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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

          Friday, September 30, 2022, Vol. 23, No. 190

                           Headlines



A R G E N T I N A

ARGENTINA: IDB OKs $200MM to Boost Childhood Development
ARGENTINA: IMF Staff Backs $4BB Tranche, Praise 'Decisive' Steps


B A R B A D O S

BARBADOS: Completes Debt Conversion for Nature Backed by US$150MM
BARBADOS: S&P Affirms 'B-/B' SCRs After Debt Repurchase


M E X I C O

ALSEA SAB: Moody's Upgrades CFR & Senior Unsecured Bond to Ba3
CREDITO REAL SAB: Corp Lawyer Says Liquidation Isn't Suspended


P U E R T O   R I C O

PUERTO RICO: PREPA and Bondholders Headed for Litigation


U R U G U A Y

BANCO PATAGONIA: Moody's Withdraws 'B2' Long Term Deposit Rating


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Venezuela Arrests Brother of Ex-Oil Czar


X X X X X X X X

LATAM: Governments and Private Sector Seek to Fix Housing Shortage

                           - - - - -


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

ARGENTINA: IDB OKs $200MM to Boost Childhood Development
--------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $200 million
loan to support early childhood in Argentina. The operation seeks
to increase the coverage and quality of public care and education
institutions and services, aimed at promoting the development of
physical, language and communication, cognitive, social, and
affective skills of girls and boys from 0 to 5 years old.

The loan plans to expand access and improve the quality of care in
early childhood facilities and kindergartens for initial education.
The program includes refurbishment and construction of early
childhood centers and kindergartens in vulnerable areas of the
country, strengthening their management, training caregivers and
teachers, and providing materials such as toy libraries,
playgrounds, games, and technological equipment. These spaces will
seek to enhance learning through play and digital literacy,
including the gender perspective.

Childhood development is a gradual and cumulative process. The
deficits identified at a certain age originate at earlier ages and
affect later development. Various studies show the positive impact
of children under five years of age attending care or educational
centers, particularly in socioeconomically vulnerable
environments.

The IDB sets out objectives to support vulnerable populations and
promote social progress in its Vision 2025, a roadmap to achieve
inclusive growth in Latin America and the Caribbean.

This loan is the second individual operation under a conditional
line of credit for the "Support Program for the National Plan for
Early Childhood and the Policy for the Universalization of Initial
Education," initially approved in 2017. The IDB loan of $200
million has a disbursement period of 4 years, a grace period of 5.5
years, and a SOFR-based interest rate.

                      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
Aug. 12, 2022, S&P Global Ratings affirmed its foreign and
local-currency sovereign credit ratings of 'CCC+/C' on the
Republic of Argentina. The outlook remains stable. S&P also
affirmed its national scale 'raBBB-' rating and its 'CCC+' transfer
and convertibility assessment. S&P said the stable outlook reflects
the challenges in managing pronounced economic imbalances ahead of
the 2023 national elections given disagreement on policy within the
government coalition and financing pressures in the local market.

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.
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.

Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.

DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.


ARGENTINA: IMF Staff Backs $4BB Tranche, Praise 'Decisive' Steps
----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that the
International Monetary Fund (IMF) has reached a staff-level
agreement on Argentina's $44 billion extended fund facility
arrangement, which should unlock nearly $4 billion in funds for the
country, the lender said.

The approval, which needs to be ratified by the IMF executive
board, would unlock $3.9 billion for the embattled South American
nation, which is looking to rebuild reserves and tamp down
spiraling inflation, according to globalinsolvency.com.

Argentina, a major grains producer, struck a new IMF deal earlier
this year to replace a huge failed program from 2018, the report
relays.

The new program was critical to being able to meet the country's
obligations to the IMF that it was otherwise unable to pay, the
report notes.

That deal came with economic targets, including rebuilding depleted
international reserves and reducing a deep primary fiscal deficit
to improve the country's finances, the report notes.

"Most of the revised quantitative program targets through end-June
2022 were met, with the exception of the floor of net international
reserves, mainly on account of higher-than-programmed import volume
growth," the IMF said in a statement, the report says.

