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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

          Friday, April 7, 2023, Vol. 24, No. 71

                           Headlines



A R G E N T I N A

ARGENTINA: IDB OKs $150M-Loan to Improve Housing for Families
ARGENTINA: IMF's Statement on Disbursement of US$5.4 Billion
ARGENTINA: Poverty Rose in 2022, Affects 39.2% of Population


B E R M U D A

VALARIS LIMITED: Moody's Affirms B2 CFR, Rates New $600MM Notes B2


B O L I V I A

BANCO ECONOMICO: Moody's Withdraws 'Caa3' Deposit Ratings


J A M A I C A

[*] DIGICEL GROUP: Launches MyCash Mobile Wallet


P E R U

INRETAIL SHOPPING: Moody's Assigns Ba2 CFR, Alters Outlook to Pos.


S T .   K I T T S   A N D   N E V I S

[*] ST. KITTS & NEVIS: Growth Rebounded Strongly in 2022


U R U G U A Y

NAVIOS SOUTH: Moody's Upgrades CFR & Senior Secured Notes to B2

                           - - - - -


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A R G E N T I N A
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ARGENTINA: IDB OKs $150M-Loan to Improve Housing for Families
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $150
million loan to enhance social integration and housing conditions
in Argentina. The program will benefit more than 8,000 vulnerable
households in and around low-income neighborhoods.

The initiative aims to strengthen institutional management of
issues such as informal settlements, helping to prevent their
growth and the formation of new ones.

An estimated 45% of low-income neighborhoods are located in areas
that are exposed to environmental risks and the effects of climate
change. For this reason, the loan will fund the development of
systems that can process information on climate vulnerability.
Additionally, the housing projects under this operation will follow
criteria related to resilience, energy efficiency, and
environmental sustainability. The initiative will also create
gender-focused housing solutions and improve connections to public
services.

This financing, which was approved by the IDB's Executive Board,
also seeks to improve the urban environment and increase land
tenure security for residents of low-income neighborhoods. Steps to
enhance the urban environment will include building potable water
and stormwater drainage networks, installing street lighting, or
distributing electricity in vulnerable neighborhoods.

This operation will also include studies to identify gaps in social
services and ways to expand coverage.

The IDB loan has a 25-year repayment period and a 5-year grace
period.

                       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 March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.

The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023.  Fitch's downgrade of Argentina's rating to 'C'
from 'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

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.



ARGENTINA: IMF's Statement on Disbursement of US$5.4 Billion
------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed the fourth review of the extended arrangement under the
Extended Fund Facility (EFF) for Argentina. The Board's decision
enables an immediate disbursement US$5.4 billion (SDR 4 billion),
bringing total disbursements under the arrangement to about US$28.9
billion.

In completing the review, the Executive Board assessed that all
quantitative performance criteria through end-December 2022 were
met with some margin. In addition, the Board approved waivers of
non-observance associated with the introduction of policy measures
that gave rise to new exchange restrictions and multiple currency
practices. The Board also approved modifications to the reserve
accumulation targets to partially accommodate the impact of the
severe drought, alongside stronger policies to safeguard stability,
address setbacks, and secure program objectives, while maintaining
the anchoring role of the program.

Argentina's 30-month EFF arrangement, with access of SDR 31.914
billion (equivalent to US$44 billion, or about 1000 percent of
quota), was approved on March 25, 2022 (see Press Release No.
22/89). The authorities' IMF-supported program provides Argentina
with balance of payments and budget support that is linked to the
implementation of polices to strengthen public finances, tackle
persistent high inflation, improve reserve coverage, and set the
basis for sustained and inclusive economic growth.

At the conclusion of the Executive Board's discussion, Ms. Gita
Gopinath, First Deputy Managing Director and Acting Chair, made the
following statement:

"More prudent macroeconomic policies in the second half of 2022
supported a moderation in inflation and improvements in fiscal and
external balances, helping to secure end-2022 program targets.
However, the economic situation has become more challenging since
the beginning of this year in light of the increasingly severe
drought and policy setbacks. Given the magnitude of the weather
shock, some downward adjustments to reserve accumulation targets
are warranted, although a stronger policy package is now necessary
to safeguard stability and maintain the anchoring role of the
program.

