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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

          Tuesday, January 31, 2023, Vol. 24, No. 23

                           Headlines



B A R B A D O S

BARBADOS: Advances Marine Spatial Planning Process With IDB Support


B R A Z I L

ACHE LABORATORIOS: Fitch Affirms Foreign Currency IDR at 'BB'
BRAZIL: Inflation Slightly Higher Than Forecast in Early January
BRAZIL: To Create Guarantee Fund Stimulating Trade With Argentina
ITAU UNIBANCO: Moody's Affirms 'Ba2' LongTerm Deposit Ratings
PETRO RIO: S&P Raises ICR to 'BB-' on Adequate Liquidity



C O L O M B I A

COLOMBIA: IDB Approves $34.5M-Loan to Promote Sustainable Energy


G U Y A N A

GUYANA: President Says Region Needs Modern Financial System


H A I T I

HAITI: Faces Several Difficulties, IMF Says


M E X I C O

FINANCIERA INDEPENDENCIA: 4Q22 Conference Call Set for Feb. 24


V I R G I N   I S L A N D S

LIMETREE BAY: $465M Bank Debt Trades at 37% Discount

                           - - - - -


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

BARBADOS: Advances Marine Spatial Planning Process With IDB Support
-------------------------------------------------------------------
The government of Barbados launched a planning process to set the
foundations for its marine management, in an exercise supported
technically and financially by the Inter-American Development Bank
(IDB).

The Marine Spatial Planning Process (MSP) process builds upon
Barbados' longtime work on marine ecosystems and environmental
governance. It is also part of Barbados' commitments under the debt
conversion for nature transaction that the Caribbean country signed
in September 2022, backed by a US$150 million guarantee from the
IDB and The Nature Conservancy (TNC).

A Marine Spatial Planning process involves a holistic vision for
ocean governance and the participation and inclusion of all key
stakeholders. The outcome provides direction to balance development
and conservation interests and address the cumulative effects of
various human uses of the same space.

In this sense, an MSP goes beyond conservation planning and ocean
zoning. It also seeks to balance economic and social development
with environmental conservation while enabling dialogue and
collaboration between stakeholders. It also considers social and
environmental change by monitoring continuously.

The Minister of the Environment and National Beautification of
Barbados, the Hon. Adrian Forde, said, "Having the full
participation of all stakeholders is essential to this process. We
need them to share information about our marine space to ensure
that equitable consideration is given to all relevant sectors. We
recognize that climate change is real and the impact it has for
Barbados, especially along its coastal corridors. Life started with
biodiversity – and it will die without it."

With the leadership of Barbados' Coastal Zone Management Unit, the
MSP will provide planners and decision-makers in Barbados with
accurate, current data to inform their decisions. The initial stage
of the MSP entails the creation of institutional, financial, legal
and policy frameworks.

This MSP process shows Barbados' commitment to continue
strengthening the country's ownership of this exercise. The MSP
also highlights the importance of collaborative work in organizing
the use of marine space, balancing demands for development with the
need to protect marine ecosystems, conducting planning processes to
achieve social and economic objectives, and alleviating pressures
on ocean resources.

The IDB is committed to these efforts and will provide technical
and financial cooperation. IDB Country Representative, Viviana Alva
Hart, said, "We are honored by the trust placed in the IDB by the
Government of Barbados to support them in their Marine Spatial
Plan, a knowledge driven exercise to protect Barbados' ocean space.
Ensuring that global biodiversity remains rich and brings benefits
to everyone will require reducing inequalities and strengthening
the work being done by island states. With this launch, we are
celebrating an important milestone towards achieving Barbados'
sustainability commitments."




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

ACHE LABORATORIOS: Fitch Affirms Foreign Currency IDR at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Ache Laboratorios Farmaceuticos S.A.'s
Long-Term Foreign-Currency (FC) Issuer Default Rating (IDR) at
'BB', Long-Term Local-Currency (LC) IDR at 'BBB' and Long Term
National Scale Rating at 'AAA(bra)'. Fitch has also affirmed the
Long Term National Scale Rating 'AAA(bra)' of its second debentures
issuance, in the amount of BRL400 million and due in 2027. The
Rating Outlook for the corporate ratings is Stable.

