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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

          Wednesday, February 22, 2023, Vol. 24, No. 39

                           Headlines



A R G E N T I N A

ARGENTINA: Poverty Closed 2022 at 40%, Study Shows
PROVINCE OF NEUQUEN: S&P Affirms 'CCC+' Issuer Credit Ratings
PROVINCE OF SALTA: S&P Affirms 'CCC+' Issuer Credit Rating


B A R B A D O S

BARBADOS: Removed From EU List of Noncooperative Jurisdictions


B R A Z I L

AZUL SA: Moody's Lowers CFR to Caa2 & Alters Outlook to Negative
BANCO BRADESCO: Reports 75% Drop in Net Income for 4Q
BRAZIL: Central Bank Opposes Revising Inflation Targets


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: Can't Take More Haitian Immigrants


E C U A D O R

ECUADOR: Egan-Jones Lowers Senior Unsecured Ratings to BB-


M E X I C O

FINANCIERA INDEPENDENCIA: Moody's Lowers LongTerm CFR to B2


S U R I N A M E

SURINAME: Moody's Alters Outlook on 'Caa3' Issuer Rating to Stable


T R I N I D A D   A N D   T O B A G O

[*] JMMB GROUP: Records Dip in Net Profit in 2022


V E N E Z U E L A

VENEZUELA: Credit Cards Becoming 'Useless' in Country, Analysts Say


V I R G I N   I S L A N D S

VOYAGER DIGITAL: Seeks to Hire Paul Hastings as Special Counsel

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Poverty Closed 2022 at 40%, Study Shows
--------------------------------------------------
Rio Times Online reports that the economist and Director of the
Master in Econometrics at Torcuato Di Tella University, Martin
Gonzalez-Rozada, published the latest results of his Nowcast of
poverty and concluded that the indicator of poverty in Argentina
closed the year 2022 at 39.6% of the population.

                         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.

S&P Global Ratings, on Jan. 20, 2023, affirmed its 'CCC+/C' foreign
currency and 'CCC-/C' local currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings remains negative.

S&P's 'CCC+' transfer and convertibility assessment is unchanged.
The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections.  Global capital
markets are closed to Argentina.  Moreover, disagreement within the
government coalition and infighting among the opposition constrains
the sovereign's ability to implement timely changes in economic
policy.

Fitch Ratings, on the other hand, downgraded in October 2022
Argentina's Long-Term Foreign-Currency (FC) and Local-Currency (LC)
Issuer Default Ratings (IDRs) to 'CCC-' from 'CCC'.  The downgrade
reflects deep macroeconomic imbalances and a highly constrained
external liquidity position, which Fitch expects to increasingly
undermine repayment capacity as foreign-currency debt service ramps
up in the coming years.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS 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.


PROVINCE OF NEUQUEN: S&P Affirms 'CCC+' Issuer Credit Ratings
-------------------------------------------------------------
S&P Global Ratings, on Feb. 17, 2023, affirmed its 'CCC+' global
scale issuer credit and issue-level ratings on the province of
Neuquen. The outlook remains stable.

Outlook

S&P said, "The stable outlook reflects our opinion that the
province's debt service payments will be manageable for the next 12
months, contingent on access to domestic financing. The outlook
also reflects the persistent challenges stemming from Argentina's
macroeconomic malaise, which will continue to weigh on Neuquen's
budgetary performance and liquidity, as well as our expectation of
limited access to capital markets and increasing rollover risks."

Downside scenario

S&P said, "We could downgrade the province in the next 12 months if
a weaker-than-expected budgetary performance or liquidity position
increases the risk of default, or if Neuquen is unable to roll over
its domestic debt. Argentina's creditworthiness and our 'CCC+'
transfer and convertibility (T&C) assessment of it continue to cap
our ratings on the province. A downward revision of our T&C
assessment would result in a downgrade of Neuquen."

Upside scenario

S&P could upgrade Neuquen as a result of Argentina's improved
creditworthiness and T&C assessment, along with a strengthening of
Neuquen's budgetary performance and liquidity position, including
greater certainty about its capacity to tap domestic debt markets
and access dollars for debt service.

Rationale

S&P said, "The 'CCC+' rating on the province of Neuquen
incorporates our expectation of persistent expenditure pressures
and continued weakness in the liquidity position in the next two
years, despite recent royalty revenue gains owing to increased
production in the hydrocarbon sector. We project deficits after
capital expenditures (capex) that, given the lack of liquidity
buffers -- including no access to global debt markets -- will
increase the province's reliance on borrowings from domestic
markets and its rollover risk." Although the 2021 debt
restructuring alleviated the near-term pressure on the debt
profile, debt service will be about $280 million annually in 2023
and 2024, and $240 million in 2025 (6% of operating revenues on
average). A high share of dollar-denominated debt (more than 80%
dollar or dollar-linked) leaves the province vulnerable to currency
risk."

Budgetary performance created some buffers, but not enough to
strengthen the liquidity position

S&P said, "We expect fiscal pressure to mount in 2023-2025 as the
province begins to increase spending to recover the real wage value
following a real salary freeze for public-sector employees during
the pandemic. Pension system deficits, left unchecked, will also
raise its fiscal burden. Our base-case scenario assumes that
operating surpluses would average 4% of operating revenues during
2023-2025. We expect capex at about 9% of total expenditures,
similar to historical average, resulting in a deficit after capex
averaging 3.5% of total revenues during 2023-2025, in line with
levels of the last five years.

"Record-high hydrocarbon production in 2022 boosted royalties, and
budgetary performance also benefitted from increasing collections
of the gross receipt tax. We expect continued growth in hydrocarbon
production (albeit at a slower pace than in 2022) and proportional
increases in spending. As a result, we believe the province will
continue relying on borrowings and on rolling over debt in the
domestic market to meet its obligations, as liquidity will remain
tighter in 2023-2025 than those of other Argentine provinces."

