/raid1/www/Hosts/bankrupt/TCRLA_Public/221019.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, October 19, 2022, Vol. 23, No. 203

                           Headlines



A R G E N T I N A

ARGENTINA: Currency Mess Sucks Sales Out of Uruguay's Malls
ARGENTINA: Inflation Rate Likely Eased in September to 6.7%


B O L I V I A

BOLIVIA: IDB OKs $60M-Loan to Help Upgrade Airport Infrastructure


B R A Z I L

ALTERA INFRASTRUCTURE: Fine-Tunes Plan Documents
BANCO BS2: Fitch Affirms & Then Withdraws 'B' LongTerm IDR
BRAZIL: Agribusiness Production Continues to Recover
FS AGRISOLUTIONS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable


C A Y M A N   I S L A N D S

CIFI HOLDINGS: Moody's Cuts CFR to Ca & Sr. Unsecured Notes to C


J A M A I C A

JAMAICA: Signs Financial Advisory Services Agreement With IFC


P U E R T O   R I C O

PUERTO RICO: Board Faces Test With Supreme Court Records Case


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Sued For Billions Over Plant Cancellation

                           - - - - -


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

ARGENTINA: Currency Mess Sucks Sales Out of Uruguay's Malls
-----------------------------------------------------------
Ken Parks at Bloomberg News reports that Uruguay's largest shopping
centre operator is seeing store sales dented by a currency crisis
in neighbouring Argentina that is fuelling a stampede of tourists
across the border to take advantage of cheap dining and
entertainment.

At the start of the year, Carlos Lecueder, head of his family-owned
firm Estudio Luis E. Lecueder, was optimistic the nine malls he
manages would finally recover from the pandemic to post sales above
2019, according to Bloomberg News.

That was until tens of thousands of middle class Uruguayans opted
to instead spend a chunk of their disposable income in Argentina
during a long weekend in August and spring break in September,
Bloomberg News notes. Another long weekend in October saw almost
74,000 Uruguayans leave the country, mainly at border crossings
with Argentina, Bloomberg News relays.

Lecueder now expects full year store sales will be about five
percent below 2019, with estimated year-on-year revenue growth in
the low teens about half of his original forecast due to Argentina,
Bloomberg News discloses.

"Argentina is affecting all of Uruguay's retail sector because in
some cases prices are cheaper and in other cases where it's not a
question of being cheaper people are spending money over there and
not here," Lecueder said in an interview at his office at the World
Trade Center Montevideo complex, Bloomberg News relays.

Argentina is in the midst of a deep economic crisis as deficits,
money printing, capital controls and inflation near 80 percent
undermine the currency, Bloomberg News relays.  The peso officially
trades at 151 per US dollar on the government-managed currency
market, compared to about 287 per greenback at the black market
rate, Bloomberg News says.

The massive price distortions caused by Argentina's dysfunctional
economic policies mean tourists who buy pesos on the black market
with foreign currency will pay the equivalent of US$10 for a steak
and fixings at Parrilla Peña near the famed theatre Teatro Colón
in Buenos Aires, Bloomberg News relays.  A similar plate costs
about US$17 at family dining venue La Pasiva in Uruguay's capital
Montevideo, Bloomberg News notes.  Tickets for two to see an opera
at Teatro Colon will set you back about US$10 for the cheap seats,
compared to US$22 for a play at Montevideo's Teatro Solis,
Bloomberg News relays.

Small businesses in the towns and cities clustered along the
Uruguay River that divides both nations are also suffering lost
sales to contraband and day shoppers buying staples in Argentina,
Bloomberg News notes.  A periodic survey of 60 basic goods by the
Salto branch of Uruguay's Catholic University found it was 63
percent cheaper to buy those products in neighbouring Concordia,
Bloomberg News discloses.  One of the few items Argentines try to
buy in Uruguay are car tyres due to shortages back home, according
to newspaper El Pais, Bloomberg News relays.  

Lecueder, whose father opened Uruguay's first shopping mall in
1985, expects the drag on consumption from Argentina to slowly wane
through next year, Bloomberg News discloses.

Those headwinds aren't stopping Lecueder from scouting locations
for new malls in the interior, Bloomberg News notes.  His firm also
plans to break ground as soon as this year on a residential tower
on the outskirts of Montevideo for almost US$30 million, Bloomberg
News relays.

Analysts surveyed last month by Uruguay's Central Bank raised their
growth outlook by a quarter of a percentage point to five percent,
Bloomberg News notes.  The economy is seen slowing to three percent
next year when construction of a US$3.47-billion pulp mill and
US$839 million railroad wrap up, Bloomberg News adds.