Ache's ratings reflect its strong business position in the
defensive Brazilian pharmaceutical retail market, with leadership
in the prescription segment and strong and well-established brands
with pricing premiums. Ache's market position is sustainable,
reinforced by its large sales team, which gives it a key
competitive advantage in reaching out to the medical community and
building brand awareness. The ratings also incorporate Ache's low
product portfolio risk, with no relevant exposure to patents or
licenses, and the company's commitment to an unleveraged capital
structure, while managing its growth plans with its resilient FCF
generation before dividends.

Ache's FC IDR is capped by Brazil's Country Ceiling of 'BB', as its
operations are essentially in Brazil.

KEY RATING DRIVERS

Positive Industry Fundamentals: The pharmaceutical industry has
positive long-term fundamentals, in light of the aging world
population, the growing need of drugs for chronic diseases, and the
increasing access to health systems. The sector has consistently
outperformed the growth of the Brazilian economy. In 2021, the
Brazilian pharmaceutical market reported 14% growth, and Fitch
believes that it will grow by an average 10% to 12% going forward,
above the rate of Brazilian GDP growth, indicating resilient demand
even in adverse macroeconomic conditions.

Brazil is the main market in Latin America and the eighth among the
twenty largest economies. Constant investments in innovation for
specialized treatments and stimulus for popular access to drugs and
for exports should contribute to higher consumption in the near
future.

Solid Business Profile: Ache has a solid and recognized brand in
the Brazilian pharmaceutical industry. The company's diversified
product portfolio, leadership in the prescription drug segment and
presence in the fast-growing over-the-counter (OTC), generics and
dermo cosmetics segments support its sound business profile. Ache
is the fourth-largest retail pharmaceutical company in Brazil and
has one of the largest sales forces in the domestic market. This
gives the company a key competitive advantage over local and
international peers, as it allows for extensive outreach to the
medical community, a crucial demand driver for prescription drugs.

Low Product Portfolio Risk: Ache's operating cash flow is not
significantly exposed to license renewals or patent expirations.
Similar to other emerging markets pharmaceutical companies, Ache
has a narrower R&D product pipeline than those of its multinational
competitors and a weaker portfolio of patented products.
Positively, the company's mature and constantly renewed portfolio
along with its ability to maintain a sustainable volume of product
launches each year and to increase the share of innovations will be
key factors in preserving its competitive position.

Competition Remains Tight: Competition with local pharmaceutical
companies remains tight with competitors acquiring brands from
multinationals, expanding their generic product reach across
segments or therapeutic classes, and with aggressive commercial
conditions. Fitch expects Ache's EBITDA margins between 25% to 27%
in 2022-2024, in line with the average between 2018 and 2021, as
the company seeks to defend its position in the prescription drugs
segment and to increase its presence on generics, OTC and special
care.

CFFO to Remain Sound: Ache's pre-dividend FCF should remain robust.
Fitch forecasts EBITDA of BRL1.3 billion and cash flow from
operations of BRL715 million in 2022, increasing to BRL1.5 billion
and BRL730 million in 2023, with a growing trend onwards. Base case
scenario incorporates annual capex between BRL250 and BRL300
million in 2022-2023, mostly related to the new plant in
Pernambuco, which will lead to around 50% expansion in the
company's production capacity. FCF is expected to be negative
BRL100 million in 2022 and BRL130 million in 2023. Fitch estimates
average annual dividends of BRL550 million from 2022 to 2023,
corresponding to approximately 10% of net revenues.

Unleveraged Capital Structure: Ache has maintained low leverage
ratios and strong credit metrics. Net debt/EBITDA is projected to
remain below 0.6x in the next four years. This scenario already
considers investments for the new facility and high dividend
pay-outs. In the past four years, the company's average net
debt/EBITDA ratio was 0.4x.

DERIVATION SUMMARY

Ache's lack of geographic diversification, smaller scale and
relatively narrow research portfolio compared with top
pharmaceutical companies constrain its 'BBB' LC IDR, while the
concentration of revenues in Brazil together with the lack of
operating and financial assets abroad cap its FC IDR at the
Brazilian Country Ceiling of 'BB'. Ache's capital structure has
consistently been stronger than Fitch's 'BBB' portfolio and is
well-positioned in terms of leverage compared with most of the top
global pharmaceutical issuers that are rated 'A' or 'AA' by Fitch,
with average net leverage below 1.0 x.

