-high debt burden, could eventually weaken the government's
liquidity, leading to a downgrade.

Upside scenario

S&P could raise the ratings over the next 12-18 months if it sees a
track record of strengthening economic and fiscal results and
sustainable improvement in external liquidity. Successful
implementation of fiscal measures resulting in consistent debt
reduction, and better GDP growth and long-term economic prospects,
could lead to an upgrade.

Rationale

S&P's sovereign credit ratings on Belize reflect economic recovery
in 2021, combined with the currently high inflation, poor external
liquidity, and still-high government debt burden after a recent
debt restructuring. The ratings also incorporate our assessment of
Belize's weak institutions and the absence of monetary and
exchange-rate flexibility.

Institutional and economic profile: S&P expects GDP growth, after
recovering to pre-pandemic levels in 2021, to be more in line with
historical figures

-- Belize's GDP returned to pre-pandemic levels by the end of
2021.

-- GDP growth over the forecast period (2022-2025) is expected to
average 2.8%.

-- The government will face constraints in getting access to the
international capital markets due to recurring sovereign defaults.

Belize's economy returned to its pre-pandemic levels, rebounding
16.3% in 2021, from a contraction of 13.7% in 2020, mainly from the
resurgence of tourism and an increase in agricultural exports.
Economic performance remained robust during first-quarter 2022 as
most mobility restrictions were lifted. Nonetheless, a potential
economic contraction in the U.S. could affect the recovery in
tourism, since the U.S. provides 70% of all visitors to Belize.

S&P estimates GDP per capita of US$6,213.9 in 2022. S&P expects
that GDP growth will average 4.0% by year-end.

During 2022, Belize revised national income accounts to better
reflect the country's economic activity. Despite an increase in GDP
of 16.3% in 2021 following the data revision, the economy remains
concentrated in the tourism sector. New economic activities, like
administrative and support services such as call centers, could
bring additional development opportunities in the country and
gradually diversify the economy.

S&P said, "In our opinion, Belize's institutions are weak. Over the
last 10 years, the country has gone through four sovereign debt
defaults, which has limited the sovereign's access to external
commercial funding. Policy choices under successive governments
have weakened the capability to maintain sustainable public
finances." Despite a commitment to reduce the fiscal imbalances, it
will remain a challenge for the government to lower its debt burden
and raise its long-term growth prospects.

Flexibility and performance profile: Recent debt restructuring
reduced the sovereign's debt burden, but sustainability will rely
on effective fiscal measures

-- S&P estimates the general government fiscal deficit will widen
to 6% of GDP in 2022, pushing net general government debt to 69.2%
of GDP.

-- The higher government financing needs and current account
deficits (CADs) will result in more external borrowing.

-- The fixed exchange rate has anchored macroeconomic stability
but left limited monetary flexibility to respond to external
shocks.

Inflation has had a negative impact on Belize's government finances
in 2022. The government introduced fuel subsidies to contain the
spike in inflation, thereby raising its current expenditures. S&P
said, "As a result, we expect fiscal deficits will reach 6% of GDP
in 2022 and narrow to 2.7% of GDP in 2025. Our assessment
incorporates the limited ability to raise revenues, mainly from the
difficulty in collecting taxes from the informal sector, coupled
with high infrastructure needs."

In 2021, Belize refinanced its superbond to a blue bond, reducing
general government debt to GDP to 74.5%, from 95.2% in 2020. The
debt restructuring involved a new loan provided by a subsidiary of
The Nature Conservancy (TNC), which includes various marine
conservation targets, such as protecting approximately 30% of its
ocean. The blue bond structure was signed under a 45% face value
reduction of the superbond, the maturity was extended, and interest
rates vary over the maturity of the instrument. The bond will
mature in April 2040. The TNC loan's principal will be amortized in
18 equal semiannual installments, starting in April 2032.

S&P said, "Despite this reduction, we expect that net general
government debt will average 70.3% of GDP, with the interest burden
as a percentage of general government revenues at 8.3% during
2022-2025. The government's main creditors are multilateral,
bilateral, and domestic entities.

"We estimate that contingent liabilities from the financial sector
are moderate. There is a risk that Belize's failure to fully comply
with international standards could threaten the renewal of
correspondent banking relationships between local and foreign
banks. Moreover, reported capital buffers in the banking system are
low.