                       About Argentina

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

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

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

As reported by The Troubled Company Reporter - Latin America on
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: Inflation Rate Likely Eased in September to 6.7%
-----------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Argentina's
inflation rate likely eased slightly in September to 6.7%, a
Reuters poll of analysts showed, but remained stubbornly high
overall, supporting forecasts that it could top 100% this year, the
highest annual level since the early 1990s.

That monthly rate would be lower that a 7% price rise in August and
a July peak of 7.4%, according to globalinsolvency.com.

The South American country has been battling to bring down one of
the world's highest inflation rates, the report notes.

The projections were made by 16 analysts surveyed by Reuters, with
estimates ranging between 6.5% and 7%, the report relays.

A poll by Argentina's central bank estimates 2022 inflation of
100.3%, the report discloses.

"Inflation will remain very high and we expect it to rise 6.5% in
September and then drop moderately to 6% per month in the last
quarter," said local settlement and clearing agent Cohen SA, adding
the end of the year would be tough with lower exports and rising
pressure on state spending, the report relays.

The country's high inflation rate has pushed the central bank to
repeatedly hike the interest rate to the current level of 75%, the
report discloses.  The bank is debating a potential new interest
rate hike, a source close to the bank told Reuters, the report
adds.

                       About Argentina

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

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

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

As reported by The Troubled Company Reporter - Latin America on
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 O L I V I A
=============

BOLIVIA: IDB OKs $60M-Loan to Help Upgrade Airport Infrastructure
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $60,200,000
loan to modernize its Joya Andina and Capitán Oriel Lea Plaza
airports in Uyuni and Tarija, integrating regions, enhancing
connectivity, and boosting tourism in Bolivia.

The highly secure operational infrastructure to be funded by the
loan is designed to handle approximately 500,000 passengers per
year in the regions of Tarija and Uyuni. The project will
invigorate small- and medium-sized tourism enterprises and provide
safe infrastructure services to the public and private airlines
that use Bolivia's airport system.

The project will directly benefit over 300,000 Bolivians, including
through construction jobs, and will emphasize women's participation
in the workforce.

The program will also fund a study on the air freight import and
export ecosystem. It will support the Plurinational State of
Bolivia by designing a regulatory proposal for the sector to open
new international air routes, in line with Bolivia's National Plan
for Economic and Social Development. The first new route would be
between Peru and Uyuni to meet international demand in the
passenger market.

Additionally, the program includes measures for social inclusion
and for closing gender gaps in the air transport industry. It will
assess and train stakeholders to ensure that women and people with
disabilities participate in implementing the project.

The program will also work to adapt the infrastructure to mitigate
and reduce greenhouse gas emission. Its strategy for lowering water
and energy consumption is based on the EDGE (Excellence in Design
for Greater Efficiencies) certification for sustainably building
and operating this type of infrastructure.

The loan will be disbursed over the course of five years, with a
24-year repayment term, a 10.6-year grace period, and an interest
rate based on the Secured Overnight Financing Rate (SOFR).

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




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

ALTERA INFRASTRUCTURE: Fine-Tunes Plan Documents
------------------------------------------------
Altera Infrastructure L.P., et al., submitted a Third Amended
Disclosure Statement for the Second Amended Joint Chapter 11 Plan
of Reorganization dated October 11, 2022.

The restructuring transactions embodied in the Restructuring
Support Agreement, the Noteholder Plan Support Agreement, and the
Plan are the product of extensive hard fought, good-faith
negotiations and constitute a significant achievement for the
Debtors in the wake of a historically challenging operating
environment.

On August 12, 2022, and thereafter through Joinders by certain
parties, the Debtors and the Consenting Stakeholders entered into
the Restructuring Support Agreement. On October 5, 2022, the
Debtors and the Consenting Noteholders entered into the Noteholder
Plan Support Agreement. Since executing the Restructuring Support
Agreement and the Noteholder Plan Support Agreement, the Debtors
have documented the terms of the pre-arranged restructuring
contemplated thereby, including the Plan. The restructuring
transactions contemplated by the Plan will significantly reduce the
Debtors' funded-debt obligations and annual interest payments and
result in a stronger balance sheet for the Debtors.

Given the strength of the Debtors' asset base and future potential
and the committed support of Brookfield, the Bank Lenders, and the
Consenting Noteholders, the Debtors are confident that they can
implement the restructuring transactions contemplated by the Plan,
Restructuring Support Agreement, and Noteholder Plan Support
Agreement to ensure the Debtors' long-term viability. For these
reasons, the Debtors strongly recommend that Holders of Claims
entitled to vote to accept or reject the Plan vote to accept the
Plan.

