/raid1/www/Hosts/bankrupt/TCRLA_Public/230206.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, February 6, 2023, Vol. 24, No. 27

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Presses Country on Targets, Forecasts 2% GDP Growth
BLOCKFI INC: Says Bonuses Should Be Okayed to Retain Talents


B E R M U D A

FTX TRADING: U.S. Senators Question Silvergate on Dealings


B R A Z I L

PETROBRAS: Fitch Affirms LongTerm IDRs at 'BB-', Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Prices of Basic Commodities Continue to Climb
[*] DOMINICAN REPUBLIC: Demonstrates Resilient Economy in 2022


M E X I C O

PETROLEOS MEXICANOS: Moody's Rates New $2BB Long Term Notes 'B1'


V I R G I N   I S L A N D S

LIMETREE BAY: $465M Bank Debt Trades at 31% Discount


X X X X X X X X

[*] BOND PRICING: For the Week Jan. 30 to Feb. 3, 2023

                           - - - - -


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

ARGENTINA: IMF Presses Country on Targets, Forecasts 2% GDP Growth
------------------------------------------------------------------
Buenos Aires Times reports that underlining the delicate economic
balancing act facing Argentina's government, the International
Monetary Fund (IMF) recently reiterated the importance of the
country meeting the fiscal and monetary targets outlined in their
multi-billion-dollar debt deal.

The warning came as the multilateral lender updated its 2022 and
2023 growth forecasts for the country, estimating that Argentina's
economy grew by 4.6 percent in 2022 and predicting a contraction of
two percent of gross domestic product this year, according to
Buenos Aires Times.

The projection for last year is higher than the IMF had forecast
three months previously but stays the same for this year, due to
the fiscal and monetary restrictions applied by the government, the
report notes.

Earlier, two high-level IMF officials used events to reiterate the
importance of Argentina hitting the targets outlined in the
US$44.5-billion extended fund facility deal agreed last year, the
report relays.

IMF chief economist Pierre Olivier Gourinchas, speaking at the
launch of the Fund's latest World Economic Outlook Update report,
said that reaching those goals would help to stabilize Argentina's
economy and halt its runaway inflationary spiral the report
discloses.

Argentina recorded inflation of 94.8 percent last year, with
President Alberto Fernandez's government anticipating a rate of 60
percent in 2023, the report notes.  However, the lastest Central
Bank survey of economists and market analysts forecast an annual
rate of 98.4 percent, the report relays.

Gourinchas said the IMF is forecasting lower growth for this year
due to "a combination of two factors: a halt to the world economy
which will also reach Argentina and the restrictive policies
applied at the fiscal and monetary level to handle high inflation,
which last year was close to 100 percent," the report discloses.

"It is very important that the policy objectives of the program
with the IMF be reached, both the fiscal and the monetary, because
they will help to anchor inflation for the road ahead and stabilise
the country's economy," he emphasized, the report relays.

That sentiment was echoed as another top Fund official reacted to
the government's recent announcement that it would buy back
overseas bonds to the tune of US$1 billion in order to improve the
country's debt profile, the report notes.

Nigel Chalk, deputy director of the IMF's Western Hemisphere
Department, warned Buenos Aires that it must meet the accumulation
targets drawn up for Central Bank reserves, the report discloses.

"We have reserve targets in the program. Reserves are tight and we
would prefer not to have actions that would undermine the reserve
accumulation that we are assuming in the agreement," said Chalk,
the report relays.

The debt bond buyback includes securities maturing between 2029 and
2046 and was announced last month by Economy Minister Sergio Massa,
the report notes.

The aim of the move is to improve the profile of maturities over
the next two years, the report says.  Since the measure was
announced on January 18, Argentina's global bonds have improved by
some 20 percent, the report relays.

Chalk, speaking to the Reuters news agency, admitted that the IMF
"has been working with the Argentine authorities on this plan with
the debt buyback – first on the scale of the operation, how it is
being operated and then how it fits into the program," the report
relays.

The official said that the agreement's next review would determine
if the government's targets up until the end of December had been
met, the report discloses.  "But obviously, that review has a
forward-looking element.  And we want to have some reassurance that
the reserves target will also be met," he stressed.

