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

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

          Thursday, October 20, 2022, Vol. 23, No. 204

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Urges Against Ad-Hoc FX Policy With 100% Inflation


B A H A M A S

BAHAMAS: COC Warns Minimum Wage Hike May Bring More Job Cuts


B E R M U D A

CARNIVAL HOLDINGS: Moody's Rates Unsecured Priority Notes 'B2'


B R A Z I L

COSAN SA: Acquires 4.9% of Miner Vale, Plans to Buy More
COSAN SA: Fitch Lowers Local Currency IDR to 'BB', Outlook Stable


C A Y M A N   I S L A N D S

GLOBAL AIRCRAFT: Moody's Cuts Rating on Sr. Unsecured Notes to B2
KRISENERGY LTD: Creditors' Meeting Set for Nov. 1


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Central Bank Will Increase its Borrowing


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: To Issue Global Tenders for Transportation Plan

                           - - - - -


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

ARGENTINA: IMF Urges Against Ad-Hoc FX Policy With 100% Inflation
-----------------------------------------------------------------
Maria Eloisa Capurro, Eric Martin & Patrick Gillespie at Bloomberg
News report that the International Monetary Fund is urging
Argentina against unconventional currency measures such as creating
multiple exchange rates at a time when inflation is expected to
reach 100 percent by the end of this year.

IMF Western Hemisphere Director Ilan Goldfajn cautioned Argentine
officials against "different FX measures or prices or things like
that," according to Bloomberg News.

"We continue to believe that this is the way forward not to have
ad-hoc and separate measures," Goldfajn told Bloomberg News in an
interview on the sidelines of the IMF's annual meetings in
Washington.  "If you have them, you should do it in a temporary
basis and unwind them going forward," he added.

His comments come days after Argentina moved forward with new taxes
applied to the official exchange rate for tourism abroad and some
music concerts, piling onto a long list of informal exchange rates,
Bloomberg News relays.

While Argentine officials don't believe the new measures violate
the programme, Goldfajn is the second IMF official after Managing
Director Kristalina Georgieva to push against the government's
currency strategy, Bloomberg News discloses.

The IMF board approved a waiver for Argentina's program for its
"multiple currency practices," after the government invented a new
exchange rate just for soybean exporters in September, Bloomberg
News relays.  The waiver was approved because the exchange rate was
temporary, Bloomberg News notes.

Goldfajn also conceded that Argentina's inflation outlook has
worsened since the US$44-billion program began in March, Bloomberg
News says.  Economists surveyed by the Central Bank in September
see inflation reaching 100 percent by the end of this year,
Bloomberg News relays.

The fact that inflation expectations have "reached 100 percent is
an issue that was not envisioned at the beginning," Goldfajn said.
On the program, "we believe that if it's well implemented, we would
like inflation to start to go down," Bloomberg News discloses

The report notes that other comments from Goldfajn:

– IMF staff reviews on Argentina
"There's also some forward looking in this review. We will look, if
the budget is approved, it will need to be approved. So if it's
approved, it's another sign that this is happening, and we will
insist and we'll continue to insist on the implementation of the
programme"

– Argentina's 2022 fiscal target of 2.5 percent of gross domestic
product
"Whatever was delayed in the first half of the year needs to be
compensated, and it's already been started to be compensated."

                       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 H A M A S
=============

BAHAMAS: COC Warns Minimum Wage Hike May Bring More Job Cuts
------------------------------------------------------------
RJR News reports that the Bahamas Chamber of Commerce and Employers
Confederation has warned that the increase in the minimum wage may
lead to further inflationary pricing of goods and services to the
consumer with a knock-on effect on spending, resulting in job cuts
and permanent closure for some businesses.

Prime Minister Philip Davis announced that the country's minimum
wage will increase from US$210 to US$260 per week, according to RJR
News.

The increase will be retroactive from July for employees in the
public service and will take effect January 2023 for the private
sector, the report notes.