Ache's National Scale Rating is the same rating category of
Eurofarma Laboratorios S.A (AAA[bra]/Stable), and both companies
are well positioned in the Brazilian pharmaceutical market
landscape and count on a conservative financial profile. Ache is
rated one notch higher than Blau Farmaceutica S.A.
(AA+[bra]/Stable).

Compared with Ache, Blau has limited operational scale; revenue
concentration in a few products with a focus on the nonretail
segment. Both companies have strong credit metrics. Ache is
positioned two notches higher than Uniao Quimica Farmaceutica
Nacional S.A. (AA[bra]/Stable), the later has a good operational
scale and diversification, but Ache's capital structure and
financial flexibility are stronger.

KEY ASSUMPTIONS

- Average volume growth of 12% per year from 2023 to 2025;

- Average revenues growth of 14% per year from 2023 to 2025;

- Capex between BRL250 and BRL300 million in 2022-2023,
   which includes investments in the new plant in Pernambuco;

- Dividend pay-out of 10% to 15% of the net revenue per year.

RATING SENSITIVITIES

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

- For the FC and LC IDRs, positive rating actions are limited
   by Brazil's Country Ceiling of 'BB' and sovereign rating of
'BB-'.

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

- Net debt/EBITDA above 2.0x on a recurring basis could result
   in negative rating action for the LC IDR;

- Significant market share or brand deterioration;

- Negative rating action on Brazil's sovereign rating and
   Country Ceiling could result in negative rating action on
   Ache's FC and LC IDRs.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Ache has historically maintained a robust
liquidity position. Ache reported cash and marketable securities of
BRL554 million as of Sept. 30, 2022, which comfortably covers debt
maturities of BRL389 million up to December 2024. Liquidity is
strengthened by an undrawn balance of BRL300 million revolving
credit facility, strong pre-dividend FCF generation and flexible
dividend payment to manage cash needs.

Ache's total debt of BRL1.2 billion was comprised of long-term
transactions from development banks such as Banco Nacional de
Desenvolvimento Economico e Social (BNDES, 19%), Banco do Nordeste
and others (16%), long-term debentures (64%) and others (1%).

ISSUER PROFILE

Ache is the fouth-largest pharmaceutical company in the Brazilian
retail market, and is a leader in the Brazilian prescription
segment with solid brand recognition and a diversified product
portfolio. Ache develops, manufactures and commercializes
off-patent and locally unpatented products.

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
   -----------                 ------                  -----
Ache Laboratorios
Farmaceuticos S.A.    LT IDR    BB       Affirmed        BB

                      LC LT IDR BBB      Affirmed       BBB

                      Natl LT   AAA(bra) Affirmed   AAA(bra)

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


BRAZIL: Inflation Slightly Higher Than Forecast in Early January
----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil's annual
consumer prices came in slightly above market expectations in the
month to mid-January, statistics agency IBGE said, as policymakers
in Latin America's largest economy work to lower inflation to the
central bank's target.

The IPCA-15 consumer price index rose 5.87% in the 12 months to
mid-January, slightly exceeding the 5.83% median forecast in a
Reuters poll of economists, though slowing from the 5.9% seen in
the previous month, according to globalinsolvency.com.

That came on the back of a 0.55% monthly increase, IBGE said,
boosted by higher health and personal care and food and beverage
costs, the report notes.  Economists had expected a 0.52% rise in
the month, the report relays.

The data was released a day after Finance Minister Fernando Haddad
said he saw a chance of Brazil placing inflation "at least within
the tolerance band" in 2023 after missing it for two years in a
row, despite what he called a "tight target," the report notes.

Brazil has an annual inflation goal of 3.25% this year, with a
tolerance margin of 1.5 percentage point - tighter than the 3.5%
target missed in 2022. Recently sworn-in leftist President Luiz
Inacio Lula da Silva has criticized the target as a hindrance to
economic growth, the report adds.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).


BRAZIL: To Create Guarantee Fund Stimulating Trade With Argentina
-----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil and
Argentina will sign a bilateral agreement creating a guarantee fund
to stimulate Brazilian exports, a Brazilian government source said
as officials from both governments meet for a summit in Buenos
Aires.

Under the deal, Argentina will have to provide collateral guarantee
for Brazil's trade financing with international liquidity, the
source said, adding that the two largest economies in South America
will also establish a working group to study creating a single
clearing account in the continent, according to
globalinsolvency.com.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).


ITAU UNIBANCO: Moody's Affirms 'Ba2' LongTerm Deposit Ratings
-------------------------------------------------------------
Moody's Investors Service has affirmed Itau Unibanco S.A.'s (IU)
long-term local and foreign currency deposit ratings at Ba2,
following the affirmation of the bank's Baseline Credit Assessment
(BCA) and Adjusted BCA at ba2. Moody's also affirmed the bank's
short-term local and foreign currency deposit ratings at Not Prime
and the foreign currency senior unsecured MTN program rating at
(P)Ba2. Moody's also affirmed the bank's long-term and short-term
local and foreign currency Counterparty Risk Ratings at Ba1 and Not
Prime and long-term and short-term Counterparty Risk Assessments at
Ba1(cr)/Not Prime(cr). The outlook on IU's ratings remains stable.

As part of the rating action Moody's has also affirmed all ratings
assigned to Itau Unibanco Holding S.A. (IUH), including its local
currency issuer rating at Ba3. All ratings assigned to the MTN
programs and outstanding debts issued by Itau Unibanco S.A. (Cayman
Islands) and Itau Unibanco Holding S.A. (Cayman Islands) were also
affirmed. The outlook on Itau Unibanco and Itau Unibanco Holding's
ratings remains stable.

RATINGS RATIONALE

The affirmation of the ratings and assessments assigned to IU
reflects Moody's view that the bank's fundamental credit strengths
remain resilient through economic cycles, including the recent
recession caused by the Covid-19 pandemic. The ba2 BCA assigned to
IU is supported by the bank's highly diversified earnings
structure, both in terms of lines of business and revenues from
operations domiciled abroad, as well as good asset quality metrics
that are lower than that of its private-owned peers, reflecting its
disciplined risk appetite and risk management profile. The bank's
ample access to low-cost funding and conservative liquidity
management are strong credit drivers to the ba2 BCA.

By affirming the BCA, Moody's also incorporates the view that IU's
asset quality metrics will weaken and its profitability will
decline over the first half of 2023 as a result of a challenging
economic environment forecasted for the year. Asset risk will
continue to rise by the effect of a prolonged period of high policy
rates, which will likely reduce borrowers' ability to repay loans;
however, the increase in loan delinquency will likely be gradual,
reflecting IU's robust risk management policy. The need to create
additional provisions will likely strain on the bank's
profitability and on its capacity to generate capital internally.
IU's tangible capitalization remains below that of its global
peers, despite the bank's solid earnings retention policy and
steady improvement in tangible common equity ratio over the past
two years.

The ba2 BCA and Ba2 deposit ratings also acknowledge the bank's
long-track record of sound  risk management practices showed
through good asset quality metrics, which have remained
consistently below the ratios of its private-owned peers in the
past eight years. In September 2022, IU's 90-day problem loans to
gross loans stood at 3.36%, up by 59 bps since December 2021, while
for the other two large private commercial banks in Brazil, this
ratio averaged 4.32% in September 2022. The deterioration in the
bank's loan delinquency stems partly from growth in higher-risk
assets, including credit cards, overdraft accounts and consumer
loans, a similar dynamic observed at its peer banks in Brazil.
Additionally, it also reflects weakening macroeconomic conditions
in the country, following the quick recovery of activities after
business reopening in 2021. This steadily lower-than-peers' problem
loan ratio also benefits from a high portfolio diversification, a
large share of collateralized loans in IU's retail portfolio (53%
of retail loans in Q3 2022), factors that help to mitigate these
negative pressures on asset risk. Despite the rise of problem
loans, loan loss reserves remained high, accounting for 5.4% of
gross loans and 161.2% of problem loans in Q3 2022.