Argentina's gross foreign reserves are close to US$42.3 billion,
according to the Central Bank. But the rating agency Moody's places
them well below that level: "according to our estimates, the stock
of net reserves closed January at US$6.1 billion, falling by almost
US$2 billion, mainly due to coupon payments of US$1.05 billion,"
the company said, the report relays.

                          Global Outlook

Zooming out, the IMF estimates that the global economy will drop
from last year's growth of 3.4 percent to 2.9 percent in 2023,
while Latin America will have grown 3.9 percent last year and will
advance 1.8 percent this year, the report notes.

According to the multilateral body, "rising central bank interest
rates to fight inflation and [the effects of] Russia's war in
Ukraine continue to fetter economic activity.  The rapid spread of
Covid-19 in China halted growth last year but the recent re-opening
has cleared the way for a faster recovery than anticipated," the
report discloses.

"World inflation is forecast to drop from 8.8 percent last year to
6.6 percent this year and 4.3 percent next year, still superior to
the pre-pandemic (2017–2019) levels of around 3.5 percent," added
the report on global economic projections, the report says.

For the IMF, "among the risks making for growth, a stronger impulse
to repressed demand in many economies or a faster fall in inflation
are both plausible.  Among the negative risks are a severe
evolution of the health situation in China halting recovery, an
intensification of Russia's war in Ukraine and tougher global
financing conditions making tensions over excessive indebtedness
more acute," the report relays.

The report also warned that financial markets "could suddenly reset
their prices in response to adverse new trends regarding inflation
while geopolitical fragmentation could halt economic progress,"
Buenos Aires Times notes.

With regard to inflation, the IMF evaluated: "Monetary policy is
starting to take effect.  There are signs that a tougher monetary
policy is beginning to cool demand and inflation but the total
impact will probably not materialise before 2024. The general level
of global inflation appears to have peaked in the third quarter of
2022," the report adds.

                     About Argentina

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

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

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

As reported in the Troubled Company Reporter-Latin America on
Nov. 18, 2022, S&P Global Ratings affirmed its 'CCC+/C' foreign
currency sovereign credit ratings on Argentina. S&P lowered the
long-term local currency sovereign credit rating to 'CCC-' from
'CCC+' and the national scale rating to 'raCCC+' from 'raBBB-'.
S&P also affirmed its 'C' short-term local currency rating.
The outlook on the long-term ratings is negative. S&P's 'CCC+'
transfer and convertibility assessment is unchanged.

Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.
On July 19, 2022, Fitch Ratings placed Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) and Long-Term Local
Currency IDR Under Criteria Observation (UCO) following the
conversion of the agency's Exposure Draft: Sovereign Rating
Criteria to final criteria. The UCO assignment indicates that
ratings may change as a direct result of the final criteria. It
does not indicate a change in the underlying credit profile, nor
does it affect existing Rating Outlooks.

Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.

DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.


BLOCKFI INC: Says Bonuses Should Be Okayed to Retain Talents
------------------------------------------------------------
Turner Wright of CoinTelegraph reports that Megan Crowell, the
chief people officer at crypto lending firm BlockFi, has petitioned
a bankruptcy court to allow bonuses for "key employees" amid
Chapter 11 bankruptcy proceedings.

In a January 23, 2023 declaration for United State Bankruptcy Court
in the District of New Jersey, Crowell said that without giving
certain financial incentives, BlockFi might be unable to retain
employees in a "highly competitive" crypto industry. According to
the BlockFi executive, many staff were "highly likely to leave the
company" during the Chapter 11 process without "competitive
compensation," potentially adding to costs down the road.

"The war for talent remains active, and the Participants have many
opportunities inside and outside the cryptocurrency sector," said
Crowell. "Individuals with cryptocurrency experience are attractive
to employers in the finance, technology, and payment platform
industries broadly, among others, especially as these industries
adapt their products and services to incorporate cryptocurrency and
or related technologies."

She added, "In the event additional Participants resign, I believe
that the Debtors would struggle to adequately source candidates who
could operate the BlockFi platform effectively, severely limiting
the Debtors' options in these chapter 11 cases. Moreover, hiring
new employees would require the Debtors to incur significant
operational and financial costs."