Own-source revenues account for almost 80% of Neuquen's total
operating revenues, including an increasing share (roughly 30% in
2022) from royalties. Despite the natural currency hedge from
royalty revenues tied to prices in dollars, fluctuating market
prices and production of oil and gas have historically rendered
Neuquen's budgetary performance volatile. In 2021, the province
created a countercyclical fund to mitigate volatility stemming from
commodity prices and changes in the exchange rate, which is funded
with oil and gas export royalties. As of September 2022, the fund
balance totaled approximately 2% of Neuquen's operating revenue and
carries restrictions on use; therefore, S&P doesn't consider the
fund to provide a material source of liquidity.

S&P said, "With international capital markets virtually closed to
Argentine provinces, we expect borrowings coming mostly from
domestic markets. Neuquen continues relying on short-term maturity
notes that will gradually increase rollover risks, and will keep
the province's liquidity lower than its debt service obligations.
We expect 45% of the 2023 debt service to be in domestic currency.

"The province will face debt service of about $280 million annually
in 2023-2024 and $240 million in 2025. Our forecast assumes a real
appreciation of the Argentine peso (ARP), which will decrease
Neuquen's direct debt in terms of operating revenue during
2023-2025. Our base-case scenario assumes the province's debt will
trend towards 20% of operating revenue by 2025. The restructuring
of foreign-currency debt also eased interest burden, which we
forecast to average 1.8% of operating revenues in 2023-2025. Given
that nearly 85% of the province's debt is in foreign currency
(including dollar-linked debt), this ratio could jump in case of a
deeper-than-expected depreciation."

The oil and gas sector supports Neuquen's economic and revenue
growth, but increases volatility

Neuquen is the largest producer of oil and gas in the country. The
hydrocarbon and mining sector, which represents 38% of the
provincial GDP, has been contributing to economic growth at a
greater pace than the case for the sovereign in the last five
years. However, the narrow economic base increases volatility that
impacts the province's economy and finances, and requires careful
management of budgetary resources. Neuquen's socioeconomic profile
compares favorably with the national level and to most of the rated
Argentine provinces. For 2022, S&P expects GDP per capita at
$21,560, higher than the sovereign's $13,830.

The Vaca Muerta oil field, one of the largest unconventional oil
and gas reserves in the world, hit record production in 2022,
allowing the province to increase its hydrocarbon exports after
fulfilling domestic demand. The prospects for production are
favorable, given that transport capacity would expand through the
pipeline construction that will connect Neuquen with the province
of Buenos Aires, the main domestic consumer. In addition, the
natural gas pipeline that connects Chile with Neuquen is being
widened, which would help reduce current transportation
bottlenecks.

Despite the hydrocarbon sector's strong momentum, S&P believes the
deep recession and macroeconomic challenges at the national level
could lead the sovereign to delay or reduce fiscal support to
subnational governments. This could include restricting access to
foreign currency, or a currency devaluation that could pressure
liquidity and amplify rollover risk as debt service burden
increases. This risk is heightened by Argentina's history of major
policy swings.

S&P assesses the institutional framework for Argentina's local and
regional governments (LRGs) as very volatile and underfunded,
reflecting its perception of the sovereign's very weak
institutional predictability and volatile intergovernmental system
that has been subject to various modifications to fiscal
regulations, and lack of consistency over the years, which
jeopardize the LRGs' financial planning, and consequently, their
credit quality.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  NEUQUEN (PROVINCE OF)

   Issuer Credit Rating   CCC+/Stable/--

  NEUQUEN (PROVINCE OF)

   Senior Unsecured       CCC+


PROVINCE OF SALTA: S&P Affirms 'CCC+' Issuer Credit Rating
----------------------------------------------------------
S&P Global Ratings, on Feb. 16, 2023, affirmed its 'CCC+' global
scale issuer credit and issue-level ratings on the province of
Salta.  The outlook remains stable.  S&P also revised upward the
province's SACP to 'b-' from 'ccc+'.

Outlook

The stable outlook reflects S&P's expectation that prudent fiscal
policies should counterbalance risks stemming from economic
volatility and keep after capex results positive. This should
contain financing needs in the next 12 months and preserve the
province's recently accumulated cash.

Downside scenario

S&P could downgrade the province if fiscal performance is
materially weaker than it expects or if its liquidity position
increases the risk of default or a distressed debt exchange in the
next 12 months. Additional restrictions to access or transfer
foreign currency could also put downward pressure to the rating. In
this regard, a downward revision of our T&C assessment on Argentina
would result in a downgrade of Salta, given that scarcity of
international reserves could hamper subnational governments' access
to foreign currency for debt service payments.

Upside scenario

S&P said, "While the province's intrinsic creditworthiness is
stronger than the current 'CCC+' ratings, we cap our ratings on
Salta by our 'CCC+' T&C assessment of Argentina. As a result, we
could only upgrade the province of Salta if we upwardly revise the
T&C assessment or upgrade Argentina."

Rationale

S&P said, "We revised upward the province's SACP to 'b-' from
'ccc+', reflecting our expectation that balanced fiscal performance
and recently accumulated cash should contain financing needs while
market access remains limited. The province starts amortizing its
2027 bond this year, and debt service in U.S. dollars will increase
to $70 million from $36 million in 2022. We expect Salta to manage
these payments through internal liquidity and annual cash flows. We
estimate total debt service will represent 5% of the province's
operating revenues. As the province amortizes the bond, debt burden
should continue to fall and represent 20% of operating revenues at
the end of this year. That said, risks from economic instability
could affect fiscal flows, cash position, and debt burden. Over 70%
of the province's debt is in dollars and the forecast exchange rate
remains highly uncertain in Argentina. We cap our ratings on Salta
by the T&C assessment and sovereign ratings."

