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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, August 23, 2023, Vol. 24, No. 169

                           Headlines



A R G E N T I N A

ARGENTINA: Vote Shock Leaves Investors Dreading the Next Default


B E R M U D A

SEADRILL LTD: S&P Assigns 'B+' Long-Term ICR, Outlook Stable
SIGNET JEWELERS: Fitch Affirms BB LongTerm IDR, Outlook Stable


B R A Z I L

EDP ESPIRITO SANTO: S&P Affirms 'BB-' ICR, Outlook Positive


C A Y M A N   I S L A N D S

CHINA EVERGRANDE: Chapter 15 Case Summary


G U Y A N A

KALLCO GUYANA: Faces Blacklisting in Guyana


J A M A I C A

JAMAICA: Food and Some Drinks Prices Increased in July


P U E R T O   R I C O

ROJESIE INC: Gets OK to Hire Lube & Soto as Substitute Counsel


T R I N I D A D   A N D   T O B A G O

TRINIDAD AND TOBAGO: Air Canada Cancels Flights Amid Challenges

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Vote Shock Leaves Investors Dreading the Next Default
----------------------------------------------------------------
Scott Squires at Bloomberg News reports that from almost the moment
Argentina restructured US$65 billion of debt three years ago,
investors have been betting the next default was around the corner.
Last week, they got a better idea of who their negotiating partner
will be when it comes, and they're not at all encouraged, according
to Bloomberg News.

As traders take stock ahead of what they expect will end up
becoming the country's fourth debt workout in two decades, overseas
bonds have slumped to a two-month low, reports Bloomberg News.  The
tumble follows a shock primary result that showed voters favouring
a mop-topped libertarian economist with radical proposals to
dollarise the economy and lead Argentina out of its perennial
economic crisis, Bloomberg News says.

Javier Milei, the outsider congressman who won a third of the
primary vote ahead of October's presidential election, is a
firebrand often compared with Donald Trump or Brazil's Jair
Bolsonaro, Bloomberg News disloses.  While he's said very little
about Argentina's debt problem or the country's relationship with
creditors, investors are fretting about the implications of
negotiating with a little-known populist when the
all-but-inevitable restructuring comes, Bloomberg News says.

"He's an outsider and voters are frustrated," said Jared Lou, a
portfolio manager at William Blair "If he does eventually become
president, it's not clear which policy proposals he will be able to
implement, given he's likely to face significant opposition in
congress."

The vote sparked a sell-off in the nation's overseas bonds, sending
some securities dipping back below 30 cents on the dollar,
Bloomberg News says.  The government also devalued the peso the
same day, a step analysts had been urging for a long time but still
came with unexpected timing, Bloomberg News notes.

Argentina's sovereign bonds due 2030 extended losses on Aug. 16,
dropping 0.3 cent to 31.3 cents on the dollar, Bloomberg News
relays.

Meanwhile, Wall Street is reexamining its assumptions about what
the next restructuring will look like as shops from Credit Suisse
to Wells Fargo predict Milei as the favourite to take over the
presidency in December, Bloomberg News discloses.

"Based on the country's long history of defaults and debt
restructurings, we do not find Argentine sovereign bonds suitable
for a hold-to-maturity investment strategy, but only for
trade-oriented investors with a high risk-appetite," said Alejo
Czerwonko, the chief investment officer for emerging markets in the
Americas at UBS AG in New York. "We also caution against sizeable
allocations in investment portfolios,"  Bloomberg News relays.

As Czerwonko's note signalled, the debt woes shouldn't come as any
surprise for longtime investors in Argentina, who have been bracing
for the country's 10th default from the moment it exited it's
ninth, Bloomberg News notes.  After money managers got around 55
cents on the dollar in the last restructuring, the securities sank
almost immediately to less than 40 cents, a sign investors fully
expected the serial defaulter to fall back into old habits,
Bloomberg News says.

Investors are so sure Argentina is headed for another default
because it's been unable to build up its international reserves
ahead of a wall of payments on the bonds starting next year,
Bloomberg News discloses.  Central Bank reserves have dipped to a
17-year low as the economy heads toward its sixth recession in a
decade, Bloomberg News notes.

Now, Wall Street is trying to determine just how much it can expect
in the next restructuring, Bloomberg News relays.  Czerwonko's base
case is that investors get an average 40 cents on the dollar for
their bonds at an exit yield of around 15 percent, without a major
haircut on the principal of the securities, Bloomberg News says.