The Debtors are reorganizing under chapter 11 of the Bankruptcy
Code. As a result, the occurrence of the Effective Date means that
the Debtors will not be liquidated or forced to go out of
business.

Following Confirmation, the Plan will be consummated on the
Effective Date, which is a date that is the first Business Day
after the Confirmation Date on which (1) no stay of the
Confirmation Order is in effect and (2) all conditions to
Consummation have been satisfied or waived.

The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:

     * Class 8 consists of Altera Unsecured Notes Claims and other
General Unsecured Claims at Altera and Altera Finance Corp. Each
holder of an Allowed Altera Unsecured Notes Claim or other General
Unsecured Claim at Altera or Altera Finance Corp. not otherwise
included in Classes 6(a) or Class 7 shall receive its Pro Rata
share of (i) 13% of the New Common Stock, subject to dilution on
account of the Management Incentive Plan, the New Warrants, and the
Rights Offering and (ii) subscription rights to participate (or to
designate its affiliate to participate) in up to $[12.55] million
of the New Common Stock offered in the Rights Offering in
accordance with the Rights Offering Procedures.

     * Class 9 consists of General Unsecured Claims at Debtors
other than Altera and Altera Finance Corp. Each holder of a General
Unsecured Claim at Debtors other than Altera and Altera Finance
Corp. shall receive, at the Debtors' option and with the consent of
the Consenting Sponsor: (a) payment in full in Cash; (b)
reinstatement pursuant to section 1124 of the Bankruptcy Code; or
(c) such other treatment rendering such Claim unimpaired in
accordance with section 1124 of the Bankruptcy Code.

     * Class 13 consists of Existing Common Equity Interests in
Altera and Altera GP. On the Effective Date, each Existing Common
Equity Interest in Altera or Altera GP shall be cancelled,
released, and extinguished without any distribution, and will be of
no further force or effect, and each holder of an Existing Common
Equity Interest in Altera or Altera GP shall not receive or retain
any distribution, property, or other value on account of its
Existing Common Equity Interest in Altera or Altera GP.

The Debtors and the Reorganized Debtors, as applicable, shall fund
distributions under the Plan with: (1) Cash on hand, including Cash
from operations, the DIP Facility, and the proceeds of the Rights
Offering; (2) the New Common Stock; (3) the New GP Common Stock;
and (4) the New Warrants, as applicable.

The Voting Deadline is November 1, 2022, at 4:00 p.m. November 4,
2022, subject to the Bankruptcy Court's availability, at 10:00
a.m., is the Combined Disclosure Statement and Confirmation
Hearing.

A full-text copy of the Third Amended Disclosure Statement dated
October 11, 2022, is available at https://bit.ly/3rYyq9I from
PacerMonitor.com at no charge.

Proposed Co-Counsel to the Debtors:

     Matthew D. Cavenaugh, Esq.
     Kristhy M. Peguero, Esq.
     Rebecca Blake Chaikin, Esq.
     Victoria N. Argeroplos, Esq.
     JACKSON WALKER LLP
     1401 McKinney Street, Suite 1900
     Houston, TX 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     E-mail: mcavenaugh@jw.com
             kpeguero@jw.com
             rchaikin@jw.com
             vargeroplos@jw.com

          - and -

     Joshua A. Sussberg, Esq.
     Brian Schartz, Esq.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, NY 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     E-mail: joshua.sussberg@kirkland.com
             brian.schartz@kirkland.com

          - and -

     John R. Luze, Esq.
     300 North LaSalle
     Chicago, IL 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200
     E-mail: john.luze@kirkland.com

                 About Altera Infrastructure L.P.

Westhill, United Kingdom-based Altera Infrastructure L.P. (NYSE:
ALIN-A) is a global energy infrastructure services partnership
primarily focused on the ownership and operation of critical
infrastructure assets in the offshore oil regions of the North Sea,
Brazil and the East Coast of Canada. Altera has consolidated assets
of approximately $3.8 billion comprised of 44 vessels, including
floating production, storage and offloading (FPSO) units, shuttle
tankers, floating storage and offtake (FSO) units, long-distance
towing and offshore installation vessels and a unit for maintenance
and safety (UMS). The majority of Altera's fleet is employed on
medium-term, stable contracts.

After agreeing to a debt-for-equity plan with bank lenders and
owner Brookfield, Altera Infrastructure LP and 37 affiliates sought
Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 22-90130) on
Aug. 12, 2022. Judge Marvin Isgur oversees the cases.

As of the petition date, the Debtors were liable for approximately
$1.6 billion in aggregate principal amount of funded debt.