Sluggish economic growth and low income levels constrain the
province's credit quality

S&P said, "We expect Salta's economy to remain weak because its
economic performance is closely linked to that of Argentina. We
expect growth to slow to 0.5% in 2023, from 4.6% estimated growth
in 2022. This should drive Salta's GDP per capita to $5,960 this
year (measured at the official exchange rate), just above 2017's
level, and less than half of the estimated national GDP for 2023
($15,180). Raising GDP growth pace has proven difficult for
multiple Argentine national governments, due to in part lack of
agreement across the political spectrum on how to tackle
macroeconomic imbalances and microeconomic obstacles. (See:
"Argentina Faces Financing Obstacles Ahead of the 2023 Elections,"
July 21, 2022). Inflation ended 2022 at about 100% year-over-year
and will likely stay close to that level throughout most of 2023.
The exchange rate will continue to face strong depreciatory
pressures."

The sovereign's very weak institutional predictability and
macroeconomic volatility result in a fragile intergovernmental
system that has been subject to various modifications to
regulations and lack of consistency over the years. This constrains
local and regional governments' financial planning beyond economic
instability.

Salta's financial management has been implementing prudent
expenditure policies to contain the effect of economic and fiscal
framework changes on the province's fiscal accounts. Nonetheless,
our assessment of its financial management considers that amid the
increasingly strained financial conditions, including very limited
access to external funding, the administration decided to
prioritize operating and capital spending over timely debt payment
obligations of its international bond in 2020, which was
restructured.

Despite the upcoming gubernatorial elections in May 2023, S&P
believes that there's a reasonable chance of prudent policies
remaining in place.

Surplus after capex should keep recently accumulated cash stable
and keep reducing debt, but we think debt and liquidity are exposed
to currency risk

S&P expects Salta to post operating surpluses averaging 6% of
operating revenue in 2023-2025 and balanced results after capex.
Our forecast assumes that revenues will continue to benefit from
nominal GDP growth while the province maintains prudent expenditure
policies. Fiscal flexibility is limited due to low income levels in
the province, reliance on national government transfers, and high
infrastructure needs. However, efforts to coordinate spending
across different ministries and decentralized organizations and to
obtain efficiency gains have helped reduce real spending. As of
September 2022, goods and services had grown 33% year-on-year, well
below inflation. In addition, higher than expected inflation
recently allowed some flexibility in payroll (which represents 60%
of the government's outlay), because salary increases have
generally lagged inflation and revenue growth. Considering these
factors, Salta's after capex results have remained positive since
2020.

However, S&P thinks the temporary fiscal benefit from inflation
will likely diminish this year as high inflation expectations are
leading to more frequent salary negotiations compared to what S&P
saw in past years. Increased indexation could pose a vulnerability
to the province's fiscal flows and lead to volatility if Salta
can't match these with increased revenue even amid economic
deceleration.

Improved fiscal performance has allowed the province to accumulate
cash recently. Based on S&P's estimates, Saltas' free and available
cash should cover over 80% of debt repayment for the next 12 months
although this estimate is vulnerable to exchange-rate movements. A
key challenge for the province will be maintaining cash buffers
given limited access to credit markets and constrained investment
options to preserve cash value. Abrupt changes in the exchange rate
could make the debt service coverage ratio volatile. Multiple
systems of exchange rates currently prevailing in Argentina reduce
certainty about the exchange rate, while 50% of Salta's debt
service is denominated in dollars. This includes 2027 bond
payments, for which principal payments start this year with two
installments of $18 million each.

The gradual amortization of the bond and tight financing conditions
should keep reducing the debt burden in upcoming years. We expect
the debt burden to fall to 20% of operating revenues this year from
our estimate of 30% in 2022. About 75% of the debt stock is
denominated in U.S. dollars, which underscores potential currency
risk.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED
  SALTA (PROVINCE OF)

    Issuer Credit Rating    CCC+/Stable/--

  SALTA (PROVINCE OF)

    Senior Unsecured        CCC+




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B A R B A D O S
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BARBADOS: Removed From EU List of Noncooperative Jurisdictions
--------------------------------------------------------------
RJR News reports that Barbados has been found to be compliant with
European Union tax requirements.

Senator Lisa Cummins, Minister of Energy and Business, announced
that the island had been removed from the EU's state-of-play
document (Annex II), according to RJR News.

Ms Cummins says this followed substantial work by government
officials and stakeholders, since last November, the report notes.

The state-of-play document identifies cooperative jurisdictions
that have made further improvements to their tax policies or
related cooperation, the report relays.

It reflects the ongoing EU cooperation with international partners
and the commitments of these countries to reform their legislation
to adhere to agreed-upon tax and good governance standards, the
report adds.




===========
B R A Z I L
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AZUL SA: Moody's Lowers CFR to Caa2 & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from B3 Azul S.A.
(Azul)'s corporate family rating. At the same time, Moody's has
downgraded to Caa3 from Caa1 the rating of the senior unsecured
notes issued by Azul Investments LLP and unconditionally guaranteed
by Azul. The outlook for all ratings is negative.

Downgrades:

Issuer: Azul S.A.

Corporate Family Rating, Downgraded to Caa2 from B3

Issuer: Azul Investments LLP

$400 million Backed Senior Unsecured Regular Bond/Debenture
due 2024, Downgraded to Caa3 from Caa1

$600 million Backed Senior Unsecured Regular Bond/Debenture
due 2026, Downgraded to Caa3 from Caa1

Outlook Actions:

Issuer: Azul S.A.

Outlook, Changed To Negative From Stable

Issuer: Azul Investments LLP

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The downgrade of Azul's CFR to Caa2 reflects the company's
heightened liquidity risk and sizeable upcoming refinancing needs.
Azul's cash generation has not fully recovered from the impact of
the pandemic and higher oil prices in the last years, while
previously deferred debt and lease obligations have been mounting
and becoming due in the short term. Accordingly, the company has
been pursuing liquidity alternatives to refinance debt and lease
obligations and match its cash outflows to its internal cash
generation.