Argentina - which has paid near zero interest since 2020 - has
US$2.6 billion in payments due next year and US$5.6 billion in
2025, according to Morgan Stanley analyst Simon Waever, Bloomberg
News relays.  He thinks bonds could be worth around 43 cents on the
dollar if the next administration pushes out payments another four
years on average, Bloomberg News notes.

In the best, albeit unlikely, case that Argentina avoids a default
altogether, he sees the notes surging to around 50 percent of face
value, Bloomberg News discloses.

The primaries "did not bring the clarity the market was hoping for,
even if a path to the bull case remains," Waever wrote.  He
recommends Argentina's cheaper bonds maturing in 2046, Bloomberg
News adds.

                        Race to The Right

Benchmark bonds due in 2030 had climbed as high as 36 cents on the
dollar in the run-up to the vote, from as low as 24 cents in
mid-April, Bloomberg News relays.  The rally was fed by speculation
the nation's politics would swing right in the next election as
voters moved to oust President Alberto Fernandez's administration,
which has overseen the worsening crisis, Bloomberg News notes.

But the mainstream Juntos por el Cambi coalition got just 28
percent of ballots, compared with the ruling party's 27 percent
support, leaving Milei the clear front-runner ahead of the
presidential vote, Bloomberg News relays.  His closest competitor
may be Patricia Bullrich - a hardline former security minister from
the market-friendly opposition coalition, Bloomberg News discloses.


Even incumbent Economy Minister Sergio Massa, whose coalition
lagged, is seen tacking right if his party were to remain in power,
Bloomberg News says.

"The election trade predicated on the 'change' of the political
landscape remains in play," according to Citigroup strategists Dirk
Willer and Donato Guarino, who recommend selling Argentina's 2030
bonds and buying cheaper notes maturing in 2035, Bloomberg News
relays.

To be sure, the results are far from certain, with each of the
country's three main political camps with similar levels of
support, Bloomberg News discloses.  Participation in the primaries
was only around 70 percent, and it's unclear if voters whose
candidates were knocked out will remain with their coalition, or
migrate to another candidate in October's first round vote,
Bloomberg News notes.

It's also likely the presidential vote will go to a run-off in
November, which happens if the top candidate doesn't receive 45
percent of valid votes in the first round, or fails to clinch 40
percent of them while holding onto a 10 percentage-point lead over
the runner-up, Bloomberg News relays.

All the twists and turns ahead mean that Argentina's bonds are
likely to slump over the next few months, according to Diego Ferro,
founder of M2M Capital in New York, Bloomberg News notes.

"I doubt we've seen the lows before the election," he said. "Once a
candidate gets elected, any of them will try to be more market
friendly, but that doesn't mean the challenges won't still exist,"
Bloomberg News adds.

                      About Argentina

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

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

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None
of
its rated bond issues are affected.

S&P said the negative outlook  on the long-term ratings is based
on
the risks surrounding pronounced  economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among
the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.

Fitch Ratings also upgraded on June 13, 2023, Argentina's
Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to
'CC' from 'C' and affirmed the Long-Term Local Currency (LC) IDR
at 'CCC-'. Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a
default
event of some sort appears probable in the coming years,
regardless
of the outcome of upcoming elections. The affirmation of the LC
IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

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, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.



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B E R M U D A
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SEADRILL LTD: S&P Assigns 'B+' Long-Term ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to offshore drilling company Seadrill Ltd. and its 'BB' issue
rating and '1' recovery rating to its senior secured notes.

The stable outlook reflects its expectation that Seadrill will
preserve the headroom under the rating in the coming 12 months,
supported by healthy industry conditions.

Refinancing helped to simplify the capital structure and extend the
maturities until 2028 at the earliest. S&P said, "Following the
refinancing, we estimate our adjusted debt at $640 million,
consisting of the new $575 million senior secured notes, $50
million unsecured convertible bond, and small adjustments like
leases and pension obligations. Our adjusted debt is on gross
basis, in line with our approach to similarly rated peers in the
industry. At the same time, we estimate available cash of close to
$710 million (on a pro-forma basis), taking into account $412
million of available cash at the end of the second quarter of 2023,
$230 million of net proceeds from new debt issuance, and the funds
from the sale of three tender-assist units completed in July 2023.
This supports a comfortable liquidity cushion, especially
considering our expectation that free operating cash flow (FOCF)
should be broadly neutral in 2023."

The new capital structure consists of the following instruments:

-- $225 million senior secured first-lien revolving credit
facility (RCF) due August 2028 (undrawn);

-- $575 million senior secured second-lien notes due August 2030;

-- $50 million unsecured convertible bond due August 2028.