"Achieving the 2023 primary fiscal deficit target of 1.9 percent of
GDP remains essential to support disinflation and reserve
accumulation, alleviate financing pressures, and strengthen debt
sustainability. Timely implementation of high-quality measures,
particularly improving the targeting of energy subsidies and social
assistance, will help offset lower export taxes due to the drought,
protect priority infrastructure and social spending, and secure the
fiscal targets. Specifically, it will be critical to ensure that
energy tariffs for high-income residential and commercial users
move to become fully aligned with costs, including to reduce the
regressivity of the system. Meanwhile, the fiscal cost of the new
pension moratorium should be mitigated through strong regulations
to target entry only to those with the greatest need.

"Real interest rates should remain sufficiently positive to tackle
high inflation and support demand for peso assets. Further rate
increases may be warranted in the event of further inflation shocks
or intensification of FX pressures. The rate of crawl should
continue to support competitiveness, with recent actions to
rationalize the FX regime and boost exports also helping to support
reserve accumulation. Interventions in the parallel FX market using
reserves or short-term external debt instruments should be
eschewed. As conditions permit and imbalances are addressed,
capital flow management measures, multiple currency practices, and
exchange restrictions should also be unwounded, as they are no
substitute for sound macroeconomic policy.

"On the domestic financing front, prudent efforts will be needed to
mitigate near-term rollover risks and mobilize net financing, while
limiting the buildup of vulnerabilities and protecting debt
sustainability. Meanwhile, central bank interventions in the
secondary bond markets should be limited to address financial
stability risks. Mobilizing support from multilateral and bilateral
partners, including finalizing technical understandings with
remaining Paris Club creditors, is essential to ensure financing
commitments are met and strengthen reserve coverage.

"Given that downside risks have risen further, including in the
context of a very severe drought, agile policymaking remains
indispensable to underpin program success, as additional
macroeconomic policy tightening and further modifications to FX
policies may be required to safeguard macroeconomic stability.
Political support for program policies remains critical in the
period ahead."

                        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 March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.

The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023.  Fitch's downgrade of Argentina's rating to 'C'
from 'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

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.



ARGENTINA: Poverty Rose in 2022, Affects 39.2% of Population
------------------------------------------------------------
Buenos Aires Times reports that poverty rose to affect 39.2 percent
of Argentina's population in the second half of last year,
according to new data from the INDEC national statistics bureau.

The figure is a rise of close to three points on the first half of
2022, when 36.5 percent were considered poor, according to Buenos
Aires Times.  It also underlines the challenges facing Argentina,
where citizens are suffering from runaway inflation and a sharp
fall in purchasing power as price hikes outpace wage rises, the
report notes.

Extreme poverty, however, fell in the latter half of 2022 to reach
8.1 percent of the population, the agency's report also revealed
– a drop of 0.7 percentage points in the first half, the report
relays.

According to INDEC's survey, more than 11.5 million people and 9.9
million households were living in poverty in the second half of
2022, the report notes.

The figures, based on Argentina's 31 largest urban areas and not
the entire country, only cover part of the population, so if
projected out to the whole country the number of poor people would
be around 17.6 million, the report discloses.  The poverty line is
established in relation to household income with respect to a basic
basket of goods and services, the report says.  Destitution, or
extreme poverty, is determined on the basis of a food basket, the
report notes.

Argentina's poverty rate had dropped from 42 percent in the second
half of 2022 to 37.3 percent last year, but the level has now
surged back to near 40 percent, the report relays.  It is presumed
that when official data is next published, the figure will continue
to rise, the report says.

At the regional level, poverty increased across all regions from
the previous half-year period. Extreme poverty fell in two regions,
including Greater Buenos Aires, and increased in the other four,
Buenos Aires Times relays.