As of September 30, 2022, Azul's cash position was BRL1.1 billion,
which was enough to cover 84% of the company's short-term debt. The
company has around BRL2.6 billion in other potential liquidity
sources, including short-term receivables and financeable deposits,
in addition to having unencumbered assets that could be used in
potential secured financing transactions. Still, Azul has high cash
outflows expected for the next 12-18 months, because of previously
deferred costs, such as reserve accounts, and maintenance and
step-up clauses on lease payments. Even with the recovery in
demand, the company had to contend with higher inflation in labor,
fuel and other US dollar-denominated inputs throughout the course
of 2022 and will prospectively need to cover its liquidity needs
arising from the deferred payments during the pandemic. The company
has about BRL3.7 billion of annual lease payments scheduled for
2023 and 2024, in addition to BRL1.2 billion of financial debt
maturing in 2023 and BRL2.5 billion in 2024, mainly related to the
senior unsecured notes due in October 2024. In Moody's opinion, a
potential refinancing of its financial and lease obligations might
not be enough to improve Azul's financial leverage and liquidity
unless the company is able to adjust its cash outflows and capital
structure, while generating positive free cash flow.

Azul's Caa2 corporate family rating (CFR) reflects the company's
unique business position in Government of Brazil (Ba2 stable) as
the only carrier in about 80% of its routes, resulting in lower
competition and strong pricing power. Azul's ability to reduce
costs during the pandemic and its  conservative financial policies
are additional credit positives. The rating also takes into
consideration the faster-than-expected post-pandemic recovery in
passenger traffic in Brazil, and more rational competition and
capacity in the Brazilian market, which has enabled carriers
increase airfares, mitigating the effect of higher jet fuel prices
and other inflationary cost pressures.  Moody's also believes that
Azul has strong potential to substantially improve its key credit
metrics toward the 2019 levels through 2023.

The Caa2 rating is constrained by the continued fragile situation
of the airline industry in the context of the pandemic and rising
macroeconomic risks, combined with Azul's still-weak credit
metrics. Azul's ability to raise liquidity, refinance its financial
obligations and control cash burn or cash needs during the
industry's bumpy recovery will still be key aspects in its rating
assessment. Finally, the rating incorporates the company's
intrinsic exposure to foreign-currency and fuel price volatility.

RATING OUTLOOK

The negative outlook on Azul's ratings reflects the company's
untenable capital structure and weak liquidity that results in high
risk of debt restructuring in the near term.

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

Azul's ratings could be further downgraded if Azul pursues debt
exchange alternatives that entail higher losses to creditors than
those associated with the Caa2 rating category.

An upgrade of Azul's ratings is unlikely in the near term unless
there are sustainable improvements in the company's capital
structure and liquidity.

ESG CONSIDERATIONS

Governance considerations were a factor in this rating action as
the untenable capital structure of Azul and the potential debt
restructuring have negative implications for creditors as it
relates to financial strategy and risk management and management
credibility and track record. Accordingly, Moody's changed Azul's
Financial Strategy and Risk Management score to 5 from 3 and
Management Credibility and Track Record score to 4 from 2, and
Azul's Credit Impact Score to CIS-5 from CIS-3, driven by the
change in the Governance Issuer Profile Score to G-5 from G-3.

COMPANY PROFILE

Headquartered in Barueri near the City of Sao Paulo, Brazil, Azul
S.A. is a Brazilian airline founded by David Neeleman in 2008. The
company is the largest airline in Brazil by number of cities
covered and departures, serving more than 160 destinations with an
operating fleet of 168 aircraft and operating more than 900 flights
daily. The company also flies its aircraft to select international
destinations, including Fort Lauderdale, Orlando, Paris, Punta del
Este and Lisbon. Azul is the sole owner of the loyalty program
TudoAzul, a strategic revenue-generating asset, which had more than
15 million members as of September 2022. In the 12 months that
ended September 2022, Azul generated BRL15.2 billion ($2.9 billion)
in net revenue.

The principal methodology used in these ratings was Passenger
Airlines published in August 2021.


BANCO BRADESCO: Reports 75% Drop in Net Income for 4Q
-----------------------------------------------------
Aluisio Alves and Andre Romani at Reuters report that Brazil's
Banco Bradesco SA reported fourth-quarter net income equivalent to
less than half that of analysts' estimates.

Bradesco reported a 75% drop in net income and sharply increased
its provisions for loan losses to around $3 billion, according to
Reuters.

Bradesco Chief Executive Officer Octavio de Lazari told analysts in
an earnings call that he expects the bank's default ratio to remain
high in the first half of 2023, and added that it should have
restricted its lending criteria during the COVID-19 pandemic. "We
extended more credit than we should have," he said, the report
notes.

Bradesco set aside 4.9 billion reais in provisions in the fourth
quarter to cover its loans to retailer Americanas SA (AMER3.SA),
which has asked for bankruptcy protection, the report relays.  The
Bradesco CEO said Americanas' accounting inconsistencies happened
due to fraud, the report discloses.

As reported in the Troubled Company Reporter-Latin America on Feb.
7, 2023,  Moody's Investors Service has affirmed Banco Bradesco
S.A.'s (Bradesco) 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. The rating agency
has also affirmed the bank's short-term local and foreign currency
deposit ratings at Not Prime, the foreign currency senior unsecured
MTN program rating at (P)Ba2, the long-term and short-term local
and foreign currency Counterparty Risk Ratings at Ba1 and Not
Prime, respectively, and long-term and short-term Counterparty Risk
Assessments at Ba1(cr) and Not Prime(cr), respectively. The outlook
on Bradesco's ratings remains stable.