S&P said, "We believe Seadrill should be able to accommodate the
announced $250 million buyback. The company's board approved the
buyback, although the details on the timeline are not available at
this stage. Given the significant cash cushion and our expectation
of broadly neutral FOCF in 2023, we believe the full amount can be
accommodated with no significant pressure on our credit metrics, as
soon as 2023. We expect that the company will remain prudent when
making the decision on the timing of share repurchases. According
to Seadrill, it will prioritize liquidity and a strong balance
sheet over growth investments and shareholder distributions.
Seadrill intends to maintain net debt to EBITDA below 1x during
healthy market conditions and to limit it to a maximum of 2x during
weaker market conditions (net debt is currently negative)."

S&P said, "The stable outlook reflects our expectation that
Seadrill will benefit from the improving offshore drilling market
over the next 12 months, leading to comfortable headroom under the
rating. We also anticipate that the company will integrate the
recently acquired driller Aquadrill, realizing synergies in line
with its expectations.

"We expect Seadrill will post adjusted EBITDA of $435 million-$485
million in 2023, compared with $261 million in 2022. This should
result in broadly neutral FOCF and funds from operations (FFO) to
debt of close to 50%-55%, which we view as commensurate with the
current rating."

S&P might downgrade Seadrill if its credit metrics weakened, with
FFO to debt declining below 30% and no expectation of a near-term
recovery. This could result from the following:

-- Reduced demand for offshore drilling, likely because of lower
exploration and production industry capital expenditure (capex)
amid low oil and gas prices;

-- A deviation from the company's financial policy, with reported
net debt to EBITDA going above 2x; or

-- Continuously negative FOCF, ultimately resulting in weakening
liquidity headroom.

S&P could upgrade Seadrill if it successfully integrated Aquadrill
and demonstrated improved operating results that would support FFO
to debt above 60%. In addition, S&P would require the following:

-- Strong positive FOCF, highlighting the company's ability to
reduce debt over time;

-- A longer track record of applying the financial policy,
including capital allocation priorities (capex, dividends, and
acquisitions); and

-- At least adequate liquidity, supported by diverse liquidity
sources.


SIGNET JEWELERS: Fitch Affirms BB LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Signet Jewelers Limited's and Signet
Group Limited's ratings, including their Long-Term Issuer Default
Ratings (IDR) at 'BB'. The Rating Outlook is Stable.

Signet's ratings reflect its leading market position as a U.S.
specialty jeweler with an approximately 10% share of a highly
fragmented industry. The ratings consider Signet's good execution
both from a topline and a margin standpoint, which support Fitch's
longer-term expectations of low-single digit revenue and EBITDA
growth.

Although there is some near-term pressure to operating results
given ongoing shifts in consumer behavior, difficult comparisons,
and global macroeconomic uncertainty, Fitch expects that Signet
will be able to sustain EBITDAR leverage (adjusted debt/EBITDAR,
capitalizing leases at 8x) in the low-4x range, as appropriate for
the 'BB' rating.

KEY RATING DRIVERS

Good Medium-Term Performance: For the LTM period ended April 29,
2023, Signet generated USD7.67 billion in revenue and approximately
USD970 million in EBITDA relative to USD6.1 billion in revenue and
USD504 million in EBITDA in 2019. Signet's results have been aided
by an overall shift in consumer spending habits in 2020 and 2021
toward goods, including jewelry. Beyond these industry tailwinds,
Signet has benefitted from the introduction of a number of
strategies in recent years to improve same store sales (SSS),
including increasing the pace of product innovation, and investing
in its omnichannel platform.

Fitch expects organic sales could decline in the low-double digits
in 2023, due in-part to some pulled-forward demand in the jewelry
category during 2020-2021 and consumers refocusing budgets toward
services, including travel and other experiences. Approximately 50%
of Signet's sales are in the bridal category and the company has
stated that 2023 topline results are challenged given an ongoing
drop in engagements, although it expects engagement trends to
improve into 2024.

Beginning in 2024, Fitch projects Signet's revenue could stabilize
around USD7.2 billion-USD7.3 billion range, as consumer trends
normalize versus 2019 revenue levels of USD6.1 billion. The company
has closed approximately 15% of its store base since 2019 and the
volume has been more than offset by the acquisitions of Diamond
Direct in 4Q21 and Blue Nile in 3Q22, which together contributed
approximately USD1.0 billion in annualized sales, and the
improvement in its base business.