IU's sound risk management governance has protected the bank's
capital position from losses during periods of economic downturn.
In September 2022, Moody's capital ratio of tangible common equity
(TCE) as a percentage of risk weighted assets (RWA) for IU was
8.1%, an improvement from 6.7% in the same period last year and
5.7% in Q3 2020. This improvement reflected an increase in profit
retention due to a rebound of economic activity in 2021 and lower
dividend distributions since 2020. In the next six months, IU's
profitability will likely benefit from higher margins with clients.
Despite its recent improvement, the ratio is still below that of
global peers' average of 13.5% (as of June 2022) and below IU's
average ratio of 9.5% between year-end 2017 and 2019. The expected
weakening of economic activity in 2023 will likely reduce the pace
of loan origination relative to one year prior, resulting in lower
capital allocation.

The Ba2 deposit ratings assigned to IU incorporates Moody's
assessment of high government support to the bank, reflecting its
well-established market position and its relevance to the country's
payment system. Despite that, IU's deposit ratings do not benefit
from any uplift because the bank's BCA is already at the same level
as the Government of Brazil's Ba2 sovereign rating. The Ba3 issuer
rating assigned to IUH, the bank holding company of IU,
incorporates one notch of structural subordination off its
operating bank deposit ratings of Ba2.

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

As IU's ba2 BCA and Ba2 deposit ratings are at the same level as
Brazil's Ba2 bond rating, a ratings upgrade is unlikely at this
time. The bank's BCA and ratings could be upgraded if Brazil's
sovereign bond rating was upgraded.

Downward pressure on IU's BCA and ratings would materialize if the
bank reports a sustained weakening of its capital position as a
result of growing asset risks and credit costs that could
materially hurt profitability. A robust deterioration in asset
quality, caused by increased risk appetite, or a consistent
reduction in profitability could also have negative pressure on
IU's BCA and ratings. A downgrade of Brazil's sovereign bond rating
would also result in a downgrade of IU's BCA and ratings.

IUH's ratings are notched off of IU's adjusted BCA, and therefore,
IUH's ratings would move in tandem with IU's adjusted BCA. Since
IU's ratings are at the same level of Brazil's government bond
rating, the ratings assigned to IUH would face downward pressure if
Brazil's sovereign rating is downgraded or if IU's asset quality,
capital and profitability weaken materially.

METHODOLOGY USED

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

LIST OF AFFECTED RATINGS

Issuer: Itau Unibanco Holding S.A.

Affirmations:

ST Issuer Rating (Local Currency), Affirmed NP

LT Issuer Rating (Local Currency), Affirmed Ba3 STA

Subordinate Medium-Term Note Program (Foreign Currency), Affirmed
(P)B1

Pref. Stock Non-cumulative Medium-Term Note Program (Foreign
Currency), Affirmed (P)B2

Senior Unsecured Medium-Term Note Program (Foreign Currency),

Affirmed (P)Ba3

Other Short Term (Foreign Currency), Affirmed (P)NP

Outlook Actions:

Outlook, Remains Stable

Issuer: Itau Unibanco Holding S.A. (Cayman Islands)

Affirmations:

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Ba3 STA

Subordinate Regular Bond/Debenture (Foreign Currency), Affirmed B1
(hyb)

Subordinate Regular Bond/Debenture (Foreign Currency), Affirmed
Ba3

Pref. Stock Non-cumulative (Foreign Currency), Affirmed B2 (hyb)

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Affirmed (P)Ba3

Subordinate Medium-Term Note Program (Foreign Currency), Affirmed
(P)B1

Pref. Stock Non-cumulative Medium-Term Note Program (Foreign
Currency), Affirmed (P)B2

Other Short Term (Foreign Currency), Affirmed (P)NP

Outlook Actions:

Outlook, Remains Stable

Issuer: Itau Unibanco S.A.