BRAZIL: Central Bank Opposes Revising Inflation Targets
-------------------------------------------------------
Richard Mann at Rio Times Online reports that the president of the
Central Bank of Brazil, Roberto Campos Neto, ratified, his
opposition to revising the inflation targets for 2023 and allowing
a decrease in the basic interest rate of the Brazilian economy.

Campos Neto responded in this way to the intention of President
Luiz Inácio Lula da Silva's government, which seeks to revise the
2023 inflation target and reduce the benchmark interest rate, which
now stands at 13.75 percent per annum, according to Rio Times
Online.

                      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).




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

[*] DOMINICAN REPUBLIC: Can't Take More Haitian Immigrants
----------------------------------------------------------
Dominican Today reports that the Dominican College of Economists
(Codeco) stated that the Dominican economy can not support more
illegal Haitian immigrants and that there is no room to give them
more jobs with over a million people already living in the
Dominican Republic.

The professional union stated that, while trade with Haiti has
remained dynamic and a portion of the goods consumed by its
population enters through the border, the Dominican economy can not
support more immigration due to the high cost to the Dominican
State, according to Dominican Today.  In a statement, Codeco said
that the Haitian population's crisis exceeds the country's
capacity, the report notes.

"There is no longer room to give them more employment when there
are over a million Haitians living in the Dominican Republic, of
whom about 700,000 are employed in various sectors, contributing
their labor to national development and sending remittances worth
about US$1 billion annually, including those who do not register in
the national accounts," the economists argue, the report discloses.
Similarly, Codeco emphasized the high cost of border security for
the national budget, as well as education and health costs to serve
hundreds of thousands of illegal Haltians, which it claims
undermines the ability to protect the two million Dominicans who
live in poverty and rely on government assistance, the report
notes. They say that the country currently helps the Haitian
population by supplying the goods they need, sometimes creating
food shortages in the domestic market," the report relays.

He went on to say that the Dominican government, through its
migratory control policy, is exercising its right to protect its
borders by preventing the Haitian crisis from spreading to its
territory, and that "we have lived together peacefully with the
Haitians who have resided in the country for decades, many of whom
have become related to Dominicans and have made friends and
businesses in various sectors of the economy, but we can never
forget," 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.




=============
E C U A D O R
=============

ECUADOR: Egan-Jones Lowers Senior Unsecured Ratings to BB-
----------------------------------------------------------
Egan-Jones Ratings Company on February 7, 2023, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Republic of Ecuador to BB- from BB.

Ecuador is a country straddling the equator on South America's west
coast.




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

FINANCIERA INDEPENDENCIA: Moody's Lowers LongTerm CFR to B2
-----------------------------------------------------------
Moody's Investors Service has downgraded Financiera Independencia,
S.A.B. de C.V.'s (Findep) long-term Corporate Family Rating, to B2
from B1, and its long-term global local and foreign currency issuer
ratings and its long-term global foreign currency senior unsecured
debt rating to B3 from B1. The short-term global local and foreign
currency issuer ratings were affirmed at Not Prime. The outlook was
changed to negative from stable.

Downgrades:

Issuer: Financiera Independencia, S.A.B. de C.V.

Corporate Family Rating, Downgraded to B2 from B1

LT Issuer Rating (Foreign Currency), Downgraded to
  B3 from B1

LT Issuer Rating (Local Currency), Downgraded to
  B3 from B1

Senior Unsecured Regular Bond/Debenture (Foreign
  Currency), Downgraded to B3 from B1

Affirmations:

Issuer: Financiera Independencia, S.A.B. de C.V.

ST Issuer Rating (Foreign Currency), Affirmed NP

ST Issuer Rating (Local Currency), Affirmed NP

Outlook Actions:

Issuer: Financiera Independencia, S.A.B. de C.V.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The downgrade of Findep's long-term global issuer ratings and
senior unsecured debt rating to B3 from B1, reflects a growing
reliance on secured debt financing in the coming months to support
its operations, in times of difficult funding conditions for
finance companies in Mexico. While the firm's recent announcement
of its offer to exchange its outstanding Senior Notes due 2024 will
alleviate funding pressure in 2024, the ongoing market confidence
crisis that has hurt the sector of non-bank financial companies in
Mexico will continue to constrain market access for Findep,
reducing firm's currently sound levels of unencumbered assets
available for unsecured debt holders, and increasing the dependence
on secured funding, which stood at 20% of tangible managed assets
in September 2022. In Moody's forecasts, the company's
lower-than-peers reliance on secured debt could exceed 30% by the
end of 2023, weakening the lender's financial profile.

At the same time, the downgrade of Findep's CFR ratings to B2, from
B1, reflects Moody's expected deterioration in Findep's asset
quality and profitability. Asset quality will likely deteriorate
from an already historically-high non-performing asset ratio levels
in a scenario of high lending rates and high inflation that will
expose individuals' consumers' real wages and disposable income for
longer-than-expected in the coming quarters, thus pressuring
collections and cash inflows from the loan portfolio in Mexico and
in the US. The level of nonperforming loans, measured as stage 3
loans, and net charge offs is increasing, and together totaled an
already high 19.7% of gross loans in September 2022. This risk is
relatively mitigated by Findep's high reserves coverage for loan
losses that was 215% of nonperforming loans as of September 2022.
Under the challenging operating environment, the company will
likely continue to reinforce provisioning buffers against losses,
affecting earnings generation in 2023, as well as net interest
margins that will continue to be pressured by higher funding and
operating costs.

The B3 senior unsecured debt rating reflects Findep's B2 CFR, its
new capital structure with lower unencumbered assets, that will
likely change the priorities of claims and asset coverage in the
company's current liability structure. In particular, the expected
increase in the total size of Findep's secured financing indicates
higher loss-given default for senior unsecured creditors, given the
subordination to secured creditors, leading to long-term global
issuer ratings one notch below the company's B2 CFR.