BlockFi filed for bankruptcy on Nov. 28, saying at the time the
firm had roughly $257 million on hand. It filed a motion to
"establish a Key Employee Retention Plan to ensure the company
retains trained internal resources for business-critical functions"
as the works did not qualify for severance. According to Crowell,
the proposed plan would offer employees bonuses of 20-50% of their
salaries should they remain at the firm as of January 31, 2023.

Crowell reported that certain "critical" employees had already
accepted offers at Google, Block, and Walmart following the
bankruptcy filing in November, in some cases "for compensation
significantly above their current compensation." Her LinkedIn
showed she joined BlockFi in July 2019, working in various roles
related to recruiting talent.

Many crypto firms" including FTX, Celsius Network, Genesis, and
Voyager Digital" filed for Chapter 11 bankruptcy in the year,
with many users reporting losses in the millions of dollars.

                         About BlockFi

BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.

BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others.  BlockFi made waves in 2019 when it began
providing interest-bearing accounts with returns paid in Bitcoin
and Ether, with its program attracting millions of dollars in
deposits right away.

BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.

BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.

BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer. BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.

BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year. Kirkland & Ellis is also advising Celsius and
Voyager in their separate Chapter 11 cases.

BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.

Judge Michael B. Kaplan oversees the cases.

The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC as strategic and
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.




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B E R M U D A
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FTX TRADING: U.S. Senators Question Silvergate on Dealings
----------------------------------------------------------
Reuters reports that three U.S. senators have asked
cryptocurrency-focused bank Silvergate Capital Corp (SI.N) for
details of its risk management practices and its dealings with
bankrupt exchange FTX, according to a letter released.

Democrat Elizabeth Warren and Republicans Roger Marshall and John
Kennedy said they were "disappointed" by the bank's "evasive and
incomplete response" to a previous request for information the
lawmakers sent to the company in December, according to Reuters.

The senators have now asked Silvergate for a collection of
information to be submitted by Feb. 13, including if the bank had
identified any wrongdoing by FTX and affiliate Alameda, the report
notes.

The bank's response to the previous letter had some new information
which showed that its risk management and due diligence processes
"failed miserably", the lawmakers added, the report relays.

La Jolla, California-based Silvergate is already under pressure
after FTX's bankruptcy shook the crypto market. Earlier this month,
the company slashed its headcount by 40% and reported a net loss of
$1 billion for the fourth quarter, the report adds.

                       About FTX Trading

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. Â However,
only $900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP, as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Â Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Â Young Conaway Stargatt
&
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation.  Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.




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B R A Z I L
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PETROBRAS: Fitch Affirms LongTerm IDRs at 'BB-', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Petroleo Brasileiro S.A.'s Long-Term
(Petrobras) Local and Foreign Currency Issuer Default Ratings
(IDRs) and outstanding debt ratings at 'BB-'. The Rating Outlook is
Stable. In addition, Fitch has affirmed Petrobras' Long-Term
National Scale rating at 'AA(bra)'. The Rating Outlook for the
National Scale Rating is Stable.

Petrobras' ratings and Outlook are linked to Brazil's sovereign
ratings (BB-/Stable) due to the company's strategic importance to
the country and the government's strong ownership and control.
Petrobras' dominant market share in the supply of liquid fuels in
Brazil coupled with its large hydrocarbon production footprint in
the country, exposes the company to government intervention through
pricing policies and investment strategies.

KEY RATING DRIVERS

Sovereign Linkage: Petrobras' ratings are linked to Brazil's
sovereign ratings as a result of the influence the government may
have over the company's strategies and investments. This is despite
material improvements in the company's capital structure and
efforts to isolate itself from government intervention. By law, the
federal government must hold at least a majority of Petrobras'
voting stock, and currently owns 50.3% of Petrobras' voting rights,
directly and indirectly. The government has a 36.8% overall
economic stake.