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed ba2

Baseline Credit Assessment, Affirmed ba2

ST Counterparty Risk Assessment, Affirmed NP(cr)

LT Counterparty Risk Assessment, Affirmed Ba1(cr)

ST Counterparty Risk Rating (Foreign Currency), Affirmed NP

ST Counterparty Risk Rating (Local Currency), Affirmed NP

LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba1

LT Counterparty Risk Rating (Local Currency), Affirmed Ba1

ST Bank Deposit (Foreign Currency), Affirmed NP

ST Bank Deposit (Local Currency), Affirmed NP

LT Bank Deposit Rating (Foreign Currency), Affirmed Ba2 STA

LT Bank Deposit Rating (Local Currency), Affirmed Ba2 STA

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Affirmed (P)Ba2

Outlook Actions:

Outlook, Remains Stable

Issuer: Itau Unibanco S.A. (Cayman Islands)

Affirmations:

ST Counterparty Risk Assessment, Affirmed NP(cr)

LT Counterparty Risk Assessment, Affirmed Ba1(cr)

ST Counterparty Risk Rating (Foreign Currency), Affirmed NP

ST Counterparty Risk Rating (Local Currency), Affirmed NP

LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba1

LT Counterparty Risk Rating (Local Currency), Affirmed Ba1

LT Deposit Note/CD Program (Foreign Currency), Affirmed (P)Ba2

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Affirmed (P)Ba2


PETRO RIO: S&P Raises ICR to 'BB-' on Adequate Liquidity
--------------------------------------------------------
S&P Global Ratings raised its long-term global scale rating to
'BB-' from 'B+' and national scale rating to 'brAA+' from 'brAA' on
Brazilian oil and gas exploration and production company Petro Rio
S.A. S&P also affirmed the short-term 'brA-1+' national scale
rating.

In addition, S&P raised its issue rating on the senior secured
notes to 'BB' from 'BB-', with a '2' recovery rating. S&P also
raised the national scale issue rating on company's debentures to
'brAA+' from 'brAA', with a '3' recovery rating.

The outlook is stable, indicating that S&P expects the company will
continue increasing efficiency from its revitalization investment
plan. Additionally, it expects the company to maintain adequate
liquidity and low leverage.

Petro Rio is significantly increasing its scale and portfolio
diversification with the acquisition of Albacora Leste. In terms of
production, the field currently produces 32,000 barrels of oil per
day (bbl/d), of which 27,200 bbl relates to Petro Rio's 90% working
interest in the field. S&P said, "We forecast Albacora Leste's
daily production to expand to about 45,000 bbl/d in 2024 due to
investments to improve the field's productivity. With the
integration of the new asset, we expect Petro Rio's total
production to be 75,000 bbl/d in 2023 and above 110,000 bbl/d in
2024. Additionally, the acquisition increases 1P reserves to about
430 million bbl from 206 million bbl in January 2022. The company
paid the $1.6 billion for the acquisition with its cash position,
which we think increased to about $1.8 billion at the end of 2022
through operating cash flows, the debentures issuance of $400
million in July 2022, and bilateral bank loans. In addition, Petro
Rio raised an additional $180 million in bank loans in January 2023
to support liquidity needs post-acquisition payment. We think Petro
Rio's smooth debt maturity profile and the solid cash flow we
expect this year will support an adequate liquidity position."

S&P said, "We forecast Frade's daily production at 32,000 bbl in
2023, increasing from an average of 22,700 bbl/d in 2022, because
of the successful first phase of the revitalization plan that
occurred last year. The company drilled two producing and two
injection wells, which increased daily production by 15,000 bbl
since July 2022, substantially above initial expectations.
Additionally, the increase in consolidated daily production is also
supported by the recent acquisition of the remaining 5% stake in
the Polvo and Tubarão Martelo cluster from Dommo Energia (not
rated).

"We expect Petro Rio to post net revenue of between $2.0 billion
and $2.5 billion and EBITDA of $1.5 billion - $1.9 billion in 2023,
compared to our previous forecast of $1.7 billion and $1.2 billion,
respectively, as a result of higher production (3 million barrels
more than our previous forecast for 2023) and sustained high Brent
oil prices.