=============
B E R M U D A
=============

CARNIVAL HOLDINGS: Moody's Rates Unsecured Priority Notes 'B2'
--------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Carnival Holdings
(Bermuda) Limited's (a subsidiary of Carnival Corporation and
Carnival plc ("Carnival")) planned senior unsecured priority notes.
There is no change to Carnival's other ratings including its senior
secured first lien rating of Ba3, senior secured second lien rating
of B1 or existing senior unsecured rating of B3. The company's
speculative grade liquidity rating of SGL-3 is also unchanged. The
outlook is negative.

Carnival is creating a newly formed subsidiary - Carnival Holdings
(Bermuda) Limited ("Newco") - that is planning to issue $2 billion
of unsecured priority notes that will be guaranteed on an unsecured
basis by Carnival and certain other operating subsidiaries. Various
Carnival brands will move 12 unencumbered vessels into Newco -
these assets are some of the company's newest, most fuel efficient
ships. Per Carnival, these assets have a net book value at August
31, 2022 of $8.3 billion. The company will be limited to a 25% loan
to value covenant ($2 billion) or 50% loan to value ($4 billion) if
the company issues additional debt. But any potential additional
debt above $2 billion would be guaranteed only on a junior priority
basis and may be rated differently based on a weaker guarantee
structure.

The assignment of a B2 to the planned senior unsecured priority
notes – one notch above the existing B3 unsecured rating –
reflects the value in the overall guarantee package which includes
the guarantee from Carnival and certain other operating
subsidiaries.

Assignments:

Issuer: Carnival Holdings (Bermuda) Limited

Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD4)

Outlook Actions:

Issuer: Carnival Holdings (Bermuda) Limited

Outlook, Assigned Negative

RATINGS RATIONALE

Carnival's B2 CFR is supported by its adequate liquidity given its
sizeable cash balances, its pre-pandemic position as the largest
worldwide cruise line in terms of revenue, fleet size and number of
passengers carried and its brand diversification. Moody's believes
Carnival will also benefit over the long run from the value
proposition of a cruise vacation relative to land-based
destinations as well as a group of loyal cruise customers that will
support a base level of demand. Carnival's credit profile is
constrained by its very weak credit metrics – Moody's forecasts
that Carnival's debt/EBITDA will exceed 7x at the end of 2023
(includes Moody's standard adjustments). The company's EBITDA
turned positive in the third quarter of 2022 but free cash flow
available for debt reduction will continue to be constrained by
rising interest costs and new ship commitments. The normal ongoing
credit risks include the highly seasonal and capital intensive
nature of the cruise industry, competition with all other vacation
options and the cruise industry's exposure to economic and industry
cycles as well as weather related incidents and geopolitical
events.

The negative outlook reflects Moody's concerns that the company
will not be able to generate sufficient cash flow to reduce debt
such that debt/EBITDA approaches 6.5x.

The company's adequate liquidity is supported by sizeable cash
balances that are sufficient to cover its cash needs over the next
12 months. Prior to this planned transaction, the company had cash
of about $7.1 billion at August 31, 2022. The company plans to use
the proceeds of this debt issuance to make principal payments on
debt and for general corporate purposes. The company may use all or
a portion of the net proceeds to temporarily repay amounts
outstanding under the revolver. This amount of cash is sufficient
to enable the company to cover its negative free cash flow over the
next 18 months and repay the approximate $3.4 billion of maturities
that are due in the fourth quarter of 2022 and 2023. Moody's
forecasts the company will end 2023 with just over $2 billion of
liquidity. Carnival's revolving credit facility is comprised of the
following: a US $1.7 billion, EUR1.0 billion and GBP150 million
committed multicurrency revolving credit facility that expires in
August 2024. The company's $3.0 billion revolver had availability
of about $300 million at August 31, 2022. Carnival's debt
facilities require it to comply with several maintenance covenants
including minimum interest coverage, debt to capital and minimum
liquidity. Moody's expect the company will maintain adequate
covenant cushion over the next 12 months. The company's ability to
access alternate forms of liquidity are deemed to be modest in the
current operating environment but include the potential to sell
ships or a brand.

