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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

          Monday, September 19, 2022, Vol. 23, No. 181

                           Headlines



B E L I Z E

BELIZE: IDB OKs $15M Loan to Spur Sustainable Farming & Tourism


B R A Z I L

BRAZIL: Rio Allocates US$17M++ to Promote Solar Projects


C A Y M A N   I S L A N D S

CIFI HOLDINGS: Moody's Cuts CFR to B1 & Alters Outlook to Negative


J A M A I C A

DIGICEL GROUP: Political Situation in Haiti Impacting Operation


M E X I C O

MEXICO: Egan-Jones Retains B+ Senior Unsecured Debt Ratings


P U E R T O   R I C O

ROJESIE INC: Seeks Court Approval to Hire Bankruptcy Counsel


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Cargo Goes Door-To-Door


X X X X X X X X

LATAM: IATA Warns High Prices Might Make Region a Last Choice
[*] BOND PRICING: For the Week Sept. 12 to Sept. 16, 2022

                           - - - - -


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B E L I Z E
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BELIZE: IDB OKs $15M Loan to Spur Sustainable Farming & Tourism
---------------------------------------------------------------
The Inter-American Development Bank approved a $15 million loan and
up to $800,000 in grant funding for the Sustainable and Inclusive
Belize project, which seeks to bolster revenue from agriculture and
tourism, two of the most essential pillars of Belize's economy. The
operation will focus on boosting the competitiveness, climate
resilience, and environmental sustainability of micro, small and
medium-sized enterprises in both sectors.

Tourism accounted for 39% of Belize's GDP in 2019, while
agriculture contributed 10%, and both sectors rely heavily on the
health of the country's natural resources. Both sectors also face
major and similar challenges that undermine their competitiveness
and sustainability. This loan will support sustainable tourism
business plans for approximately 200 micro, small, and medium-sized
enterprises, with a particular emphasis on those working to reduce
impacts on the environment, improve climate resilience and foster
digitalization and innovation.

At the same time, it will target around 1,500 small farmers from
low-income families that are under severe pressure from climate
change to drive profitable, sustainable, and climate-resilient
farming systems. The funds will be used to provide gender- and
culturally sensitive technical assistance to farmers to encourage
good environmental practices in agriculture. Farmers will also be
given financial aid by vouchers for support from technical advisors
on executing their farm plans, with inputs, equipment, etc.
Additionally, the loan will fund work to design and implement green
business plans for around 40 groups of farmers (cooperatives,
associations, etc.) and 80 micro-, small-, and medium-sized
enterprises (around 1,300 producers) and provide financial support
for sustainable technologies for about a half of them. The plans
will also include investments to improve market access for these
businesses.

Belize's economy has begun a vigorous rebound: GDP shot up 12.5% in
2021 and is projected to grow another 6.5% in 2022, despite the
impact brought by the COVID-19 pandemic. The nation must navigate
lingering uncertainty and risks from the ongoing health crisis, the
frequency of natural disasters, and rising inflation.

The IDB loan will benefit small farms, members of agricultural
associations, and owners and employees of micro, small, and
medium-sized enterprises in agriculture and tourism throughout the
country. The funding will also include target on women, indigenous
peoples, people of African descent, and migrants.

This operation aligns with the IDB's Vision 2025, the IDB Group's
roadmap to recovery and inclusive growth in Latin America and the
Caribbean. The vision's priorities include support for small and
medium enterprises, digital transformation, gender equality,
regional integration, and the fight against climate change.




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B R A Z I L
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BRAZIL: Rio Allocates US$17M++ to Promote Solar Projects
--------------------------------------------------------
The Rio Times Online reports that the government of the Brazilian
state of Rio will provide R$80 million (US$17.2 million) to
subsidize solar energy projects and boost investment in the
sector.

In addition to benefiting rural generators, schools, hospitals, and
private homes, it can also be used as part of the government's
soon-to-be-launched industrial condominium revitalization program,
the report relays.

The money will be managed in a fund set up by AgeRio and will not
only benefit rural producers, schools, hospitals, and private homes
but can also be used for the program to revitalize industrial
areas, the report relays.

                       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.




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

CIFI HOLDINGS: Moody's Cuts CFR to B1 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded CIFI Holdings (Group) Co.
Ltd.'s corporate family rating to B1 from Ba3 and senior unsecured
rating to B2 from B1.

At the same time, Moody's has changed the rating outlook to
negative from ratings under review.

This concludes the review for downgrade initiated on July 22,
2022.

"The rating downgrade reflects CIFI's weakened credit profile,
driven by its declining property sales and reduced financial
flexibility amid the difficult operating and funding conditions in
China's property sector," says Cedric Lai, a Moody's Vice President
and Senior Analyst.

These negative developments no longer support the company's
previous Ba3 CFR.

"The negative outlook reflects a likely weakening of CIFI's
liquidity buffer, given its reduced ability to raise sizable
unsecured long-term funding," adds Lai.

RATINGS RATIONALE

Moody's expects CIFI's operating performance to remain weak over
the next 12-18 months amid difficult operating conditions.

Specifically, Moody's forecasts the company's contracted sales will
decline to around RMB160 billion in 2022 and RMB140 billion in
2023, from around RMB247 billion in 2021. Its contracted sales
significantly decreased by 47% during the first eight months in
2022 to RMB94.3 billion compared with the same period in 2021,
driven in part by pandemic-led disruptions during the period.

CIFI raised funds in September 2022 to support its liquidity,
completing a share placement of HKD623 million and a project sale
of HKD1.3 billion in Hong Kong SAR, China (Aa3 stable).
Consequently, Moody's expects CIFI to maintain adequate liquidity
over the next 12-18 months, although its liquidity buffer will
likely decrease over the same period as it will repay some of the
maturing debt using its internal cash source. Its unrestricted cash
balance reduced to RMB31.1 billion as of the end of June 2022 from
RMB46.5 billion as of the end of 2021, due to its weakened sales
and repayment of some maturing debt.

CIFI will likely continue to boost contracted sales amid the
difficult market conditions, as well as offer price discounts to
support sales, which will in turn pressure its profit margins.

Consequently, Moody's expects CIFI's credit metrics to deteriorate.
Specifically, its EBIT/interest coverage will fall to 2.5x-2.6x
from 3.6x for the 12 months ended June 2022, and its debt leverage,
as measured by revenue/adjusted debt, will reduce to around 65%
over the next 12-18 months from 78% for the 12 months ended June
2022, because of an expected decrease in profit margins and revenue
over the same period.

CIFI's B1 CFR reflects the company's ability to execute its
property development strategy, which is focused on catering to
mass-market housing demand in key tier 1 and tier 2 cities. This
focus has helped the company achieve a rapid asset turnover in the
past. The rating also considers the company's diversified
geographic coverage and its adequate, albeit weakening, liquidity
buffers.

On the other hand, CIFI's credit profile is constrained by the
company's weak operating performance, deteriorating credit metrics
and material exposure to its joint venture (JV) businesses, which
hinders the transparency of its credit metrics, although this is
mitigated by the good reputation of its JV partners.

The B2 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. The majority of CIFI's claims
are at its operating subsidiaries and have priority over claims at
the holding company in a liquidation scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. Consequently, the expected recovery rate for claims
at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered CIFI's concentrated ownership. Its
controlling shareholders, Lin Zhong and his family members,
collectively held a 53.2% stake in the company as of August 31,
2022. Moody's has also considered (1) the independent non-executive
directors on the company's audit and remuneration committees, who
maintain oversight of the company; (2) the application of the
Listing Rules of the Hong Kong Stock Exchange and the Securities
and Futures Ordinance in Hong Kong to oversee related-party
transactions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of the ratings is unlikely over the next 12 months,
given the negative outlook.

However, Moody's could revise CIFI's rating outlook to stable if
the company improves its sales and financial metrics, strengthens
its access to long-term funding, and maintains sufficient
liquidity.

Moody's could downgrade CIFI's ratings if its liquidity or access
to funding deteriorates; its contracted sales decline more than
Moody's expectation, such that its credit metrics weaken, with its
EBIT/interest coverage falling below 2.5x or its unrestricted
cash/short term debt below 1.0x, both on a sustained basis.

Downward pressure could also increase if CIFI's contingent
liabilities associated with its JVs or the likelihood of CIFI
providing funding support to the JVs increases significantly.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

CIFI Holdings (Group) Co. Ltd. (CIFI) was founded in 2000 and
incorporated in the Cayman Islands in May 2011. It listed on the
Hong Kong Stock Exchange in November 2012. As of August 31, 2022,
it was 53.2% owned by the Lin family.



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

DIGICEL GROUP: Political Situation in Haiti Impacting Operation
---------------------------------------------------------------
RJR News reports that telecommunication company, Digicel Group,
said the ongoing political situation in Haiti is having a major
impact on its operations with many of its optical fibres badly
damaged.

In a statement, Digicel said due to the difficulty of moving across
the country, operations such as the maintenance and repair of
antennas and fibre optics and all other operational activities have
become more difficult, according to RJR News.

The company says in some areas, many of its optical fibres are
badly damaged by trees cut down to make barricades or roads dug for
the same reasons, the report relays.




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M E X I C O
===========

MEXICO: Egan-Jones Retains B+ Senior Unsecured Debt Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on August 29, 2022, retains its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by United Mexican States.

Mexico is a country in the southern portion of North America.




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

ROJESIE INC: Seeks Court Approval to Hire Bankruptcy Counsel
------------------------------------------------------------
Rojesie Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to employ the Law Office of Gloria
Justiniano Irizarry as its legal counsel.

The Debtor requires legal counsel to:  

a. examine documents and other necessary information to  
    prepare schedules of assets and liabilities and
    statements of financial affairs;

b. prepare the Debtor's disclosure statement and plan of
    reorganization;

c. identify and prosecute claims and causes of action
    on behalf of the Debtor;

d. examine proofs of claim filed and to be filed in
    the Debtor's bankruptcy case;

e. advise the Debtor and prepare documents in
    connection with the ongoing operation of
    its business; and

f. advise the Debtor and prepare documents in connection
    with the liquidation of assets of the bankruptcy
    estate, including analysis and collection of
    outstanding receivables.

The firm will be paid at these hourly rates:

     Attorneys          $275
     Paralegal          $50

Justiniano Irizarry was paid a retainer in the amount of $5,000 and
will receive reimbursement for work-related expenses.

The firm is a "disinterested person" as defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtor and its estate, according to court filings.

Justiniano Irizarry can be reached at:

     Gloria Justiniano Irizarry, Esq.
     Law Office of Gloria Justiniano Irizarry
     Calle A. Ramirez Silva, Suite 8
     Mayaguez, PR 00680-4714
     Tel: (787) 831-3577
     Email: justiniano@gmail.com

                         About Rojesie Inc.

Rojesie Inc., doing business as Parador Villas Sotomayor, sought
protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.P.R. Case No. 22-02529) on Aug. 29, 2022, listing $1
million to $10 million in both assets and liabilities. Jesus
Rogelio Ramos Fuente, president of Rojesie, signed the petition.
Carlos G. Garcia Miranda has been appointed as Subchapter V
trustee.

Judge Maria De Los Angeles Gonzalez presides over the case.

Gloria Justiniano Irizarry, Esq., at the Law Office of Gloria
Justiniano Irizarry is the Debtor's counsel.




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T R I N I D A D   A N D   T O B A G O
=====================================

CARIBBEAN AIRLINES: Cargo Goes Door-To-Door
-------------------------------------------
Trinidad Express reports that Caribbean Airlines (CAL) recently
relaunched a redefined door-to-door skybox service.

In a media release, the airline said customers can shop online and
have their packages of 50 pounds or less delivered directly to
their homes or businesses, according to Trinidad Express.

For now, the product is being offered in Trinidad and Tobago, with
two convenient locations at Caribbean Airlines' Cargo Office in
Piarco and at the Parkade Building in Port of Spain, the report
relays.  Currently, Tobago has a delivery-only option. Eventually,
the airline said Jetpak will expand to other countries in the
Caribbean Airlines network, the report notes.

In the coming months, the airline said it will also introduce
cutting edge smart locker technology to add more pick up locations
nationwide, the report discloses.  More details on the smart locker
storage solution will be shared in a subsequent release, the report
relays.

CAL said once registration is completed persons will receive a
United States (US) address, which can be used to shop online, then
the items purchased online will be delivered to the US address, the
airline will proceed to transport the items to Trinidad and finally
it will clear the articles or products with customs and deliver the
items to your door, the report says.

In commenting at the launch of the Jetpak service, Caribbean
Airlines' general manager, cargo and new business, Marklan Moseley
said the airline is always looking for ways to enhance its product
offerings, the report notes.

                 'Forget The Hassle'

"We are excited to offer our refreshed Jetpak skybox courier
service.  Now, customers can forget the hassle of clearing their
goods as we will deliver to their doors!

"Jetpak is convenient, fast and affordable. Plus we will soon use
Smart Locker Technology to make access even easier for our
customers.  In addition, persons can track their packages in real
time, make payments online, obtain miles when they ship, receive
discounts on other packages among other benefits," Moseley said,
the report adds.




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

LATAM: IATA Warns High Prices Might Make Region a Last Choice
-------------------------------------------------------------
RJR News reports that Caribbean destinations are running the risk
of pricing themselves out of the global travel and tourism market
where passengers have more choice than ever before.

The warning has come from the International Air Transport
Association (IATA), according to RJR News.

Addressing the Caribbean Aviation Day conference in the Cayman
Islands, IATA Vice President for the Americas, Peter Cerda said the
region needs to remain an attractive tourist destination, adding
that often it is difficult to see the correlation between aviation
fees and the service provided, the report relays.

He told the conference that the World Travel and Tourism Council
forecasts a possible annual 6.7% travel and tourism GDP increase
between 2022 and 2023 if the right policies are implemented, the
report adds.


[*] BOND PRICING: For the Week Sept. 12 to Sept. 16, 2022
---------------------------------------------------------
Issuer Name             Cpn     Price   Maturity  Country  Curr
-----------             ---     -----   --------  -------   ---
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD



                           *********


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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.


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