"We estimate the company will maintain a lifting cost of about
$10/bbl in 2023, considering the consolidation of Albacora Leste,
which we think currently operates with a higher lifting cost
compared to Petro Rio's $9.5/barrel reported in third quarter 2022.
Petro Rio's successful revitalization plan is increasing the
productivity of existing assets through drilling campaigns,
contract renegotiations, and more capacity use of operating assets
such as floating production storage and offloading (FPSO) vessels
and helicopters. Considering this, we expect the company to
continue reducing its lifting cost in the coming years. As a
result, we forecast Petro Rio will post an EBITDA margin of 74%-80%
in the next two years and will keep low leverage, with gross debt
to EBITDA below 1.5x."

ESG credit indicators: E-4, S-2, G-3

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Petro Rio due to downside risks for
profitability and product demand amid transition to renewable
energy sources. Still, the company's focus on mature oil fields
with low lifting costs make it more resilient than high-cost
players. Petro Rio's carbon dioxide (CO2) emissions rose only at
about one-fourth of its production growth in 2018-2020. Also, the
combination of the Polvo and Tubarão Martelo fields into one
cluster allows for synergies, including a reduction to 15.1 kg in
2021 of CO2 per barrel produced from 18.6 kg in 2020."

Governance factors are a moderately negative consideration because
Petro Rio and its chairman are under investigation by Brazil's
Securities and Exchange Commission regarding disclosures in
connection with investments in telecom operator Oi S.A. Due to
that, the company changed its bylaws in 2020 to allow future
investments only in the oil and gas and energy sectors.




===============
C O L O M B I A
===============

COLOMBIA: IDB Approves $34.5M-Loan to Promote Sustainable Energy
----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $34.5 million
loan to finance an energy efficiency program for the residential
and public sector in the Caribbean coast area of Colombia.

The program has two objectives for the Caribbean region of
Colombia. The first is to cut electricity consumption and reduce
national government subsidies by launching energy efficiency
measures in low-income households and public buildings. The second
objective is to educate people in the region on the importance of
saving energy by training technicians and energy consumers on how
to efficiently manage electricity use.

The loan will finance activities to replace inefficient appliances
that use potent greenhouse gases as refrigerants with cutting-edge
alternatives that are less harmful to the environment. The program
will also swap out inefficient lightbulbs for free in low-income
households.

Additionally, the program will design and launch communication
strategies that target women and people with disabilities to
encourage these groups to save energy. The loan will also fund
photovoltaic panel installations for households in the bottom two
income brackets as a pilot self-generation strategy that can then
be replicated across the Caribbean region.

The program is expected to lead to more efficient energy use, which
will help reduce electricity consumption in low-income households
and public buildings. It will also help lower electricity bills and
cut down on greenhouse gas emissions by reducing power consumption
and using refrigerants that contribute less to global warming.

Activities under the loan are in line with the updated version of
Colombia's Nationally Determined Contribution, the country's
framework governing greenhouse gas emissions. They also align with
Colombia's Long-Term Climate Strategy for Meeting the Paris
Agreement (E2050).




===========
G U Y A N A
===========

GUYANA: President Says Region Needs Modern Financial System
-----------------------------------------------------------
RJR News reports that Guyana's president, Dr. Irfaan Ali, says the
Caribbean needs a modern financial system to effectively manage the
many developmental crises.

The Guyanese Head of State made this charge during a virtual
address to the Jamaica Stock Exchange's 18th regional investment
and capital market conference, according to RJR News.

Dr Ali says Guyana and the rest of the region operate in a global
environment that faces challenges related to inflationary
pressures, food, climate, and energy crises, among other things,
the report notes.

He says the Caribbean financial sector needs to play a more
instrumental role in mobilizing capital to fill the region's
financial gaps, the report adds.




=========
H A I T I
=========

HAITI: Faces Several Difficulties, IMF Says
-------------------------------------------
Management of the International Monetary Fund (IMF) approved on
December 21, 2022 the first review of Haiti's Staff-Monitored
Program (SMP). Discussions for the review took place during
October-December, 2022 [1] . The SMP takes into account Haiti's
fragility and capacity constraints. It was designed to support the
authorities' economic policy objectives and build a track record of
reform implementation.

Haiti is mid-way through a SMP that has been an important anchor
for Haitian policymakers, despite one of the most challenging
economic environments in many years. Haiti is faced with many
difficulties, which have been worsened by higher food and fuel
prices stemming the war in Ukraine, which have increased its
economy's fragility. The external shocks and deterioration of the
security situation have resulted in a macroeconomic outlook worse
than at the time of the program's approval by IMF management in
June 2022.