Kirkland & Ellis LLP, Jackson Walker LLP, and Quinn Emanuel
Urquhart & Sullivan LLP serve as the Debtors' lead counsel, local
counsel, and special counsel, respectively.  The Debtors also
tapped Evercore Group LLC as investment banker and
PricewaterhouseCoopers LLP as tax compliance, tax consulting, and
accounting advisory services provider.  David Rush, senior managing
director at FTI Consulting, Inc., serves as restructuring advisor
to the Debtors.  Stretto is the claims agent.

The DIP Lenders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP, as counsel to the DIP Lenders, Ducera Partners LLC,
as financial advisor, and Porter & Hedges LLP, as their Texas
counsel.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors on Aug. 22, 2022.  The unsecured creditors
committee tapped Friedman Kaplan Seiler & Adelman, LLP and
Pachulski Stang Ziehl & Jones, LLP as legal counsel; and
AlixPartners, LLP as financial advisor.

A committee of coordinators was appointed under and as defined in
the appointment letter originally dated May 6, 2022, among Altera
Infrastructure LP and each member of the CoCom. The CoCom is
represented by Norton Rose Fulbright US, LLP and Norton Rose
Fulbright, LLP as legal counsel and PJT Partners (UK) Ltd. As
financial advisor.

The Noteholder Ad Hoc Group tapped Vinson & Elkins LLP and
Wachtell, Lipton, Rosen & Katz as its attorneys.


BANCO BS2: Fitch Affirms & Then Withdraws 'B' LongTerm IDR
----------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Banco BS2 S.A.'s (BS2)
Foreign and Local Currency Long-Term Issuer Default Ratings (IDRs)
at 'B', Viability Rating at 'b', and National Long-Term Rating at
'BBB-(bra)'. At the time of the withdrawal the Rating Outlook on
BS2's Long-Term IDR and National Long-Term Rating was Negative.

Fitch last reviewed BS2's ratings on April 20, 2022. The Rating
Outlook was Negative.

KEY RATING DRIVERS

Fitch has withdrawn the ratings for commercial reasons.

Key rating drivers not applicable as the ratings have been
withdrawn.

RATING SENSITIVITIES

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

Negative rating sensitivities are not applicable as the ratings
have been withdrawn.

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

Positive rating sensitivities are not applicable as the ratings
have been withdrawn.

ESG CONSIDERATIONS

Following the withdrawal of ratings for BS2 Fitch will no longer be
providing the associated ESG Relevance Scores.

   Entity/Debt                   Rating               Prior
   -----------                   ------               -----
Banco BS2 S.A. LT IDR              B         Affirmed   B
               LT IDR              WD        Withdrawn  B
               ST IDR              B         Affirmed   B
               ST IDR              WD        Withdrawn  B
               LC LT IDR           B         Affirmed   B
               LC LT IDR           WD        Withdrawn  B
               LC ST IDR           B         Affirmed   B
               LC ST IDR           WD        Withdrawn  B
               Natl LT             BBB-(bra) Affirmed   BBB-(bra)
               Natl LT             WD(bra)   Withdrawn  BBB-(bra)
               Natl ST             F3(bra)   Affirmed   F3(bra)
               Natl ST             WD(bra)   Withdrawn  F3(bra)
               Viability           b         Affirmed   b
               Viability           WD        Withdrawn  b
               Government Support  ns        Affirmed   ns
               Government Support  WD        Withdrawn  ns  


BRAZIL: Agribusiness Production Continues to Recover
----------------------------------------------------
Rocco Caldero at Rio Times Online reports that the Agribusiness
Production Index (PIMAgro) calculated by the Center for
Agribusiness Studies of the Getulio Vargas Foundation (FGV Agro)
rose again in August, accumulated a high in the first eight months
of 2022 and should end the year with a positive result and good
chances of consolidating this recovery trend in 2023.

Compared to July, the indicator showed stability, but compared to
August last year, there was an increase of 3.9%, according to Rio
Times Online.

                          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.


FS AGRISOLUTIONS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed FS Agrisolutions Industria de
Biocombustiveis Ltda's (FS) Long-Term Local and Foreign Currency
Issuer Default Ratings (IDR) at 'BB-', and its Long-Term National
Scale rating at 'AA-(bra)'. The Rating Outlook for the corporate
ratings is Stable. Fitch has also affirmed at 'BB-' the senior
secured notes issued by fully-owned FS Luxembourg S.a r.l
guaranteed by FS.

The ratings incorporate FS's adequate business model and low cash
costs in the volatile Brazilian ethanol industry. The high
volatility of Brazil's corn and ethanol prices and the lack of
meaningful short-term price correlation between them are key
considerations.

