/raid1/www/Hosts/bankrupt/TCRLA_Public/221109.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, November 9, 2022, Vol. 23, No. 218

                           Headlines



B E R M U D A

RENAISSANCERE HOLDINGS: Suffers Huge Q3 Loss From Hurricane Ian


B R A Z I L

ALTERA INFRASTRUCTURE: WLRK, Vinson Updates on TopCo Noteholders
ENEVA SA: Says CEO Zinner to Step Down
LATAM AIRLINES: S&P Assigns 'B-' ICR, Outlook Stable
OI SA: $128M Bank Debt Trades at 94% Discount
PETROLEO BRASILEIRO: Investors Are Worried After Election



D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fuel Prices Remain Unchanged


J A M A I C A

JAMAICA: BOJ Issues Licences to Microcredit Firms
JAMAICA: Financial System Remains Stable, Says BOJ


M E X I C O

ASERTA SEGUROS: Moody's Withdraws Ba3 Insurance Fin Strength Rating
AXTEL SAB: Moody's Lowers CFR to B2 & Alters Outlook to Negative
CREDITO REAL SAB: To Auction Finance Unit Credito Real USA Finance

                           - - - - -


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B E R M U D A
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RENAISSANCERE HOLDINGS: Suffers Huge Q3 Loss From Hurricane Ian
---------------------------------------------------------------
Royal Gazette reports that Bermuda reinsurer RenaissanceRe Holdings
Ltd. has posted a third-quarter net loss of $825.3 million.

The company said Hurricane Ian and certain other catastrophe events
contributed to a $648.4 million net negative impact on the net loss
attributable to common shareholders, and added 57.2 percentage
points to the combined ratio, pushing it to 138.7 per cent,
according to Royal Gazette.

The staggering numbers follow poor results for the corresponding
period last year (three months to the end of September) when there
was a net loss of more than $450 million and a combined ratio of
145.1 per cent, the report notes.

While gross premiums written have risen from nearly $1.8 billion to
more than $2.2 billion, underwriting loss grew from nearly $679
million for last year's third quarter to more than $683 million for
the period this year, the report relays.

Book value per common share fell from $128.91 to $94.55, the report
discloses.

Kevin J. O'Donnell, president and chief executive officer, said:
"Hurricane Ian's arrival in the finals of the quarter was both a
stark reminder of our value proposition to our customers and a
catalyst for change in the reinsurance marketplace," the report
says.

"RenaissanceRe's strategic focus on reinsurance, strong capital and
industry leadership uniquely situate us to drive transformative
change during the upcoming renewal period," the report relays.

"As a result, we are positioned to deliver an attractive return to
our investors through materially increased underwriting profit,
robust fee income and significantly higher investment income," the
report discloses.

The company reported 101.6 per cent growth in net investment income
compared to Q3 2021, the report says.

The impact of increasing interest rates on the fixed maturity
portfolio was the primary driver of $641.5 million of net realised
and unrealised losses on investments, the report relays.

In reviewing the net negative impact on the consolidated financial
statements, the company said total Q3 2022 weather-related large
losses amounted to net claims and claims expenses incurred of more
than $1.15 billion, including more than $990 million from Hurricane
Ian alone, the report notes.

But the company noted: "Meaningful uncertainty remains regarding
the estimates and the nature and extent of the losses from these
catastrophe events, driven by the magnitude and recent nature of
each event, the geographic areas impacted by the events, relatively
limited claims data received to date, the contingent nature of
business interruption and other exposures, potential uncertainties
relating to reinsurance recoveries and other factors inherent in
loss estimation, among other things," the report relays.

Other Q3 2022 catastrophe events include the severe weather in
France in May and June of 2022, typhoons in Asia and Hurricane
Fiona during the third quarter of 2022, the report adds.




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B R A Z I L
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ALTERA INFRASTRUCTURE: WLRK, Vinson Updates on TopCo Noteholders
----------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Wachtell, Lipton, Rosen & Katz and Vinson & Elkins
LLP submitted a first amended verified statement to disclose an
updated list of the Ad Hoc Group of TopCo Noteholders that it is
representing in the Chapter 11 cases of Altera Infrastructure L.P.
et al.