In accordance with Moody's Loss Given Default for Speculative-Grade
Companies (LGD) Methodology, the Ba3 rating on the company's
secured debt and the B1 rating on the second lien secured debt
reflect the considerable amount of unsecured debt (approximately
$25 billion) below it in the capital structure. The B2 rating on
the planned senior unsecured guaranteed notes reflects the
guarantee of Newco, Carnival and its other operating subsidiaries.
The B3 rating on the existing unsecured debt – one notch below
the corporate family rating (CFR) – reflects its structural
subordination to about $12 billion of secured debt ahead of it in
the capital structure.

Headquartered in Miami, Florida, USA and Southampton, UK, Carnival
Corporation and Carnival plc effectively operate as a dual listed
company and have executed appropriate cross guarantees that have,
in Moody's view, resulted in a unified economic entity. A dual
listed company structure allows the two companies to manage the
business as a single operation while remaining as separate legal
and publicly listed entities. Carnival Corporation is incorporated
in Panama. Incorporation in a foreign jurisdiction complicates the
prediction of recovery prospects in a bankruptcy scenario.

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

An upgrade would require material debt reduction or earnings
expansion that resulted in debt/EBITDA maintained below 5.5x, with
consistently positive free cash flow and maintenance of good
liquidity. Ratings could be downgraded if liquidity weakened in any
way, including due to slower than anticipated earnings recovery,
which could raise refinancing risk. The ratings could also be
downgraded if it appears that debt/EBITDA will remain above 7.0x
over the longer term or the company will not be able to
consistently produce positive free cash flow.

Carnival Corporation and Carnival plc own the world's largest
passenger cruise fleet operating under multiple brands including
Carnival Cruise Line, Holland America, Princess Cruises, AIDA
Cruises, Costa Cruises and P&O Cruises, among others. Carnival
Corporation and Carnival plc operate as a dual listed company and
are headquartered in Miami, Florida, US and Southampton, UK. Net
revenue for the trailing 12 month period ended August 31, 2022 were
approximately $7.1 billion.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.




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

COSAN SA: Acquires 4.9% of Miner Vale, Plans to Buy More
--------------------------------------------------------
Peter Frontini at Reuters reports that Brazilian conglomerate Cosan
SA said it had acquired a 4.9% stake in Vale SA and intends to
increase its bet in the mining company.

The deal marks a major breakthrough in Cosan's push into the iron
ore industry, bolstered by one of the world's largest miners,
according to Reuters.

Cosan said its stake in Vale could reach 6.5%, pending approval
from Brazil's antitrust watchdog, the report notes.

Cosan, which is controlled by Brazilian billionaire Rubens Ometto
and operates in segments ranging from sugarcane to logistics, will
pay around 21 billion reais ($4.04 billion) for the deal, funded by
long-term credit lines, the report relays.

In a securities filing, Cosan said it made the purchase "through a
subsidiary and a combination of direct investments, equity and
derivative operations," the report discloses.

Cosan made its debut in the mining sector last year, when it formed
a joint venture with Aura Minerals' (ORA.TO) controlling
shareholder, obtaining exploration rights for mining assets in
three mineral projects in Brazil's northern state of Para, near
Parauapebas, where Vale also operates, the report notes.

At the time, Cosan also acquired the Sao Luis port company in
northern Brazil for 720 million reais from China Communications
Construction Company, with aims to use it to transport iron ore,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2022, S&P Global Ratings, on Oct. 11, 2022, affirmed its
'BB-' global scale rating on Brazilian conglomerate Cosan S.A. with
a stable outlook. Cosan's 'bb' stand-alone credit profile remains
unchanged.


COSAN SA: Fitch Lowers Local Currency IDR to 'BB', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded Cosan S.A.'s (Cosan) Long-Term Local
Currency (LC) Issuer Default Rating (IDR) to 'BB' from 'BB+'. In
conjunction with this rating action, Fitch has affirmed Cosan's
Long Term Foreign Currency (FC) IDR at 'BB' and its National Scale
Long-Term Rating at 'AAA(bra)'. The Rating Outlook is Stable.

In addition to these rating actions, Fitch has affirmed the 'BB'
ratings of the unsecured 2029 notes guaranteed by Cosan, as well as
the 'BB' rating on the notes that were issued by Cosan Luxembourg
S.A. and Cosan Overseas Limited that were unconditionally and
irrevocably guaranteed by Cosan. The company's unsecured
BRL-denominated debentures were also affirmed at 'AAA(bra)'.

The downgrade of the LC IDR reflects Cosan's debt funded
acquisition of a 6.5% stake of Vale S.A. (BBB/AAA(bra)/Stable) that
will lead to weaker consolidated credit metrics in addition to
lower dividend upstream to the holding company for debt service.
The downgrade of the LC IDR to 'BB' from 'BB+' also reflects a
reliance upon asset divestments for debt reduction, which is
unpredictable in terms of timing and value.

Cosan's credit profile is supported by its strong and diversified
asset portfolio, underpinned by leading positions in key business
segments. The ratings incorporate the continued strengthening of
cash flow generation by subsidiaries Rumo S.A, Compass Gas e
Energia S.A., Raizen S.A and Raizen Energia S.A. The acquisition of
a 6.5% stake in Vale further improves the company's product and
geographic diversification, as Vale is a leading mining company
that generates the majority of its profit outside of Brazil.

KEY RATING DRIVERS

High Leverage: Fitch expects Cosan's adjusted net leverage to be
5.8x by the end of 2022; this compares with prior estimates of
around 3.0x. The transaction weakens the flow of dividends to the
holding, given sale of redeemable preferred shares in Compass and
Raizen that will be used to repay BRL8 billion out of the BRL22
billion of debt that will be used to finance the transaction. With
the acquisition debt, the Cosan group's adjusted net debt is
expected to reach BRL34.2 billion by the end of 2022.

Complex Funding Structure: The transaction funding consists of a
BRL8 billion secured bridge loan for 1.5% of Vale's shares, as well
as a bank loan of BRL9.1 billion for 3.4% of Vale's shares. The
bridge loan is scheduled to be taken out within one year through
the company's contribution of redeemable preferred shares it owns
in Raizen and Compass. The BRL9.1 billion bank loans will be
secured by Vale shares and the price volatility of these shares
will be protected through a collar derivative strategy. An
additional 1.6% stake in Vale for BRL4.9 billion is being sought by
Cosan and is subject to approval of the transaction by CADE; it
will also be funded by a bank loan, be secured by Vale shares and
be protected by a collar.

Improved Diversification: Vale's share acquisition further enhances
Cosan's asset portfolio diversification; it also reduces the
company's risk of generating almost all of its cash flow in Brazil.
Cosan currently has leading positions in sugar and ethanol
business, sales of fuels and lubricants, railroad operations and
natural gas activity. Raizen (BBB/Stable) is the leading global
producer of sugar and ethanol and energy from sugar cane bagasse
and accounts for more than 15% of Brazil's sugar cane crushing
capacity. The company also is the second-largest fuel distributor
in Brazil, with over 20% market share by volume in 2021, operating
under the Shell brand.

Cosan's stake into Compass (BB/Stable) provides access to the low
to moderate natural gas distribution industry. Compass' key asset
is COMGAS (BB/Stable). With operations in the state of Sao Paulo,
COMGAS is the largest company in the sector in Brazil, and has
robust credit metrics and a solid business profile. COMGAS's
ratings benefit from long-term concession contracts with
pass-through mechanisms of non-manageable costs and manageable
supply risks, with predictable and stable operating cash flow.

Cosan's stake into Rumo (BB/Stable) enhances the group's cash flow
visibility in an economically resilient industry. Rumo benefits
from its market position as the sole railroad transportation
company in Brazil's south and midwest regions through five
concessions that operate more than 14,000 kilometers of tracks,
with access to Brazil's three main ports. Due to a low cost
structure and solid presence in transportation of agricultural
goods, the company has solid competitive advantages over truck
transportation, which limits volume volatility over different
economic cycles.

Cash Flow Generation to Moderate: The group is expected to report
adjusted EBITDA of BRL5.8 billion in 2022 and BRL5.6 billion in
2023, including dividends from Raizen and COMGAS, as per Fitch
assumptions, with an average EBITDA margin of 46%. The holding
company is expected to receive lower dividends in the future from
Raizen and Compass, as dividends from these companies will be used
to repurchase the shares that will be given to the bank for the
repayment of the bridge loan. Rumo's and Compass EBITDA are
expected to continue increasing whereas Raizen is estimated to pay
BRL2.4 billion in dividends in 2022 and COMGAS's dividends are
expected to be BRL2.2 billion in 2022.

Adjusted Consolidated Financials: Fitch's analysis is based on
Cosan's adjusted consolidated financials, which exclude 70% of
Rumo's and 100% of COMGAS's results, and includes dividends
received from COMGAS and Raizen in adjusted EBITDA. The
proportional consolidation of 30% of Rumo recognizes economic
rather than voting control of the subsidiary as per Fitch's
"Corporate Rating Criteria." COMGAS is deconsolidated due to its
insulated and ring-fenced structure. Raizen, a joint venture with
Royal Dutch Shell plc, has its own financing and investing
strategies, and Cosan's access to its cash is only through
dividends received.

DERIVATION SUMMARY

Cosan's ratings compare unfavorably with Votorantim S.A's. (VSA; LT
FC/LC IDR BBB-/Stable and National Scale Rating AAA[bra]/Stable),
one of Latin America's largest industrial conglomerates. VSA has a
diversified business portfolio, strong market position in the
industries it participates in, and geographic diversification with
strong operations in the Americas, while Cosan's assets are still
primarily located in Brazil and with a representative share of its
cash flow generation capacity in the more volatile S&E business.

Cosan is in a weaker position in terms of cash flow generation and
leverage compared to VSA, but compares similarly with Grupo KUO,
S.A.B. de C.V.'s (KUO; LT FC/LC IDR BB/Positive), a Mexican Group
with diversified business portfolio in the consumer, automotive and
chemical industries.

KEY ASSUMPTIONS

- Adjusted consolidated revenues of BRL12.6 billion
   and BRL12.5 billion in 2022 and 2023, respectively;

- Average EBITDA margin, including dividends received,
   of 46% in 2022 and 2023;

- Debt issuance of BRL22 billion for acquisition financing:
   bridge loan (BRL8.0 billion) and BRL14.0 billion from
   collar financing;

- Cosan's payment of loan amortization and retention of
   Vale's shares;

- Bridge loan repayment with minority equity sale on Raizen
   and Compass through a RPS (redeemable preferential shares)
   structure of 10 years.

RATING SENSITIVITIES

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

- Upgrade is unlikely in the near term given the sizable
indebtedness and net leverage level.

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

- Adjusted consolidated net leverage sustained above 6.0x;

- LTV exceeding 40%;

- Inability to sell assets in timely manner.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Cosan's debt at the holding level of BRL16
billion at June 2022 is high particularly considering that the
acquisition transaction will mitigate the flow of dividends to the
holding. The company's financial flexibility of asset divestments
and to access debt and capital market should support estimated
refinancing needs and collar obligations upon maturity starting in
2024. Fitch estimates to sustain adequate liquidity profile within
the next three years with proforma adjusted liquidity of BRL12.2
billion by the end of 2022.