"A subsequent period of FX and bond market volatility has been
arrested following decisive policy steps to correct earlier
setbacks and rebuild credibility," the report notes

The IMF has praised steps by Argentina's Economy Minister Sergio
Massa, who took over the role in August after a volatile period
that saw long-term minister Martin Guzman quit and his replacement
Silvina Batakis only last a few weeks, the report says.

On Argentina's reserves, which have proven hard to rebuild, the IMF
said that they should still rise by some $9.8 billion in the
2022-23 period, in line with program targets, the report relays.
The global economic environment, however, has weighed on growth and
stoked inflation, the report notes.

                      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
Aug. 12, 2022, S&P Global Ratings affirmed its foreign and
local-currency sovereign credit ratings of 'CCC+/C' on the
Republic of Argentina. The outlook remains stable. S&P also
affirmed its national scale 'raBBB-' rating and its 'CCC+' transfer
and convertibility assessment. S&P said the stable outlook reflects
the challenges in managing pronounced economic imbalances ahead of
the 2023 national elections given disagreement on policy within the
government coalition and financing pressures in the local market.

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.
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.

Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.

DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.




===============
B A R B A D O S
===============

BARBADOS: Completes Debt Conversion for Nature Backed by US$150MM
-----------------------------------------------------------------
Barbados has completed a debt conversion for nature backed by a
US$150 million guarantee from the Inter-American Development Bank
(IDB) and The Nature Conservancy (TNC), allowing the country to
reduce borrowing costs and use savings to finance a long-term
marine conservation program. The unique deal underscores the
country's innovation in mainstreaming climate sustainability and
biodiversity into its fiscal management agenda.

This operation comprised of a US$100 million guarantee from the IDB
and another US$50 million guarantee from TNC that enhanced a loan
provided to Barbados (Blue Loan) to buyback existing debt. The
savings generated by the operation will be used by Barbados to fund
a conservation fund to achieve a conservation commitment, currently
estimated in US$50 million.

The transaction marks an important milestone for the IDB in helping
its member countries to leverage innovative financial solutions to
address biodiversity and climate change, which are priority issues
of its IDB Vision 2025. This transaction features the first-ever
financial instrument to be guaranteed by both a multilateral
institution and a non-governmental organization and provides the
first ever sustainability linked debt framework focused on nature
conservation developed by the IDB and Barbados as part of this
operation.

IDB President, Mauricio Claver-Carone, said, "The IDB has been
Barbados' long-standing partner for its ambitious climate and
biodiversity agenda. Our catalytic role in this transaction
demonstrates our commitment at the IDB to offer innovative
financial instruments and technical advisory that increase the
resilience of the region. With our expertise in international green
financing, the IDB is ready to mobilize additional funds to
increase resources for countries to enhance their ambition and we
remain at their side to support their efforts."

The debt conversion transaction supported by the IDB improves the
financial terms and conditions of the financing obtained by
Barbados due to the IDB's AAA rating. The IDB rating stance
provides a credit enhancement that improves the overall transaction
financial benefits thereby increasing savings for conservation that
should benefit generations of Barbadians. This transaction also
finds an innovative solution that leverage the financial benefits
of these type of operations and, in so doing, broadens the number
of countries that could use them and increases the natural capital
that could be protected in the Region.

Prime Minister of Barbados, Mia Mottley, noted the importance of
this program for the protection and conservation of Barbados'
marine resources.

"This climate crisis is one that requires the urgent action of all.
While we continue to push and wait on the international community
at large to treat to this situation as a matter of priority, we in
Barbados have taken action of our own to combat its damaging
effects," said Prime Minister Mottley.

"With the help of the Inter-American Development Bank and The
Nature Conservancy, this Blue Loan project will allow Barbados to
secure and protect our marine environment and also help us expand
our Blue Economy, both of which are of critical importance to our
people and our very way of life. Through this innovative debt
conversion project, our Government will commit to protecting and
effectively managing up to 30% of Barbados' waters. In short, this
is a game changer."

Jennifer Morris, CEO, The Nature Conservancy, said, "The Nature
Conservancy believes that sustainable debt transactions, like our
Blue Bonds for Ocean Conservation, can achieve protection and
improved management of over 4 million km2 of the planet's oceans.
This has positive ramifications for conservation efforts and for
communities, and we hope to continue to scale this program to other
countries around the Caribbean and the world."

The debt conversion is expected to provide an esimated of US$50
million in funding over the next 15 years for conservation. The
unique value added of this transaction lies in the synergies
required between the finance and environment government teams in
Barbados as their collaboration strengthens the country's fiscal
management and drives their climate and biodiversity commitments.
Barbados occupies an area of 432km2, with 92 kilometers of
coastline. The Government has set an aspirational target of 30% of
Barbados to be dedicated to conservation as a Marine Managed Area
(MMA).

Credit Suisse acted as Global Lead Arranger and CIBC FirstCaribbean
acted as Domestic Lead Arranger of the Blue Loan. Credit Suisse and
CIBC Capital Markets acted as joint deal managers for Barbados
buyback of its USD 2029 bonds.


BARBADOS: S&P Affirms 'B-/B' SCRs After Debt Repurchase
-------------------------------------------------------
S&P Global Ratings, on Sept. 23, 2022, affirmed its 'B-/B' long-
and short-term sovereign credit ratings on Barbados, and its 'B-'
issue-level rating on Barbados' debt. In addition, S&P Global
Ratings affirmed its 'B-' transfer and convertibility assessment.
The outlook is stable.

Outlook

The stable outlook reflects S&P Global Ratings' view that despite
difficult global economic conditions, Barbados continues to make
progress under its domestic Barbados Economic Recovery
Transformation (BERT) program, after having met the benchmarks
under the IMF's Extended Fund Facility (EFF) program, which
facilitates access to financing from multilateral institutions. At
the same time, high reserve levels will continue to provide
external liquidity to support Barbados' balance of payment
position.

Downside scenario

S&P could lower its ratings in the next year should the impact of
external conditions leads to larger fiscal deficits than it
currently expects, and S&P believes that the government would not
have sufficient funding to meet its fiscal or external financing
needs.

Upside scenario

S&P could raise the ratings in the next year if the risks of global
external conditions to the economy and government finances were to
diminish sooner than expected; and if incomes and fiscal balances
were to return to their pre-COVID-19 pandemic levels on a sustained
basis, strengthening confidence in government policymaking and
contributing to improved GDP growth prospects and improved monetary
policy transmission mechanisms. Higher economic growth would
facilitate a reduced debt burden, which, together with an
expectation of continued access to official funding, could lead to
higher ratings.

Rationale

On Sept. 21, the government completed this bond repurchase and
prepayment. The US$146.5 million-equivalent loan facility used to
finance the transaction was provided by Credit Suisse and CIBC
FirstCaribbean. The IDB guarantee covers US$100 million of the loan
while the TNC guarantee covers US$50 million. The interest saved as
a result of this transaction, which is estimated to be more than
US$40 million, will be directed toward a domestic conservation fund
and an endownment trust supporting conservation of Barbados' marine
environment.  S&P understands that investors who held Barbados'
6.5% notes due 2029 and opted to sell their bonds did so through a
bidding mechanism via a modified Dutch auction that had a clearing
price of US$92.5 per US$100 in principal. Investors who did not
sell their bonds maintain the right to receive full payment of
their bonds at the bond's maturity date. S&P considers the
transaction an opportunistic debt restructuring and akin to a
liability management operation, with the goal of directing funds to
environmental marine conservation purposes.

After the country completed seven successful reviews under the
IMF's EFF program, with the seventh and final review in June 2022
and receiving a US$23 million disbursement, and making good
progress under the BERT program, Barbados' central bank
international reserves increased to more than US$1.5 billion,
supported by multilateral lending in the past several years. These
funds, together with a smooth debt service profile post debt
exchanges in 2018 and 2019, help to keep Barbados' near-term
payment risk low.

S&P said, "The 'B-' ratings reflect our view that despite external
challenges, including the pandemic, a hurricane, volcanic ashfall,
and global geopolitical tension, Barbados' progress under the
domestic BERT program, and its achievement of IMF EFF targets, will
continue to facilitate access to financing from multilateral
institutions. At the same time, we believe that high reserve levels
will continue to provide external liquidity to support the
country's balance of payment position.

"The ratings also incorporate our view of Barbados' stable and
mature political system, despite past issues with sustainable
public finances, as well as an economy that has struggled with low
growth and is vulnerable to external shocks, given its high
concentration in tourism. At the same time, Barbados has limited
fiscal and monetary policy flexibility, in our view, given a high
debt burden, fixed exchange rate, and weak monetary policy
transmission mechanisms following the completion of its debt
restructuring in 2018 and 2019."

The ratings implications from any potential future debt buyback or
exchange will be analyzed on a case-by-case basis considering their
own terms and conditions, as well as the then-prevailing
macroeconomic context and interim policy developments.

  Ratings List

  RATINGS AFFIRMED

  BARBADOS

   Sovereign Credit Rating                B-/Stable/B

   Transfer & Convertibility Assessment   B-

   Senior Unsecured                       B-




===========
M E X I C O
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ALSEA SAB: Moody's Upgrades CFR & Senior Unsecured Bond to Ba3
--------------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family Rating
and senior unsecured rating of Alsea S.A.B. de C.V. to Ba3 from B1.
At the same time, Moody's upgraded to Ba3 from B1 Food Service
Project S.A.'s senior unsecured notes irrevocably and
unconditionally guaranteed by its parent company, Alsea. The
outlook is stable.

Upgrades:

Issuer: Alsea S.A.B. de C.V.

Corporate Family Rating, Upgraded to Ba3 from B1

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from B1

Issuer: Food Service Project S.A.

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from B1

Outlook Actions:

Issuer: Alsea S.A.B. de C.V.

Outlook, Remains Stable

Issuer: Food Service Project S.A.

Outlook, Remains Stable

RATINGS RATIONALE

The upgrade of Alsea's ratings reflects the company's improved
operating performance aided by revenue growth in all the regions
where it operates, margin improvement and continued investments in
expansion, modernization, and innovation.

As of the last twelve months ended in June 2022 (LTM Jun-22),
Alsea's EBITDA margin as adjusted by Moody's was at 24%, surpassing
pre-pandemic levels of around 22%-23% in 2017-19; while at the same
time a reduction in the company's indebtedness (including operating
leases) since 2020, to MXN52,444 million (USD2,608 million)  as of
June 2022 from MXN60,868 million as of December 2020, led to a
significant reduction in leverage metrics, with debt to EBITDA
lowering to 3.5x as of LTM Jun-22 from 4.5x in 2021 and 8.4x in
2020, and even below around 4.5x levels in 2017-19. Moody's expects
that Alsea will continue to deliver top-line growth through its
investment strategy and restaurant openings, particularly focused
on the Starbucks and Domino's brands; and will be able to maintain
Moody's adjusted EBITDA margin of at least 21% in 2022-2023, which
support a debt to EBITDA ratio of around 3.5x and interest coverage
of at least 2x.

Alsea's ratings continue to reflect its position as one of the
largest restaurant operators in the fast-food, coffee shop, casual
dining, and family restaurants segments. The ratings also
incorporate Alsea's broad presence in Latin America and Europe,
with 4,336 restaurants as of June 2022 (77% corporate and 23%
franchises); together with a portfolio of 17 leading brands that
include Starbucks (33% of revenues as of the second quarter of
2022), Domino's (19%), Burger King (15%) and VIPS (14%), among
others. Mexico is Alsea's largest market, accounting for 50% of
revenues as of the second quarter of 2022, followed by Europe
(32%), which corresponds mainly to Spain, and South America (18%).

Alsea's exposure to fierce competitive environment in the fast-food
industry continues to constrain the ratings, with some
concentration of cash flows generation in the Mexican market.
Another constraint are Alsea's needs for large capital expenditures
requirements; although the company has flexibility under its
capital spending requirements to slow down the expansion of its
restaurant base in case of need (around MXN2,200-MXN2,500 per year
2022-2023) but it would still need to invest in maintenance and
modernization to at least maintain its market share in key markets
(around MXN1,100 million).

A key downside risk to Moody's scenario is a larger than expected
deceleration in global economic growth in the next 12-18 months (or
a recession scenario) and a larger than expected acceleration in
inflation that reduces consumers disposable income and overall
demand for the restaurant industry which may hinder Alsea's ability
to pass through higher costs and negatively affect its overall
profitability.

Alsea's has adequate liquidity and has strengthened recently aided
by internally generated cash flow. As of June 30, 2022, cash and
equivalents of MXN5,042 million, committed bank credit facility of
EUR29 million, and around MXN10,300 million in Cash from Operations
in the next 12-18 months compare favorably with MXN6,467 million in
short term debt including operating leases (MXN4,551 million).

The company has well defined corporate governance practices, which
include financial policies with a maximum net debt/EBITDA ratio of
2.5-3.0x and a maximum dividend payout of up to 50% of net income
as long as its net leverage is below 3.0x. Alsea has pursued a
prudent financial policy in the last few years —that has in turn
resulted in a significant improvement in its capital structure—
as evidenced by an overall reduction in indebtedness since 2020 and
liability management preformed in late 2021 and early 2022 with the
issuance of USD500 million and EUR300 million senior unsecured
notes, respectively. Furthermore, Alsea's foreign currency debt (US
dollar debt) is hedged through an exchange rate derivative (options
and forwards). Alsea is publicly traded in the Mexican stock
exchange.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that the company
will be able to sustain good credit metrics for its rating position
aided by good operating margins and that the company will be able
to sustain a good liquidity profile in the next 12-18 months.

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

The ratings could be upgraded if the company's operation and credit
metrics improve such that Alsea's debt/EBITDA as adjusted by
Moody's declines and is sustained below 3.5x and its adjusted
EBIT/Interest expense ratio remains above 2.5x. To be considered
for an upgrade the company will need to maintain a good liquidity.

Alsea's ratings may be downgraded if the company's credit metrics
and /or liquidity profile deteriorate; quantitively, if debt to
EBITDA rises and is sustained above 4.5x and EBIT to interest
expense lowers below 2.0x.

The principal methodology used in these ratings was Restaurants
published in August 2021.


CREDITO REAL SAB: Corp Lawyer Says Liquidation Isn't Suspended
--------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that a recent appeals court
ruling in Mexico didn't suspend the court-supervised liquidation
of
Credito Real SAB, a lawyer for the company said US bankruptcy
court
Monday, September 19, 2022.

The company disagrees with a group of creditors which has
interpreted the ruling to mean the liquidation is on hold, Jason
Zakia of White & Case said on behalf of Credito Real.

The company will file papers in U.S. bankruptcy court explaining
its position, Zakia told Judge John Dorsey in a hearing held by
videoconference.

                     About Credito Real SAB

Credito Real SAB de CV SOFOM ENR is a Mexico-based company that
provides consumer financing. Credito is Mexico's biggest payroll
lender and second largest non-bank lender after Real Unifin.

Credito Real provides loans, either by providing direct financing
to consumers or by establishing financing programs with consumer
financing dealers that sell to Credito Real the collection rights
from consumer financing products. It also provides financing
directly to individuals that are employed by corporations with
payroll deduction agreements with consumer financing dealers
authorized by Credito Real. Credito Real operates through a number
of subsidiaries, including AFS Acceptance LLC.

Three alleged creditors signed a petition to send Credito Real to
Chapter 11 bankruptcy on June 22, 2022 (Bankr. S.D.N.Y. Case No.
22-10842). Institutional Multiple Investment Fund LLC, of Boston,
Massachusetts; Banco Monex, S.A., of Mexico, and Solitaire Fund, of
Liechtenstein, who claim to own an aggregate $8 million of
unsecured bond debt, signed the involuntary Chapter 11 petition.
David H. Botter, Esq., at Akin Gump Strauss Hauer & Feld LLP is
advising the three bondholders.

Despite efforts by bondholders to force the company to pursue a
Chapter 11 restructuring in the U.S., the Debtor opted to pursue
proceedings in Mexico instead. On June 28, 2022, Angel Francisco
Romanos Berrondo, one of the Debtor's shareholders and the former
CEO of Credito Real, filed a petition, in his capacity as a
shareholder, with the Mexican Court seeking to commence the Mexican
Liquidation Proceeding.

On June 30, 2022, the Mexican Court entered an order commencing the
dissolution and liquidation proceedings for the Company and
appointing Mr. Fernando Alonso-de-Florida Rivero as the Mexican
Liquidator.

The liquidator for Credito Real filed a Chapter 15 bankruptcy
petition (Bankr. D. Del. Case No. 22-10630) on July 14, 2022, to
seek U.S. recognition of the Mexican proceedings. The petition was
signed by Robert Wagstaff, the foreign representative of the
liquidator. Richards, Layton & Finger, P.A., led by John Henry
Knight, is counsel in the U.S. case.




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

PUERTO RICO: PREPA and Bondholders Headed for Litigation
--------------------------------------------------------
Michelle Kaske of Bloomberg News reports that Puerto Rico's
bankrupt power utility and bondholders may face off in court
in the wake of Hurricane Fiona's damage after mediation
talks over the agency's $9 billion debt restructuring ended without
a deal.

US District Court Judge Laura Taylor Swain ordered a hearing on the
commonwealth's push to start litigation after months of
court-supervised mediation failed to produce a debt-cutting plan
for Puerto Rico's Electric Power Authority, called Prepa.  The
island's financial oversight board filed a potential litigation
schedule even though it still wants to continue negotiations with
creditors.

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                          *     *     *

The two Title III plans of adjustment have been confirmed to date,
for the Commonwealth and COFINA debtors.




=============
U R U G U A Y
=============

BANCO PATAGONIA: Moody's Withdraws 'B2' Long Term Deposit Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings and assessments
assigned to Banco Patagonia (Uruguay) S.A. I.F.E. Before the
withdrawal, the outlook on the deposit ratings was stable.

Withdrawals:

Issuer: Banco Patagonia (Uruguay) S.A. I.F.E.

Long-term local currency deposit rating, Withdrawn, previously
rated B2; outlook changed to Rating Withdrawn from Stable

Short-term local currency deposit rating, Withdrawn, previously
rated Not Prime

Long-term foreign currency deposit rating, Withdrawn, previously
rated B2; outlook changed to Rating Withdrawn from Stable

Short-term foreign currency deposit rating, Withdrawn, previously
rated Not Prime

Baseline credit assessment, Withdrawn, previously rated b3

Adjusted baseline credit assessment, Withdrawn, previously rated
b2

Long-term counterparty risk assessment, Withdrawn, previously
rated B1(cr)

Short-term counterparty risk assessment, Withdrawn, previously
rated NP(cr)

Outlook Actions:

Issuer: Banco Patagonia (Uruguay) S.A. I.F.E.

Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has withdrawn all ratings following the Central Bank of
Uruguay's announcement on September 15, 2022 that revoked Banco
Patagonia (Uruguay)'s financial institution license in view of the
liquidation process initiated at the bank's own request.




=================
V E N E Z U E L A
=================

PETROLEOS DE VENEZUELA: Venezuela Arrests Brother of Ex-Oil Czar
----------------------------------------------------------------
The Washington Post reports that Venezuela has thrown back in
prison the brother of the country's former oil czar as part of an
ongoing investigation into a multi-billion dollar embezzlement
scheme at the state-run oil company.

Fidel Ramirez was arrested after failing to appear in court as
required by the terms of his bail, Venezuela's Attorney General
Tarek William Saab said in a brief interview with The Associated
Press, according to The Washington Post.

Ramirez was originally arrested in early 2018 for his alleged
involvement in a decade-old scheme to siphon to a bank account in
the tiny European country of Andorra $2 billion from state-run oil
giant PDVSA, the report notes.

At the time of the alleged crimes, PDVSA was under the direction of
his brother, former Oil Minister Rafael Ramirez, a harsh critic of
the socialist government he once served, the report notes.

Specifically, Fidel Ramirez, a medical doctor who once cared for
the late Hugo Chavez, is accused of amassing 250,000 euros at an
account at Banca Privada d'Andorra, or BPA, stemming from allegedly
fraudulent medical services he billed PDVSA through two companies
under other individuals' names, the report relays.

Banking authorities in Andorra, a mountainous country wedged
between France and Spain, intervened BPA in 2015 amid allegations
from the U.S. Treasury Department that it had become a central
spoke for money laundering from government-connected elites in
Venezuela, Russia and China, the report discloses.

Rafael Ramirez did not immediately respond to a request for comment
and has been mostly silent in recent days on social media, where he
takes frequent jabs at Nicolas Maduro's government and its repeated
efforts to link him to corruption at PDVSA, the report relays.  The
latest attempt came earlier this month when Saab, acting in
response to complaints from the current oil chief, Tareck El
Aissami, accused Ramirez of involvement in a $5 billion currency
scheme involving fake loans to PDVSA from government insiders, the
report says.

Ramirez was for years one of Chavez's most trusted aides, charged
with managing the world's largest petroleum reserves at a time of
soaring oil prices, the report relays.

But when the late socialist icon fell ill, eventually dying of
cancer, he saw his influence inside the Bolivarian revolution fade
as his rival Maduro tightened his grip on power, the report
discloses.  He has called the accusations against him in Venezuela
a witch hunt taken in retaliation for his decision to break with
Maduro, who he tried to unseat as president, the report notes.
Italy, where Ramirez fled after resigning in 2017 as Venezuela's
ambassador to the United Nations, last year rejected Venezuela's
extradition request, finding that he would face political
persecution if he was sent back, the report relays.

But Ramirez has also been on the radar of prosecutors in the U.S.,
having been named - but not charged - in an indictment partially
unsealed in 2018 in Houston against five former PDVSA officials,
the report relays.

The indictment alleges two of the charged individuals told
businessmen that proceeds from bribes made in exchange for quick
payments and contracts would be shared with a senior Venezuelan
official, the report notes.  That official was identified in the
unsealed portion of the indictment only as "Official B." The
unidentified Venezuelan politician is Ramirez, a U.S. official told
The Associated Press, the report discloses.

Corruption has long been rampant in Venezuela, which sits atop the
world's largest petroleum reserves, but officials are rarely held
accountable - a major irritant to citizens, the majority of whom
live on $1.90 a day, the international benchmark of extreme
poverty, the report adds.

                           About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the
time of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.




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

LATAM: Governments and Private Sector Seek to Fix Housing Shortage
------------------------------------------------------------------
Forty-five percent of people in Latin America and the Caribbean do
not have a decent place to live and instead reside in unsuitable
housing built with precarious materials or without basic amenities.
Brisk migration to cities and the constant formation of new
families have outpaced urban housing supply, pushing a significant
proportion of the region's population into outlying areas and
informal settlements that are highly vulnerable to climate risks.

In a bid to solve this problem, the IDB Group is holding the 2022
Housing Forum: Resilient solutions to reduce the housing shortage
in Latin America and the Caribbean on September 29 and 30. This
high-level event will bring together leaders in the housing sector
to propose novel ways to tackle this complex issue.

IDB President Mauricio Claver-Carone stated that "the major
shortage in the region represents an enormous opportunity to build
housing that is green, resilient to natural disasters, and offers
the best possible economic value. Working in tandem with the public
and private sectors, we can tap into investor appetite and develop
incentives and financial instruments so the people of Latin America
and the Caribbean can live in decent and affordable homes."

The event will be attended by top-level housing and urban
development officials from the region, banking executives, housing
contractors, and experts from academic institutions and
international bodies such as Harvard University, the Lincoln
Institute, and the International Union for Housing Finance.

The Forum will assess the scope of the housing deficit in the
region and present cutting-edge financing and subsidy products to
address this gap. It will also explore how to motivate the private
sector to coordinate with the public and social sectors to provide
resilient, low-carbon housing solutions with an emphasis on gender
equality and diversity.

The IDB Group supports the region's public and private housing
sector with financing and sustainable and resilient housing
solutions. This support aligns with the objectives of climate
change adaptation and mitigation that are laid out in its Vision
2025, the bank's post-pandemic roadmap to reinvigorating the
economy and sustainable development in Latin America and the
Caribbean.



                           *********


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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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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                  * * * End of Transmission * * *