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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, December 15, 2022, Vol. 23, No. 244

                           Headlines



B A R B A D O S

BARBADOS: IMF OKs US$113 Million Extended Fund Facility


B O L I V I A

BOLIVIA: IDB OKs $52-M Loan to Improve Public Investment Quality


C H I L E

CHILE: IDB OKs $1B Loan to Bolster Productivity & Sustainable Dev't


G U Y A N A

GUYANA: Launches First Auction for New Oil Blocks


J A M A I C A

TRANSJAMAICAN HIGHWAY: Commences Solicitation for 2036 Notes
TRANSJAMAICAN HIGHWAY: Moving to Acquire Jamaican Infrastructure


P E R U

TELEFONICA DEL PERU: Moody's Cuts CFR to Ba3, Under Further Review


V E N E Z U E L A

CRYSTALLEX INT'L: Bid for Examiner Denied, Recognition Granted

                           - - - - -


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

BARBADOS: IMF OKs US$113 Million Extended Fund Facility
-------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a 36-month Extended Fund Facility (EFF) in the amount of
US$113 million, in addition to a Resilient and Sustainability Fund
(RSF) in an amount of US$189 million.

The new IMF-supported program will build on the achievements of
Barbados' 2018-22 EFF and draw on the authorities' updated economic
reform program (BERT 2022), including on efforts focusing on
building resilience to natural disasters and climate change as well
as reducing greenhouse gas emissions and transition risks.
Despite a series of global and regional economic shocks, Barbados
continues its strong implementation of its ambitious economic
reform program aimed at restoring fiscal sustainability, increasing
reserves, and unlocking growth potential. Economic activity in
Barbados is starting to recover from the COVID-19 pandemic but
risks to the outlook remain elevated, with higher global commodity
prices pushing up inflation.
Washington, DC: The Executive Board of the International Monetary
Fund (IMF) approved a 36-month arrangement under the Extended Fund
Facility (EFF) in an amount equivalent to SDR 85.05 million (about
US$113 million) and an arrangement under the Resilience and
Sustainability Facility (RSF) in an amount equivalent to SDR 141.75
million (about US$189 million) for Barbados to maintain and
strengthen macroeconomic stability, support the structural reform
agenda, and increase resilience to climate change.

Despite a series of economic shocks, Barbados continues its strong
implementation of its comprehensive Economic Recovery and
Transformation (BERT) plan aimed at restoring fiscal
sustainability, increasing reserves, and unlocking growth
potential. The new IMF-supported program will build on the
achievements of Barbados' 2018-22 EFF and draw on the authorities'
updated economic reform program (BERT 2022). The global coronavirus
pandemic and higher global commodity prices, along with Barbados'
exposure to climate change and natural disasters, are posing major
challenges for the tourism-dependent economy. Reform efforts focus
on building resilience to natural disasters and climate change as
well as reducing greenhouse gas emissions and transition risks.

Following the Executive Board's discussion, Mr. Kenji Okamura,
Deputy Managing Director and Acting Chair of the Board, issued the
following statement:

"Barbados continues to make good progress in implementing its
homegrown Economic Recovery and Transformation Plan, despite a very
challenging global economic environment. Macroeconomic stability
was restored in 2018 and 2019 with a combination of fiscal
consolidation, comprehensive debt restructuring, and structural
reforms to support growth. This created space for a countercyclical
policy response to the COVID-19 pandemic in 2020 and 2021. Public
debt was put back on a clear downward trajectory starting
FY2021/22.

"While Barbados continues to confront challenges owing to the
global pandemic and Russia's invasion of Ukraine, the economic
recovery is now well underway. Inflation has been rising since the
second half of 2021 owing to supply chain disruptions and
increasing global food and oil prices. The economic recovery is
expected to continue over the medium term, but downside risks to
the outlook remain high.

"Building on the successful completion of a 2018-22 Extended Fund
Facility (EFF), the new EFF arrangement aims to maintain and
strengthen hard-won macroeconomic stability and promote the
unfinished structural reform agenda. Key elements of the program
would be the gradual and sustained increase in primary surpluses
and ambitious structural reforms, such as strengthening of tax and
customs administration as well as Public Financial Management
(PFM), adoption and implementation of pension reform, the
rationalization and consolidation of State-Owned Enterprises
(SOEs), and growth-enhancing measures, including additional steps
to improve the business climate. The program targets a primary
surplus of 2 percent of GDP in FY2022/23, up from minus 1 percent
of GDP recorded in both FY 2020/21 and FY 2021/22.

"The arrangement under the RSF will provide financing to support
the country's climate change adaptation and mitigation efforts, and
support Barbados' ambitious goal of transitioning to a fully
renewable-based economy by 2030. Reforms under the RSF include the
mainstreaming of climate change in the budget, the introduction of
‘green Public Financial Management', including in procurement,
and measures that would incentivize private sector investments in
climate resilient infrastructure and into renewable energy
projects. These measures were identified in close coordination with
the World Bank and other international partners."



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B O L I V I A
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BOLIVIA: IDB OKs $52-M Loan to Improve Public Investment Quality
----------------------------------------------------------------
Bolivia will improve its public investment quality with a $52
million loan from the Inter-American Development Bank (IDB).