On August 12, 2021, certain members of the Ad Hoc Group of TopCo
Noteholders retained Wachtell, Lipton, Rosen & Katz to represent
them in connection with a potential financial restructuring of the
above-captioned debtors and debtors-in-possession. From time to
time thereafter, certain additional holders of 8.50% Senior Notes
joined or exited the Ad Hoc Group of TopCo Noteholders.  In
connection with a potential filing in this jurisdiction, certain
members of the Ad Hoc Group of TopCo Noteholders retained Vinson &
Elkins LLP.

As of Oct. 31, 2022, members of the Ad Hoc Group of TopCo
Noteholders and their disclosable economic interests are:

Capital Research and Management Company
333 South Hope Street, 55th floor
Los Angeles, CA 90071

* 8.500% Senior Notes due 2023: $55,575,000.00

CastleKnight Management LP
810 Seventh Avenue, Suite 803
New York, NY 10019

* 8.500% Senior Notes due 2023: $41,131,000.00

CI Investments Inc.
15 York Street 2nd Floor
Toronto, Ontario M5J 0A3 Canada

* 8.500% Senior Notes due 2023: $37,500,000.00

Manulife Investment Management
197 Clarendon Street, 4th Floor
Boston, MA 02116

* 8.500% Senior Notes due 2023: $26,322,000.00

Mesirow Financial Investment Management, Inc.
820 Manhattan Ave, Suite 200
Manhattan Beach, CA 90266

* 8.500% Senior Notes due 2023: $16,729,000.00

No member of the Ad Hoc Group of TopCo Noteholders represents or
purports to represent any other member of the Ad Hoc Group of TopCo
Noteholders or entity in connection with the Debtors' Chapter 11
cases. In addition, each member of the Ad Hoc Group of TopCo
Noteholders (a) does not assume any fiduciary or other duties to
any other creditor or person and (b) does not purport to act,
represent or speak on behalf of any other entities in connection
with the Debtors' Chapter 11 cases.

Nothing contained in this Statement is intended to or should be
construed to constitute a waiver or release of any claims filed or
to be filed against the Debtors held by any member of the Ad Hoc
Group of TopCo Noteholders, its affiliates or any other entity.
Nothing herein should be construed as a limitation upon, or waiver
of, any rights of any member of the Ad Hoc Group of TopCo
Noteholders to assert, file and/or amend any proof of claim in
accordance with applicable law. Counsel reserves the right to amend
or supplement this Statement as necessary in accordance with
Bankruptcy Rule 2019.

Counsel for the Ad Hoc Group of TopCo Noteholders can be reached
at:

        Paul E. Heath, Esq.
        Matthew W. Moran, Esq.
        Trevor G. Spears, Esq.
        VINSON & ELKINS LLP
        845 Texas Tower, Suite 4700
        Houston, TX 77002
        Telephone: (713) 758-2222
        E-mail: pheath@velaw.com
                mmoran@velaw.com
                tspears@velaw.com

           - and -

        Emil A. Kleinhaus, Esq.
        Michael S. Benn, Esq.
        Benjamin S. Arfa, Esq.
        Michael H. Cassel, Esq.
        Stephanie A. Marshak, Esq.
        WACHTELL, LIPTON, ROSEN & KATZ
        51 West 52nd Street
        New York, NY 10019
        Telephone: (212) 403-1000
        Facsimile: (212) 403-2000
        E-mail: eakleinhaus@wlrk.com
                msbenn@wlrk.com
                bsarfa@wlrk.com
                mhcassel@wlrk.com
                samarshak@wlrk.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3T9LZhU

                  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.


ENEVA SA: Says CEO Zinner to Step Down
--------------------------------------
Reuters reports that Peter Frontini and Carolina Pulice at Reuters
report that the head of Brazilian energy company Eneva SA
(ENEV3.SA) Pedro Zinner will step down by next March 31 at the
latest, the company said in a securities filing.

"After almost six years serving as Eneva's CEO, Mr. Zinner will
leave the company to pursue new professional challenges," the firm
said, without providing further details nor a specific date for
Zinner to leave his post, according to Reuters.

Zinner had in 2017 become CEO of Eneva, running the firm as it
emerged from bankruptcy to rank as one of the country's major
energy providers, the report notes.