The highest incidences of poverty were observed in the northeast
(43.6 percent), and northwest (43.1 percent). The lowest incidences
were recorded in the Patagonia (34.7 percent) and Pampa (36.3
percent) regions, Buenos Aires Times discloses.

In terms of age groups, it is worth noting that slightly more than
half of children (54.2 percent) in Argentina aged 0 to 14 years
were considered poor at the turn of last year, the report notes.

The total percentage of poor people for the 15 to 29 and 30 to 64
age groups was 45 percent and 35 percent, respectively. In the
population aged 65 and over, 14.5 percent were living below the
poverty line, the report says.

Argentina closed out last year with an inflation rate of 94.8
percent - one of the highest rates in the world - and prices rose
6.6 percent in the last month alone, Buenos Aires Times notes.

According to INDEC's measurement establishing the poverty
threshold, a typical family of four members (two adults and two
children) needed 177,063 pesos last month to not be considered
poor, Buenos Aires Times discloses.

The basic food basket for a family of four was established at about
80,000 pesos, the same amount that the minimum wage will reach in
April, the report relays.

                      Private Forecasts

Private studies estimated that the poverty figure would be close to
40 percent, with the Universidad Torcuato Di Tella University
forecasting 40.2 percent and the Centro de Estudios Distributivos,
Laborales y Sociales (Centre for Distributive, Labour and Social
Studies, Cedlas) 39.7 per cent, though both warned the true figure
could be higher, Buenos Aires Times discloses.

Speaking prior to the publication of the latest figure, Agustin
Salvia, the director of the influential Observatorio de la Deuda
Social of the Universidad Catolica Argentina (Social Debt
Observatory of the Catholic University of Argentina), had predicted
a rate of 39 percent, Buenos Aires Times relays.

"The poverty rate will be close to 39 percent, it will not exceed
40 percent, according to our forecasts," said Salvia, who is
considered to be a leading expert on poverty, the report notes.

"That 39 percent implies poverty levels three points higher than in
the first half of last year, two points higher than in the second
half of 2021, three points lower than in 2020 [in the context of
the Covid-19 pandemic] and four points higher than when Alberto
Fernández took office," he continued, the report relays.

"Alarming data shows that there is a situation of structural
poverty that, with fluctuations, affects between 35 and 40 percent
of the population, made up of a strong component of the lower
middle class that have fallen into poverty, are very affected by
inflation, and do not have social [welfare] plans" from the
government, he added, notes the report.

                        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 March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.

The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023.  Fitch's downgrade of Argentina's rating to 'C'
from 'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

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 contex
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.






=============
B E R M U D A
=============

VALARIS LIMITED: Moody's Affirms B2 CFR, Rates New $600MM Notes B2
------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Valaris Limited's
proposed $600 million senior secured second-lien notes due 2030 and
changed the rating outlook to positive from stable. Moody's
concurrently affirmed the company's B2 Corporate Family Rating. The
SGL-2 Speculative Grade Liquidity rating was unchanged.

Net proceeds will be used to redeem Valaris' existing first lien
notes due 2028, and for general corporate purposes.

"The positive outlook reflects the company's rising backlog and
operating cash flow in a positively trending global offshore rig
market," said Sajjad Alam, Moody's Vice President. "The outlook
change also incorporates the company's improved maturity and
liquidity profile following the refinancing of its existing 2028
notes and the closing of a new $375 million five-year revolving
credit facility that will be put in place concurrent with the notes
offering."

Assignments:

Issuer: Valaris Limited

Senior Secured Second Lien Notes due 2030, Assigned B2 (LGD4)

Affirmed:

Issuer: Valaris Limited

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Outlook Actions:

Issuer: Valaris Limited

Outlook, Changed to Positive from Stable

RATINGS RATIONALE

The new second lien notes were rated B2, same as the CFR, based on
Moody's expectations that Valaris will use its revolving credit
facility sparingly and will not add more priority-claim debt ahead
of the second lien notes. The $375 million revolver will have a
first lien claim over substantially all of Valaris' assets. The new
notes will have a perfected second-priority lien on collateral
pledged to the credit facility comprised of substantially all of
the company's rig assets.