The program will deepen the institutional pre-investment and
investment management capabilities of the Vice Ministry of Public
Investment and External Finance and ministries in charge of
specific sectors. Among other actions, the loan will finance an
updated basic pre-investment regulation, as well as steps to
strengthen administrative agencies, with the objective of making
process more streamlined, secure, and efficient.

In addition, it will initially finance 124 strategic pre-investment
projects prioritized in planning documents, including technical
reports on preconditions, pre-investment technical design studies,
and supervision.

The program will directly benefit the Ministry of Development
Planning with proper standards, systems, and procedures. It will
also train officials, sector-specific ministries, and subnational
governments on matter related to public investment, as well as
provide funds to those same ministries for pre-investment studies.

The $52 million IDB loan has a 20-year maturity, a 10.3-year grace
period, and an interest rate based on the Secured Overnight
Financing Rate (SOFR).

As reported in the Troubled Company Reporter-Latin America on Dec.
8, 2022, S&P Global Ratings lowered its long-term sovereign credit
ratings on Bolivia to 'B' from 'B+'. The outlook on the long-term
ratings is stable. At the same time, S&P affirmed its 'B'
short-term foreign and local currency ratings. S&P revised down
Bolivia's transfer and convertibility assessment to 'B' from 'B+'




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C H I L E
=========

CHILE: IDB OKs $1B Loan to Bolster Productivity & Sustainable Dev't
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The Inter-American Development Bank approved a line of credit for
investment projects of up to $1 billion to increase productivity
and promote sustainable development in Chile, with a focus on
finance, climate action, and internationalization. The bank also
authorized a first $400 million operation under that line of credit
to ramp up the productivity of the country's micro, small and
medium-sized enterprises (MSMEs).

The individual operations under this line of credit will seek to
give businesses access to productive financing, promote the digital
and green transition, strengthen capacities and human capital for
innovation, and foster internationalization to increase
productivity. They will also promote gender parity in the
productive ecosystem system and foster the rise of new sectors for
environmental sustainability and the fight against climate change.

The first individual operation is a results-based investment loan
that will give MSMEs access to financing. It will target
enterprises that are located outside the Santiago metropolitan
region, led by women, or engaged in climate action. It will also
build the digital capabilities of MSMEs, especially women-led
ones.

The program's executing agency, the Production Development
Corporation (CORFO), will channel resources for access to financing
for MSMEs through non-bank financial institutions or intermediaries
in the CORFO MSME Program. It will also fund women-led MSMEs that
carry out entrepreneurial initiatives and activities and support
climate actions at MSMEs through green credits.

Furthermore, the program will fund scholarships for workshops that
train MSMEs to use digital skills and tools to transform their
processes and services. There will also be specialization courses
in disciplines associated with e-commerce and digital marketing.

Over 170,000 MSMEs will benefit from the program, while the
asynchronous e-learning courses and master classes on the PYMES
Online platform will reach 7,000 people. Another 850 people will
receive CORFO's Human Capital Scholarships, and the program will
also strengthen CORFO and 22 financial institutions.

The first $400 million operation under the credit line for
investment projects has a 25-year repayment term, a 5.5-year grace
period, and an interest rate based on the Secured Overnight
Financing Rate (SOFR).




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G U Y A N A
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GUYANA: Launches First Auction for New Oil Blocks
-------------------------------------------------
RJR News reports that Guyana has launched the first auction for the
development of new oil blocks under competitive terms.

The government says it is looking toward the expeditious
development of oil and gas resources, according to RJR News.

President Dr. Irfaan Ali says 14 offshore oil blocks are up for
auction, and the government is hoping to award new contracts by the
end of May next year, the report notes.

Submissions of bids will close on April 14, 2023, the report adds.




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

TRANSJAMAICAN HIGHWAY: Commences Solicitation for 2036 Notes
------------------------------------------------------------
TransJamaican Highway Limited ("TJH" or the "Company") announced
that it has executed a Transaction Agreement (as defined below) and
launched a related Consent Solicitation (as defined below) for its
5.75% Senior Secured Notes due 2036.

Execution of the Transaction Agreement

TJH has executed a Transaction Agreement (the "Transaction
Agreement") among the Company, Bouygues Travaux Publics
("Bouygues") and Vinci Concessions ("Vinci Concessions", and
together with Bouygues, each, an "Operator Shareholder"), and
Jamaican Infrastructure Operator Limited, a Jamaican limited
liability company (the "Operator" or "JIO") pursuant to which the
Operator Shareholders will each grant the Company a call option
(the "Call Options") to purchase their respective equity interests
in the Operator. In consideration for the Call Options to acquire
their respective shares in JIO, the Company will pay Bouygues and
Vinci Concessions an option price equal to an aggregate of
US$16,100,000 (the "Option Price") with funds currently in deposit
in the Distribution Account. The closing of the grant of the Call
Options and the other transactions contemplated under the
Transaction Agreement are subject to the receipt of the Consents
described below and the satisfaction of other conditions precedent
customary for a transaction of this type. Pursuant to the
Transaction Agreement, the Company will exercise the Call Option
granted by Vinci Concessions to acquire 51% of the outstanding
equity interests in the Operator upon consummation of the Consent
Solicitation.