Eneva had previously been controlled by former oil and mining
magnate Eike Batista, once Brazil's richest man, whose fortune
spectacularly collapsed in the space of a year, the report relays.

Eneva said that its board of directors started looking for a
successor and that the outgoing CEO would help with the transition,
the report adds.

                      About Eneva SA

Eneva SA operates several thermal power plants in Brazil with a
total installed capacity of 2.9 GW.  The company also has
interests in gas exploration fields in the country.

As reported in the Troubled Company Reporter-Latin America on
Dec. 12, 2014, Juan Pablo Spinetto at Bloomberg News reported that
Eneva Participacoes SA (Eneva SA), the Brazilian utility
controlled by EON SE (EOAN) and Eike Batista, filed for bankruptcy
protection, becoming the fourth venture founded by the former
billionaire to seek creditor protection in just more than a year.

Eneva, which Batista set up as MPX Energia SA in 2001, filed the
request to a court in the state of Rio de Janeiro, where the
company is based, it said in a statement obtained by Bloomberg
News.  The petition, called a judicial recovery in Brazil, comes
after failure to renew a deal between the company and its lenders
to suspend debt payments, Eneva SA said, according to the report.


LATAM AIRLINES: S&P Assigns 'B-' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings, on Nov. 4, 2022, assigned its 'B-' issuer
credit rating to Latam Airlines Group S.A.  At the same time, S&P
assigned a 'B+' rating to the exit financing instruments, the new
senior secured notes for $1.15 billion and the $1.1 billion term
loan B, with a recovery rating of '1', which indicates a recovery
of 90%-100% (rounded estimate: 95%) in the event of default.

S&P said, "The stable outlook reflects that we expect Latam's
operations to continue recovering in the next two years. We
forecast its debt-to-EBITDA ratio will be about 5.0x and funds from
operations (FFO) to debt around 10% by the end of 2023, and that it
will emerge from bankruptcy with a comfortable liquidity
position."

During the restructuring process, Latam took several actions to
reduce cost structure that S&P believes will allow Latam to reach
cost per available seat kilometer excluding fuel (CASK ex-fuel) of
about 4.7 cents by 2023 (compared to 4.53 cents in 2019) despite
inflationary pressures. Latam has reduced its fleet by about 13%
since March 2020, renegotiated fleet agreements including
power-by-the hour contracts for wide-body aircraft through 2023 and
narrow-body through 2022, signed lower operating leases across the
board, and somewhat simplified its fleet by retiring A-350s from
its wide-body aircraft. Additionally, it has considerably reduced
its workforce by 12,000 full-time employees (27% since March 2020)
and renegotiated supplier contracts, while its digitalization and
automation initiatives have matured.

The reorganization plan included an exit capital structure with
$10.3 billion in additional equity, with $800 million coming from
the equity rights offering and the remainder from convertible
notes. From the total equity increase, $5.4 billion were
underwritten by new money while the rest with general unsecured
claims. As a result, Latam holds lighter balance sheet with reduced
debt and other liabilities, a less complex capital structure, and a
stronger cash position. S&P estimates total gross adjusted debt
(including operating leases) amounts to about $6.8 billion, down
from $10.8 billion in March 2020. Latam's debt at emergence
comprises $1.15 billion in new senior secured notes, $1.1 billion
of a new term-loan B, $275 million in a spare engine facility, $130
million (denominated in indexed units) in senior unsecured local
notes, about $1.8 billion in fleet financial debt, and about $2.3
billion in operating leases. Additionally, Latam has repaid and
renewed the existing revolving credit facility for $600 million and
obtained a new one for additional $500 million, which coupled with
stronger cash flow and minimum debt amortizations for the next two
years, should result in a comfortable liquidity position.

Latam has unique strengths in the region such as its extensive
network and much larger scale compared to other regional airlines.
With S&P's forecast of about 110,000 ASK by year-end 2022 and
145,000 in 2023, it's the largest airline in the region and the
leader in domestic markets in Chile, Peru, and Brazil. Its network
also connects South America to North America, Europe, and Oceania,
and it has the largest cargo operation in Latin America.