"Belize is vulnerable to adverse global shocks and natural
disasters. Despite the resurgence of tourism, high fuel prices will
pressure the trade balance. We forecast high external financing
needs, estimated at 157% of current account receipts (CARs) and
usable reserves over the next two years. We project the CAD to
decline gradually and average 7% of GDP in 2022-2025. We expect net
foreign direct investment to average 3.6% of GDP in 2022-2025,
mainly going to tourism, real estate, and agriculture projects. Due
to continued external deficits, we expect usable foreign exchange
reserves will remain negative in 2022-2025. We project Belize's
narrow net external debt to be 119.8% of CARs. Belize's net
external liabilities are, however, substantially larger than narrow
net external debt."

Despite high liquidity in the financial system, net domestic credit
decelerated in 2021 because of a conservative lending policy from
domestic banks, combined with significant declines in credit to
central government and public-sector corporations.

Domestic bank credit continued to grow slowly. In 2021,
private-sector credit increased marginally, mainly owing to
tourism, construction, and agriculture. The banking system's
nonperforming loans decreased significantly after the increase in
loan write-offs. With this, nonperforming loans decreased to 2.5%
of total loans, from 4.4% in 2020. Finally, strengthening the
supervision and regulation of the financial system in Belize is
ongoing, and many challenges lie ahead.

Belize has a fixed exchange rate and a small domestic capital
market, which limit the effectiveness of monetary policy. On the
other hand, the currency peg fosters price stability, keeping price
inflation low. (S&P project inflation of around 1.2% on average
over 2019-2022.)




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C O L O M B I A
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BANCOLOMBIA SA: Launches Miami RIA & Offshore Brokerage Operations
------------------------------------------------------------------
Fabian Tiscornia at citywireamericas.com reports that Colombian
group Bancolombia has announced that its offshore brokerage and RIA
have begun operating in Miami, Florida.

The firm previously revealed in September last year it was planning
on opening its affiliates Bancolombia Capital and Bancolombia
Capital Advisers at some point this year marking a 'milestone in
its international strategy', as reported by Citywire, according to
citywireamericas.com.

'Through our operation in the United States, based in the city of
Miami, the clients of the Bancolombia Group that are linked to
these entities will be able to access the products and services
that Bancolombia Capital will offer,' the group said in a statement
released August 10, the report notes.

Bancolombia's two Miami-based affiliates will provide the group's
offshore clients with a range of products and services, including
customized portfolio management, access to international fixed
income and equity investments, mutual funds, structured notes and
alternative assets, among others, the report relays.

In addition, its offshore clients will be able to access leverage
services for their investment portfolios, among other transactional
services, the report relays.

'With the start of operations, customers will be able to open
accounts with the new entities with the support of their commercial
investment managers,' the statement said.

In May, Bancolombia received authorization from US regulators to
operate as a stockbroker and as an investment adviser, as reported
by Citywire, the report discloses.

'This is an offer that responds to the call of our clients, who
want to have their portfolio abroad backed by the solidity of the
Bancolombia Group,' said Bancolombia's Corporate Vice President,
Mauricio Rosillo, in a statement issued at that time, the report
recalls.

The group's Miami operation is led by Juan Felipe Giraldo, who was
the president of Valores Bancolombia and has almost 23 years'
experience at the firm, the report notes.

Bancolombia follows in the footsteps of fellow Latin American
financial group Sura, which also recently launched a Miami-based
RIA and broker-dealer, the report says.

Bancolombia manages more than $77 billion in assets across its
banking, asset management and advisory services, the report adds.

As reported in the Troubled Company Reporter-Latin America on July
14, 2021, Fitch Ratings downgraded to 'BB+' the long-term issuer
default rating of Bancolombia S.A. which reflect the downgrade of
Colombia's ratings, as the bank is constrained by the sovereign's
ratings.



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J A M A I C A
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JAMAICA: BOJ Raises Interest Rate to 6%
---------------------------------------
RJR News reports that the Bank of Jamaica's policy interest rate
now stands at six per cent.

The BOJ's Monetary Policy Committee (MPC) announced, that 50 basis
points will by added to the policy rate, effective Aug. 19,
according to RJR News.

The BOJ's interest rate has been increasing since October last
year, the report notes.

BOJ maintains that the rate hike is to tighten liquidity in the
economy, thus reducing the drive to spend, the report relays.

It hopes this strategy will reduce inflation, which was registered
at 10.2 per cent for the 12 months up to July this year - a lower
rate of increase compared to the 10.9 per cent point-to-point
inflation in June, the report adds.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.


[*] KINGSTON WHARVES: Makes Less Profit for June Quarter
--------------------------------------------------------
RJR News reports that multipurpose port terminal and logistics
company Kingston Wharves, made less profit in its second quarter
ended June.

Net profit for the period was $547.45 million, compared with $739.3
million during the same period last year, according to RJR News.

Kingston Wharves says post tax earnings fell due to the
appreciation of the Jamaican dollar compared to the US currency,
the report notes.

Total revenue for the company saw a $250 million decline, amounting
to $2.3 billion, the report relays.

For the six-month period, the company registered revenues of $4.6
billion, representing a 16 per cent increase for the same period in
2021, the report adds.




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P U E R T O   R I C O
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CYMA CLEANING: Unsecured Creditors Will Get 94% of Claims in Plan
-----------------------------------------------------------------
Cyma Cleaning Contractors, Inc. filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a Plan of Reorganization
dated August 15, 2022.

CYMA is a corporation dedicated to the business of managing and
renting an income generating property. Cyma owns a real property
located at Carr 848 Km 2 Local 199 Saint Just Trujillo Alto, PR
00976.

Due to different catastrophic events, first Hurricanes Irma and
Maria and then the COVID19 Pandemic, the Debtor was unable to meet
the exacting demands of First Bank. Cyma sought bankruptcy
protection with the intent to reorganize the mortgage loan with
First Bank and establish a payment plan for the satisfaction of any
debt allegedly owed to Hacienda and the other creditors.

This Plan provides for three classes of claims and interests: (a)
allowed secured claims of Firstbank, (b) allowed secured claims of
Small Business Administration, (c) allowed secure claims of CRIM
and (d) the general unsecured creditors. In addition, the Plan
provides for the payment to Priority Unsecured Creditor. General
Unsecured Creditors, with Allowed Claims, will receive a
distribution of $1,000.00 equal to a 94.00% distribution on their
allowed general unsecured claims. This Plan also provides for the
payment of administrative claims.

The Plan will treat claims as follows:

     * Class 1 consists of the Allowed Secured Claim of First Bank,
if secured by the Trujillo Alto Commercial Property. If allowed as
filed, FirstBank shall have a Class 1 Allowed Secured Claim equal
to $375,592.67. If any, the Allowed Class 1 Secured Claim shall be
satisfied via 59 monthly and consecutive payments in the amount of
$2,074.04 with one final payment, due on the 60th month following
the day the first payment is made, equal to any remaining
principal
balance.

     * Class 2 consists of the Allowed Secured Claim of the Small
Business Administration (the "SBA"), if secured by the Trujillo
Alto Commercial Property. If allowed as filed, the SBA shall have
a Class 2 Allowed Secured Claim equal to $215,117.20. If any, the
Allowed Class 2 Secured Claim of the SBA shall be satisfied via 59
monthly and consecutive payments in the amount of $1,187.89 with
one final payment, due on the 60th month following the day the
first payment is made, equal to any remaining principal balance.

     * Class 3 consists of the Allowed Secured Claim of CRIM, if
secured by the Trujillo Alto Commercial Property. If allowed as
filed, the CRIM shall have a Class 3 Allowed Secured Claim equal
to $44,876.00. If any, the Allowed Class 3 Secured Claim of the
SBA shall be satisfied via 59 monthly and consecutive payments
in the amount of $247.81 with one final payment, due on the 60th
month following the day the first payment is made, equal to any
remaining principal balance.

     * Class 4 Claim consists of the Allowed General Unsecured,
if any. This Class consists of the prepetition unsecured claims
against the Debtor, to the extent Allowed, if any. It is estimated
that Allowed Class 4 General Unsecured Claims will be in the
amount of $1,069.80. The Allowed Class Four Claims shall be
satisfied via a single lump sum payment of $1,000.00 to be paid
on the first day of the second month following the Effective Date
of the Plan. If claims are Allowed as filed, the Allowed Class Four

Claims will receive a distribution equal to 94.00% of their
Allowed Claims.

The Plan establishes that the Plan will be funded from the proceeds
generated by the operating business of the Debtor, CYMA. It
generally consists of the Debtor's funds generated from business of
managing and renting an income generating property. The Debtor will
contribute its cash flow to fund the Plan commencing on the
Effective Date of the Plan and continue to contribute through the
date that Holders of Allowed Class 1, Class 2, Class 3 and Class 4
Claims receive the payments specified for in the Plan.

A full-text copy of the Plan of Reorganization dated August 15,
2022, is available at https://bit.ly/3A6JAx1 from PacerMonitor.com
at no charge.

Debtor's Counsel:

       William Rivera Velez, Esq.
       The Batista Law Group, PSC
       P.O. Box 191059
       San Juan, PR 00919
       Telephone: (787) 620-2856
       Facsimile: (787) 777-1589
       E-mail: wrv@batistasanchez.com

                About CYMA Cleaning Contractors

CYMA Cleaning Contractors, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No.
22-01377) on May 16, 2022, listing as much as $1 million in both
assets and liabilities. Jose A. Diaz Crespo serves as Subchapter V
trustee.

Jesus E. Batista Sanchez, Esq., at The Batista Law Group, PSC and
Jimenez Vazquez & Associates, PSC serve as the Debtor's legal
counsel and accountant, respectively.


VANTAGE DRILLING: Posts $48.3 Million Net Income in Second Quarter
------------------------------------------------------------------
Vantage Drilling International filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
net income of $48.33 million on $73.24 million of total revenue
for the three months ended June 30, 2022, compared to a net loss
of $28.98 million on $35.60 million of total revenue for the
three months ended June 30, 2021.

For the six months ended June 30, 2022, the Company reported net
income of $34.14 million on $131.57 million of total revenue
compared to a net loss of $64.98 million on $55.77 million of total
revenue for the same period during the prior year.

As of June 30, 2022, the Company had $754.30 million in total
assets, $96.69 million in total current liabilities, $347.68
million in long-term debt, $9.96 million in other long-term
liabilities, and $299.97 million in total equity.

As of June 30, 2022, Vantage had approximately $246.3 million in
cash, including $18.9 million of restricted cash, compared to $90.6
million in cash, including $17.3 million of restricted cash, at
Dec. 31, 2021.  The Company used $32.0 million in cash from
operations during the second quarter of 2022 compared to $25.6
million used during the same period of 2021.

Ihab Toma, CEO, commented: "As previously announced, we are very
pleased to have closed the sale of EDC to ADES Arabia and to
support their operations in Qatar.  The sale meaningfully improved
the Company's liquidity."

Mr. Toma continued: "With regard to the rigs we own and manage, we
continue to see a constructive environment as rig activity levels
remain strong.  Our focus remains on taking advantage of the
recovery that is underway to secure higher dayrates and continuing
to provide safe, efficient and reliable operations for our
clients."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1465872/000095017022016980/ck0001465872-20220630.htm

               About Vantage Drilling International

Vantage Drilling International, a Cayman Islands exempted company,
is an offshore drilling contractor, with a fleet of two
ultra-deepwater drillships, and five premium jackup drilling rigs.
Its primary business is to contract drilling units, related
equipment and work crews primarily on a dayrate basis to drill oil
and natural gas wells globally for major, national and independent
oil and gas companies.  The Company also markets, operates and
provides management services in respect of, drilling units owned by
others.

Vantage Drilling reported a net loss of $110.25 million for the
year ended Dec. 31, 2021, compared to a net loss of $276.76 million
for the year ended Dec. 31, 2020.  As of March 31, 2022, the
Company had $719.91 million in total assets, $104.51 million in
total current liabilities, $347.27 million in long-term debt (net
of discount and financing costs), $16.50 million in other long-term
liabilities, and $251.62 million in total equity.

                             *   *   *

As reported by the TCR on May 9, 2022, S&P Global Ratings affirmed
its 'CCC' issuer credit rating on Vantage Drilling International.
S&P said the 'CCC' rating reflects the refinancing risk related to
the company's $350 million senior secured notes due November 2023.




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Has US$1.2 Billion in Agri Opportunities
-----------------------------------------------------------
Trinidad Express reports that chairman of the Caricom Private
Sector Organisation (CPSO), Gervase Warner, said that the fact that
Caricom countries import more than US$4 billion a year in food and
agri products from outside of the region creates a huge opportunity
for import substitution.

Warner said analysis done by the CPSO secretariat revealed that the
Caricom region now has the capability, or can acquire the
capability, to produce US$1.2 billion of food and agri products to
displace imports, according to Trinidad Express.

"We find that there is at least US$1.2 billion of opportunity.
That's how the 25 per cent that we are going after by 2025 came
about," he said, referring to the 25% by 2025 target that has been
adopted by Caricom, the report notes.

Warner was speaking at the opening of Agri-Investment Forum at the
National Academy for the Performing Arts, the report relays.  Among
the attendees at the Agri-Investment Forum were the prime ministers
of Grenada, St Vincent, Barbados, St Lucia and Haiti as well as the
presidents of Guyana and Suriname, the report notes.

Warner said the categories of food and agri products that can be
produced in the region to replace imports are:

* Cereals and staples, including corn, soyabean, rice and cassava,
which can be grown in Belize, Guyana and Suriname;

* Meat and poultry, comprising chicken, beef, goat and pork;

* Vegetables, fruits and nuts;

* Beverages including milk, water, soft drinks, juices; and

* Fish and crustaceans

"The heart of what I would like to focus on this morning is that we
have a big opportunity and the fact that we have significant
commitment to go after it," said Warner, adding that the commitment
was an absolutely essential ingredient for success, the report
notes.

"But for us to truly be successful, we have to look at the problem
holistically, across the full value chain," Warner said, the report
says.

He said there is no point growing things that cannot be sold in
markets because the products are not grown to the specific
packaging, size and quality that consumers prefer, the report
discloses.

He said there is no point investing a great deal of money in
producing corn, if there is no infrastructure to move it from the
farm to the market, the report says.

There is also no point in pursuing investment in a poultry or pork
industry if that encounters barriers and obstacles to trading with
one another, he said, the report relays.

"It is really essential that we take a full value-chain perspective
as we approach this problem," Warner said, the report notes.

The regional public sector leader said there are a number of steps
that are required to achieve the target of US$1.2 billion in food
and agri-product import substitution, the report notes.

These include finding the land, labor capital and technology to
scale up the production of food in the region, the report
discloses.

Getting to the target of US$1.2 billion also requires facilitating
the regional innovators in the agriculture space, the report
relays.

To this end, Warner highlighted a young St Lucian named Johanan
Dujon, who is using Sargassum seaweed as the basis of a plant
stimulant through his company, Algas Organics, the report notes.

"He has been testing this bio-stimulant in Florida and has had
fantastic results, based on the trials he has been running. You
have got a product that is environmentally friendly, a product that
is substituting for fertilizers that are getting increasingly
expensive.  A product that is quiet simply nothing short of
brilliant and which has the ability to generate foreign exchange,"
Warner said, the report relays.

He said Massy Holdings has invested US$100,000 in the product
through its NUDGE program, the report relays.

Warner, who is the president of the Massy Group, which is
headquartered in Port of Spain, said food security has clearly
become front and centre for the region, the report notes.

"It is clear to us that we are not going to get help from our
colonisers of the past. We are not going to get help from big,
developed countries. This is our problem for us to address
ourselves," said Warner, the report relays.

Another important step in capturing the US$1.2 billion in
opportunities is ensuring that the transportation links networks
are in place, both internally and among the Caricom countries to
get products to markets, the report says.

He placed the drive to increase food production in the Caribbean
Community in the context of the current global crises that are
creating major disruptions to supply chains around the world, the
report notes.

Among the crises and tensions he outlined were Russia's invasion of
Ukraine, the rising tension between the US and China and the rising
prices of food and fuel, the report says.

"This is made worse by the strengthening of the US dollar, which
creates additional challenges for small island developing states
and their balance of trade," said Warner, the report relays.

He pointed as well to the "profound climate vulnerability
incidents," which have caused fires, droughts and floods that are
interrupting the supply of food around the world, the report adds.




                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

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

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of the same firm for the term of the initial subscription or
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.


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