Strong SCP: Petrobras' SCP of 'bbb' reflects the company's
operational scale, proved reserves, and leverage profile, all of
which are comparable to investment grade international oil
companies. Fitch forecasts Petrobras' production will reach
2.9mmboed by 2025 compared to 2.7mmboed in 2022, and will maintain
its 1P reserve life of nearly 10 years. Gross leverage, as measured
by gross financial debt to EBITDA, is estimated to be 0.5x in 2022,
assuming USD31.0 billion in debt, compared to 0.8x in 2021, with
USD35.7 billion in debt. Fitch expects the company's leverage to
average 1.1x through 2025 when applying Fitch's price deck.

Strong Cash Flow Generation: Fitch expects Petrobras to continue
reporting positive FCF over the rating horizon while investing
enough to replenish reserves, which will further support its SCP.
Petrobras is the lowest cost producer in the region. In 2021, Fitch
estimated its half-cycle cost was USD17.3bbl and its Full-Cycle
cost of production was USD32.6bbl. Its low cost of production, led
to strong cash flow generation in 2022, where Fitch estimates the
company will generate USD66.5 billion in EBITDA and USD46.7 billion
in FFO. The company's cash flow comfortably covers its capex, as
laid out in its current strategic plan, prior to President Lula's
inauguration.

Over the rated horizon, EBITDA margins are expected to narrow from
a high of 57.3% in 2022 to a normalized 30%, as prices decline, and
FFO margins will follow suit at 41% in 2022 and return to 23.5% in
2025.

Vulnerability to Political Interference: Political interference at
Petrobras is expected to increase during President Lula's
administration. Changes at the executive level, as well as at the
board, are expected to have an impact on the company's strategic
plan and pricing policy over the rated horizon. Petrobras is a
materially stronger company than it was in President Lula's
previous administration, but the company's cash flow over the rated
horizon, when applying Fitch's price deck, cannot absorb a material
increase from its announced USD78 billion in five-year strategic
capex plan, without assuming additional debt or a material change
in its dividends policy, which is assumed to average 60% of CFFO -
Capex for each year.

The company has announced that 95% of 2023 and 90% of 2024 capex
has been procured, so any additional changes to the capex plan over
this period will need board approval. Nevertheless, Fitch believes
it is likely the company, under its new management, will embark on
increasing its capex with a focus on energy transition and
potentially building refineries, both of which will materially
increase its capex budget. Further, Fitch is no longer assuming
further divestments of assets, outside of those already announced
and in the process of closing.

Fitch has revised Petrobras' ESG Relevance Score for GHG Emissions
& Air Quality to '4' from '3' due to the growing importance of the
continued development and execution of the company's
energy-transition strategy. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Petrobras has an Environmental, Social and Governance (ESG)
Relevance Score of '4' for Human Rights, Community Relations,
Access and Affordability due to the potential impact of social
pressures on pricing policy in the future, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

The company's score for Governance Structure is '4', due to its
nature as a majority government-owned entity and the inherent
governance risk that arises with a dominant state shareholder,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

DERIVATION SUMMARY

Petrobras' linkage to the sovereign is similar in nature to its
peers, namely Petroleos Mexicanos (PEMEX; BB-/Stable), Ecopetrol
S.A. (BB+/Stable) and YPF S.A. (CCC-). It also compares with
Empresa Nacional del Peru (ENAP; A-/Stable), and Petroleos del Peru
- Petroperu (BB+/Negative Watch). All these companies have strong
linkages to their respective sovereigns, given their strategic
importance and the potentially significant social-political and
financial implications a default could have for their countries.

Petrobras' SCP is commensurate with a 'bbb' rating, which is
materially higher than PEMEX's 'ccc-', as a result of Petrobras'
positive deleverage trajectory compared with PEMEX's increasing
leverage. Furthermore, Petrobras has reported and is expected to
continue to report positive FCF and production growth, which Fitch
expects to reach approximately 3.0 million boe/d in the next three
to five years. In contrast, PEMEX's production has declined in
recent years and requires material capex to sustain the production
stabilization trend reported during since 2019.

These production trajectories further support the notching
differential between the two companies' SCPs. Petrobras' SCP is in
line with that of Ecopetrol at 'bbb' given both companies' strong
credit metrics and deleveraging trajectories.