S&P said, "We view the airline industry as a high-risk sector,
reflecting high cyclicality, capital intensity, and climate
transition risks, and we believe that operations in Latin America
pose additional risks because local currencies are subject to
foreign exchange swings. Because ticket prices in local markets are
in domestic currencies, it pressures the airlines' ability to pass
through cost increases to average fares. Nevertheless, we believe
Latam mitigates these risks to a greater degree than regional peers
because of the company's larger size, meaningful market share, more
diversified operations, and its international and cargo segments
that generate cash flow in hard currency. On the other hand, with
domestic flights recovering much faster than international ones,
the company will take longer to recover its pre-pandemic capacity
and profitability compared with some regional peers that
predominantly operate domestic routes. Latam has been on a solid
recovery path since mid- 2021, after a second wave of COVID-19
infections in Latin America. The impact on its operations from the
third wave in early 2022 was moderate and short-lived. Flight
frequency has been increasing, more rapidly for domestic travel,
and has already surpassed pre-pandemic capacity in Brazil,
Colombia, and Ecuador. However, we don't expect international
travel to fully recover to pre-pandemic levels until the end of
2023, considering slower recovery in corporate travel, changes in
traveling patterns, and sluggish economic conditions in the main
countries where Latam operates. In line with these factors, we
expect significant capacity and demand growth in 2023, with ASK
expanding 28%-30%."

As mentioned above, the airline's operations won't reach
pre-pandemic levels this year, which, coupled with general high
inflation and very high fuel prices, will result in depressed
EBITDA in 2022. Amid a sharp increase in crude oil prices and with
jet-fuel crack spreads at historic highs, Latam experienced an 87%
year-over-year increase in jet fuel prices in the first half of
2022, and we estimate average fuel price per gallon for the full
year to be 55%-60% higher than in 2021. On the positive side, the
company has been able to pass through large portions of the higher
costs into ticket prices. Yield jumped by 33% in the first six
months of 2022 year-over-year, but this will only partially offset
the higher costs. S&P said, "As a result, we expect EBITDA of $850
million - $900 million this year compared to $2.2 billion in 2019.
We also estimate leverage will remain high, with gross debt to
EBITDA of 7.5x-8.0x and FFO to debt below 5% by year-end. Still, we
forecast both ratios to improve considerably to about 5.0x and 10%
in 2023. This sharp improvement in credit metrics will result from
a significant rebound in cash flow generation in 2023 under our
assumption of continued demand recovery, with sustained solid
domestic air traffic and strong recovery of international flights,
combined with a more efficient cost structure and lighter capital
structure. Still, we believe the recovery path will be volatile in
the next several quarters, so we view the company's financial risk
profile as highly leveraged. As of July 2022, Latam has hedged only
about 16% of its expected fuel consumption for the next 12 months,
which could create further volatility in 2023."


OI SA: $128M Bank Debt Trades at 94% Discount
---------------------------------------------
Participations in a syndicated loan under which Oi SA is a borrower
were trading in the secondary market around 5.5 cents-on-the-dollar
during the week ended Fri., November 4, 2022, according to
Bloomberg's Evaluated Pricing service data.

The US$128 million facility is a term loan.  The loan is scheduled
to mature on March 15, 2024.   About US$71 million of the loan is
drawn and outstanding.

Oi S.A. offers fixed-line and mobile telecommunications services in
Brazil.

PETROLEO BRASILEIRO: Investors Are Worried After Election
---------------------------------------------------------
Richard Mann at Rio Times Online reports that for the rating agency
Fitch, the possible changes in the management of Petrobras are one
of the biggest concerns of investors after the election of Luiz
Inácio Lula da Silva to the Presidency of the Republic.

"The election of da Silva worries investors, given his past with
the company.  Lula da Silva was implicated in Operation Lava Jato,
which investigated alleged receipt of bribes by executives to sign
contracts with construction companies at inflated prices," wrote
Saverio Minervini, Fitch's senior director in Brazil, in a report
released Fri, Nov. 4, according to Rio Times Online .

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A.
Petrobras explores for and produces oil and natural gas.   As
reported in the Troubled Company Reporter-Latin America, Egan-Jones
Ratings Company July 8, 2022, upgraded the foreign currency and
local currency senior unsecured ratings on debt issued by Petroleo
Brasileiro S.A. - Petrobras to BB+ from
BB.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Fuel Prices Remain Unchanged
------------------------------------------------
Dominican To reports that for the week of October 29 to November 4,
2022, the Dominican Republic's Ministry of Industry, Trade, and
MSMEs (MICM) provides that fuels are marketed at the following
prices:

  -- Premium gasoline will be sold at RD $ 293.60 per gallon,
     maintaining its price.

  -- Regular Gasoline RD$274.50 per gallon maintains its price.

  -- Regular Gasoil RD$221.60 per gallon maintains its price.

  -- Optimal Gasoil RD$241.10 per gallon maintains its price.

  -- Avtur RD$273.91 per gallon maintains its price.

  -- Kerosene RD$338.10 per gallon maintains its price.

  -- Fuel Oil #6 RD$192.11 per gallon maintains its price.

  -- Fuel Oil 1%S RD$211.77 per gallon maintains its price.

  -- Liquefied Petroleum Gas (LPG) RD$147.60 per gallon maintains
     its price.

  -- Gas Natural RD$28.97 per m3 maintains its price.

Ramon Perez Fermin, Deputy Minister of Domestic Trade, informed
that the government of President Luis Abinader had allocated more
than 466 million pesos to prevent dramatic increases in fuel prices
for the week of Saturday, October 29 to Fri, November 4 of this
year, for which reason the prices of all fuels will remain
unchanged, the report discloses.

Perez Fermin explained that the international price of WTI averaged
85.77, maintaining an accumulated annual increase of almost 19%,
the report discloses.  "The global market looks uncertain and
ambiguous, with a marked volatility that consequently makes it
difficult to predict," he explained, the report says.

With this extraordinary subsidy of 466 million pesos, the
government is holding back increases from 24 pesos per gallon in
premium gasoline to 73 pesos per gallon in optimum diesel, 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 To related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

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

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

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

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




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J A M A I C A
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JAMAICA: BOJ Issues Licences to Microcredit Firms
-------------------------------------------------
Jamaica Observer reports that the Bank of Jamaica (BOJ) has
announced that five institutions have been licensed under the
Microcredit Act, 2021 from the 112 applications received so far.

The Microfinance Act was approved in January 2021 and became
effective in July 2021 with July 30, 2022, being the last  of the
transition period for existing firms to apply under the regime,
according to Jamaica Observer.  The Act designated the BOJ as the
supervisory body to license and regulate the sector with the
Consumer Affairs Commission as the body with responsibility for
making and issuing a code of conduct for licensees on consumer
related matters, the report discloses.

Firms licensed under the Act are approved to provide financing to
individuals, micro, small and medium sized enterprises (SME), the
report relays.  Firms who fail to comply with the Act or operate
outside the act face the possibility of ceasing operations and
legal penalties, the report relates.

Access Financial Services Limited was the first microcredit firm to
be licensed by the BOJ on August 1.  The company which was
registered in June 1995 but began operations in September 2000 had
a loan portfolio, net of impairment provisions of $4.02 billion up
to March 2022, the report discloses.  Its consolidated loan
portfolio stood at $4.76 billion up to the end of September, the
report relays.  Access is the only company listed on the Jamaica
Stock Exchange to date to be issued a license by the BOJ, the
report discloses.

The other licensed firms included Kris An Charles Investments
Company Limited which was incorporated in December 1991, Kingston
Finance Limited which was incorporated in May 2011, Nykhana
Investment Company Limited which was incorporated in February 2021
and Trublu Financial Services Limited which was registered in May
2022, the report notes.

"These new licensees will have an obligation to strengthen their
internal control environments to become resilient to money
laundering, terrorism financing and related risks, and make the
required reporting to the appropriate authorities where they become
aware of illicit activities.  It is also expected that, with time,
licensees will benefit from the advantages that accrue as a
consequence of the formalization of their business operations," the
BOJ press release stated, the report relays.

The BOJ provided an update to the Business Observer recently that
97 applications were received in July and 71 were received between
July 29 – 30, the report notes.  The licensing process as per the
BOJ's guide involves acknowledging receipt of the application, a
sufficiency assessment, A decision within 90 s after receiving all
information and documentation as per the sufficiency letter before
a gazette is published with the registry updated, the report says.

At a Stocks on the Rocks (SOTR) appearance last Fri, BOJ Governor
Richard Byles said, "We have been going through and licensing them
one at a time.  We intend to have about half or a little more of
the industry licensed by the end of the year including some of the
most popular names that you know," the report discloses.

Dolla Financial Services and Lasco Microfinance Limited, a
subsidiary of Lasco Financial Services Limited, are the only other
two listed companies to have publicly indicated that they have
applied and are awaiting approval from the BOJ on their licenses,
the report relays.  The BOJ sent notice to Dolla that they don't
object to the firm continuing operations pending the outcome of the
Bank's assessment of its application, the report relays.

Even Michael Lee-Chin Jr has applied to become licensed by the BOJ
for his start up called Seed Investments Limited, the report notes.
Lee-Chin Jr owns 49.5 per cent and has put US$3 million into the
start-up while partners Andrew Patterson and Adrian Dunkley own
24.50 per cent each, the report says.  The company was registered
on May 26 and became operational on October 24, but has not started
to grant loans pending its application to the BOJ, the report
relays.

"As the governor indicated, we hope by that the end of the year, we
would have had a decision on a number of entities that would
account for in certain terms of asset size, a sizeable portion of
the industry.  The team is working assiduously. At the end of the ,
a lot depends on the information that comes in and how quickly they
can satisfy the information requirements," said senior deputy
governor Dr Wayne Robinson at the SOTR session, the report relays.

The Microcredit Act came in light of Jamaica being placed on the
Financial Action Task Force's grey list in February 2020, the
report discloses.  The main aim of the act is to support consumer
protection for individuals and business through enhanced
transparency with microcredit firms, minimize the likelihood of the
sector and to facilitate the development of the sector, the report
relays.

"The Bank looks forward to the approval of additional applicants as
it recognizes the significant role played by the microcredit sector
in reaching an underserved segment of the population and
facilitating Jamaica in achieving its economic goal," the press
release added.

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.


JAMAICA: Financial System Remains Stable, Says BOJ
--------------------------------------------------
RJR News reports that the Bank of Jamaica's Financial Policy
Committee says the country's financial system remains stable up to
the end of August.

The committee, which met to review the financial system's
performance and risks up to end of August 2022, says financial
institutions continued to be adequately capitalised, liquid and
profitable, according to RJR News.

The committee also found that asset quality for the banking sector
remained stable and below the prudential benchmark, the report
notes.

It says systemic risks associated with financial cycles and the
system risk exposure in some sectors continued to be moderate, the
report relays.

However, macro-financial risk from continued monetary tightening
and fears of a global recession have risen.  

The fears are driven by a surge in, and the uncertain outlook for
inflation, the pace of monetary tightening locally and among
Jamaica's main trading partners, the report discloses.

The committee says domestic financial institutions are however
adequately capitalized to withstand these shocks, 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.




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

ASERTA SEGUROS: Moody's Withdraws Ba3 Insurance Fin Strength Rating
-------------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 insurance financial
strength rating (IFSR) on Aserta Seguros Vida, S.A. de C.V., based
in Mexico.

Prior to the withdrawal, the outlook was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.


AXTEL SAB: Moody's Lowers CFR to B2 & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service downgraded Axtel, S.A.B. de C.V.'s
corporate family rating and senior unsecured ratings to B2 from B1.
The ratings outlook is negative.

Downgrades:

Issuer: Axtel, S.A.B. de C.V.

Corporate Family Rating, Downgraded to B2 from B1

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

Outlook Actions:

Issuer: Axtel, S.A.B. de C.V.

Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

This action concludes the review initiated on July 8, 2022,
prompted by the company's weakening credit profile, which along
with the spin-off from parent company Alfa, S.A.B. de C.V. (Alfa,
Baa3 stable) and a more challenging operating environment
heightened refinancing risk for its 2024 notes.

The downgrade reflects the expectation that Axtel's credit metrics
will remain weak through 2023; with leverage above 4x and interest
coverage measured EBITDA minus capex to gross interest expense
below 1.5x, which better positions the company in the B2 rating
category.