The B2 CFR reflects Valaris' increasing EBITDA from low levels,
re-contracting risk surrounding the majority of its active rigs
that have contract expirations through 2024, and the continuation
of negative free cash flow generation over the near term as a
result of significant reactivation costs to deploy idle rigs in an
improving market. While dayrates have been increasing since 2021,
global oil prices need to stay near or above current levels to
support ongoing and higher upstream investments in long-cycle
offshore projects. Moody's expects rig demand and dayrates to
increase steadily in 2023 allowing Valaris to reach free cash flow
in 2024. Valaris' primary credit supports include its large and
high-quality rig fleet; excellent diversification across geography,
rig types, and customers; growing contracted backlog, which stood
at $2.5 billion as of February 21, 2023 (excluding rigs owned by
the ARO joint-venture); and its 50/50 joint-venture partnership
with Saudi Arabian Oil Company (A1, positive), the world's largest
oil producer and employer of jackup rigs. The company's relatively
low debt burden and good liquidity should provide good downside
protection should industry conditions stagnate or deteriorate.
Valaris has successfully signed many new contracts in the current
rig market recovery with progressively higher dayrates and contract
terms, and these positive trends are likely to persist through 2024
absent a sharp decline in oil price.

Valaris should have good liquidity through 2024 which is
incorporated in the SGL-2 rating. While Moody's expects the company
to outspend operating cash flow in 2023 driven by high levels of
reactivation spending, the large cash balance should be able to
comfortably meet any funding shortfall. Moody's expects the company
to move towards positive free cash flow position in 2024 as
operating cash flow grows and capital spending ebbs. Following the
refinancing transaction, the company will have roughly $750 million
of pro forma cash as of December 31, 2022. The company will also
have access to an undrawn $375 million revolving credit facility
due in 2028. Valaris has the option to take delivery of two latest
generation drillships at a total cost of $337 million, and Moody's
expects the company will most likely take delivery of these rigs
based on the current favorable rig demand outlook. However, if the
company elects not to purchase the rigs, the company will have no
further obligations to the shipyard.

The positive outlook reflects Moody's expectations that Valaris'
earnings, leverage and free cash flow will steadily improve through
2024 as the company signs more rig contracts at higher dayrates in
a supportive industry environment.

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

The ratings could be upgraded if Valaris can generate free cash
flow, increase fleet utilization and revenue backlog while
sustaining leverage below 3x in a healthy offshore drilling
industry environment. The ratings could be downgraded if the
company generates larger than expected negative free cash flow, is
unable to sustain interest coverage above 2.5x, or suffers a sharp
decline in available liquidity.

Valaris Limited, based in Bermuda, is publicly traded and one of
the world's largest providers of offshore contract drilling
services to the oil and gas industry.

The principal methodology used in these ratings was Oilfield
Services published in January 2023.



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B O L I V I A
=============

BANCO ECONOMICO: Moody's Withdraws 'Caa3' Deposit Ratings
---------------------------------------------------------
Moody's Investors Service has withdrawn Banco Economico, S.A.'s
long-term and short-term deposit ratings of Caa3/NP, together with
its Baseline Credit Assessment (BCA) and Adjusted BCA of ca.
Moody's also withdrew Banco Economico's long-term and short-term
Counterparty Risk Ratings (CRRs) of Caa2/NP and its long-term and
short-term Counterparty Risk Assessments (CR Assessments) of
Caa2(cr)/NP(cr).

Prior to the withdrawal, the outlook on the long-term deposit
ratings was developing.    

RATINGS RATIONALE

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



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

[*] DIGICEL GROUP: Launches MyCash Mobile Wallet
------------------------------------------------
RJR News reports that telecommunications provider Digicel launched
its MyCash mobile wallet.

The application is now being powered by Paymaster.

Technology Minister Daryl Vaz has lauded the move as timely, the
report notes.

He said the technology will improve citizens' economic security by
minimising theft and reducing the need to travel with cards or
cash, according to RJR News.

Kevin Chin-Shue, head of MyCash and Paymaster Jamaica, said the new
MyCash has moved away from some of the original structures and is
now a fully digital offering, the report relays.

The wallet will avoid physical cash by using an app to transfer
funds from one account to another, the report discloses.  A few
features are pending local regulatory approval, the report says.

MyCash by Paymaster will also allow digital payments via non-smart
devices with the use of a code, the report relays.
  
In addition to a mobile number from any network, a TRN and ID are
need to use the digital wallet, the report says.

MyCash says with its Mastercard partnership, it plans to rollout a
physical and digital card, the report notes.

A merchant platform is also to come.

The wallet is however not yet JAM-DEX enabled, the report
discloses.

MyCash was first launched in 2018 as a prepaid card by Digicel, in
partnership with Sagicor, the report notes.

However, the Digical/Sagicor MyCash partnership ceased a number of
months ago, the report adds.

                   About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.
The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America in
April
2020, Moody's Investors Service downgraded Digicel Group Limited's
probability of default rating to Caa3-PD from Caa2-PD. At the same
time, Moody's downgraded the senior secured rating of Digicel
International Finance Limited to Caa1 from B3. All other ratings
within the group remain unchanged. The outlook is negative.

Also in April 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.





=======
P E R U
=======

INRETAIL SHOPPING: Moody's Assigns Ba2 CFR, Alters Outlook to Pos.
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating to
InRetail Shopping Malls ("InRetail Shopping", "IRSM" or "the
company"). In the same rating action, Moody's affirmed InRetail
Shopping's senior unsecured rating at Ba2 and revised the rating
outlook to positive from stable.

The positive rating outlook reflects Moody's expectation that IRSM
will continue to prudently manage its balance sheet and liquidity,
as well as to strengthen its credit profile. The outlook also
entails the expectation that company will maintain, at a minimum,
all other credit factors as well as the quality of the portfolio at
current levels.

Assignments:

Issuer: InRetail Shopping Malls

Corporate Family Rating, Assigned Ba2

Affirmations:

Issuer: InRetail Shopping Malls

Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Issuer: InRetail Shopping Malls

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

InRetail Shopping Mall's ("IRSM") Ba2 corporate family rating and
senior unsecured rating incorporate the company's position as the
largest owner and operator of shopping malls in Peru, Government of
(Baa1; negative) with a solid balance sheet and improving credit
metrics.  The good-quality mall portfolio has operated resiliently,
supported by strong earnings generation, high occupancy levels and
healthy tenant sales growth rates. The large unencumbered asset
base, sound fixed charge coverage ratio and minimal, near-term debt
maturities support the company's financial flexibility.

These credits strengths, however, are partially counterbalanced by
the company's: 1) small scale and limited access to the global
capital markets relative to its international shopping mall peers;
2) asset and tenant concentration risk within the portfolio; and 3)
exposure to Peru's current macro-political challenges and weakened
institutions.

On a pro forma basis, for the last 12-month (LTM) period ended on
December 31, 2022, on a Moody's adjusted basis, total debt to gross
assets and net debt to EBITDA were approximately 39% and 4.6x,
respectively, compared to approximately 40% and 6.0x at year-end
2021 and 40% and 8.7x at year-end 2020. Overall, the improvement in
leverage metrics was due to a combination of: 1) an increase in
value of the investment properties and other assets, including more
cash on hand; 2) debt repayments; and 3) higher EBITDA generation
from the mall portfolio.

With physical occupancy resiliently hovering at 95% at year-end
2022, the portfolios' total revenues and adjusted EBITDA grew
year-over-year (YOY) by approximately 28% and 37%, respectively,
boosted primarily by: 1) an increase in the malls' operations as
government mandated, COVID-related restrictions were further eased
or have been fully removed; and 2) the acquisition of Molina Plaza
Power Center in July 2022, adding 16,000 square meters to the
portfolio. Near-term lease expirations are manageable with
approximately 5% to 7% of the GLA expiring between 2023 and 2025,
respectively. Despite recent political protests in the country, the
portfolio has experienced minimal impact, to date, affecting the
operating hours of only three malls.

Indicative of a post-COVID normalization in consumer activity, for
full year 2022, store sales rose by approximately 9%, but down from
a 16% growth rate in 2021. However, challenges still linger from
the pandemic's disruptions related to rent collections and bad debt
expense as impaired past-due tenant trade receivables grew by
approximately 15% to PEN26.8 million in 2022 over the prior year.

The company's financial flexibility is bolstered by low secured
debt, representing less than 6% of gross assets, a large
unencumbered asset base of approximately 90% and a fixed charge
coverage ratio of approximately 2.9x (pro forma), up from 2.2x at
year-end 2021, providing cushion against unanticipated cash flow
decline or higher financing expenses. Positively, there is minimal
amount of debt maturing until 2025.

The positive rating outlook reflects Moody's expectation that IRSM
will continue to prudently manage its balance sheet and liquidity,
as well as strengthen its credit profile. The outlook also entails
the expectation that company will maintain, at a minimum, all other
credit factors as well as the quality of the portfolio at current
levels.

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

Upward rating movement would be predicated upon the company
achieving the following criteria on a sustained basis: 1) net debt
to EBITDA below 4.5x; 2) fixed charge coverage ratio above 3.0x; 3)
maintenance of the unencumbered asset pool above 80% of gross
assets; and 4) a broadening of its access to capital.

Downward rating pressure would result from the following factors on
a sustained basis: 1) a large debt-funded acquisition or
development project that would cause debt to gross asset and net
debt to EBITDA to approach 45% and 6.5x, respectively; 2) a
material decline in the unencumbered asset pool base; 3) fixed
charge coverage ratio approaching 2.25x; and 4) an inability to
show adequate liquidity for the next 24 months.

InRetail Shopping Malls is a Peruvian real estate trust dedicated
to the management, leasing and development of shopping malls under
the "Real Plaza" (RP) banner. The firm is a privately held
subsidiary of InRetail Real Estate Corp., the real estate division
of InRetail Peru Corp., which is one the leading and largest
multiformat retailers in the Andean region. The corporate structure
is underneath the holding company of Intercorp. Peru Ltd. -- a
large Latin American business conglomerate. As of December 31,
2022, the IRSM had ownership interests in a portfolio of 21
shopping malls with a total of approximately 848 thousand square
meters (sqm) of gross leasable area (GLA). In addition, the firm
has a land bank of approximately 190 thousand sqm for future
development.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2022.



=====================================
S T .   K I T T S   A N D   N E V I S
=====================================

[*] ST. KITTS & NEVIS: Growth Rebounded Strongly in 2022
--------------------------------------------------------
On March 15, 2023, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with St.
Kitts and Nevis.

St. Kitts and Nevis' economic growth rebounded strongly in 2022
despite global headwinds. GDP is estimated to have grown by 9
percent in 2022 after contracting 14.5 percent in 2020 and 0.9
percent in 2021. The lifting of all COVID-related travel
restrictions in August 2022 sparked a strong rebound in the tourism
sector and across the economy. The authorities' proactive policy
response, facilitated by the fiscal buffers accumulated from a
decade of prudent fiscal policy, helped shelter domestic prices
from high global energy and food prices. These measures nonetheless
took a heavy toll on fiscal accounts in 2022. The primary balance
ex-CBI revenue and land buybacks, an indicator of the underlying
fiscal stance, deteriorated to a deficit of 17 percent of GDP (vs.
15 percent in 2021). Large CBI inflows in 2022 helped finance this
expansion, keeping public debt below the ECCU regional target of 60
percent of GDP.

Return to the pre-pandemic activity level is expected by end-2024,
and beyond that, growth should converge towards its medium-term
path. The budget is expected to be broadly balanced through 2025
and then go into deficits—predicated on current policies. Risks
to the outlook are tilted to the downside in the short term, but
with some upside potential in the medium term. Downside risks
primarily stem from a global slowdown, particularly in the United
States, global inflation, and sustained commodity price volatility
from lingering geopolitical uncertainty. The growing dependance on
volatile and uncertain CBI revenue is a major source of
vulnerability. But prospects for an acceleration of the transition
to renewable energy and increased investment in resilience by the
broader public sector could represent a material upside risk.

The authorities are committed to maintaining a prudent fiscal
stance going forward. Small budget surpluses are planned for the
next three years, supported by the phasing-out of electricity price
subsidies and streamlining of income support measures. They
reiterated their intention to undertake structural fiscal policy
changes to reduce dependency on CBI revenues over the medium term.
They also remain committed to investing in natural disaster
resilience and climate change adaptation.

                Executive Board Assessment

The strong economic rebound in 2022 was moderated by tighter global
financing conditions and high fuel and food prices. While proactive
policies facilitated by accumulated buffers helped keep inflation
under control, the fiscal measures have weighed on public finances.
Strong Citizenship-by-Investment (CBI) flows cushioned the impact
of higher expenditures on public debt but also increased reliance
on these revenues. Looking ahead, as risks are tilted to the
downside in the short run, Directors encouraged the authorities to
pursue prudent fiscal policies, ensure financial stability, and
implement ambitious structural reforms to boost sustainable and
inclusive growth.

Directors concurred that the fiscal stance should be tightened to
entrench debt sustainability, and noted the importance of the
planned phasing-out of electricity price subsidies and other
crisis-era support measures. Containing current expenditures,
notably the wage bill, will help create space for sustainable
investment. Directors called for reducing dependence on CBI
revenue, which would require an overhaul of the taxation framework,
including reducing tax expenditures, streamlining VAT, reforming
property taxes, and introducing a progressive personal income tax.

Directors emphasized the need for structural policies to strengthen
competitiveness, labor market development, and diversification.
They recommended higher resilient infrastructure spending and an
optimal insurance framework against natural disaster risks, and
endorsed the authorities' strategy to transition toward renewable
energy. They supported the plan for a sovereign wealth fund to
finance resilient investment and ensure adequate fiscal buffers.
Directors welcomed efforts to improve the delivery and access to
education and vocational training, which should be complemented by
active labor market policies, to reduce skills mismatches and
promote job opportunities.

Directors called for a re-assessment of the business model of the
systemically important bank, noting that further progress is needed
to de-risk its investment portfolio and reduce NPLs. They stressed
the importance of ring-fencing public sector deposits from risks in
any single bank. Close monitoring of credit unions and continuing
to advance the AML/CFT agenda would be important.





=============
U R U G U A Y
=============

NAVIOS SOUTH: Moody's Upgrades CFR & Senior Secured Notes to B2
---------------------------------------------------------------
Moody's Investors Service has upgraded Navios South American
Logistics Inc.'s (NSAL) corporate family rating to B2 from B3. The
senior secured notes due in 2025 were also upgraded to B2 from B3.
At the same time, Moody's has withdrawn the B3-PD probability of
default rating. The outlook remains stable.

Upgrades:

Issuer: Navios South American Logistics Inc.

LT Corporate Family Rating, Upgraded to B2 from B3

Senior Secured Regular Bond/Debenture, Upgraded to B2 from B3
(LGD3)

Withdrawals:

Probability of Default Rating, Withdrawn, previously rated B3-PD

Outlook Actions:

Issuer: Navios South American Logistics Inc.

Outlook, Remains Stable

RATINGS RATIONALE

The upgrade of NSAL's ratings to B2 recognizes that the company has
been progressively switching its cash generation profile,
increasing the relevance of more stable and predictable ports
operation over more cyclical barge and cabotage businesses. Going
forward, Moody's expect that NSAL's port operations, that comprise
an iron ore port terminal and a grain port terminal in Nueva
Palmira (Uruguay), and a liquid port terminal in San Antonio
(Paraguay), will represent over 70% of the company's EBITDA, up
from 32% in 2015. The change in the revenue generation profile was
mainly driven by the completion and ramp-up of the iron ore port
terminal, that started its operations in 2017, the company's main
business.