ISSUER PROFILE

Cosan S.A is the holding company of a Brazilian conglomerate with
presence in sugar, ethanol and energy production, natural gas
distribution, railroad operations and distribution of fuels &
lubricants. Cosan's credit profile incorporates the representative
market shares the company holds in its businesses. The group is
controlled by Mr Rubens Ometto with 35.9% ownership.

SUMMARY OF FINANCIAL ADJUSTMENTS

Net derivative balances for FX risk management have been added to
Cosan's adjusted debt figures.

Cosan's Fitch-adjusted consolidated financials for 2021 onwards
depart from published consolidated financials minus 70% of Rumo and
100% of Comgas. Cosan's adjusted consolidated EBITDA includes
dividends paid out by Raizen and Comgas. Prior to 2021,
Fitch-adjusted consolidated financials depart from published
consolidated financials plus 30% of Rumo and minus 100% of Comgas.
Dividends paid out by Raizen and Comgas included to Fitch-adjusted
consolidated figures.

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
   -----------                   ------                 -----  
Cosan Luxembourg S.A.

   senior unsecured      LT        BB         Affirmed    BB

Cosan Overseas Limited
  
   senior unsecured      LT        BB         Affirmed    BB

Cosan S.A.               LT IDR    BB         Affirmed    BB

                         LC LT IDR BB         Downgrade   BB+

                         Natl LT   AAA(bra)   Affirmed    AAA(bra)


   senior unsecured      LT        BB         Affirmed    BB

   senior unsecured      Natl LT   AAA(bra)   Affirmed    AAA(bra)





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C A Y M A N   I S L A N D S
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GLOBAL AIRCRAFT: Moody's Cuts Rating on Sr. Unsecured Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
long-term rating on senior unsecured notes issued by Global
Aircraft Leasing Co., Ltd. (GALC), the entity that holds Bohai
Leasing Co., Ltd.'s (Bohai) 70% shareholder interest in commercial
aircraft leasing company Avolon Holdings Limited (Avolon, Baa3
stable). GALC's outlook remains negative. Avolon's ratings and
stable outlook are not affected by this action.

Downgrades:

Issuer: Global Aircraft Leasing Co., Ltd.

Senior Unsecured Regular Bond/Debenture, Downgraded to B2 from B1

Outlook Actions:

Issuer: Global Aircraft Leasing Co., Ltd.

Outlook, Remains Negative

RATINGS RATIONALE

Moody's downgraded the rating of GALC's senior notes to reflect
increasing refinancing risk as the notes' September 2024 maturity
draws nearer amid rising macro and funding market challenges.
Underscoring these challenges, GALC has remitted the notes' coupon
in kind on several payment dates, including the most recent
September 15, 2022 payment date. Also a factor in the downgrade is
uncertainty regarding the eventual disposition of business
interests in Bohai held by the Special Service Trust formed as part
of HNA Group's bankruptcy reorganization earlier this year, the
Liaoning Fangda Group Industrial Co Ltd, and public shareholders,
which could have a bearing on the financial priorities and
operational strategy of Bohai and its subsidiaries.

Options for repaying and refinancing the GALC bonds, the maturity
of which is now under two years away, are likely more challenging
and costly and could remain so amid rising macro challenges in
China and globally. However, in Moody's estimation, the value of
GALC's 70% ownership interest in Avolon, which reported total book
equity of $7.8 billion at June 30, 2022, well exceeds the $1.8
billion owed on the notes.

The interest payments on the notes are serviced by cash from
dividends paid by Avolon to GALC, but should cash be insufficient,
GALC can elect to capitalize interest expense per the notes'
payment in kind (PIK) provision. Since issuance of the notes in
July 2019, three semi-annual payments have been in cash and three
in-kind, including the most recent. Avolon's cash flow has
strengthened over the past year as recovering air travel volumes
prompted airlines to catch-up deferred rentals and expand
operations, benefitting Avolon's revenues. However, the company's
operations have not yet fully recovered to pre-pandemic levels of
profitability and cash flow strength.

The notes' rating reflect GALC's higher governance risks compared
to Avolon, which contributes to GALC having a higher probability of
default. Avolon's governance risks relating to Bohai and HNA Group
became less prominent credit constraints after ORIX Corporation (A3
stable) acquired a 30% interest in Avolon in November 2018. A
partial offset to GALC's heightened governance risks are terms in
GALC's senior notes agreement that require redemption of the notes
if certain limits regarding restricted shareholder payments are
exceeded. The notes also include restrictive provisions relating to
additional debt and liens, permitted investments, change of control
and asset sales. The notes' rating also incorporates the structural
subordination of GALC's creditors to Avolon's creditors, which
elevates the potential loss severity of GALC's senior creditors in
the event of default.

The negative outlook reflects Moody's expectation that the notes'
refinancing risk could rise further if global macro conditions
weaken, asset values decline and access to debt capital becomes
more constrained over the next 12-18 months.

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

A rating upgrade is unlikely given the negative outlook, but GALC's
ratings could be upgraded if: 1) Avolon's ratings are upgraded due
to an improvement in its intrinsic credit profile; 2) Bohai's
intentions with respect to refinancing or repaying the GALC bond at
maturity become more transparent and certain; and 3) GALC's
governance risks decline.

GALC's ratings could be downgraded if: 1) Avolon is downgraded, 2)
Bohai's ability to refinance or repay the GALC bonds weakens
materially; or 3) GALC's cushion with respect to its bond covenants
materially deteriorates.

Moody's could upgrade Avolon's ratings if: 1) the company generates
consistently stronger and more stable profitability and cash flow
ratios compared to peers; 2) air travel volumes and airline
industry performance support continued strong demand for leased
aircraft; 3) Avolon maintains strong liquidity buffers for debt
maturities and aircraft expenditures; 4) fleet residual value risks
and composition are well managed, 5) the company's debt-to-tangible
net worth leverage ratio is maintained below 3.0x, and 6) the
financial condition of Bohai Leasing stabilizes.

Avolon's ratings could be downgraded if: (1) liquidity coverage
(Moody's sources-to-uses over a one-year horizon) substantially
declines; (2) the recovery in air travel volumes reverses course,
weakening prospects for Avolon's financial performance; (3)
debt-to-equity leverage increases materially above 3.0x; 4) the
company's competitive positioning otherwise weakens.

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.


KRISENERGY LTD: Creditors' Meeting Set for Nov. 1
-------------------------------------------------
Creditors of KrisEnergy Ltd. will hold their meeting on Nov. 2,
2022, at 10:00 a.m., Singapore time, and Nov. 1, 2022, 9:00 p.m.
Cayman Islands time via web-based video conference.

At the meeting, Luke Furler and Michael Pearson, the company's
Joint Official Liquidators, will give a report on the company's
wind-up proceedings over the preceding period ended Aug. 26, 2021
to July 31, 2022.




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Central Bank Will Increase its Borrowing
------------------------------------------------------------
Dominican Today reports that the Dominican Central Bank will
continue its unstoppable debt-building process in 2023, not only to
maintain control over the currency and exchange rate and prevent a
worsening inflationary spiral, but also because it needs cash to
cover the interest costs associated with the debt it has already
accumulated.  The funds that the Central Government uses to pay the
interest on its accumulated debt, also referred to as a
quasi-fiscal deficit, are required to be sent annually to the
Central Bank by the Central Government through the Ministry of
Finance, according to Dominican Today.