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

Further downward pressure on Findep's CFR could arise if
refinancing risks increase in the short-term, evidenced by the
company's inability to execute its funding strategy. At the same
time, a material deterioration of the lender's asset risks leading
to a decline in collections, potentially arising from its
concentrations in riskier individuals, that would hurt
profitability and ultimately capitalization, weakening the
company's loss absorption. A downgrade to the lender's CFR would
add negative pressure on Findep's issuer and senior unsecured
ratings.

In light of the negative outlook, limited prospects exist for the
rating to be upgraded. However, the outlook on Findep's ratings
could be stabilized upon successful progress in the lender's
funding plan, evidenced by its ability to effectively refinance its
obligations despite industry headwinds, alleviating its funding
needs into 2024 and funding costs throughout 2023. Sustained
improvement in core earnings generation and a stabilization of its
asset quality metrics at current levels would also be key credit
drivers to support a positive rating movement. Findep's senior
unsecured rating could be upgraded should its CFR be upgraded, and
its funding mix remains based on unsecured debt and away from
secured debt.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.




===============
S U R I N A M E
===============

SURINAME: Moody's Alters Outlook on 'Caa3' Issuer Rating to Stable
------------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on the
Government of Suriname to stable from negative and has affirmed the
Caa3 issuer and senior unsecured debt ratings.

The main driver behind the outlook stabilization is Moody's
expectation that losses as a result of the ongoing restructuring of
Suriname's debt will be consistent with a Caa3 rating. Despite
uncertainty surrounding the timing and final terms of the
restructuring, risks around the magnitude of the eventual losses
appear broadly balanced.

The affirmation of Suriname's Caa3 ratings balances limited
external financing sources, very weak governance, weak fiscal
metrics and ongoing debt default against authorities' efforts to
improve fiscal policy effectiveness, which over time should lead to
improved fiscal metrics and macroeconomic stability.

Suriname's local-currency country ceilings remain at Caa1,
maintaining a two-notch difference with the sovereign rating, which
reflects relatively large external imbalances, a heavy reliance on
a single commodity, and weak institutions and policy
predictability. The foreign-currency country ceiling remains at
Caa2, representing a one-notch gap to the local currency ceiling,
reflecting low policy effectiveness, high external indebtedness,
and relatively closed capital account that generate a degree of
transfer and convertibility risk, notwithstanding a track record of
limited intervention.

RATINGS RATIONALE

ONGOING DEBT RESTRUCTURING WILL LIKELY RESULT IN LOSSES IN THE
ORDER OF 20-35% FOR PRIVATE CREDITORS

RATING OUTLOOK

A stable outlook reflects Moody's estimates that losses associated
with the ongoing payment default incurred by private creditors are
broadly balanced on either side of a 20% to 35% range consistent
with a Caa3 rating.

The government of Suriname first defaulted in July 2020 after
bondholders agreed to a consent solicitation to defer payment of
principal on the government's international bond with a final
maturity date of 2023, which Moody's deemed a distressed exchange.
The government subsequently failed to make a coupon payment on
another one of its international bonds within the 30-day grace
period in November 2020. The government has not made any principal
or interest payments on its international bonds owned by private
creditors since the June 30, 2020 coupon payment.

Moody's central scenario is for private creditors to incur losses
consistent with the Caa3 rating. The restructuring of external debt
owed to private creditors is part of a broader government debt
restructuring aimed at restoring debt sustainability.

Moody's expects the government and private bondholders to reach an
agreement on debt restructuring that entails a reduction in the
principal amount outstanding, an extension of the final maturity
and step-up coupon structure that reduces the interest rate over
the life of the restructured bond. The government and private
creditors have both proposed the inclusion of an instrument linked
to future government oil revenue, which would partially compensate
for the reduction in face value that will be applied. Although the
value of this instrument is uncertain and dependent on the
development of off-shore oil production, its inclusion would result
in lower losses than those implied by terms of the restructuring.

Even after a restructuring is complete, Suriname's rating is likely
to remain at the low end of the rating scale. The stable outlook
reflects balanced risks around the government's fiscal
consolidation agenda and the implications for potential losses for
private creditors. The government's efforts at restoring
macroeconomic stability and fiscal sustainability, initially
anchored by an IMF program seek to address a number of policy
shortcomings including: fiscal consolidation, strengthening the
monetary policy framework, addressing banking system
vulnerabilities, and tackling various governance issues.

RATIONALE FOR THE AFFIRMATION OF THE Caa3 RATINGS

The affirmation of Suriname's Caa3 ratings balances limited
external financing sources, very weak governance, weak fiscal
metrics and ongoing debt default, against the authorities' policy
efforts in the context of a renewed IMF program which over time
would improve Suriname's fiscal standing and macroeconomic
conditions.

Suriname's Caa3 rating captures implementation risks associated
with reforms contemplated in the IMF program. The quality of
policymaking suffers because of a lack of qualified professionals
in the public administration. The government lacks sufficient
technical competencies in many areas, and relies heavily on
technical assistance from multilateral organizations to assist with
policy design and implementation.

The government's macroeconomic targets incorporate a sizeable
fiscal adjustment intended to achieve a 4.5% of GDP primary surplus
by 2024, with a focus on broadening the tax base, including
implementing a value-added tax and containing non-priority
spending. Revenue measures include increase in sales tax and the
introduction of a VAT to replace the sales tax, along with
administrative improvements and reduction in tax exemptions. On the
expenditure side, the government targets the phased reduction of
electricity subsidies and the reduction in its wage bill.

Suriname's medium-term growth prospects will be closely tied to the
authorities' ability to attract foreign investments to develop
abundant energy resources. Offshore discoveries point to large
reservoirs of oil and gas that, if developed, could make Suriname
one of the largest oil producers in Latin America.

Despite optimism regarding off-shore oil potential, disappointing
drilling results from several exploration wells in 2021-22 have led
the energy companies postpone a final investment decision. The
government is entitled to a 6.25% royalty rate on gross production,
along with a 36% income tax on any profit. In addition, Suriname's
government-owned petrol company, Staatsolie, has the option for 20%
participation in the development and production of oil in the
block.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

Suriname's ESG Credit Impact Score is very highly negative (CIS-5)
driven by its very highly negative governance profile, while
exposure to social and environmental risks are moderately negative.
The government's high debt burden limits its resiliency and will
put pressure on government spending in areas like healthcare and
education, which over time, will increase exposure to social
risks.

Suriname's exposure to environmental risks is moderately negative
(E-3 issuer profile score) reflecting physical climate risk, carbon
transition risk, and water risk. Suriname's exposure to physical
climate risk is driven by risks associated with a rising sea level
given the portion of the population and economic activity that
occur near the sea level. Water risks capture the impact of
droughts and heavy rain on Suriname's agriculture production.

Exposure to social risks is moderately negative (S-3 issuer profile
score), and it is mainly related to exposure to labor and income
risks, given macroeconomic instability that will weigh on job
creation. A high debt burden will put pressure on spending on areas
related to healthcare and education, which over time, will increase
social risks.

The influence of governance on Suriname's credit profile is very
highly negative (G-5 issuer profile score) and captures Suriname's
history of default, concerns over fiscal and macroeconomic policy
effectiveness, as well as weak rule of law and control of
corruption. The lack of policy predictability constrains Moody's
assessment of governance.

GDP per capita (PPP basis, US$): 16,178 (2021) (also known as Per
Capita Income)

Real GDP growth (% change): -3.5% (2021) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 60.7% (2021)

Gen. Gov. Financial Balance/GDP: -7.3% (2021) (also known as Fiscal
Balance)

Current Account Balance/GDP: 5.1% (2021) (also known as External
Balance)

External debt/GDP: 119.5% (2021)

Economic resiliency: caa2

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On February 14, 2023, a rating committee was called to discuss the
rating of the Suriname, Government of.  Other views raised
included: The issuer's economic fundamentals, including its
economic strength, have not materially changed. The issuer's
institutions and governance strength, have materially decreased.
The issuer's governance and/or management, have materially
decreased.  The issuer's fiscal or financial strength, including
its debt profile, has not materially changed.  The issuer has
become increasingly susceptible to event risks.

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

A lower rating would result from an increased likelihood that
investors will face larger losses than implied by the current Caa3
rating as part of the current debt restructuring.  Suriname's
credit profile will likely remain very weak, even if the government
successfully implements IMF-backed reforms.

Conversely, Moody's could upgrade Suriname's rating if structural
reforms lead to a significant improvement in fiscal prospects and
macroeconomic conditions leading to lower losses for private
creditors. Additionally, investments on off-shore oil production
would be credit positive if Moody's expected those investments to
lead to significantly improved prospects for economic growth and
strengthening of public finances, including through robust foreign
investment inflows that support the external accounts in a
sustained way.

The principal methodology used in these ratings was Sovereigns
published in November 2022.




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

[*] JMMB GROUP: Records Dip in Net Profit in 2022
-------------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that JMMB Group has
a dip in its net profit to JA$4.8 billion (JA$1 = US$0.0065), for
the nine months ending December 31, 2022.

During a review of the group's quarter three financial performance,
JMMB said the dip in net profits reflects a 52 per cent fall-off in
the group's earnings year-over-year, having recorded unprecedented
profit in the prior year, according to Trinidad Express.

During the period, JMMB Group also posted operating revenue of
JA$18.9 billion, a 14 per cent decline, for the comparative period,
the report notes.

The group's financial performance for the period was impacted by
the challenging macroeconomic conditions, the report relays.

In explaining further, JMMB chief financial officer Patrick Ellis
has seen credible financial performance in this environment that
has been characterised by high inflation and rising interest rates,
especially in Jamaica and the Dominican Republic.

Ellis said this has impacted particularly the investment business
line, resulting in a falloff in asset prices and a reduction in the
liquidity in the market, the report notes.

He said the regional and business line diversification strategy,
remains a core contributor to bolster the group's financial
performance, as seen in the case of the banking business line,
which was the largest revenue contributor, accounting for 52 per
cent of the group's net operating revenue, up from 37 per cent in
the prior period, the report relays.

Additionally, Ellis the regional diversification strategy continued
to reap benefits as Trinidad and Tobago contributed 23 per cent to
operating revenue, up from 15 per cent in the prior period, the
report discloses.

                            Stable Outlook

The CFO said due to the delayed publication of Sagicor Financial
Company Ltd's (SFC) audited results for the period ending December
31, 2022, the group did not record any share of profits from its
associated company, SFC, in which it has a 23.33 per cent stake,
the report relays.

Ellis highlighted that the group's trading gains totalled, JA$3.49
billion for the period, reflecting a 51 per cent decline, the
report discloses.

"This was attributable to the rising interest rates and investors'
continued de-risking, which resulted in a reduction of demand for
emerging market assets, consequently, asset prices fell and trading
activity was reduced.  This, as compared to the prior year when
investor sentiment was high and interest rates were low. Net
interest income saw a six per cent decline year-over-year, moving
from JA$8.98 billion to JA$8.44 billion," he said, the report
notes.

Ellis indicated that group recorded positive growth in fees and
commission, which grew by 16 per cent, over the corresponding
period, to JA$4.32 billion, the report relays.

He explained this was mainly driven by increased economic activity
in all the territories in which the group operates, as well as
significant growth in managed funds, collective investment schemes,
and capital market activities across the Group, the report
discloses.  Foreign exchange gains also increased from JA$2 billion
to JA$2.47 billion, which reflects a 24 per cent growth in earnings
over the comparative period, the report says.