Focused Strategy Supports Margin Profile: Signet's EBITDA margins
are expected to trend in the upper-10% range beginning in 2023,
well above the low-8% seen in pre-pandemic 2019, yielding EBITDA in
the upper USD700 million range. In recent years, Signet has been
focused on structural cost reductions, including consolidation of
distribution centers and sourcing optimization. Additionally,
Signet's store fleet optimization efforts yielded a gross margin
benefit of over 500 bps.

During 2018-2022, the company achieved over USD600 million in
annualized savings across a number of functions. In 2023, the
company expects to achieve an additional USD225 million-USD250
million in cost savings. Fitch expects the company to redeploy a
significant level of these savings into topline investments as it
has in the past.

Moderate Leverage; Strong FCF: Signet currently has approximately
USD800 million of debt outstanding. The company has a public
leverage target of below 2.75x (capitalizing rent at 5x;
Fitch-adjusted equivalent is the low-4.0x range). Fitch projects
that, absent a debt-financed transaction, Signet's leverage could
trend in the high-3x range across the forecast period, below the
mid-to-upper 5x range seen pre-pandemic based on EBITDA growth and
debt reduction. Per Signet's leverage calculations, this equates to
leverage trending in the mid-2x range.

With USD656 million of cash as of April 29, 2023, and positive FCF
expected over the rating horizon, Signet has good liquidity and
financial flexibility. The company could deploy FCF generation
toward a combination of debt reduction, share repurchases,
dividends, and acquisitions. Signet repurchased approximately
USD376 million in shares in 2022 and repurchased an additional
USD39 million in 1Q23. Signet has recently been acquisitive,
purchasing Diamond Direct in November 2021 for USD490 million and
Blue Nile in August 2022 for USD360 million. Both of these
transactions were funded with cash on hand.

Leading Jeweler Position: Signet is the leading U.S. specialty
jeweler with an approximately 10% share of a fragmented USD65
billion market. The company ended 2022 with 2,808 stores across
well-known brands like Kay, Jared, Zales and Banter by Piercing
Pagoda in the U.S.; Peoples in Canada; and H.Samuel and Ernest
Jones in the U.K.

Signet benefits from its scale and ability to invest in its
omnichannel platform. If executed effectively, these investments
could provide Signet competitive advantages against smaller and
independent jewelers with limited capacity to invest. Longer term,
Signet's ability to grow its share of the fragmented mid-tier
jewelry market will depend on execution against its omnichannel and
other growth initiatives.

Parent Subsidiary Linkage: Fitch's analysis includes a strong
subsidiary/weak parent approach between the parent, Signet Jewelers
Limited and its subsidiaries Signet UK Finance, PLC and Signet
Group Limited. Fitch assesses the quality of the overall linkage as
high, which results in an equalization of IDRs.

DERIVATION SUMMARY

Signet's 'BB'/Stable ratings consider Signet's good execution both
from a topline and a margin standpoint, which support Fitch's
longer-term expectations of low-single digit revenue and EBITDA
growth. The rating reflects its leading market position as a U.S.
specialty jeweler with an approximately 10% share of a highly
fragmented industry. Fitch expects that Signet will be able to
sustain EBITDAR leverage in the low-4x range, as appropriate for
the 'BB' rating.

Similarly rated peers include: Capri Holdings Limited (BBB-/RWN),
Levi Strauss & Co. (BB+/Stable) and Samsonite International S.A.
(BB/Stable).

Capri's 'BBB-'/Rating Watch Negative (RWN) rating reflects its
strong positioning in the U.S. handbag market and, good growth at
its various brands along with its demonstrated commitment to debt
reduction. The rating also considers the fashion risk inherent in
the accessories and apparel space. The RWN reflects the potential
for a sustained increase in leverage, pro forma for the acquisition
by Tapestry, above Fitch's current expectations for EBITDAR
leverage to sustain in the low-3x range.

Levi's 'BB+'/Stable rating considers the company's good execution
from a top-line and margin standpoint, which support Fitch's
longer-term expectations of low-single-digit revenue and EBITDA
growth. Although operating results could experience some near-term
pressure given ongoing shifts in consumer behavior, difficult
comparisons and global macroeconomic uncertainty, Fitch expects
that Levi will maintain EBITDAR leverage below 3.5x over time.
Levi's ratings reflect its position as one of the world's largest
branded apparel manufacturers, with broad channel and geographic
exposure, while also considering the company's narrow focus on the
Levi brand and in bottoms.

Samsonite's 'BB'/Stable rating reflects the company's position as
the world's largest travel luggage company, with strong brands and
historically good organic growth. The rating recognizes Samsonite's
strong topline rebound, following weak pandemic-era performance in
2020, led by a continued strong recovery in global travel. This,
alongside effective cost reductions and the company's progress on
paying down pandemic-era debt, has increased Fitch's confidence
that Samsonite will be able to sustain EBITDA in the low-USD600
million range and EBITDAR leverage (adjusted debt/EBITDAR,
capitalizing leases at 8x) in the low-4.0x range beginning in 2023,
as appropriate for the 'BB' rating.