During the first nine months of 2022, Petrobras reported a Fitch
defined FCF of USD37 billion supported by elevated global Brent
prices. The company maintains it competitive blended (Post and
Pre-Salt) global lifting costs at USD5.5boe from approximately
USD9.6/boe in 2019 as a result of cost reductions, increasing share
of pre-salt production, which has a lower lifting cost than legacy
production as well as Brazilian real depreciation.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within The Rating Case for the Issuer:

- Gross production to increase to approximately 3.3 million boe/d
over the next four years;

- Eight production units come online during the next four years;

- Lifting cost average of $5.5bbl over the next four years;

- Brent Crude trends toward USD53/bbl by 2025;

- Average FX rate trends toward BRL5.25/USD;

- Dividends payout are 60% of CFFO - Capex;

- No further proceeds of asset sales considered over the rated
horizon, besides what has already been announced.

RATING SENSITIVITIES

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

- A positive rating action on the Brazilian sovereign could lead to
a positive rating action on Petrobras.

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

- A negative rating action on Petrobras could result from a
downgrade of the sovereign and/or the perception of a lower linkage
between Petrobras and the government coupled with a material
deterioration of Petrobras' SCP.

- An increase of gross leverage to 3.5x or above may result in a
downgrade of the SCP.

LIQUIDITY AND DEBT STRUCTURE

Strong Financial Flexibility: Petrobras' liquidity is robust and
provides an added comfort during periods of volatility in
hydrocarbon prices. The company's liquidity is supported by
approximately USD6.8 billion of cash and marketable securities as
of Sept. 30, 2022, compared with current financial debt maturities
of approximately USD3.3 billion. The majority of Petrobras'
available liquidity is composed of readily available liquidity held
abroad.

Petrobras continues to demonstrate a strong ability to access
domestic and international capital markets. In 2022, the company
issued the largest commercial notes program ever in Brazil issuing
BRL3.0 billion of local notes. Petrobras has a manageable debt
maturity profile, with 57% of its debt due after 2027.

ISSUER PROFILE

Petrobras is a government-related entity and one of the world's
largest integrated oil and gas companies, operating primarily in
Brazil where it is the dominant participant and the largest liquid
fuels supplier.

ESG CONSIDERATIONS

Fitch has revised Petrobras' ESG Relevance Score for GHG Emissions
& Air Quality to '4' from '3' due to the growing importance of the
continued development and execution of the company's
energy-transition strategy. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Petrobras has an Environmental, Social and Governance (ESG)
Relevance Score of '4' for Human Rights, Community Relations,
Access and Affordability due to the potential impact of social
pressures on pricing policy in the future, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

The company's score for Governance Structure is '4', due to its
nature as a majority government-owned entity and the inherent
governance risk that arises with a dominant state shareholder,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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
   -----------                 ------                 -----
Petroleo Brasileiro
S.A. (Petrobras)      LT IDR    BB-    Affirmed        BB-

                      LC LT IDR BB-    Affirmed        BB-

                      Natl LT   AA(bra)Affirmed     AA(bra)

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

Petrobras Global
Finance BV (PGF)
  
   senior unsecured   LT        BB-    Affirmed        BB-




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

DOMINICAN REPUBLIC: Prices of Basic Commodities Continue to Climb
-----------------------------------------------------------------
Dominican Today reports that some heads of low-income families who
go to the markets to buy the foods that make up the "basic food
basket" because they believe that they will find them cheaper there
affirm that food prices continue to be very high.

However, the Government's attempts to maintain and lower the cost
of food do not seem to be reflected "completely" on the tables of
poor households, according to Dominican Today.

Plantains, oil, rice, chicken, and eggs are foods on the "daily
plate" of Dominican families, yet they are the protagonists in the
collective complaints of mothers of families, the report notes.

During a tour of the markets of the Feria Ganadera and the Merca
Santo Domingo, reporters of Listin Diario observed in the stalls
selling Creole food in the Feria Ganadera that the price of a
carton of eggs was at RD$190, the report relays.

According to Juan Perez, a trader in the area, prices have
continued to rise, "first they were at 160, now they are up 190,"
he added. According to Perez, the food trade is complex because
they have to increase the selling price to make a profit, the
report notes.