JMMB group chief executive officer Keith Duncan, maintained a
positive view of the group's financial performance noting that the
build-out of the diversification strategy and the leveraging of its
"smart growth" initiatives, has delivered credible results and
allowed the company to deliver on its major imperatives, the report
discloses.  He also pointed to the cautiously optimistic outlook
for the region within the context of the challenging operational
environment, with signs of easing based on the International
Monetary Fund (IMF) January 2023 outlook which predicts a marginal
improvement in economic growth in Latin America and the Caribbean,
the report notes.

JMMB shares are traded on the Trinidad and Tobago and Jamaica stock
exchanges.




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

VENEZUELA: Credit Cards Becoming 'Useless' in Country, Analysts Say
-------------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that credit cards are
becoming increasingly useless in Venezuela because of high
inflation and government restrictions, hurting people already
struggling to meet daily needs on low salaries, banking industry
sources, analysts and consumers said.

The country's government imposed strict lending requirements during
Venezuela's economic collapse - allowing banks to lend a maximum of
27% of their cash flow - sending local business owners abroad to
seek loans, according to globalinsolvency.com.

And though the government of President Nicolas Maduro loosened
currency controls in 2019 and let local banks open
dollar-denominated accounts, many credit restrictions remain, the
report notes.

"They are useless," administrator Lina Pereira, from the central
city of Valencia, said of her two credit cards, which both have low
limits, the report discloses.

"My parents bought appliances and computers with their credit
cards, but that's a memory for Venezuelans," the report discloses.

As incomes have fallen and living costs have grown, credit cards
have become vital for many people to make everyday purchases in
supermarkets and pharmacies, even as credit limits stagnate and
some banks eliminate the cards altogether, the report notes.

"The banks don't have a way to lend and we need these credits,"
36-year-old Pereira said, adding the total limit on her cards is
now $2 a month, so low she can no longer use them to buy food like
she did a year ago, the report adds.

                        About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Moody's has withdrawn 'C' local currency and foreign currency
ceilings for Venezuela in September 2022.  Standard & Poors has
also withdrawn its 'SD/D' foreign currency sovereign credit ratings
and 'CCC-/C' local currency ratings on Venezuela in September 2021
due to lack of sufficient information.  Fitch withdrew its own
'RD/C' Issuer Default Ratings on Venezuela in June 2019 due to the
imposition of U.S. sanctions on the country's government.




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

VOYAGER DIGITAL: Seeks to Hire Paul Hastings as Special Counsel
---------------------------------------------------------------
Voyager Digital Holdings, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of New
York to employ Paul Hastings, LLP as special regulatory and
conflicts counsel.

The Debtors require a special counsel to:

   a. give advice regarding financial services regulatory matters
that have arisen and may arise in the Debtors' Chapter 11 cases,
including but not limited to compliance, litigation, discovery,
and
related federal and state judicial and administrative proceedings;

   b. give advice on issues relating to financial services
regulatory law and compliance applicable to a debtor-in-possession
under the Bankruptcy Code;

   c. assist in objecting to and litigating any potential
bankruptcy claims by regulatory entities;

   d. file and prosecute a claim in the Chapter 11 cases of
Celsius
Network, LLC and its affiliates, and opposing the late filed claim
of Celsius Network in the Debtors' bankruptcy cases; and

   e. other necessary legal services.

The firm will be paid at these rates:

     Partners            $1,400 to $2,075 per hour
     Counsel             $1,400 to $2,000 per hour
     Associates          $800 to $1,320 per hour
     Paraprofessionals   $275 to $600 per hour

In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.

During the 90-day period before the petition date, the firm
received from the Debtors a total of $1,414,377 for services
rendered and expenses incurred. It also received from the Debtors
an advance payment retainer in the amount of $361,176.

Chris Daniel, Esq., a partner at Paul Hastings, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Paul
Hastings disclosed the following:

   Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?

   Response: Yes. At the time of the firm's engagement in July
2021, as a courtesy to the Debtors and based on circumstances at
that time, the firm reduced its hourly rates by 20 percent.

   Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?

   Response: No.

   Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.

   Response: The firm's billing arrangements are:

     Partners                 $1,400 to $2,075 per hour
     Counsel                  $1,400 to $2,000 per hour
     Associates               $800 to $1,320 per hour
     Paraprofessionals        $275 to $600 per hour

   Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

   Response: The Debtors and Paul Hastings expect to work together
to develop a budget and staffing plan for the period from entry of
an order approving the firm's retention through the effective date
of any Chapter 11 plan.

Paul Hastings can be reached at:

     Chris Daniel, Esq.
     Paul Hastings, LLP
     1170 Peachtree Street, N.E. Suite 100
     Atlanta, GA 30309
     Telephone: (404) 815-2100
     Facsimile: (404) 815-2424
     Email: chrisdaniel@paulhastings.com

                  About Voyager Digital Holdings

Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through
its
subsidiary Coinify ApS, Voyager provides crypto payment solutions
for both consumers and merchants around the globe.

Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.

Judge Michael E. Wiles oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor. Stretto, Inc. is the
claims agent.

On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped McDermott Will & Emery, LLP as
bankruptcy counsel; FTI Consulting, Inc. as financial advisor;
Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq
Corporate Restructuring, LLC as noticing and information agent.

The committee also tapped the services of Harney Westwood &
Riegels, LP in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.

On July 6, 2022, the Debtors filed a joint Chapter 11 plan of
reorganization.

                            *    *    *

Following an auction process, the Debtors in September 2022
selected the bid submitted by FTX US' West Realm Shires Inc. as
the
winning bid for the assets.  But after a series of events, FTX
collapsed in November 2022, before the sale could be completed.

After reopening bidding, Voyager Digital selected the offer from
U.S. exchange BAM Trading Services Inc. (doing business as
"Binance.US") as the highest and best bid for its assets.
Binance's bid is valued at $1.022 billion.



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
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