The Government has been sending resources each year, but they are
no longer enough to satisfy these interests after ten years had
gone since the Central Bank Recapitalization Law was written but
not implemented as intended. By 2023, nothing will have changed,
the report relays.  The transfer of 0.6% of the nation's GDP was
included by the government in the draft general budget as a
recapitalization for the Central Bank, the report says.  This
metric is roughly equal to RD$41.3 billion, the report discloses.

The Central Bank will need at least RD$96 billion to pay interest
in the upcoming year, indicating that the missing funds will need
to be found by issuing new debt, which will result in an annual
increase in the amount of money required to pay their own
interests, or a "snowball" effect, the report relays.

The debt of the Central Bank keeps rising, the report discloses.
It increased by 29.5%, or more than US$4 billion, in just the first
six months of this year alone, from US$13.9 billion to US$18
billion, the report adds.

                   About Dominican Republic

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

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

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

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

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

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




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

TRINIDAD & TOBAGO: To Issue Global Tenders for Transportation Plan
------------------------------------------------------------------
Anna Ramdas at Trinidad Express reports that works and Transport
Minister Rohan Sinanan said that international tenders will soon go
out for the development of a transportation plan for Trinidad and
Tobago.

Sinanan was speaking at the Parliament's Standing Finance Committee
(SFC), at which he explained various aspects of his ministry's
expenditure for the 2023 fiscal year, according to Trinidad
Express.

Oropouche East MP Dr Roodal Moonilal questioned Sinanan about the
cost of this plan, the report notes.

He noted that under the Patrick Manning-led administration, there
was a $500 million study for the rapid rail, the report relays.

Sinanan said the last national transportation plan for Trinidad and
Tobago was completed in in 1967, when there were still a lot of
donkey carts on the road, the report discloses.

Moonilal quipped "and there will be in 2022," the report relays.

Sinanan said the national transportation plan is a roadmap for air,
land and sea transportation and it will take all aspects of traffic
management including looking at alternative routes, the report
discloses.

He said the plan will guide the country over the next 20 years and
the Ministry is working with the Development Bank of Latin America
(CAF) and received grant funding for the policy aspects of the
plan, the report notes.

In an August 2019 news release, CAF said it signed a US$200 million
loan agreement to provide free availability financing to improve
Trinidad and Tobago's road network through comprehensive
development, maintenance, management and planning to be carried out
by the Ministry of Works and Transport (MOWT), the report relays.

The agreement was signed by Gianpiero Leoncini, CAF representative
in Trinidad and Tobago, and Colm Imbert, Minister of Finance, the
report discloses.

"Improving the quality of infrastructure and transport services is
essential to foster Trinidad and Tobago's socio-economic
development. The funds are expected to boost productivity and
competitiveness, and to facilitate business growth and job
creation," said Leoncini, the report relays.

The funds were earmarked for the Sector-Wide Approach Program for
Road Development Support. The Ministry of Works and Transport also
gave commitments to strengthen regulatory frameworks, road safety
and reduce congestion, through various activities aimed at
strengthening institutions in issues such as updating the National
Transport Plan, signalling programs, change in traffic regulations,
camera systems or new traffic lights, the report notes.

Moonilal again pressed for the cost and the Minister indicated that
tenders will soon be going out, the report says.

"So we have a national transportation plan for which we don't know
what will be the final cost to the taxpayer," said Moonilal.

He said he was concerned of having these plans with "no monetary
full stop" on how much it will eventually cost, the report relays.

"In fact, this is the Rapid Rail 2 that we are going to embark upon
and we are very concerned about this." he said, the report
discloses.

Sinanan retorted: "Had the Rapid Rail been done in Trinidad the
commuters would have been so happy with the movement from San
Fernando to Port of Spain," the report relays.

The plan, he said, is totally different to the Rapid Rail study,
the report notes.

Couva South MP Rudranath Indarsingh questioned Sinanan on the plans
to restructure the Port of Spain port, the report relays.

The Minister said $1 million is allocated towards this project to
pay consultants and they are also working with the Inter-American
Development Bank (IDB), 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
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