Axtel managed to improve top line during the Q3 2022 and expects to
maintain the positive trend throughout 2023, while improving
margins. Digital transformation solutions, such as cloud and
cybersecurity, supported the improvement, along with expansions in
its client base to state governments previously unattended. In its
infrastructure business, improvements were related to the additions
of dark fiber capacity contracts, that Axtel expects to continue in
the following months. As a result, Axtel reported a sequential
improvement of 8% and 13% in terms of revenues and EBITDA, compared
to Q2 2022. However, its credit metrics are still commensurate
within the B2 rating level, with Moody's adjusted gross debt to
EBITDA at 4.5 times and EBITDA minus capex coverage of gross
interest expense at 1.2 times.

Axtel continues to face challenges throughout its recovery. Moody's
expects that Mexico's GDP will expand on average by 2% in 2022-24.
Although Mexico stands to benefit from the prospects of nearshoring
given its strong economic integration with the US, Moody's does not
expect the process to materially alter the weak investment dynamics
in the coming years, given the rise in regulatory uncertainty that
has weighed on the business environment. Moreover, Axtel will need
to refinance close to $420 million outstanding under its 2024 notes
under critically adverse market conditions. Following Russia's
invasion of Ukraine, the ability for Emerging Market corporate
issuers to access the international capital markets has sharply
declined and Moody's expectation is that these conditions are
unlikely to improve in the next 12 months, meaning many lower-rated
corporates will struggle to re-finance maturing debt instruments.
Axtel is currently working in its liability management plan, but it
has not yet closed any agreement with financial institutions.

Liquidity is tempered by refinancing risk although Axtel is still
able to cover regular needs with internal sources. As of September
30, 2022, Axtel's cash in hand was MXN1.5 billion (-$75 million),
still enough to cover short term debt of MXN400 million and some
MXN270 million related to the coupon payment of the 2024 notes in
November 2022. Cash from operations in the last twelve months ended
in September 2022 was MXN2.5 million, enough to cover capex of
MXN1.6 billion. As the company recovers, capex needs will increase
towards MXN2.0 billion. Although most of Axtel's capex is success
based, tight to signed contracts, any mismatch between collections
and capex payments could strain liquidity. However, Axtel's need to
continue to invest remain high amid a highly competitive
environment.

The negative outlook reflects challenges envisioned ahead for Axel
to sustain a positive operating trend including low economic growth
in Mexico, still high inflationary pressures and strong
competition. The outlook also considers the tight capital markets
conditions under which Axtel will need to refinance its 2024
notes.

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

Ratings could be downgraded if Axtel is unable to extend its
maturity profile or if liquidity deteriorates further. The ratings
would suffer downward pressure if Axtel's total adjusted debt to
EBITDA remains above 4.5x on a sustained basis and if its EBITDA
minus capex coverage of gross interest expense remains below 1.5x
for an extended period.

Axtel's ratings could be upgraded if the company is able to
continue diversifying its customer base while registering sustained
organic revenue and EBITDA growth, higher operating margins and
gradual deleveraging. Additionally, the company would need to
refinance comfortably its upcoming debt maturities while
maintaining total adjusted debt/EBITDA below 4.0x and retained cash
flow/net debt above 20% on a sustained basis for a rating upgrade.

The principal methodology used in these ratings was
Telecommunications Service Providers published in September 2022.

Based in Monterrey, Mexico, Axtel, S.A.B. de C.V. (Axtel) is a
Mexican information and communication technology company that
serves the enterprise and government segments with a portfolio of
IT and telecommunication solutions. Axtel's infrastructure includes
a fiber network of more than 47,300 kilometers. For the 12 months
that ended September 30, 2022, Axtel's revenue totaled MXN10.6
billion.


CREDITO REAL SAB: To Auction Finance Unit Credito Real USA Finance
------------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that Mexican finance company
Credito Real SAB de CV will auction a US auto finance unit through
its Chapter 15 bankruptcy case but has yet to receive an opening
bid.

The company has said it wants to sell its Florida-based subsidiary
specializing in providing loans to sub-prime borrowers for the
purchase of used cars, Credito Real USA Finance LLC, for at least
$45 million.  The parent company is in the midst of liquidation
proceedings in Mexico and a corresponding Chapter 15 bankruptcy in
the US.

                        About Credito Real SAB

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

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

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

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

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

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



                           *********


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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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

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