KEY ASSUMPTIONS

-- Signet's revenue is expected to decline in the high-single
   digits in 2023 as the incremental revenue benefit of the Blue
   Nile acquisition, which was completed in August 2022, only
   partially offsets a shift in consumer spending patterns toward
   services and away from goods like jewelry. Thereafter, revenue
   is expected to grow in the low-single digit range, supported by

   the company's topline initiatives, including its omnichannel
   focus. Revenue is expected to trend in the USD7.2 billion-
   USD7.3 billion range, beginning in 2024, relative to 2019
   levels of USD6.1 billion. Across 2021 and 2022, the company
   made two sizable acquisitions of Diamond Direct and Blue Nile,
   which, together, accounted for approximately USD1.0 billion in
   incremental revenue.

-- EBITDA is expected to decline from USD1.0 billion in 2022 to
   around approximately USD770 million in 2023, largely driven by
   the high-single-digit top-line decline expected for the year,
   as well as heightened markdown activity. EBITDA is expected to
   grow modestly beginning in 2024 in the USD760 million-USD780
   million range relative to 2019 levels of USD504 million. EBITDA

   margins could trend in the high-10%, low-11% range beginning
   2024, higher than the low-8% range in 2019 given strong top-
   line growth and expense management initiatives.

-- Fitch expects 2023 FCF to be around USD290 million, below the
   USD590 million generated in 2022 given EBITDA declines and some

   reversal in working capital benefits. FCF could be in the
   USD380 million-USD400 million range annually beginning 2024
   assuming modest EBITDA expansion and neutral working capital.

-- Signet could use its strong cash balances of USD656 million as
   of April 2023 and good FCF to reinvest in its business,
   continue share buybacks, and reduce debt over the next two to
   three years. The company's USD147 million of unsecured notes
   matures in June 2024. In 2021 and 2022, the company deployed
   approximately USD900 million in cash toward its Diamond Direct
   and Blue Nile acquisitions.

-- EBITDAR leverage (capitalizing leases at 8.0x) is expected to
   trend in the high-3.0x range across the forecast, lower than
   the 5.4x level seen in 2019 based on EBITDA expansion and debt
   reduction. Fitch recognizes the company could undertake capital

   structure actions to increase adjusted leverage to the low-4x
   range, in concert with its publicly articulated financial
   policy.

-- The company's unsecured notes are a fixed rate instrument. The
   revolving credit facility is floating rate (SOFR + 1.5%).

RATING SENSITIVITIES

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

-- A positive rating action could occur if the company revised its

   financial policy thereby increasing Fitch's confidence of
   Signet maintaining EBITDAR leverage (capitalizing leases at 8x)

   below 4.0x, while also performing in line with Fitch's current
   base case forecast.

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

-- A downgrade could occur if operating performance is below
   expectations, yielding EBITDA declines toward USD500 million
   and EBITDAR leverage (capitalizing leases at 8.0x) sustained
   above 4.5x.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of April 29, 2023, Signet had USD655.9 million
in cash and cash equivalents and no borrowings on its USD1.5
billion ABL facility due July 2026, with USD1.3 billion in
available borrowing capacity.

As of April 29, 2023, the company's capital structure consists of
USD147.5 million in unsecured notes due June 2024 and USD654.3
million of preferred equity, which receives 0% equity credit.
Permanence in the capital structure -- in this case permanence of
the convertible preferreds -- is necessary for equity credit
recognition. Fitch views these securities as not conducive to being
maintained as a permanent part of the capital structure, with the
main purpose being to support the company's stock price. Given
current cash balances and cash flow generation, the company could
pay-off outstanding debt maturities when they come due using cash.

The company has a public leverage target of below 2.75x adjusted
leverage. The target capitalizes leases at 5.0x, equating to a
target of approximately 4.0x on Fitch's leverage calculation, which
capitalizes rent at 8.0x.

RECOVERY CONSIDERATIONS

Fitch does not employ a waterfall recovery analysis for issuers'
assigned ratings in the 'BB' category. The further up the
speculative-grade continuum a rating moves, the more compressed the
notching between the specific classes of issuances becomes. Fitch
has affirmed Signet's secured ABL facility at 'BBB-'/'RR1'
indicating outstanding recovery prospects (91% to 100%). Fitch has
affirmed the unsecured notes at 'BB'/'RR4' indicating average
recovery prospects (31% to 50%). Fitch has affirmed the preferred
equity at 'BB-'/'RR5', indicating below-average recovery prospects
(11% to 30%).