"If food prices go up, I have to go up as well to make a profit,"
said the merchant, while explaining that the price of rice
continues to increase: "Before, I used to sell it at RD$25, and now
it is around RD$28, and if it is a brand name rice, you know that
it is more expensive," said the merchant when referring to the
price at which he sells a pound of rice, the report discloses.

Likewise, Pedro Espinosa, in charge of one of the banana and
plantain stands, said that the prices of bananas had significantly
increased, affecting his profits, since "these groceries are very
expensive.  There in the market, they sell us a banana for 8 and 9
pesos; here, I have to sell it for 10 pesos and more to make a
profit; when I went to buy it, I wanted to return with my money,"
the report relays.

                            Oils Go Down

A seller of edible oils, who preferred not to reveal his identity,
indicated that the big companies have slightly reduced the oil
price, precisely the oil produced by the Dominican company
Mercasid, of the brand "Crisol." The value of half a gallon is
RD$345, a gallon is RD$650, and the "jumbo" is RD$1,100, so "it is
not really expensive; the price of Crisol oil has dropped a
little," he said, the report relays.

The price of avocado has remained stable between RD$50 and RD$40.
"Here, the avocado is stable (price), and it will always depend on
the amount of production and the seasons," the report notes.

Merchants at a butcher shop clarified that meats "have not
increased in value" "A pound of chicken has a value of RD$86,
breast RD$145 and pork RD$125," the report discloses.

Maria Alvarez, a housewife, expressed her discontent with the cost
of some foods, "some prices are stable, but eggs, bananas, and rice
are more expensive while explaining that although she recognized
that in the markets, the prices are more accessible than in the
supermarkets, she does not agree with some increases, the report
relays.

                          Reasonable Prices

In conversation with Eduardo Torres, the father of a family, he
said that the essential foods for good nutrition to feed a family
could be bought in the "Merca" at reasonable prices, the report
notes.

                                Savings

"I live in Arroyo Hondo, and I come here only to buy; what I spend
on gasoline; I save on food," said Torres, explaining that he only
buys at this stand.  Here I buy four avocados for RD$100, beans
sell for RD$75,  here at RD$50, chicken RD$72, and chicken breast
at RD$92, the report adds.

                   About Dominican Republic

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

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

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

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

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

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


[*] DOMINICAN REPUBLIC: Demonstrates Resilient Economy in 2022
--------------------------------------------------------------
Dominican Today reports that several economists believe that the
Dominican Republic's 4.9% growth in the real gross domestic product
(GDP) in 2022 demonstrates the country's resilience to external
shocks. "A 4.9% growth is laudable in the context of global
economic difficulties," Rafael Espinal, coordinator of the
Economics career at the Technological Institute of Santo Domingo
(Intec), said of the data provided by the Central Bank of the
Dominican Republic (BCRD).

He explained that the last two quarters of 2022 were severely
impacted by the rise in interest rates, as is the case with
construction, which barely grew 1.6%, falls in gold production, and
the industrial sector, which was impacted by the rise in interest
rates and prices of international raw materials, freight and supply
difficulties. "Even so, the economy grew successfully," Espinal
said, according to Dominican Today.

Instead, economist Ivan Rodrguez told Diario Libre that statistics
show that the Dominican economy maintained its post-COVID recovery
in 2022, but warns that the outlook for global economies in 2023 is
not promising, the report relates.

                   About Dominican Republic

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

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

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

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

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

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




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

PETROLEOS MEXICANOS: Moody's Rates New $2BB Long Term Notes 'B1'
----------------------------------------------------------------
Moody's Investors Service assigned a B1 senior unsecured rating to
Petroleos Mexicanos' ("PEMEX") up to $2 billion in new long-term
notes. The company will use the proceeds of the notes for debt
refinancing and for general corporate purposes. The new notes will
be jointly and severally backed by the company's operating
subsidiaries, Pemex Exploracion y Produccion, Pemex Transformacion
Industrial and Pemex Logistica. The new notes do not materially
increase PEMEX's total debt or debt leverage. The rating outlook is
stable.