JIO is a privately controlled joint venture company, currently
owned by the Operator Shareholders, that has been operating and
maintaining "Highway 2000 East-West" in Kingston, Jamaica (the
"Toll Road") for the past 19 years, pursuant to the Operation and
Maintenance Agreement, dated September 2003, between TJH and JIO,
as amended and restated on February 18, 2011, and as further
amended and restated on December 9, 2019 (the "O&M Agreement"),
within the framework of a concession agreement between National
Road Operating and Constructing Company Limited ("NROCC") and the
Company, as amended and restated on January 29, 2020 (the
"Concession Agreement"). Under the terms of the O&M Agreement, JIO
is entitled to receive certain compensation fees (the "Operator
Fee"), which currently include (i) a monthly fixed operational fee
and (ii) a monthly variable fee corresponding to 3.0 % of the
theoretical toll revenues (which includes vehicular traffic passing
through the toll plazas that are exempt from charge).

Amendment of the O&M Agreement

Following the Operator Shareholders' grant of the Call Options to
the Company pursuant to the Transaction Agreement, the Company and
the other parties thereto will amend the O&M Agreement (the
"Amendment to O&M Agreement") to amend JIO's Operator Fee structure
so that a portion of the fixed fee component is cut by 72%, and, to
a lesser extent, the variable fee component is increased from 3.0%
to 5.0% of the theoretical toll revenues; and other minor
adjustments. The Operator Fee is the single largest component of
the operating cash costs and expenses of the concession (which are
calculated as operating expenses plus administrative expenses,
excluding amortization of intangible). The Operator Fee represented
70.3%, 74.2% and 78.4% of such costs and expenses in 2019, 2020 and
2021, respectively.

Following the implementation of these amendments, JIO will share
more of the variability of the risk of traffic flow, which is
expected to result in a lower overall annual Operator Fee. TJH will
revise the calculation and structure of the Operator Fee, resulting
in significant annual cost savings to the Company going forward.
Proforma, the net reduction associated with the new fee calculation
formula would have represented approximately 50% in average annual
costs savings for TJH in 2019, 2020, and 2021 and approximately 58%
in 2022. TJH expects that the amendment of Operator Fee would
result in a reduction of operating costs, an increase in EBITDA
margins, higher Debt Service Coverage Ratios, and a protection of
the operating margins in less favorable traffic scenarios, all
while maintaining the same quality level of operations and
maintenance of the Toll Road. In an effort to ensure a smooth
transition and avoid disrupting operations, the Company intends to
retain substantially all the JIO employees that have been managing
and performing the operation and maintenance of the Toll Road for
the past 19 years.

The proposed changes are expected to allow for overall cost savings
and greater operational flexibility for TJH during times of
depressed traffic volumes, such as the recent COVID-19 pandemic.

                 Launch of Consent Solicitation

The Company also announced that in order to effect the changes
described above in the Toll Road operation and maintenance
structure, it has commenced a solicitation (the "Consent
Solicitation") of consents of noteholders under the indenture
referred to below (the "Consents") upon the terms and subject to
the conditions set forth in a Consent Solicitation Statement (as it
may be amended or supplemented from time to time, the "Statement"),
dated as of November 25, 2022, to certain proposed amendments,
waivers and consents, as described below (the "Proposed Amendments,
Waivers and Consents").

The Proposed Amendments, Waivers and Consents would:

(i)  amend certain provisions of the Indenture, dated as of
February 18, 2020 among the Company, The Bank of New York Mellon,
as Indenture Trustee (the "Trustee"), Paying Agent, Registrar,
Transfer Agent and Calculation Agent, and JCSD Trustee Services
Ltd., as Onshore Collateral Agent (the "Indenture"), governing its
5.75% Senior Secured Notes due 2036 (the "Notes"), including an
amendment that would provide for an increase of the O&M Reserve
Required Amount (as defined in the Indenture) from an amount equal
to the sum of expected operation and maintenance costs for a
three-month period to an amount equal to the sum of expected
operation and maintenance costs for a six-month period;

(ii)  amend certain provisions of the direct agreement dated as of
February 18, 2020, among the Company, JIO, Vinci Concessions,
Bouygues, and The Bank of New York Mellon ("BNYM") as Offshore
Security Agent (the "O&M Party Direct Agreement");

(iii)  amend certain provisions of an agreement among the Company,
BNYM, as Offshore Security Agent, Offshore Account Bank, and
Indenture Trustee and JCSD Trustee Services Ltd., as the Onshore
Collateral Agent (the "Offshore Security and Accounts Agreement");

(iv)  in connection with clause (ii) above, terminate the
guarantees, dated February 18, 2020, between (a) the Company and
Bouygues and (b) the Company and Vinci Concessions, pursuant to
which each Operator Shareholder agreed to guarantee to the Company
the payment obligations of JIO under the O&M Agreement (the "Parent
Guarantees");

(v)  amend certain provisions of a concession agreement, dated
November 21, 2001, between the Company, as concessionaire and
NROCC, as grantor, as amended and restated from time to time (the
"Concession Agreement"), which amendments will only become
effective upon the Company's receipt of the approval of NROCC on
behalf of the Government of Jamaica; and

(vi)  waive certain requirements and consent to certain actions
under the Indenture and the Offshore Security and Accounts
Agreement.

The Proposed Amendments, Waivers and Consents will be effected by
(i) a supplemental indenture to the Indenture (the "Supplemental
Indenture"), (ii) an amendment to the O&M Party Direct Agreement
(the "Amendment to O&M Party Direct Agreement"), (iii) an amendment
to the Offshore Security and Accounts Agreement (the "Amendment to
Offshore Security and Accounts Agreement" and together with the O&M
Party Direct Agreement, the "Amended Ancillary Documents"), and
(iv) the termination of the Parent Guarantees (such termination of
the Parent Guarantees and the Amended Ancillary Documents, the
"Updated Ancillary Documents"), that are described in more detail
in the Statement.

If the Proposed Amendments, Waivers and Consents become effective,
the Company intends to exercise the Call Option to acquire the JIO
shares held by Vinci Concessions (but not the shares held by
Bouygues due to restrictions in the Concession Agreement) and the
shares acquired from Vinci Concessions will become subject to a
security interest in favor of JCSD Trustee Services Limited, as
Onshore Collateral Agent, and accordingly will serve as additional
security to Holders of the Notes.

The amendments to the Concession Agreement will not become
effective unless and until the Company has received approval from
NROCC on behalf of the Government of Jamaica to make such
amendments. Immediately following receipt of such approval, the
amendments to the Concession Agreement will become effective.
Similarly, the Company will not be able to exercise its Call Option
to purchase Bouygues' shares in JIO until it receives approval from
NROCC. The Amendment to the O&M Agreement will be executed shortly
after the consummation of the Consent Solicitation.

The Consent Solicitation will expire at 5:00 p.m., New York City
time, on December 16, 2022, unless extended or earlier terminated
(such time on such date, as the same may be extended or earlier
terminated, the "Expiration Time"). The Consent Solicitation is
subject to certain conditions, including, among other things, (a)
the receipt of valid Consents with respect to a majority in
aggregate principal amount of the outstanding Notes (the "Requisite
Consents") prior to the Expiration Time (which Consents have not
been properly revoked prior to the earlier of (i) the date on which
the Supplemental Indenture and Updated Ancillary Documents are
executed and (ii) the Expiration Time (such earlier date, the
"Consent Date")) and (b) the execution of the Transaction
Agreement.

In the event that each of the conditions to the Consent
Solicitation described in the Statement is satisfied or waived by
the Company (as applicable) including, but not limited to, the
receipt of the Requisite Consents and the execution of the
Transaction Agreement, the Company will pay to each holder of
record of Notes as of 5:00 p.m., New York City time, on November
23, 2022 (each such holder, a "Holder"), who has delivered a valid
Consent in respect of such Notes prior to the Expiration Time (and
has not properly revoked such Consent prior to the Consent Date),
US$1.25 in cash for each US$1,000 principal amount of such Notes in
respect of which a valid Consent was so delivered (and was not
properly revoked) (the "Consent Fee"). The Company will pay the
Consent Fee promptly, which payment or payments are expected to be
no later than two business days following the Expiration Time as
described in the Statement.

The Proposed Amendments, Waivers and Consents shall become
operative upon execution and delivery by the parties of the
Supplemental Indenture and the Updated Ancillary Documents, which
will occur promptly following (i) receipt of the Requisite
Consents, (ii) the satisfaction or waiver, as applicable, by the
Company of the conditions to the Consent Solicitation, (iii) the
consummation of the Consent Solicitation, (iv) the payment of the
Consent Fee to each Holder entitled thereto as of the Effective
Date, and (v) confirmation by the Company to the Trustee in writing
that the Consent Fee has so been paid.

Holders of Notes for which no Consent is delivered prior to the
Expiration Time (or Notes for which a valid Consent is delivered,
but such Consent is validly revoked prior to the Consent Date),
will not receive a Consent Fee. The Consent Solicitation may be
abandoned or terminated after the Expiration Time and prior to the
Proposed Amendments, Waivers and Consents becoming operative, in
the Company's sole discretion, whether or not the Requisite
Consents have been received.

If the Requisite Consents are received on or prior to the
Expiration Time, the Company and the Trustee intend to promptly
execute the Supplemental Indenture and the Updated Ancillary
Documents. If the Proposed Amendments, Waivers and Consents are
approved, the Supplemental Indenture and Updated Ancillary
Documents are entered into by the Company and the respective
parties thereto, and all of the conditions to the Consent
Solicitation are satisfied or waived, as applicable, by the
Company, the Supplemental Indenture and Amended Ancillary Documents
will become operative and will bind all Holders of the Notes,
including those that did not give their Consent. If the Requisite
Consents are not received prior to the Expiration Time, the
Proposed Amendments, Waivers and Consents will not be adopted and
the Consent Fee will not be paid.

The Company has engaged UBS Securities LLC to act as Solicitation
Agent and D.F. King & Co., Inc. to act as Information and
Tabulation Agent for the Consent Solicitation. Questions regarding
the Consent Solicitation may be directed to UBS Securities LLC at
(888) 719-4210 (toll-free) or (203) 719-4210 (collect). Requests
for documents relating to the Consent Solicitation may be directed
to D.F. King & Co., Inc. at (800) 628-8538 (toll free), (212)
269-5550 (banks and brokers) or email: tjh@dfking.com. The Company
has engaged NCB Capital Markets Limited ("NCBCM") as local
coordinating agent (the "Local Coordinating Agent"). Holders of
Notes in Jamaica may reach out to NCB with any questions regarding
the Consent Solicitation at 1-876-960-7108 or email:
ncbcapinfo@jncb.com, Attention: Timar Jackson or Sekou Crawford,
who will coordinate with the Solicitation Agent and Information and
Tabulation Agent for a response.