ISSUER PROFILE

Signet, incorporated in Bermuda, is the world's largest diamond
jewelry retailer, with 2,808 stores and kiosks (as of the end of
2022) in the U.S., U.K. and Canada operating under a variety of
national and regional brands. Signet's largest brands include Kay
(36% of 2022 sales), Zales (18%), and Jared (17%), all of which
operate in North America.

SUMMARY OF FINANCIAL ADJUSTMENTS

Historical and projected EBITDA is adjusted to add back non-cash
stock-based compensation expense and exclude non-recurring charges.
For the year ended Jan. 28, 2023, Fitch added back USD42.0 million
in stock-based compensation expense. Fitch has adjusted the
historical and projected debt by adding 8x annual gross rent
expense.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

       ENTITY/DEBT               RATING       RECOVERY PRIOR  
       -----------               ------       -------- -----
Signet Group Limited     LT IDR   BB   Affirmed         BB

          senior secured LT       BBB- Affirmed   RR1   BBB-

Signet Jewelers Ltd.     LT IDR   BB   Affirmed         BB

               preferred LT       BB-  Affirmed   RR5   BB-

Signet UK Finance plc
  
        senior unsecured LT       BB   Affirmed   RR4   BB




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B R A Z I L
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EDP ESPIRITO SANTO: S&P Affirms 'BB-' ICR, Outlook Positive
-----------------------------------------------------------
On Aug. 21, 2023, S&P Global Ratings revised downward EDP Espirito
Santo's stand-alone credit profile (SACP) to 'bb' from 'bb+' due to
the group's tighter liquidity position. S&P also affirmed its 'BB-'
global scale and 'brAAA' national scale ratings on EDP Espirito
Santo Distribuicao de Energia S.A. (EDP Espirito Santo) and its
'brAAA' rating on EDP Sao Paulo Distribuicao de Energia S.A. (EDP
Sao Paulo), reflecting the distributors' core importance to
Brazil-based electric power integrated group EDP Energias do
Brasil's (EDP Brasil) operations.

The positive outlook on EDP Espirito Santo reflects the same on the
sovereign rating on Brazil (BB-/Positive/B), while the stable
outlooks on the national scale ratings on both entities indicate
the ratings are already at the top of the Brazilian national
scale.

S&P now expects a tighter liquidity position for EDP Brasil because
of significant upcoming maturities in the next 12 months, which
includes the bridge loan of R$1.9 billion used to finance the
acquisition of EDP Goias, due in January 2024. The group's cash
position as of June 30, 2023, of about R$2.2 billion, coupled with
our expected cash flow of R$2.6 billion, won't be enough to cover
the group's short-term debt and sizable investments of about R$3.6
billion annually in 2023 and 2024.




===========================
C A Y M A N   I S L A N D S
===========================

CHINA EVERGRANDE: Chapter 15 Case Summary
-----------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 15 of the Bankruptcy Code:

    Debtor                                  Case No.
    ------                                  --------
    China Evergrande Group (Lead Case)      23-11332
    Ugland House
    309
    Grand Cayman, KY1-1104
    Cayman Islands

    Tianji Holdings Limited                 23-11333

    Scenery Journey Limited                 23-11334
    Vistra Corporate Services Centre
    Wickhams Cay II
    Road Toan, Tortola
    British Virgin Islands

Business Description: China Evergrande Group is a Chinese property
                      developer.

Chapter 15 Petition Date: August 17, 2023

Court:                    United States Bankruptcy Court
                          Southern District of New York

Judge:                    Hon. Michael E. Wiles

Foreign Proceedings:      Scheme proceedings under sections 670,
                          673, and 674 of the Hong Kong Companies
                          Ordinance

                            - and -

                          Scheme proceedings under section 179A of

                          the BVI Business Companies Act, 2004

Foreign Representatives:  Jimmy Fong
                          15th Floor, YF Life Centre
                          38 Gloucester Road
                          Wanchai
                          Hong Kong

                           - and -

                          Anna Silver
                          FFP (BVI) Limited
                          2nd Floor Water's Edge Building
                          Wickham's Cay II
                          Road Town, Tortola
                          British Virgin Islands

Foreign
Representatives'
Counsel:                  Anthony Grossi, Esq.
                          SIDLEY AUSTIN LLP
                          787 Seventh Avenue
                          New York NY 10019
                          Tel: (212) 839-5599
                          Email: agrossi@sidley.com

Estimated Assets: Unknown

Estimated Debt: Unknown

Full-text copies of two of the Debtors' Chapter 15 petitions are
available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/2WHAMHY/China_Evergrande_Group_and_Jimmy__nysbke-23-11332__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/BVVLLGY/Scenery_Journey_Limited_and_Anna__nysbke-23-11334__0001.0.pdf?mcid=tGE4TAMA



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

KALLCO GUYANA: Faces Blacklisting in Guyana
-------------------------------------------
Joel Julien at Trinidad Express reports that Guyana Minister of
Public Works Bishop Juan Edghill has told the Express that Kallco
Guyana Incorporated is a "non-performing contractor" and should not
be permitted to do any more work in that country.

He is now taking steps to ensure that this is done, including
having the contractor removed from ongoing projects it is currently
involved in, according to Trinidad Express.

However, Kallco's attorneys said they believe Edghill's words are
"highly defamatory, not justified" and that this newspaper should
be sued if it writes the story, the report notes.

Kallco's attorneys have denied the claims against the company.

This is the latest in an ongoing situation involving Kallco Guyana
Incorporated and the Public Works Ministry, arising out of ongoing
roadworks in Guyana, the report relays.

It all began late last month when the Ministry of Public Works in
Guyana, signalled its intention to issue letters of poor and
non-performance to contractor Kallco Guyana Incorporated,
accompanied by specific instructions to urgently address the issues
pertaining to a billion-Guyanese dollar road improvement project,
the report says.

Kallco personnel were also summoned to the minister's office, where
they were ordered to submit a proposal outlining plans for
completing the portion of billion-dollar roadworks project on time,
the report dicloses.

That document was eventually submitted.

"It is clear from what has been presented to us both in writing and
in printed form that Kallco won't be able to complete the project
in the stipulated time," Edghill told the Express during a WhatsApp
call, the report relays.

"And therefore we have deemed them a non-performing contractor," he
said, the report notes.

Edghill said the ministry will be working to ensure it follows the
terms and conditions of Kallco's contract, the report discloses.
But "they should not be getting any other work", he added.

Apart from the contract to complete a section of the East Coast
Demerara Highway road project, Kallco is also involved in the
construction of an office building at Cheddi Jagan International
Airport (CJIA), the report notes.

Edghill said the end result will be that Kallco will have to be
removed from both projects, the report relays.

"They have to receive written instructions but these are short-term
actions," said the minister, the report discloses.

The Ministry of Public Works is expected to approach the National
Procurement and Tender Administration Board (NPTAB) to discuss
blacklisting Kallco Guyana Inc as a "non-performing contractor,"the
report says.

                       E-mail From Attorneys

The Express reached out to Kallco managing director Arvin Kalloo
for a comment on the ongoing situation.

While a call to his cellphone went unanswered at 3:12 p.m., his
attorneys Devesh Maharaj and Associates called the Express at 3:16
p.m. while a WhatsApp message to Kalloo was being written, the
report notes.

Attorney Maharaj was informed of the situation.

The completed WhatsApp message was eventually sent to Kalloo at
3:22 p.m.

At 5:35 p.m., an e-mail from Kalloo's attorneys was received by the
Express, titled "Proposed action for libel".

It stated, "Our client's principal was sent a WhatsApp message from
your Mr. Joel Julien, from the newspaper requesting that our
client's principal contact him about an ongoing situation with
Kallco Guyana Inc.

"Counsel for Kallco, Mr Devesh Maharaj, was contacted by our
client's principal and our Mr Maharaj had a brief conversation with
Mr Julien. Mr Julien informed Mr Maharaj that he had certain
conversations with Minister Edghill concerning our client's
on-going works in Guyana.  Further to this, Mr Julien stated that
Mr Edghill made certain statements to him.  These statements are
highly defamatory and statements which our client denies and is of
the opinion that if Mr Edghill made those statements he was not
justified in so doing.

"We have taken the precaution of not reciting the statements that
Mr Julien has made so as not to perpetuate the libel and we put you
on notice that should those statements be published by Mr Julien,
the newspaper or any of the arms of your news network, our client
will immediately commence legal proceedings against you without
delay for the obvious damage that these defamatory statements are
likely to cause," the legal letter added.

This is the third story the Express has written with respect to
this situation in Guyana, the report relays.

The Express contacted Kallco in T&T for a comment on the situation
taking place in Guyana for the first story.

And a spokesperson for Kallco Guyana, who identified himself as
Nizam Persaud, returned the call and said the major challenge
facing the contractors for the planned roadworks has been the
weather, the report notes.