Despite the more difficult macroeconomic conditions and downside
risks, recent data and progress on structural reforms suggest that
the authorities are making meaningful efforts to ease the country's
multiple challenges. In this difficult context, the authorities
have committed to continue implementing policies that would begin
to restore macroeconomic stability and growth, strengthen
governance, and to provide relief to the most vulnerable
households. The SMP has been instrumental in catalyzing forthcoming
external financing and its implementation has been broadly
satisfactory, despite obstacles in meeting quantitative targets due
to a less favorable environment than initially anticipated.

The Haitian authorities have adopted a budget for FY2023 that is
consistent with agreed targets under the SMP and in the context of
a medium-term budget. They ensured that a meaningful budget
allocation is used to protect the most vulnerable and are
implementing public financial management systems to monitor the use
of public funds. The authorities are committed to reduce central
bank financing of the deficit to levels consistent with low
inflation and limit foreign exchange intervention to smoothing
excess volatility.

In line with the reforms under the SMP, the authorities took
measures aimed at raising domestic revenues, approving in December
a new tax code and following through with the adoption of the
customs and tax administration reforms. In particular, the tax
code—a primer in the country's history—entails the
rationalization and simplification of the personal income tax and
corporate income tax, including through the broadening of the tax
base and elimination of many exemptions.

Progress on governance is key to ensure inclusive growth. The
authorities have taken steps to strengthen accountability in the
collection and use of public resources and have boosted the
transparency of public procurement for emergency resources. They
are working to bring AML/CFT laws up to international standards
supported by Fund's capacity development.

IMF staff will continue to work closely with the authorities to
support implementation of their program and help them build public
support. Indeed, most elements of the authorities' program are
underpinned by ongoing IMF technical assistance. The Fund will also
continue to coordinate closely with Haiti's other development
partners to leverage efforts in support of common objectives. SMP
are only subject to formal IMF management review.




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

FINANCIERA INDEPENDENCIA: 4Q22 Conference Call Set for Feb. 24
--------------------------------------------------------------
Financiera Independencia, S.A.B. de C.V. SOFOM, E.N.R., (BMV:
FINDEP; OTC: FNCRY), (FINDEP) a leading Mexican microfinance lender
of personal loans, will hold its fiscal 2022 fourth quarter
conference call on February 24th, 2022 at 11:00 AM US ET (10:00 AM
Mexico City local time).  The earnings release for the fourth
quarter ending December 31st, 2022 will be issued on February 23,
2023 after the market close.

Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_IducIlcbRiCN7t3NLJXrjQ

After registering, you will receive a confirmation email containing
the details required to join the meeting.

A replay of this call will be available at findep.mxafter the
conference.

                    About Financiera Independencia

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (FINDEP),
the leader in bringing financial inclusion to underserved Hispanic
communities in North America through responsible lending and
insurance products. As of September 30th, 2022, FINDEP had a total
outstanding loan balance of Ps. 8.64 billion, operated 345 offices
in Mexico and the US and had a total labor force of 4,672 people.
The Company listed on the Mexican Stock Exchange on November 1st,
2007, where it trades under the symbol "FINDEP".

As recently reported in the Troubled Company Latin America, Fitch
Ratings has assigned an expected Long-Term rating of 'BB-(EXP)' to
Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.'s (Findep)
proposed U.S. dollar senior unsecured notes (Step-Up Senior Notes).
The final rating is contingent upon the receipt of final documents
conforming to the information already received.




===========================
V I R G I N   I S L A N D S
===========================

LIMETREE BAY: $465M Bank Debt Trades at 37% Discount
----------------------------------------------------
Participations in a syndicated loan under which Limetree Bay
Terminals LLC is a borrower were trading in the secondary market
around 63.2 cents-on-the-dollar during the week ended Friday,
January 27, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $465 million facility is a Term loan that is scheduled to
mature on February 15, 2024.  About $439.4 million of the loan is
withdrawn and outstanding.

Limetree Bay Terminals operates oil terminals. The Company's
country of domicile is Virgin Islands.



                           *********


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
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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