This press release is for informational purposes only and the
Consent Solicitation is only being made pursuant to the terms of
the Statement.  The Consent Solicitation is not being made to, and
Consents are not being solicited from, Holders of Notes in any
jurisdiction in which it is unlawful to make such Consent
Solicitation or grant such Consent.  None of the Company, the
Trustee, the Solicitation Agent, the Information and Tabulation
Agent, or the Local Coordinating Agent makes any recommendation as
to whether or not Holders should deliver Consents.  Each Holder
must make its own decision as to whether or not to deliver its
Consent.

Neither the Statement nor any documents related to the Consent
Solicitation have been filed with, and have not been approved or
reviewed by any federal or state securities commission or
regulatory authority of any country. No authority has passed upon
the accuracy or adequacy of the Statement or any documents related
to the Consent Solicitation, and it is unlawful and may be a
criminal offense to make any representation to the contrary.

This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities.

                About TransJamaican Highway

TransJamaican Highway Limited holds and operates, a 35-year
concession, granted by NROCC, for the operation and maintenance of
the "Highway 2000 East-West", Jamaica's first tolled highway which
stretches approximately 49.9 km and connects the capital of
Jamaica, Kingston with (i) the city of May Pen, with a connection
to the city of Spanish Town, through highway T1 (also known as the
Kingston – May Pen corridor or the "T1 Corridor") and (ii) the
city of Portmore, through highway T2 (also known as the "Portmore
Causeway", the "Port Kingston Causeway", or the "T2 Corridor").
TJH is a public limited liability company organized under the laws
of Jamaica. TJH has been listed on the Jamaica Stock Exchange since
March 2020, after undertaking Jamaica's largest initial public
offering ever. The address of the registered office of the Company
is 2 Goodwood Terrace, Kingston 10, Kingston, Jamaica and the main
phone number at such office is 876-925-7441. The Company's website
address is https://transjamaicanhighways.com/. Its internet website
and the information contained therein or connected thereto are not
intended to be incorporated into this Statement.

As reported in the Troubled Company Reporter-Latin America on Dec.
14, 2022,  Fitch Ratings has affirmed TransJamaican Highway
Limited's (TJH) senior secured notes at 'BB-'. The Rating Outlook
is Stable.

TRANSJAMAICAN HIGHWAY: Moving to Acquire Jamaican Infrastructure
----------------------------------------------------------------
jamaica.loopnews.com reports that TransJamaican Highway Limited
(TJH) is moving to acquire Jamaican Infrastructure Operator (JIO),
the French-owned company that manages and operates the East-West
toll network on its behalf, to reduce its operating expenses.

TJH will pay US$16.1 million for all the shares in JIO, according
to jamaica.loopnews.com.

The shares in JIO are held by Bouygues Travaux which has 49 per
cent, and Vinci Concessions at 51 per cent, the report notes.
Bouygues and partners were initially the owners of TJH through
which they held a 35-year concession to build and operate East-West
Highway 2000, up to 2019 when they sold the operation to the
Jamaican government, the report relays.

The transaction, which was initially signalled in June this year,
will see TJH "significantly reduce our cost," TJH Managing Director
Ivan Anderson, told Loop News.

TJH will save "approximately US$12 million per year," Anderson said
since JIO represents "more than 70 per cent of our total costs.

"We will continue to pay them. However, this will be less than half
of what we pay them now," he added, notes the report.

The cost reduction is expected to flow through TJH's bottom line.

For the nine months up to September, TJH saw revenues of US$47
million but its operating expenses of US$29 million (the bulk of
which is paid over to JIO) reduced its profit to US$4.1 million.

In a filing to the Jamaica Stock Exchange, TJH said it will pay the
US$16.1 million Option Price "with funds currently in deposit in
the Distribution Account," adds the report.

                About TransJamaican Highway

TransJamaican Highway Limited holds and operates, a 35-year
concession, granted by NROCC, for the operation and maintenance of
the "Highway 2000 East-West", Jamaica's first tolled highway which
stretches approximately 49.9 km and connects the capital of
Jamaica, Kingston with (i) the city of May Pen, with a connection
to the city of Spanish Town, through highway T1 (also known as the
Kingston – May Pen corridor or the "T1 Corridor") and (ii) the
city of Portmore, through highway T2 (also known as the "Portmore
Causeway", the "Port Kingston Causeway", or the "T2 Corridor").
TJH is a public limited liability company organized under the laws
of Jamaica. TJH has been listed on the Jamaica Stock Exchange since
March 2020, after undertaking Jamaica's largest initial public
offering ever. The address of the registered office of the Company
is 2 Goodwood Terrace, Kingston 10, Kingston, Jamaica and the main
phone number at such office is 876-925-7441. The Company's website
address is https://transjamaicanhighways.com/. Its internet website
and the information contained therein or connected thereto are not
intended to be incorporated into this Statement.

As reported in the Troubled Company Reporter-Latin America on Dec.
14, 2022,  Fitch Ratings has affirmed TransJamaican Highway
Limited's (TJH) senior secured notes at 'BB-'. The Rating Outlook
is Stable.



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P E R U
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TELEFONICA DEL PERU: Moody's Cuts CFR to Ba3, Under Further Review
------------------------------------------------------------------
Moody's Investors Service downgraded Telefonica del Peru S.A.A.'s
Corporate Family Rating and senior unsecured ratings to Ba3 from
Ba2. Simultaneously, Moody's placed the ratings under review for
further downgrade.

Downgrades:

Issuer: Telefonica del Peru S.A.A.

Corporate Family Rating, Downgraded to Ba3 from Ba2; Placed Under
Review for further Downgrade

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3 from
Ba2; Placed Under Review for further Downgrade

Outlook Actions:

Issuer: Telefonica del Peru S.A.A.

Outlook, Changed To Rating Under Review From Negative

RATINGS RATIONALE

The downgrade to Ba3 reflects Telefonica del Peru's persistently
weak operating performance, which has been consistently below
Moody's original expectations and the average for regional peers.
Despite the recent improvement in cost structure and recovery in
service revenues when compared to pandemic lows, Moody's believes
that operating performance will remain pressured over the next
12-24 months given the intense market competition and challenging
macroeconomic environment in Peru. EBITDA margin, as adjusted by
Moody's, is expected to remain around 21% over the next 12-24
months. Although an improvement when compared to the 19.5% reported
in 2021, this level is well below the Ba average of 39% for the
telecom industry and the company's own pre-pandemic levels of 24.5%
in 2019 and 36.4% in 2016, when competition from new entrants was
limited.

In addition, Moody's expects deterioration in liquidity and
leverage over the rating horizon given the payment of PEN354
million in tax charges made in October to the tax authority, SUNAT,
and the potential settlement of a large tax dispute, estimated at
about PEN2.8 billion according to the company's provisions on
balance sheet. Moody's forecasts that Telefonica del Peru's
leverage will close 2022 at around 2.7x but may increase to about
4.0x due to this potential settlement, as it will likely have to be
debt funded.

During the review period, Moody's will assess Telefonica del
Peru´s progress towards improving margins and FCF generation and
its plans to secure financing sources to timely meet the tax
dispute settlement with the SUNAT once the process concludes, as
well as for upcoming debt amortizations and capex needs.

Although Telefonica del Peru benefits from its scale as the largest
telecommunications operator in Peru, the company faces significant
competitive challenges to revert the deterioration in operating
metrics and loss of market share that started in 2014 with the
entry of two new and aggressive competitors that disrupted the
competitive landscape. This persisted until recently, aggravated by
the coronavirus pandemic. To combat this trend, the company has
executed a well-defined strategy to prioritize profitability
growth, focusing on cost reductions, as well as on improvements in
the commercial strategy to reduce churn and grow revenue.
Throughout 2022, this new strategy delivered modest but steady
improvements in profitability. For 2022, Moody's expects
Moody's-adjusted EBITDA margin to be around 20.5%, which negatively
compares with the 24.5% reported as of year-end 2019 but is an
improvement when compared to the 19.5% reported in 2021. Going
forward, operating indicators should continue to improve at a slow
pace, given the intense competition, sluggish economic activity,
and political uncertainties, which together offer limited
opportunities for a speedy recovery to pre-pandemic levels.
Long-term growth in data consumption coupled with the country's
still low penetration of fixed internet, at about 32.5% in Q3 2022
according to OSIPTEL, will continue to present growth opportunities
for Peruvian telecom companies. However, companies will need to
invest heavily in expansion and improvement of existing networks to
capitalize on these opportunities.

Telefonica del Peru posted negative free cash flow as adjusted by
Moody's in the last twelve months ended September 2022, a trend
that Moody´s expect to reverse in 2023 as long as the company is
able to consistently grow revenues, maintain the efficiency gains
achieved over the past year and manage cost inflation. The expected
improvement in FCF will also be impacted by the capital intensity
required to maintain competitiveness. Moody´s expects 2023 capex
to be around 10% of revenues, which is low compared to the industry
average of 20.9% for Ba companies and might need to be revised if
competitive pressures impose the need for faster fiber deployment
and network coverage expansion.

As of September 2022, Telefonica del Peru had PEN477 million ($124
million) in cash on hand, which was sufficient to cover its debt
maturities until 2023. However, Moody's expects the cash position
to deteriorate in the last quarter of 2022, mainly due to a PEN354
million ($91.5 million) one-off tax payment made to the SUNAT in
October, settling a dispute related to income taxes due for the
2014 fiscal year. The company currently has low indebtedness and a
comfortable debt maturity profile, with most significant maturities
coming due in 2025 and beyond. However, Moody's believes it is
likely that an estimated PEN2.8 billion (-$725 million) tax dispute
with the Peruvian tax authority over income taxes due between 2001
and 2005 will conclude over the next 12 to 18 months. Moody's
expects the settlement of these amounts to be debt-financed,
increasing leverage from around 2.6x for the last twelve months
ending in September, to about 4.0x.

Since 2019, Telefonica del Peru's controlling shareholder,
Telefonica, S.A. (Baa3 stable), has prioritized markets where it
perceives long-term sustainable growth and has worked to spinoff of
its businesses in Hispano America, including Telefonica del Peru.
Given this context, the rating incorporates no support from the
parent.

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

An upgrade is unlikely at this point given the ongoing review for
further downgrade. However, Moody´s could stabilize the rating
outlook if there is strong evidence that the company will be able
to sustain positive revenue growth and steady improvement in
profitability over the rating horizon, while maintaining leverage
below 3.5x and interest coverage measured by
(EBITDA-CAPEX)/Interest Expense at 2.5x or higher on a sustained
basis. In addition, the company needs to demonstrate adequate
liquidity and the ability to secure financing to timely meet the
tax dispute settlement with the SUNAT once the process concludes as
well as upcoming debt amortization and capex needs.

The ratings could be downgraded if there is further deterioration
in liquidity due to persistent negative free cash flow generation
driven by weaker performance, higher capex needs or additional
claims related to the company's tax proceedings. Ratings could also
be downgraded if the company is not able to secure financing to
meet SUNAT obligations or leverage is expected to increase to a
level higher than 3.5x without a clear path for deleveraging.

Telefonica del Peru is the largest telecommunications company in
Peru, with a mobile market share of around 30% and 54.5% in the
fixed internet segment as of September 2022, according to the
Peruvian telecommunications regulator — OSIPTEL. The company is
an integrated telecommunications service provider offering mobile,
fixed, pay-TV and business-to-business services through its
Movistar brand. Telefonica del Peru is Peru's largest
telecommunications company in terms of revenue, and a leader in all
segments, with more than 12.6 million revenue-generating units
(RGUs) in mobile and almost 3.3 million RGUs in fixed broadband and
pay TV. In the 12 months that ended September 2022, the company
generated revenue of around PEN7.2 billion ($1.85 billion).
Telefonica del Peru is controlled by Telefonica S.A., which
indirectly holds 98% of its shares. The remaining are traded on the
Lima Stock Exchange — Bolsa de Valores de Lima.

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



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

CRYSTALLEX INT'L: Bid for Examiner Denied, Recognition Granted
--------------------------------------------------------------
Bankruptcy Judge Laurie Selber Silverstein has issued an order (1)
denying Mr. Adrianza's motion for the appointment of an Examiner
as well as an independent counsel for shareholders, and (2)
granting
the Foreign Representative's motion for entry of an order
recognizing and enforcing (i) the CCAA Eleventh Extension and
Fifteenth Amendment Order; and (ii) the CCAA Twelfth Extension and
Sixteenth Amendment Order.

On Dec. 23, 2011, Crystallex was granted protection under the
Companies' Creditors Arrangement Act (Canada)  -- CCAA
Proceedings.

That same day, Crystallex, as the Foreign Representative, commenced
a chapter 15 case in this Court.

The Foreign Representative contends that Crystallex's major, if
not only, asset is an arbitration claim (now judgment) against the
Bolivarian Republic of Venezuela based on the expropriation of the
Las Cristinas gold project in 2011. Mr. Adrianza contends that
Crystallex also owns mining data (or a claim for such) worth $340
million and has a $600 million tax loss carry forward.

On Aug. 14, 2017, Crystallex moved for an order authorizing a writ
of attachment fieri facias to PDV Holding, Inc. (a Delaware
corporation) against its shares that are wholly owned by Petroleos
de Venezuela, an alter ego of Venezuela ("PDVH Stock"). After
significant litigation, that motion was eventually granted. The
Delaware District Court has appointed Robert B. Pincus, Esquire as
a special master to conduct a sale of the PDVH Stock. The most
recent order regarding the sale was issued by the Delaware District
Court on October 4, 2022. As set forth in his opinions and
reflected in that order, whether and when the PDVH Stock may be
sold is complicated by, among other things, the necessity to deal
with the Department of the Treasury's Office of Foreign Assets
Control.

To fund the arbitration and collection proceedings against
Venezuela, Crystallex sought and obtained financing in the CCAA
Proceedings.  In his supplemental filing, the Foreign
Representative supplied a chart reflecting the sequence of
financing orders as well as their respective terms.  The chart
shows that the DIP Lenders have advanced US$75.733 million, with
the last advance approved by the Canadian court in December 2014
and recognized by this Court in February 2015. Counsel for the
Foreign Representative represented that as of July 31, 2021 the DIP
Lenders were owed principal and interest of approximately $162
million. In addition, the share of Net Arbitration Proceeds granted
to the DIP Lenders now stands at 88.242%, subject to the sharing
arrangement set forth in the Net Arbitration Proceeds Transfer
Agreement.

By the Examiner Motion, Mr. Adrianza seeks for the appointment of
an Examiner as well as independent counsel for shareholders --
which Crystallex and the Court have treated as a request for an
equity committee. Among other things, Mr. Adrianza argues that an
Examiner is warranted to review the circumstances of a
self-interested board that violated its duties of care and loyalty
in connection with the DIP financing and a fraudulent transfer of a
tax loss carryforward to the lenders. He also argues that there was
no effective representation of shareholders in the CCAA Proceedings
as the Canadian Court denied the various motions and many of the
filings were under seal. Mr. Adrianza also complains that
individuals cannot participate pro se in CCAA Proceedings, which
makes participation cost prohibitive.

The Foreign Representative responds that there is no legal
authority under chapter 15 for the Court to appoint an Examiner or
have the U.S. Trustee appoint an equity committee as the Foreign
Representative was not (at the time) asking for any relief and only
a Foreign Representative can do so.  The Court rejects this
argument.  The Court, citing its ruling in In Re Better Place,
Inc., Case No. 13-11814, 2018 Bankr. LEXIS 322 *16-18 and n. 41
(Feb. 5, 2018), explains that "Section 1522 permits the court to
condition relief granted under Section 1519 or Section 1521 and it
permits the court to modify or terminate relief previously granted
under those sections upon the request of the Foreign Representative
or an entity affected by the relief previously granted."  Prior
to the filing of the Examiner Motion, the Foreign Representative
had asked for, and was granted, relief under both sections 1519 and
1521." Accordingly, the Court may modify or terminate that relief.
Moreover, subsequent to the filing of the Examiner Motion, the
Foreign Representative has sought further relief under Section 1521
in the Recognition Motion.

Nonetheless, the Court is not convinced that it should grant the
Examiner Motion at this time.  As recognized by the Canadian
courts (trial and appellate), the Court also finds that serious
questions exist about whether any of the previous orders entered in
the CCAA Proceedings can and/or should be disturbed after so many
years.

During the hearings, the Court has expressed similar concerns with
respect to orders entered in the Chapter 15 Case. Further, the
Court has no evidence that the interests of Crystallex and its
shareholders are not aligned at this time in respect of maximizing
recoveries on the PDVH Stock.

But, at least two issues may be appropriate to address once
proceeds from the sale of the PDVH Stock are available. First, the
Canadian court concluded that it is premature to consider whether
the arrangement with the DIP lenders establishes an effective
interest rate that violates Canada's Criminal Code. This Chapter 15
Case has been pending for eleven years, the collection proceedings
have been pending for five years and the timing of the sale of the
PDVH Stock is uncertain. Whether the effective rate of interest
under the DIP Credit Agreement will turn out to be more than 60% is
unknown. Second, it appears that the Court must determine whether
any transfer under the Mechanics of Distribution (or otherwise) is
appropriate as it relates to assets located in the United States.

Section 1520(a)(2) establishes "that the court presiding over the
chapter 15 proceedings has in rem jurisdiction over a debtor's
assets in the United States and charges that court (not the court
presiding over the foreign main proceeding) with the responsibility
to approve transfers of those assets." This provision automatically
applies upon recognition. At a minimum, the proceeds from the sale
of the PDVH Stock appear to be property within the territorial
jurisdiction of the United States.

By the Recognition Motion, the Foreign Representative asks the
Court to recognize two orders of the Canadian court: (1) order
dated May 4, 2021, which extends (maturity date to Nov. 5, 2021)
the original stay of proceedings against Crystallex and approves a
Fifteenth Credit Agreement Amendment to the DIP Credit Agreement --
it also permits certain documents to be filed under seal pending
motion practice in the CCAA Proceedings; and (2) order dated Nov.
18, 2021, which extends (maturity date to Nov. 18, 2022) the
original stay of proceedings against Crystallex and approves a
Sixteenth Amendment to the DIP Credit Agreement -- it also permits
certain documents to be filed under seal in the CCAA Proceedings,
but in more limited circumstances. Mr. Adrianza objects to the
Recognition Order in light of his Examiner Motion. He also argues
that the court should no longer permit sealing of documents in the
Chapter 15 Case.

While the Court denies the Examiner Motion at this time (without
prejudice to a later renewal), the Court will be adding certain
conditions on the relief previously granted and the relief the
Foreign Representative requests in the Recognition Motion -- (1) no
proceeds of the sale of the PDVH Stock that the District Court
awards to Crystallex can be transferred out of the United States
without the permission of the Court; and (2) no further
transfer/disposition of Net Arbitration Proceeds can be made
without the permission of the Court. This Order imposing the
conditions will also address documents that have been sealed in the
Chapter 15 Case. The Court recognizes the extension of the maturity
date of the DIP Credit Agreement, the waiver of defaults and
certain other relief granted/conditions imposed by the Canadian
court. The Court, however, will not re-confirm or re-recognize its
previous orders or the Canadian court related to the DIP
financing.

A full-text copy of the Memorandum dated Nov. 28, 2022, is
available at https://tinyurl.com/2yvvhcnp from Leagle.com.

                   About Crystallex
International

Crystallex International Corporation is a Canadian based mining
company, with a focus on acquiring, exploring, developing and
operating mining projects. Crystallex has successfully operated an
open pit mine in Uruguay and developed and operated three gold
mines in Venezuela.  The Company's principal asset is its
international claim in relation to its investment in the Las
Cristinas gold project located in Bolivar State, Venezuela.

On Dec. 23, 2011, announced that it obtained an order from the
Ontario Superior Court of Justice (Commercial List) for protection
under the Companies' Creditors Arrangement Act (Canada) (CCAA).

Ernst & Young Inc. was appointed monitor under the order.
Crystallex has also commenced a proceeding under Chapter 15 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Delaware in order to ensure that relevant CCAA orders are enforced
in the United States. The Bankruptcy Court has recognized
Crystallex's CCAA proceeding as well as the initial order and
subsequent stay extension of the Ontario Superior Court of
Justice.

Following the Government of Venezuela's unilateral cancellation of
the Las Cristinas Mine Operating Contract (the "MOC") on Feb. 3,
2011, the Company filed for arbitration before ICSID's Additional
Facility and commenced the process of handing the Las Cristinas
project back to the Government of Venezuela. The handover to the
Government of Venezuela was completed on April 5, 2011, upon
receipt of a certificate of delivery from the Corporacion
Venezolana de Guayana (the "CVG"). As a result, the Company has
determined that its operations in Venezuela should be accounted for
as a discontinued operation.

The Company's balance sheet at Sept. 30, 2012, showed US$8.23
million in total assets, US$154.59 million in total liabilities and
a US$146.35 million total shareholders' deficiency.


                           *********


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