NSAL operates the Nueva Palmira port through a long-term concession
contract that the company has the option to renew until 2066 in an
income-tax free zone, and owns the land for the San Antonio port.
Ports operations are underpinned by long-term contracts, including
a contract with Vale S.A. (Baa3 stable) for an annual  throughput
of 6 million tons of iron ore, 4 of which are take-or-pay, that
adds to the stability and predictability to the business.
Nonetheless, Moody's notes that a high level of customer
concentration, exposure to regional agricultural harvests and iron
ore commodity prices constrains the credit profile of the ports
business. The company is exposed to the spot charter rates and
hence market volatility for the barge and the cabotage businesses,
while river levels and navigability also remains a risk factor for
the barge operations. However, the company recently was able to
secure a series of contracts at fixed rates with mid-term
maturities, thus reducing these exposures.

NSAL's exposure to environmental risks are primarily driven by the
shipping sector-wide and regulatory efforts to reduce emissions.
However, the company's sizeable port operations have somewhat lower
carbon transition risks. As an inland operator, the company is also
exposed to climate-related risks such as low rainfall and river
water levels causing reduced volumes or higher cost. Management of
waste and pollution for marine ecology protection add to
environmental risks.

The company's credit profile remains limited by its significant
indebtedness and relatively weak coverage ratios. In 2022, the
company reported funds from operations (FFO) over debt of 4.5%, and
cash interest coverage of 1.4x. Moody's base case projections
account for some improvements in the credit metrics amid the
stronger Paraguayan soybean harvest expected by producers for 2023
and still relatively high iron ore commodity prices, resulting in
FFO to debt over 10% and cash interest coverage around 2.0x for
2023 and 2024. These credit metrics are consistent with NSAL's B2
ratings.

Moody's considers NSAL's current liquidity profile to be adequate,
reflecting $23.6 million of short-term maturities, $49.9 million of
cash as of December 2022 and Moody's expectation of free cash flow
generation in 2023. Refinancing risk remains a key credit concern
as the company's $500 million bonds, representing the bulk of its
obligations, mature in July 2025. Moody's believes that the company
will be able to timely address this refinancing needs, while
promoting gradual deleveraging of the company.

The Navios group have a track record of intercompany vessel sales
and loans. The rating action recognizes recent improvements in NSAL
capital structure after the payment of the inter-company loan in
2021 and the simplification of Navios Maritime Holdings, Inc.'s
corporate structure. However, the concentrated ownership and
limited independent board-level oversight remains an important
governance consideration.

The stable outlook reflects Moody's view that NSAL will report
steady and improving leverage metrics over the next 12-18 months.
It also reflects Moody's expectation that the refinancing needs
will be addressed 18 months ahead of the bonds' maturity in July
2025.

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

NSAL could be upgraded if there is evidence of a sustained
improvement in the company's leverage and cash generation, such as
cash interest coverage would remain over 2.25x and FFO/Debt would
remain over 10% over a prolonged period.

Alternatively, a downgrade could occur if the company's operating
performance deteriorates, resulting in negative free cash flows for
a prolonged period. Loss of any take-or-pay agreements or
deterioration in the company's liquidity profile could also lead to
a downgrade. Quantitatively, the ratings could be downgraded if
cash interest coverage would fall below 1.50x or FFO/Debt would
deteriorate below 5%.

COMPANY PROFILE

Navios South American Logistics Inc. (NSAL) is one of the principal
ports and logistics companies operating in the Hidrovia region
river system in South America. The company operates an iron ore
port terminal and a grain port terminal in Uruguay, a liquid port
terminal in Paraguay, as well as storage services, liquid and dry
barge operations on the Paraguayan river and a cabotage business in
Argentina. In 2022, NSAL generated revenue of $254 million and
company-adjusted EBITDA of $95 million. Navios Maritime Holdings,
Inc. owns 63.8% of NSAL, the remainder being held by the
Argentinean Lopez family through Peers Business Inc.

The principal methodology used in these ratings was Privately
Managed Ports Methodology published in May 2021.


                           *********


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