The Stable Outlook reflects the expectation of a temporary increase
of net leverage to close to 3.0x in fiscal year 2023, due to
investments in the third industrial plant, followed by a quick
reduction to below 2.0x in fiscal year 2024 with the start of the
operations of the new plant.

KEY RATING DRIVERS

High Price Volatility: FS is exposed to price volatility from corn,
its main raw material, and ethanol, its main output. Corn prices
adjust rapidly to global supply and demand imbalances and follow
parity with Chicago Board of Trade (CBOT) corn prices over the long
run. Brazilian ethanol prices depend largely on local gasoline
price levels, which move in tandem with international oil prices
and the Brazilian FX rate, according to the price policy set by
Petrobras. Ethanol prices are also indirectly influenced by sugar
prices, as near 90% of all Brazilian ethanol produced comes from
sugar cane processors, which typically shift a portion of
production between ethanol and sugar depending on prevailing price
parity with sugar.

Weaker Corn and Ethanol Prices Correlation in the Short Term: Corn
prices in Brazil are currently at historical highs, but are
expected to decline in 2023 following an expected reduction in
international price levels. Fitch projects international corn
prices of USD6,75 per bushell in 2022 and USD6,00 per bushel in
2023. Hydrous ethanol prices are currently trading at near
BRL2.33/liter (CEPEA/ESALQ as of September 2022), which is 36%
lower than ethanol prices of BRL3.62/liter in April 2022 due to a
temporary reduction of taxes on fuels set by the Brazilian
Government that finishes in the end of 2022. Fitch projects average
Brent prices of USD100/bbl in 2022 and of USD85/bbl in 2023.

Adequate Business Model: FS's business model benefits from its
sizable 1.4 billion liters of corn ethanol production capacity,
strong corn supplies close to the industrial plants traded with
price discounts in relation to CBOT and partial hedge provided by
animal nutrition products that have strong correlation with corn
regional prices. Fitch expects that revenues from animal nutrition
products will provide the company with a satisfactory 48% coverage
over corn costs in the long term. In fiscal 2022, coverage was 47%
compared to 51% in fiscal 2021. The industrial plants are located
in the State of Mato Grosso, Brazil's largest corn producing state,
which attenuates corn origination risks.

Low Cash Cost Producer: The company's cash cost structure is in
line with some of the most efficient sugar cane producers. FS's
efficient operational performance is able to deliver a yield around
430 liters of ethanol per ton of processed corn. FS produces and
sells corn co-products used in animal nutrition whose prices tend
to correlate with corn prices, helping to reduce the inherent price
volatility. The company already fixed 97% of all of its expected
corn needs for 2022/2023 at an average price of BRL60.08/bag and
32% for the corn needed for the 2023/2024 season at BRL65.12/bag.

Strong CFFO: FS is expected to generate EBITDA of BRL1.9 billion
and cash flow from operations (CFFO) of BRL736 million in fiscal
2023, comparing with EBITDA of BRL2.6 billion and CFFO of BRL1.4
billion in fiscal 2022. The expectation of lower ethanol prices and
higher corn costs and corn resale activity should reduce EBITDA
margin to 27% in 2022/2023 season and 30% in 2023/2024, despite
higher revenues projected for the animal nutrition segment. In
fiscal 2022, EBITDA margin was high 40%, benefiting from strong
ethanol prices and lower corn prices.

Positive FCF in Fiscal 2024: FS is expected to generate negative
FCF of BRL1.8 billion in fiscal 2023 due to the high investments of
around BRL1.7 billion, including the construction of its third
industrial plant, with production capacity of 585 million liters of
ethanol in Primavera do Leste, Mato Grosso State, that will become
operational in fiscal 2024. The company is expected to generate
meaningful FCF as from fiscal 2024, as expansionary investments are
concluded. Base case incorporates dividends of BRL700 million in
fiscal 2023 and of BRL171 million in fiscal 2024. In fiscal 2022,
FS distributed BRL1.1 billion of dividends.

Deleverage Capacity: FS's net leverage is expected to temporarily
increase during fiscal 2023 due to investments in the new plant and
estimated strong cash flow generation will support a quick
deleveraging in fiscal 2024. FS's net debt/EBITDA should peak at
2.9x in fiscal 2023 and reduce to about 1.7x in fiscal 2024, as
higher volumes from the new plant in Primavera do Leste kick in. In
fiscal 2022, net leverage was 1.4x. The company reported total debt
of BRL7.0 billion as of June 30 2022, net of FX derivatives and the
total return swap (TRS) balance, of which the 2025 notes and
working capital lines in BRL accounted for 51% and 49%,
respectively.

DERIVATION SUMMARY

FS's IDR's are four notches lower than Raizen S.A. and Raizen
Energia S.A. (jointly referred here as Raizen; BBB/Stable) as FS
has lower scale, is more exposed to commodity price risk compared
with sugar cane processors, which rely on a market pricing
mechanism that links sugar cane costs to commodity prices and has
weaker liquidity than Raizen.

FS's business model is similar to Inpasa Agroindustrial S.A.
(Inpasa; BB-/Stable, National Scale A+[bra]/Stable) and both
companies are low-cost producers, with capacity to produce ethanol
with cash cost comparable with Jalles Machado S.A.
(AA-[bra]/Stable), a cost benchmark in the industry. Both FS and
Inpasa are investing to build their third plant, and a quick
deleveraging capacity is expected following the startup of the
plant. FS's National Scale rating benefits from its stronger
liquidity and more diversified access to financing compared to
Inpasa, while Inpasa is still challenged to increase its access to
both the banking and capital markets in Brazil.

FS's National Scale Rating is the same of Jalles Machado, as both
companies are well positioned in the Brazilian food and renewable
energy market landscape in terms of cash costs. Jalles Machado
should consume its currently high liquidity as it advances with its
investments plan, while FS's access to both domestic and
international capital markets and presence of largely liquid corn
inventories place its liquidity at higher levels compared to most
sugar cane processors.

KEY ASSUMPTIONS

- Ethanol sales volumes of 1.4 billion liters in fiscal 2023 and
1.9 billion liters in fiscal 2024 following investments in capacity
expansion. Hydrous ethanol will make up 56% of total ethanol
volumes going forward;

- Sales of animal nutrition products of over 1.2 million tons in
fiscal 2023 and near 1.7 million tons in fiscal 2024;

- Ethanol prices to vary in tandem with a combination of oil prices
and the FX rate. Brent crude prices have been forecast to average
USD100bbl in 2022 and USD85/bbl in 2023;

- Average FX rate at BRL5.20/USD in fiscal 2022 and 2023;

- Corn prices at BRL60/bag in the current crop season and BRL68/bag
in 2023/2024;

- The company already fixed 97% of all of its expected corn needs
for 2022/2023 at average price of BRL60.39/bag and 32% for the
2023/2024 season at BRL65.19/bag;

- Animal nutrition products providing around 48% coverage for total
corn costs;

- Total investments of BRL1.8 billion in 2022/2023 and BRL400
million in 2023/2024;

- Dividends of BRL700 million in 2022/2023 and of BRL170 million in
2023/2024.

RATING SENSITIVITIES

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

- Longer track record in different cycles of ethanol and corn
prices;

- FCF consistently positive, with the maintenance of conservative
capital structure.

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

- Deterioration in liquidity and/or difficulties refinancing
short-term debt;

- EBITDA margins below 20% on a sustained basis;

- Net debt/EBITDA above 3.0x on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: FS has satisfactory liquidity and financial
flexibility. As of June 30, 2022, the company had cash and
marketable securities of BRL2.9 billion and total debt of BRL7.0
billion, including net FX derivatives and TRS. The company has
BRL640 million of debt maturing in the short term. Cash position
benefited from the BRL750 million CRA issued in the 1Q23. FS is
expected to use part of its cash to conclude the investments in the
third industrial plant.

FS has satisfactory financial flexibility to address upcoming
maturities and diversified access to funding, banks and capital
markets. Readily marketable inventories and offtake contracts with
large fuel distributors improve financial flexibility; inventories
can be easily monetized and accounts receivables can be used as
collateral under new credit facilities, if required.

ISSUER PROFILE

FS produces corn-based hydrous and anhydrous ethanol, dried
distillers' grains with Solubles for animal nutrition, corn oil and
energy from cogeneration. The company runs two plants in the State
of Mato Grosso with total capacity to crush 3.3 million tons of
corn and produce 1.4 billion liters of ethanol annually.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt             Rating              Prior
   -----------             ------              -----
FS Agrisolutions Industria
de Biocombustiveis Ltda.    LT IDR    BB-      Affirmed   BB-

                            LC LT IDR BB-      Affirmed   BB-

                            Natl LT   AA-(bra) Affirmed   AA-(bra)


FS Luxembourg S.a r.l.

   senior secured           LT        BB-      Affirmed   BB-




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

CIFI HOLDINGS: Moody's Cuts CFR to Ca & Sr. Unsecured Notes to C
----------------------------------------------------------------
Moody's Investors Service has downgraded CIFI Holdings (Group) Co.
Ltd.'s corporate family rating to Ca from B3 and senior unsecured
rating to C from Caa1.

The outlook remains negative.

"The rating downgrade and the negative outlook reflect CIFI's
heightened liquidity and default risk, as well as weakened recovery
prospects for the company's creditors driven by the company's
liquidity stress and pressure on its operating performance," says
Cedric Lai, a Moody's Vice President and Senior Analyst.

RATINGS RATIONALE

On October 13, 2022, CIFI announced a delay in the remittance of
cash to meet certain scheduled offshore interest and amortization
payments [1]. This may trigger default on its scheduled debt
repayment obligations. Moody's believes CIFI will unlikely be able
to raise sizable new funds to address the repayment for all of its
maturing debt, including puttable onshore and offshore bonds of
around RMB8.0 billion by the end of 2023.

CIFI's unrestricted cash balance has significantly reduced to
RMB31.1 billion as of the end of June 2022 from RMB46.5 billion as
of the end of 2021, due to lower sales and repayment of some
maturing debt using internal cash. Moody's expects the company
would have to rely on asset sales or investments from potential
investors to generate funds for debt servicing. However, these
fundraising activities entail high uncertainties amid the
challenging market dynamics.

Moody's forecasts CIFI's contracted sales will decline
significantly to around RMB110 billion in 2022 and RMB95 billion in
2023, from around RMB247 billion in 2021, driven by the weak market
conditions and lower homebuyers' confidence in the company's
products. CIFI's contracted sales significantly decreased by 47%
during the first eight months in 2022 to RMB94.3 billion compared
with the same period in 2021.

CIFI's Ca CFR reflects the company's high liquidity risks over the
next 6-12 months, constrained financial flexibility and weak
recovery prospects for its creditors.

The C 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 as 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 considers that CIFI's financial strategy and risk
management have deteriorated, demonstrated by the delay in the
remittance of cash to meet its offshore interest and amortization
payments due to the public holiday in China. This weakening
governance practice also drives the rating action.

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

Moody's could downgrade CIFI's CFR if the recovery prospects for
CIFI's creditors weakens further.

An upgrade is unlikely given the negative outlook.

However, positive rating momentum could develop if CIFI repays its
maturing debt obligations and improves its liquidity position
materially.

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.



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

JAMAICA: Signs Financial Advisory Services Agreement With IFC
-------------------------------------------------------------
RJR News reports that the Government of Jamaica has entered into a
Financial Advisory Services Agreement (FASA) with the International
Finance Corporation (IFC) to develop the North Coast Highway
Project.

The US$800-million agreement was signed by Finance Minister Dr
Nigel Clarke, and IFC Managing Director, Makhtar Diop, according to
RJR News, according to RJR News.

A FASA details the permissions granted to an advisor by their
client, for the purpose of creating a legal consulting arrangement,
the report notes.

The FASA is further to the Memorandum of Understanding signed
between the Government and the IFC in April, in relation to the
same project, 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.




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

PUERTO RICO: Board Faces Test With Supreme Court Records Case
-------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the US Supreme Court's
decision to hear a case over journalists' demand for records from
the federal board overseeing Puerto Rico's finances will heighten
transparency issues that irk the island's residents, a review that
could impair its operations.

The Puerto Rico Financial Oversight and Management Board in October
2022 successfully petitioned the Supreme Court to consider
overturning a pair of lower court orders that it produce
communications subject to Puerto Rico constitutional public
disclosure law.  The appeal pits what the board says is its
constitutional right to sovereign immunity against the journalists'
calls for greater clarity in its endeavors to recalibrate Puerto
Rico's financial system.

Puerto Rico-based investigative news organization Centro de
Periodismo Investigativo Inc. has already used previous disclosures
in a series of reports critical of the board's role and
operations.

If forced to disclose thousands of other "internal and sensitive
documents" sought by CPI, the board will experience "grave
difficulties" carrying out its congressional mandate of turning the
territory into a reliable borrower with sustainable debt, it has
told the Supreme Court. The board warned it could face a flood of
litigation "similarly demanding vast tranches of the board's
internal documents."

A date for oral arguments has not been announced.

The case is teed up to inspect language in the 2016 law that
created the federally-appointed oversight panel and could further
stoke resentment by island residents of the board's
decision-making.

"It could just be one more headache for the board" if it's forced
to produce damaging or embarrassing emails, said market and credit
research analyst Matt Fabian of Municipal Market Analytics Inc. But
if the disclosures seriously bring into question its legitimacy,
"this could lead to a faster exit for the board," he said.

                    Potential Consequences

It's unclear what will be revealed should the board be forced to
disclose additional records sought by CPI.

"If it somehow casts into doubt the legitimacy of the decisions the
board has made," it could impact current bondholders, said Fabian.

The security underlying reorganized debt obligations isn't likely
to be altered, but bondholders rely on the willingness and ability
of the territory's government to repay its debts, he said.

If the board is forced to make a fast exit, that will create even
more uncertainty for bondholders, potentially putting their
investments at greater risk, Fabian said.

"You just don't know where a legislature that's known to be hostile
vis-a-vis bondholders will go," he said.

Should the board's legitimacy be eroded, calls to end its presence
and put the island's finances back in control of its government
could become louder. On Capitol Hill, US Rep. Ritchie Torres, a New
York Democrat, has already introduced a bill that would amend the
Puerto Rico Oversight, Management, and Economic Stability Act
(PROMESA) by disbanding the board after it certifies budgets for at
least two consecutive years, instead of four.

"The Financial Oversight and Management Board represents a cardinal
sin against the sovereignty and self-determination of Puerto Rico,"
he said in an April statement when introducing HR 7409.

Although many of Puerto Rico's financial creditors have previously
called for greater financial transparency from the board and the
local government, none have publicly weighed in on CPI's fight for
board communications and documents.

Puerto Rico bond insurer Ambac Financial Group Inc., and investors
Whitebox Advisors LLC, the Vanguard Group Inc., Franklin Templeton,
and Invesco Ltd. declined to comment for this story. Pacific
Investment Management Co., GoldenTree Asset Management LP, Nuveen
LLC, and Lord, Abbett and Co. LLC didn't respond to requests for
comment.

                        Decision-making

The legal feud started with a suit CPI filed in 2017 to force the
turnover of communications between board members and government
officials, financial disclosures provided by board members to the
US Department of Treasury, and financial data provided by the
commonwealth.

The board is appealing a 2-1 decision handed down by the US Court
of Appeals for the First Circuit in May, finding that Congress
abrogated the board's right to sovereign immunity under the 11th
Amendment. A finding of sovereign immunity would have generally
protected the board from being sued.

Affirming an earlier ruling by the US District Court for the
District of Puerto Rico, the First Circuit said Congress was
"unmistakably clear" in PROMESA that any legal action taken against
the board can be brought in federal court and injunctive relief may
be granted.

"In doing so, the court introduced uncertainty into this area of
law and risked nullifying a basic protection in situations where
Congress did not intend to do so," the board said in a statement
when it filed its Supreme Court petition.

Although the board has produced about 18,000 documents, the
nonprofit organization is seeking roughly another 20,000 records it
believes could contain important information.

CPI has already published reports critical of the board's role and
communications with congressional staffers pushing to privatize the
island's electric utility. The organization gained national
attention in 2019 when it published a leak of humiliating text
messages sent by former governor Ricardo Rossella on the Telegram
app to members of his cabinet. Rossella resigned shortly
afterwards.

The board's ongoing resistance to sharing communications with the
Puerto Rican government and numerous financial disclosures raises
red flags, CPI executive director Carla Minet told Bloomberg Law.

"We've seen all these years how the board and the government of
Puerto Rico keep making excuses or try to pass the ball as to who
is responsible for decision-making," she said.

                    The Board's Debt Plan

There's no indication that any potentially shocking revelations
from the board's communications could upset the commonwealth's
debt
adjustment plan. The plan was approved earlier this 2022 by Judge
Laura Taylor Swain of the US District Court for the Southern
District of New York, who was appointed to oversee Puerto Rico's
$120 billion debt and pension liability restructuring process.

The plan restructures the central government's $33 billion debt
load and addresses a broke public pension trust. The judge also
previously approved a deal to rework about $18 billion in bonds
repaid from revenues on the island's sales tax.

The board's work has involved cost-cutting reforms to the
Island's labor laws, budget, and public pension system changes
that have met with resistance from island residents and
politicians.

The case is Financial Oversight and Management Board for Puerto
Rico v. Centro de Periodismo Investigativo Inc., U.S., No.
22-0096.

                       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.




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

TRINIDAD & TOBAGO: Sued For Billions Over Plant Cancellation
------------------------------------------------------------
RJR News reports that the Trinidad and Tobago Government has been
hit with a TT$2.5 billion or US$380 million claim from a group of
Chinese contractors of an aluminum smelter plant as a result of the
cancellation of the project in 2010.

Prime Minister Dr Keith Rowley said the People's Partnership
government headed by Kamla Persad Bissessar had improperly shut
down the project, according to RJR News.

Alutrint and the China National Machinery and Equipment Import and
Export Corp signed an agreement in 2005 to build a US $540 million
aluminum complex that would have produced 125,000 tons per year,
the report notes

Alutrint was a joint venture between the NGC and the Sural Group of
Venezuela, 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
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Chapman, Editors.

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

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