Assignments:

Issuer: Petroleos Mexicanos

Backed Senior Unsecured Regular Bond/Debenture, Assigned B1

RATINGS RATIONALE

PEMEX's B1 corporate family rating and caa3 Baseline Credit
Assessment (BCA, a measure of the company's stand-alone credit
profile regardless of support considerations) reflect Moody's view
that the company's liquidity needs and negative free cash flow will
remain high in the next three years due to high debt maturities,
persistent losses at the company's refining business, the necessity
to maintain capital spending at least at current levels to sustain
production and reserves stable, and high interest expenses.
Although oil and gas production growth has been below management
targets, Moody's acknowledges that PEMEX has been successful in
2019-to date to post relatively stable production and reserves
levels and believes that this will continue to be the case in
2023-24. However, Moody's expects that PEMEX's cash flow generation
and credit metrics will remain weak in the next three years as the
company increases fuel production while grappling with limited
capital investment ability, high debt maturities, and volatile oil
and fuel prices.

PEMEX's B1 rating takes into consideration Moody's joint default
analysis, which includes assumptions of very high government
support in case of need and very high default correlation between
PEMEX and the government of Mexico (Baa2 stable), resulting in five
notches of uplift from the company's caa3 BCA. Since 2016, the
government has supported PEMEX in various ways, including capital
injections, tax reductions, and early redemption of notes
receivable from the government. In 2022, the government supported
PEMEX with close to $8 billion between tax reductions and capital
injections, for capital investments and debt payments. The
government has stated its intention to continue to support PEMEX's
debt payment obligations in 2023 and 2024. Moody's expects that
support from the government will allow PEMEX to reduce its debt
somewhat in 2023-24.

PEMEX has weak liquidity and is highly dependent on government
support. On September 31, 2022, PEMEX had $3.6 billion in cash but
no availability under its committed revolving credit facilities.
The company needs to address around $8 billion in debt maturities
in 2023 and $8.7 billion in 2024, besides substantial negative free
cash flow in the period, driven by insufficient operating cash
generation.

The stable outlook on PEMEX's ratings is based on Moody's
expectation that the company's business strategy and financial
profile will remain unchanged in the next 12-18 months; it also
considers the current stable outlook on Mexico's ratings.

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

An upgrade of Mexico's Baa2 rating could result in an upgrade of
PEMEX's rating given the importance of the government in providing
support to the company's liquidity needs. Factors that could drive
a higher BCA would be the ability of the company to (i) strengthen
its liquidity position (ii) internally fund enough capital
investment to fully replace reserves and deliver modest production
growth and (iii) generate free cash flow for debt reduction.

A downgrade of Mexico's Baa2 rating would likely result in a
downgrade of PEMEX's rating. For Moody's to consider an affirmation
of PEMEX's B1 rating following a sovereign downgrade, the company's
BCA would have to substantially improve. Because PEMEX's rating is
highly dependent on support from the Government of Mexico, a change
in Moody's assumptions about government support and its timeliness
could lead to a downgrade of PEMEX's rating.

A lowering of the BCA could also lead to a downgrade of PEMEX's
rating. Factors that could lead to a lower BCA include material
increase in net debt, an operating performance worse than
forecasted, reserves decline, and decreases in reserves life.

COMPANY PROFILE

Founded in 1938, PEMEX is Mexico's national oil company, with fully
integrated operations in oil and gas exploration and production,
refining, distribution and retail marketing, as well as
petrochemicals. PEMEX is also a leading crude oil exporter, around
60% of its crude is exported to various countries, mainly to the US
and Asia. In the twelve months ended September 30, 2022, the
company posted $73.7 billion in revenue, $108 billion in assets and
produced an average of 1,779 thousand barrels per day (mbpd) of
crude oil excluding partners.

The principal methodology used in this rating was Integrated Oil
and Gas published in September 2022.




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

LIMETREE BAY: $465M Bank Debt Trades at 31% Discount
----------------------------------------------------
Participations in a syndicated loan under which Limetree Bay
Terminals LLC is a borrower were trading in the secondary market
around 68.9 cents-on-the-dollar during the week ended Friday,
February 3, 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.



===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week Jan. 30 to Feb. 3, 2023
------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD



                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *