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

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

          Thursday, September 8, 2022, Vol. 23, No. 174

                           Headlines



A N T I G U A   A N D   B A R B U D A

ANTIGUA: Traditional Bread Shops Struggle Amid Food Price Hikes


B R A Z I L

AMERICANAS SA: S&P Affirms 'BB' GS Rating, Alters Outlook to Neg.
BRAZIL: Alagoas Gets $15M IDB Loan to Boost Digital Transformation


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Central Bank Raises Benchmark to 8% Per Year
DOMINICAN REPUBLIC: Seeks to Lighten Grocery Store Operating Costs


M E X I C O

CEMEX SAB: Implements Hydrogen Technology in Dominican Republic


V I R G I N   I S L A N D S

AFFINITY EQUITY: Chapter 15 Case Summary

                           - - - - -


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A N T I G U A   A N D   B A R B U D A
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ANTIGUA: Traditional Bread Shops Struggle Amid Food Price Hikes
---------------------------------------------------------------
Gemma Handy, writing for BBC News, reports that like everywhere
else, Antigua has been badly hit by the rising cost of living,
exacerbated by the wheat blockades in Ukraine and many countries'
subsequent curtailing of exports.

Flour imported from neighbouring islands has almost doubled in the
last 12 months, notes the report.

In addition to flour, sugar has also increased by 25%, BBC News
relates.

What the future holds for traditional shops in the face of
unprecedented financial challenges, coupled with an ageing
generation of old-style bakers, no-one really knows, adds the
report.





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B R A Z I L
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AMERICANAS SA: S&P Affirms 'BB' GS Rating, Alters Outlook to Neg.
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Brazil-based retailer
Americanas S.A. to negative from stable. S&P affirmed its global
scale 'BB' and 'brAAA' Brazilian national scale ratings on the
company. S&P revised down the company's stand-alone credit profile
(SACP) to 'bb' from 'bb+'. S&P affirmed its 'BB' issue-level
ratings on JSM Global S.a.r.l. and B2W Digital Lux S.a r.l.'s
senior unsecured notes, with a recovery rating of '4' (45%).

The negative outlook reflects the one-in-three chance of a
one-notch downgrade if the company fails to achieve its
deleveraging target.

Even though operating results have been favorable in recent
quarters, sizable M&As, share repurchases, and additional supplier
financing have increased leverage to levels much higher than S&P
was expecting. Adjusted debt to EBITDA rose to 6.5x in 2021--or
4.1x considering pro forma numbers due to the company's recent
restructuring--from projected 1.5x-2.0x. However, Americanas should
post a resilient performance in the coming quarters. Such business
strengths stem from the company's focus on extensive physical
presence and on a range of products with averages prices lower than
those of peers. S&P expects a gradual reduction in leverage with
adjusted net debt to EBITDA getting closer to 3.5x in 2023.

Americanas completed 10 acquisitions during 2020 and 2021, adding
new categories of products to its platform, such as fresh products
with a focus on fruits and vegetables. S&P said, "We believe the
company will address the integration and logistics challenges
successfully, as we have been seen in recent years. We expect the
EBITDA margin to continue improving, but to slip from our previous
forecast, given the company's expanded online presence. We estimate
annual investments in new stores and technology at about R$2
billion, which should result in negative free operating cash flows
(FOCF) at least for 2022."

S&P expects Americanas' liquidity to remain strong, despite the
reduction in its cash position in the past few quarters. In July
2022, Americanas issued new debentures of R$2 billion, the proceeds
of which the company used to refinance debt maturing in 2022 and
2023. Despite tough economy, the company was able to issue debt
maturing in 2033 at rate of CDI plus 2.75%, with no covenants.
These factors reinforce our view that Americanas is committed to
keeping a sound capital structure and has good standing in credit
markets. The maintenance of a strong liquidity position will be key
for the company to continue passing the stress test for ratings
above the sovereign.

ESG credit indicators: E-2, S-2, G-3

The company has been failing to meet the deleveraging targets, as
seen in substantially higher-than-expected adjusted net debt to
EBITDA in 2021 and early 2022, which is a moderately negative
governance consideration in our rating analysis (compared with no
material influence previously). As a result, S&P has revised its
governance credit indicator to G-3 from G-2.

Environmental and social factors continue to have no material
influence on S&P's credit analysis of Americanas.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status: other
governance factors.


BRAZIL: Alagoas Gets $15M IDB Loan to Boost Digital Transformation
------------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $15
million loan to boost the digital transformation of the government
of the Brazilian state of Alagoas. The goal of the project is to
help improve the state's relationship with its citizens, increase
people's satisfaction with public services, and lower the cost of
using those services.  

This project will strengthen the governance and digital
capabilities of the government, including the development of
cybersecurity and data strategies. It will also bolster the digital
skills of public servants involved in the process of digital
transformation and implementation of a platform with information
strategies for decision-making. Other project components include
support for public policy management and modernization of the state
government's technology infrastructure.

Furthermore, the project will develop initiatives to improve and
automate administrative processes, including the use of new
technologies such as artificial intelligence. The state
government's digital public services and citizens relations
platform will be strengthened, expanding digital services and
adding new functions.  

The partnership with Alagoas will include a diagnostic of in-person
public services that are most often used by women so that they
receive priority treatment in the process of digitalization. In
this way the project aligns with the IDB's Vision 2025 program,
which sets the promotion of gender equality and diversity as one of
the pillars of economic recovery and inclusive growth in Latin
America and the Caribbean.  

                Education and Digital Health

Project funds will also be used to support digital transformation
in the management and provision of services in education. One of
the expected outcomes is increased connectivity in schools by
improving digital infrastructure (equipment and connections,
computers and tablets), boosting services that use digital
platforms and virtual classes, and improving the digital training
of teachers and administrative personnel in the education sector.


This project component supports diversity through the inclusion of
schools in indigenous and African-origin communities that are in
the process of digital transformation. These schools will be
prioritized, providing them with computer labs with Internet access
for students.

In the area of health, the investments will be used to implement
technological solutions that facilitate a pro-active relationship
with the population by promoting preventive health. A health module
will be designed especially for women, focusing on preventing
non-transmissible diseases.

The IDB loan has a payback period of 24.5 years, a grace period of
six years, an interest rate pegged to the SOFR and a counterpart
contribution of $10 million from the Alagoas state government. The
executing agency will be the Alagoas State Planning Secretariat,
which coordinated the design of the products that will be created
with the loan.

                        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.

DBRS Inc. confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low) on Aug 12, 2022. At the same time,
DBRS Morningstar confirmed the Federative Republic of Brazil's
Short-term Foreign and Local Currency Issuer Ratings




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Central Bank Raises Benchmark to 8% Per Year
----------------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic (BCRD) increased its monetary policy interest rate by 25
basis points, from 7.75% to 8.00% per year.  In this way, the rate
of the permanent liquidity expansion facility (1-day repos) goes to
8.50% per year and the rate of overnight deposits to 7.50% per
year, according to Dominican Today.

This decision is based on an exhaustive evaluation of the recent
behavior of the world economy and its impact on inflation,
considering geopolitical conflicts and global cost shocks, the
report notes.

The BCRD indicated that price dynamics continue to be affected by
external factors that are more persistent than expected, associated
with the extraordinary increase in the prices of oil and other raw
materials, as well as the high costs of international container
transport and other disruptions in supply chains, the report
relays.

                  About Dominican Republic

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

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

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

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

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

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


DOMINICAN REPUBLIC: Seeks to Lighten Grocery Store Operating Costs
------------------------------------------------------------------
Dominican Today reports that the National Institute for the
Protection of Consumer Rights (Pro Consumidor) is analyzing
alternatives in the distribution chain of products in search of
creating mechanisms that can lower operating costs in the trade of
goods and thus ensure that prices remain stable or decrease.

This was stated by the director of Pro Consumidor, Eddy Alcantara,
who also informed that a survey has been made to know the situation
that affects the commerce sector and that makes it difficult to
place a lower margin on the products, according to Dominican
Today.

This is due to the fact that the retailers said that the operating
costs of the grocers have risen up to 23%, so they have had to
increase the margins on the products, the report notes.

"From the pact that was signed with the merchants, the fundamental
thing has been that most of the products remain stabilized and that
we look for mechanisms to try to reduce the cost of operation with
the alternatives that are being sought," the report discloses.

He said that they are managing palliative alternatives that reach
distributors and retailers, and that this benefit be transferred to
consumers, which is the main objective, the report says.

The official explained that since this sector is not regulated by
the Monetary and Financial Law, it is the responsibility of Pro
Consumidor to watch over the rights of each one of the consumers
who carry out transactions with the suppliers of this type of
commerce, the report relays.

It also indicated that the main purpose of the review of adhesion
contracts by Pro Consumidor is "to ensure that they do not contain
clauses detrimental to the rights of consumers or users, enshrined
in the consumer protection law," the report notes.

"Failure to comply with the requirements stipulated in adhesion
contracts, including the introduction of abusive clauses, is
considered an infringement of the aforementioned law, for which the
individuals or legal entities that by omission or action have
participated in them, through fraud, fault or mere non-observance,
will be responsible," he finally said, the report adds.

                  About Dominican Republic

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

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

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

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

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

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




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M E X I C O
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CEMEX SAB: Implements Hydrogen Technology in Dominican Republic
---------------------------------------------------------------
CEMEX, S.A.B. de C.V. ("CEMEX") is implementing hydrogen technology
at its San Pedro De Macoris cement plant in the Dominican Republic.
Fernando A. Gonzalez, CEO of CEMEX, was on hand for the project's
inauguration, which is part of the company's Future in Action
program that seeks to achieve carbon neutrality by 2050.

"Through projects like this, we reiterate our commitment to
leveraging innovation to meet our ambitious sustainability and CO2
reduction goals," said Fernando A. Gonzalez, CEO of CEMEX.
"Hydrogen is a key technology for our Future in Action program, as
an accelerator for our efforts to transform waste into energy and
as a potential carbon-free fuel source."

CEMEX's current leveraging of hydrogen technology includes its
injection into kilns to optimize the combustion process and
increase the use of alternative fuels. Both are essential levers
for the company's 2030 goal to reduce CO2 emissions in the cement
production process by approximately 40%. In the first half of 2022,
CEMEX increased its use of alternative fuels by 5 percentage
points, reaching an all-time-high 33% substitution rate.

CEMEX is a pioneer in the adoption of hydrogen technology in the
building materials industry, with successful projects running since
2019. As of 2021, the company used hydrogen in all its European
plants and expects to continue scaling its use in other operations
worldwide.

CEMEX is also working with several partners to discover and pilot
breakthrough technologies for hydrogen to be used as zero-carbon
primary fuel source in cement production. Among its major
innovation projects is a partnership with Hiiroc, a leader in
technology for low-cost, zero-emission hydrogen generation. The
company also participated in the creation of the first renewable
hydrogen industrial plant in Spain in collaboration with Acciona
and Enagas.

                     About CEMEX SAB

CEMEX, S.A.B. de C.V., is a holding company of entities which
main activities are oriented to the construction industry,
through the production, marketing, distribution and sale of
cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 20, 2022, Fitch Ratings has upgraded the foreign and local
currency Issuer Default Ratings (IDRs) of CEMEX, S.A.B. de C.V.
(CEMEX) to 'BB+' from 'BB', its senior unsecured notes to 'BB+'
from 'BB' and its subordinated hybrid issuance to 'BB-' from 'B+'.
Cemex's National Long-Term rating is being upgraded to 'AA-(mex)'
from 'A+(mex)', and its National Short-Term rating is affirmed at
'F1'. The Rating Outlook is Stable.




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V I R G I N   I S L A N D S
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AFFINITY EQUITY: Chapter 15 Case Summary
----------------------------------------
Chapter 15 Debtor:        Affinity Equity International
                          Partners Limited
                          Offshore Incorporations Centre
                          P.O. Box 957
                          Road Town, Tortola VG1110
                          British Virgin Islands

Chapter 15 Petition Date: August 31, 2022

Court:                    United States Bankruptcy Court
                          Southern District of Florida

Case No.:                 22-16815

Foreign Proceeding:       Eastern Caribbean Supreme Court,
                          High Court of the BVI,
                          Commercial Division

Foreign Representatives:  Angela Barkhouse
                          Helen Janes
                          Carl Jackson
                          142 Seafarers Way
                          George Town, Grand Cayman KY1-9006
                          Cayman Islands

Foreign Representatives'
Counsel:                  Gregory S. Grossman, Esq.
                          Juan J. Mendoza, Esq.
                          Jennifer Mosquera, Esq.
                          SEQUOR LAW, P.A.
                          1111 Brickell Avenue, Suite 1250
                          Miami, FL 33131
                          Tel: (305) 372-8282
                          Email: ggrossman@sequorlaw.com
                                 jmendoza@sequorlaw.com
                                 jmosquera@sequorlaw.com

Estimated Assets:         Unknown

Estimated Liabilities:    Unknown

A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/YRALKNQ/Affinity_Equity_International__flsbke-22-16815__0001.0.pdf?mcid=tGE4TAMA




                           *********


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

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