The title of that article was "Kallco Guyana slammed for shoddy
roadwork," the report says.

However, Persaud called the Express and took issue with the word
"shoddy", stating that the issue was not one of shoddy work but
rather Kallco's timeliness in conducting the project, the report
notes.

Persaud insisted that the T&T and Guyana operations of Kallco were
completely separate entities, with different boards and management
structures, the report adds.



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

JAMAICA: Food and Some Drinks Prices Increased in July
------------------------------------------------------
RJR News reports that the cost of food and some drinks increased by
11.3 per cent on an annual basis as at July.

For the month of July alone, the Statistical Institute of Jamaica
says prices for goods in the 'Food and Non-Alcoholic Beverages'
division increased by 2.3 per cent, according to RJR News.

This was due largely to a 2.4 per cent increase in food prices
alone, compared to June, the report notes.

Higher prices for agricultural produce such as tomato, yam, cabbage
and sweet pepper resulted in a 9.9 per cent increase in the index
'Vegetables, Tubers, Plantains, Cooking Bananas and Pulses,' the
report relays.

The 'Non-Alcoholic Beverages' group had a 0.7 per cent upward
movement, the report discloses.

'Water, Soft Drinks, and Other Non-Alcoholic Beverages' had the
strongest impact on the increase, with prices moving month over
month by 0.7 per cent, the report adds.

                      About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.



=====================
P U E R T O   R I C O
=====================

ROJESIE INC: Gets OK to Hire Lube & Soto as Substitute Counsel
--------------------------------------------------------------
Rojesie Inc. received approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ Lube & Soto Law Offices, PSC
to substitute for the Law Office of Gloria Justiniano Irizarry.

Lube & Soto will be paid at these rates:

     Attorneys    $300 per hour
     Paralegals   $85 per hour

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

The retainer fee is $3,500.

Madeline Soto Pacheco, Esq., a partner at Lube & Soto Law Offices,
disclosed in a court filing that her firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Madeline Soto Pacheco, Esq.
     Teresa M. Lube Capo, Esq.
     Lube & Soto Law Offices, PSC
     Ponce, PR 00733-5090
     Tel: (787) 841-1704
     Fax: (842) 5402
     Email: madelinesotopacheco@gmail.com

                        About Rojesie Inc.

Rojesie Inc., doing business as Parador Villas Sotomayor, sought
protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.P.R. Case No. 22-02529) on Aug. 29, 2022, with $1
million to $10 million in both assets and liabilities. Carlos G.
Garcia Miranda has been appointed as Subchapter V trustee.

Judge Maria De Los Angeles Gonzalez presides over the case.

Lube & Soto Law Offices, PSC is the Debtor's counsel.




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

TRINIDAD AND TOBAGO: Air Canada Cancels Flights Amid Challenges
---------------------------------------------------------------
Leah Sorias at Trinidad Express reports that ongoing industrial
relations challenges within Air Canada have resulted in the airline
cancelling its much-anticipated direct flights from Toronto,
Canada, to Trinidad.

It was just in June, Tourism Trinidad Ltd announced the resumption
of Air Canada's service to Trinidad from November 1, according to
Trinidad Express.

The airline was supposed to start with three weekly flights from
November 1 to December 3, and then increase service to four times
per week from December 3 to March 9, 2024, the report notes.

At the time, Minister of Tourism, Culture and the Arts Randall
Mitchell expressed his enthusiasm about the news, the report says.

He confirmed via WhatsApp that Air Canada would no longer be
servicing the Toronto to Trinidad route.

"Air Canada appears to be having industrial relations challenges
presently with ongoing pilot negotiations and/or industrial action,
as well as the availability of pilots to operate its equipment and
the shortage of equipment," Mitchell stated, the report discloses.

"It is indeed unfortunate that, as a consequence, the anticipated
recommencement of the Toronto - POS route for this Winter schedule
which had already been registered with local authorities and
flights sold, now had to be cancelled," he said, the report
relays.

Mitchell noted, however, that majority-State owned Caribbean
Airlines, which added more flights from Port of Spain to Toronto
for the July/ August vacation, "may likely augment their flight
schedule for the Christmas season," the report notes.

"Further, Caribbean Airlines expects to receive three additional
Max 8 Jets by fourth quarter 2024 to further increase their fleet.
This will allow for additional flights and an expanded route
network, which we expect to reduce fare costs generally," he said,
the report adds.

Headquartered in Montreal, Canada, Air Canada provides domestic and
international carrier service.


                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *