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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, November 3, 2023, Vol. 24, No. 221

                           Headlines



A R G E N T I N A

ARGENTINA: Locals Queue for Fuel as FX Shortage Strands Tankers
ARGENTINA: Massa Seeks to Tame Tense FX Market


B E R M U D A

WEATHERFORD INT'L: Moody's Ups CFR to B1 & Alters Outlook to Pos.


B R A Z I L

INVEPAR: S&P Raises ICR to 'CCC+' on Debt Restructuring Conclusion
PETROBRAS: Cuts Dividends to Shareholders


C A Y M A N   I S L A N D S

CAYMAN ISLAND: Released From Grey List


C H I L E

WOM MOBILE: Moody's Lowers CFR to Caa1, Outlook Remains Negative

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Locals Queue for Fuel as FX Shortage Strands Tankers
---------------------------------------------------------------
Ignacio Olivera Doll at Bloomberg News reports that drivers in
Argentina are dealing with long lines at the pump and completely
closed gas stations as the government's dollar shortage strands
ships at sea that are waiting to import fuel.

Scenes reminiscent of Venezuela in recent years have surfaced
across Argentina recently with cars around the block attempting to
fuel up at stations, according to Bloomberg News.  Jorge Ferro, a
42-year-old consultant in Buenos Aires, tried to fill up his tank
at an Axion gas station in the wealthy Recoleta neighborhood, but
attendants told him they were out of "super" and could only offer
4,000 pesos (US$11) of premium gasoline, Bloomberg News notes.

"When I told them I was going to go to another station, he told me
that all the nearby gas stations were closed," Ferro said in a
phone interview, Bloomberg News discloses.

The growing lines at the pump and darkened gas stations at night
are tangible signs of a fiscal crisis spiralling out of control.
Argentina's Central Bank is running out of dollars to pay
importers, with inflation near 140 percent and a recession looming,
Bloomberg News relays.  State-run energy giant YPF has three
tankers waiting with gas and diesel for import, but can't offload
the fuel until foreign suppliers BP Plc and Gunvor are paid,
according to two people with direct knowledge of the matter,
Bloomberg News says.

YPF and Gunvor declined to comment.  BP PLC didn't respond to a
request for comment.  Two of the three ships, named Pacific Blue
and NCC Nasma, are anchored in the Rio de Plata closer to Uruguay's
coast, according to data compiled by Bloomberg.  YPF imported six
percent of its gas for cars in the second quarter of this year,
according to its most recent earnings call, Bloomberg News
discloses.

Election uncertainty is another big driver behind commuters'
headache, Bloomberg News relays.  Before the October 22 general
election, some gas stations suspended sales as customers tried to
stock up on gas, fearing a sharp currency devaluation that looks
delayed for now, Bloomberg News notes.  Economy Minister Sergio
Massa faces off against outsider candidate Javier Milei in the
definitive run-off vote on November 19, Bloomberg News discloses.
Even after the vote, some stations say they're entirely tapped out,
Bloomberg News notes.

Argentina's dollar scarcity is leaving YPF unable to pay for gas
imports for now. The retained cargo has a volume of 120,000 cubic
metres, which represents seven percent of monthly gasoline sales in
the country, or about US$150 million, one person said, Bloomberg
News relays.  Argentina doesn't have access to international
capital and is struggling to comply with a US$44-billion agreement
with the International Monetary Fund, its only major source of
financing, Bloomberg News discloses.

Fuel supply is also pressured by regulation: gasoline prices are
fixed until October 31, while a fuel litre at the pump goes for
about 40 cents in Argentina, the lowest level in Latin America
behind Venezuela and Ecuador, one person said. Argentina imports 32
percent of its fuel: 20 percent of its diesel and 12 percent of its
super gasoline, Bloomberg News notes.  The problem has been
worsening for a week and especially in the provinces further away
from the nation's capital, 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.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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.


ARGENTINA: Massa Seeks to Tame Tense FX Market
----------------------------------------------
Ariel Maciel at Buenos Aires Times reports that Sergio Massa's
victory in the general election, which places him in the run-off on
November 19, dismissed the devaluation the market was awaiting for
the first day after the election.  While from the fifth floor of
the Economy Ministry they confirmed that the foreign exchange
restriction policy which they agreed to with the International
Monetary Fund (IMF) will continue, financial operators have
admitted that the impact will bring calm over the next few days,
according to Buenos Aires Times.

However, other market sources have forecast that risk assets, bonds
and shares will have a downward trend, due to the consistent
foreign exchange intervention. From the Ministry they will seek to
avoid a greater widening of the gap between the official and
parallel exchange rates, the report notes.  "Tensions will stilll
be there until the second round", the head of a stockbroker company
operating in Buenos Aires said, the report relays.

According to director of the CEPA Centre for Economic Policy Hernan
Letcher, Massa's victory has prevented a "disaster" in economic
variables, as some sectors had announced the week before the
election. These fears also caused a price run run which promised to
fuel inflation, in line with a devaluation at the pace of claims by
opposition leaders Javier Milei and Patricia Bullrich, the report
discloses.

"The result opens a different outlook from before, as it backs
Sergio Massa's official policy. In practice, it means tensions will
continue, because there are few dollars; but the possibility of a
run of parallel exchange rates which was predictable if (Javier)
Milei won is now remote", Letcher stated, while talking to PERFIL,
the report says.

Massa will continue to head the Ministry of Economy. His doubling
as a storm pilot amid the inflationary crisis and dollar dearth has
gained him political initiative in the general election campaign,
unlike the trap he had been in during the PASO primaries, when the
IMF agreement was uncertain and pressures for a devaluation had
multiplied, the report notes.  Now, with loose hands in terms of
international financing, he will seek to move the foreign exchange
margin, the report discloses.

The Economy minister will advance the payment of maturities with
the Fund, via the Special Drawings Rights (SDRs) in his power,
without fear of a hole in the Central Bank's fire power for
interventions to quiet down financial exchange rates, the report
relays.  The decision seeks to show the market his fulfilment of
contracts, with a wink to the establishment, but also to make it
clear that he got the foreign currency to face any run, the report
says.

It just so happens that, the ENACOM National Communications Entity
will finalise the "bid for frequency bands to deploy, develop and
provide the fifth-generation (5G) service, which expects to help
collect around US$1.05 billion," the report discloses.  He is also
expecting the foreign exchange benefits for the export incentive
for soy, auto industry, SMEs and oil over the next few weeks, the
report says.

The coordinated action between the AFIP Tax Office and the CNV
Securities and Exchange Commission to penalise market operators
working under the table, in order to tame the "blue" dollar, will
continue over the next few weeks, as admitted to PERFIL by
Government sources, the report relays.  There will also be a focus
on the reports of transactions with the bond-based CCL (contado con
Liquidación) exchange rate, used by companies for foreign trade,
and the MEP electronic rate, the report notes.  There is a recent
precedent in the suspension of Santander Valores, which "violated
the statute (General Resolution 981) setting limits on large
capital operations." the report says.

"With order on the financial front, then the political authority
granted by votes will be enough", said a stock exchange trader who
still clarified that the victory in the general election must be
ratified in the runoff, the report discloses.

Even though no specific measures were anticipated, sources from the
fifth floor of the Ministry of Economy admitted that there is a
draft with initiatives to foster consumption and sustain economic
activity, the report relays.  Those variables are debated in a
worktable and different production sectors are intended to be
includedthe report discloses.  New benefits for both formal and
informal workers are not ruled out, neither is more financing for
households, the report says.

One of the problems facing Massa will be the claim by industrial
sectors due to the expansion of the trading debt, the report
relays.  An economist linked to the Radicals (UCR) stated off the
record that frozen imports could be a variable to prevent the
Central Bank from bleeding out dollars, the report notes.  The
corporate world could have bad news there: there is a group of
companies on the verge of a production halt due to lack of supplies
which can only be found abroad, the report says.  There is also a
multinational company which is even assessing the suspension of
part of its staff, the report discloses.

The Government is already analysing alternatives to decompress this
scenario. the report says.  The activation of the second section of
the swap with China would be key: to pay for more imports in yuan,
and even to convert it into US dollars for payments in that
currency, the report adds.

                      About Argentina

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

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

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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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WEATHERFORD INT'L: Moody's Ups CFR to B1 & Alters Outlook to Pos.
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Weatherford
International Ltd. (Bermuda), including its Corporate Family Rating
to B1 from B2, Probability of Default Rating to B1-PD from B2-PD,
Speculative Grade Liquidity Rating (SGL) to SGL-1 from SGL-2, the
rating on the backed senior secured notes to Ba2 from Ba3, and the
rating on the backed senior unsecured notes to B2 from B3, and
changed the outlook to positive from stable. Ratings of Ba1 were
assigned to the company's new backed senior secured 1st lien letter
of credit facility and new backed senior secured 1st lien revolving
credit facility. The Ba3 ratings on the previous backed senior
secured 1st lien bank credit facilities were withdrawn.

"The upgrade of Weatherford's ratings reflect the improvement in
its credit metrics as a result of reducing balance sheet debt and
growing its earnings," stated James Wilkins, Moody's Vice
President. "The positive outlook reflects the ongoing strong demand
for the company's services and potential for further improvement in
credit profile."

RATINGS RATIONALE

The upgrade of Weatherford's CFR to B1 reflects improving operating
performance supported by oilfield service industry fundamentals,
declining balance sheet debt and improving credit metrics. The
company has been undergoing a business transformation that, along
with positive oilfield services industry fundamentals, has resulted
in improving financial performance. Revenue and EBITDA have grown
since 2020, with the company expanding its margins initially
through efficiencies and more recently through gaining pricing
power. The company has generated positive free cash flow since 2020
that has been applied towards debt reduction. In June 2023, it
repaid the remaining balance of its 11% exit notes due 2024,
lowering its debt service requirements and eliminating the
springing maturity on the credit facility. Debt, including Moody's
analytical adjustments, has declined over $700 million from
year-end 2020 through the third quarter 2023. Leverage has declined
to 2.1x at September 30, 2023, with the rise in EBITDA generation
and with strong interest coverage compared to single-B rated peers.
Moody's expects continuing positive oilfield services industry
fundamentals will support further growth in demand for
Weatherford's services and positive free cash flow generation in
2024.

Weatherford benefits from large scale comparable to the largest
oilfield services companies, broad product, as well as geographic
and customer diversification with a substantial portion of revenue
sourced from less volatile international markets. Its numerous
patented products and technologies are well-known and widely used
in the oilfield services industry giving the company some
competitive advantages and leading market positions in several
product categories.

In October 2023, the company amended its $550 million credit
facility to extend the maturity to October 24, 2028, and provide
for a $250 million of letters of credit facility and a $300 million
revolving credit facility. Its debt capital structure now includes
obligations under the secured credit facilities, senior secured
notes due 2028, as well as unsecured notes due in 2030, which are
all obligations of Weatherford International Ltd. (Bermuda). The
obligations under the credit facilities and secured notes due 2028
both have a secured claim to the company's assets (the credit
facilities have a first-lien priority claim to certain more liquid
assets and a second priority lien on the rest of the assets, while
the secured notes have a second priority lien on the secured credit
facilities priority collateral and a first-lien on other assets).
The credit facilities are rated Ba1, three notches higher than the
B1 CFR and the secured notes are rated Ba2, two notches above the
B1 CFR, recognizing the credit facilities priority claim to the
more liquid assets. The senior unsecured notes due 2030 are rated
B2, one notch below the CFR because of the significant amount of
more senior priority-claim secured debt in Weatherford's capital
structure. The secured notes and unsecured notes have the same
guarantors, including Weatherford International plc (Ireland), the
ultimate parent company and Weatherford International, LLC
(Delaware), which owns Weatherford's US subsidiaries.

Weatherford's SGL-1 rating reflects very good liquidity through
2024, supported by its new revolving credit facility, unrestricted
cash balances ($839 million as of September 30, 2023) and expected
positive free cash flow generation. Prior to increasing the size of
the revolver, the company depended on maintaining elevated cash
balances as its main source of liquidity other than positive free
cash flow generation. (As of September 30, 2023, $157 million of
the cash balances were not easily repatriated from various
countries.) Additionally, it has restricted cash ($107 million as
of September 30, 2023), that backs letters of credit. The credit
facility has financial covenants that require the company to
maintain at least $250 million of liquidity (cash plus availability
under the credit facility), a minimum interest coverage ratio of
2.5x, a maximum consolidated net leverage ratio (debt/EBITDA) of
3.5x and a maximum consolidated net secured leverage ratio of 1.5x.
Moody's expects the company to maintain ample headroom for future
compliance with these covenants through the end of 2024. The next
notes maturity is the $248 million of secured notes due in 2028.

The positive outlook reflects Moody's expectation for strong demand
for the global oilfield services industry, and that Weatherford
will continue to reduce debt and further improve its credit
profile.

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

The CFR could be upgraded if Weatherford continues to generate free
cash flow, further reduces debt and makes progress on improving its
profit margins and financial performance. Weatherford sufficiently
reducing debt to be able to maintain financial leverage below 3.0x
through industry cycles would be supportive of an upgrade. The CFR
could be downgraded if the company engages in debt-funded
acquisitions, adopts a more aggressive financial policy or leverage
rises above 4.0x.

Weatherford International Ltd. (Bermuda) is a wholly-owned
subsidiary of Weatherford International plc, which is incorporated
in Ireland, and is a diversified international provider of a wide
range of services and equipment to the global oil and gas
industry.

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




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B R A Z I L
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INVEPAR: S&P Raises ICR to 'CCC+' on Debt Restructuring Conclusion
------------------------------------------------------------------
S&P Global Ratings raised its global scale rating on Brazilian
infrastructure group Invepar to 'CCC+' from 'D' and national scale
rating to 'brBB-' from 'D'. At the same time, S&P raised its
issue-level ratings on its third and fifth debentures to 'brB' from
'D' and the recovery rating remains '6'.

The negative outlook reflects the chance that S&P could lower the
ratings in the next 12 to 18 months if the dispute involving Lamsa
continues into the end of 2024 and beginning of 2025 without
resolution, and the holding company faces new liquidity pressures
on its debentures.

On Oct. 30, 2023, Invepar announced the conclusion of its debt
restructuring, including the renegotiation of the debt of its
subsidiary BR-040 S.A. (Via 040, not rated), which Invepar
guarantees.

Invepar has restructured its holding level debt -- the third and
fifth debentures (balance of R$1.05 billion as of June 30, 2023) --
and extended the maturity by 24 months to August 2026. The group
also extended the maturity of Via 040's bank debt (about R$1.0
billion) by 48 months to October 2027. In exchange, Invepar agreed
to amortize roughly R$90 million of the latter debt with upfront
cash, using a mix of its own available cash and Via 040's cash
position.

In addition, while Invepar keeps operating Via 040, creditors will
continue receiving quarterly interest payments tied to Interbank
Deposit Rates (CDI) plus 1%, the same interest rate as before. Once
and if a reauction of Via 040 concludes, Invepar will incorporate
the debt of the subsidiary and will cease to pay interest, which
will in turn accrue throughout 2027, until the debt matures. As a
result, S&P thinks that the group's short-term liquidity pressures
have receded.

Despite the liquidity relief, Invepar's ability to amortize its
holding level debt in the medium term remains tied to the
conclusion of its subsidiary Linha Amarela S.A.'s (Lamsa; not
rated) judicial dispute (ongoing since September 2020). In
addition, the amortization of Via 040's debt at this point depends
on the ability of the Guarulhos (GRU) airport to upstream cash
dividends by 2027, once the airport amortizes its BNDES debt.

In addition, according to the terms of the overall restructuring,
70% of any cash in excess of R$100 million at Invepar's holding
level will be used to amortize its debt. The minimum cash amount at
Invepar's level will decrease to R$90 million from September 2025
to February 2026, and to R$80 million from March 2026 until the
debentures mature in August 2026. S&P said, "In our view, this
lowers the group's ability to manage any high-impact,
low-probability event, such as a required capital injection in any
of its subsidiaries. On the other hand, we expect the GRU Airport,
Invepar's main asset, to continue operating on a stand-alone basis,
supported by continued air traffic recovery."


PETROBRAS: Cuts Dividends to Shareholders
-----------------------------------------
Richard Mann at Rio Times Online reports that Petrobras and Vale,
Brazil's largest dividend-paying companies, have cut their dividend
distributions to shareholders.

A study by Meu Dividendo shows their contribution dropped to 38%
this year, according to Rio Times Online.

For Vale, a struggling Chinese economy is to blame, the report
notes.  China is a key buyer of iron ore, which affects Vale's
financials, Rio Times Online says.

On the other hand, political shifts impact Petrobras, the report
discloses.  Wendell Finotti, CEO of Meu Dividendo, raises concerns
about this, the report says.

There may be further cuts in Petrobras' dividends.  A meeting in
November could approve a new reserve policy.

                       About Petrobras

Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil.  Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia.  But, Brazil represents majority of its production.

The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank
and Brazil's Sovereign Wealth Fund (Fundo Soberano) each control
5%, bringing the State's direct and indirect ownership to 64%.

A corruption scandal was uncovered in 2014 that involved
Petrobras.

The scandal related to money laundering that involved Petrobras
executives.  The executives were alleged to get received kickbacks
from overpriced contracts, to the tune of about $3 billion in
total.  Over a thousand warrants were issued against politicians
and businessmen in relation to the scandal.  In 2016,  Marcelo
Odebrecht, CEO of Odebrecht, was sentenced to 19 years in prison
after being convicted of paying more than $30 million in bribes to
Petrobras executives.

In January 2018, Petrobras agreed to pay $2.95 billion to settle a
U.S. class action corruption lawsuit.  In September 2018,
Petrobras agreed to pay $853.2 million to settle with Brazilian and
U.S. authorities.

In July 2022, Fitch Ratings affirmed Petrobras' BB- Long-Term
Issuer Default Rating. In addition, Fitch has revised the Rating
Outlook to Stable from Negative following a similar revision to
Brazil's Sovereign Rating Outlook.  Also in July 2022, Egan-Jones
Ratings Company upgraded the foreign currency and local currency
senior unsecured ratings on debt issued by Petrobras to BB+ from
BB.




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

CAYMAN ISLAND: Released From Grey List
--------------------------------------
David Fox at Royal Gazette reports that the Cayman Islands has been
removed from the global Financial Action Task Force's
money-laundering grey list.

Following a three day meeting in Paris of the FATF Plenary, the
group's decision-making body, issued a statement that included a
note on jurisdictions no longer under increased monitoring,
according to Royal Gazette.

It said: "The FATF plenary congratulated Albania, the Cayman
Islands, Jordan and Panama for their significant progress in
addressing the strategic AML/CFT deficiencies previously identified
during their mutual evaluations, the report notes.

"These jurisdictions had committed to implement an action plan to
resolve swiftly the identified strategic deficiencies within agreed
time frames.  These countries will no longer be subject to the
FATF's increased monitoring process, the report notes.

"This comes after a successful on-site visit to each of these
countries, the report relays.

"Each country will work with the FATF-style regional body of which
it is a member (the Caribbean Financial Action Task Force), to
continue strengthening their AML/CFT/CPF regimes," the report
says.

AML/CFT/CPF is the initialism for anti-money laundering/combating
the financing of terrorism/countering proliferation financing, the
report discloses.

It is a set of measures that financial institutions and other
regulated entities must follow to prevent and detect money
laundering, terrorist financing, and proliferation financing, the
report notes.

The much anticipated decision comes as the FATF seems bent on an
even stricter measure of supervision, the report says.

It was known this summer that pending a sight visit, Cayman had
satisfied the FATF requirements, that they were to be removed from
the list of monitored countries with deficiencies in their
anti-money laundering and counter-financing of terrorism regimes,
the report relays.

In anticipation of the formal statement, the international
financial services firm, Ocorian, only days ago published its view:
"In the journey to compliance, the Cayman Islands has invested
significant resources since 2019 when it became aware of the
impending grey listing, the report discloses.

"These efforts included establishing a dedicated bureau within the
police service to lead complex cross-border money-laundering
inquiries, implementing stringent rules and oversight for high-risk
industries such as real estate and precious metal dealers, among
other reforms," the report says.

Ocorian is a provider of trust, administration and fiduciary
services for companies, institutions, individuals and funds, the
report relays.

However, it added: "The Cayman Islands must continue to enhance and
refine its anti-money laundering, counter terrorism financing and
counter proliferation financing regimes, the report notes.

"The fifth round of mutual evaluations by the FATF, scheduled for
2025, is expected to place a stronger emphasis on how well the
jurisdiction enforces its laws and regulations, the report
discloses.

"Global standards are continually evolving, and the Cayman Islands
remain under scrutiny due to the substantial size of its financial
sector," the report notes.

Cayman Finance, the financial services industry
association representing 80 member firms and 15 professional
associations, welcomed "the FATF's recognition of the Cayman
Islands' anti-money laundering regime as compliant and effective,"
the report says.

In a statement, the organisation said: "Standard setters such as
the FATF and the European Union have meticulously reviewed Cayman's
regulatory capacity and practices and confirmed they meet global
standards for transparency, anti-money laundering, and tax good
governance at least on par with, if not better, than most major
economies, the report notes.

"To maintain this status, a lot of work has gone into further
strengthening Cayman's financial services legislation and the
implementation of new regulations," the report relays.

"Cayman's consistent adherence to global standards is a testament
to the strong collaborative relationship between the Cayman Islands
government and the financial services industry," the report adds.




=========
C H I L E
=========

WOM MOBILE: Moody's Lowers CFR to Caa1, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded WOM Mobile S.A. and
subsidiaries' ("WOM") Corporate Family Rating to Caa1 from B2. At
the same time, Kenbourne Invest S.A.'s 2024 and 2028 Backed Senior
Unsecured Notes ratings were downgraded to Caa1 from B2. The
outlook for both entities are maintained negative.

WOM Mobile S.A. is the parent company of WOM S.A., Conect S.A., and
Multikom S.A. The existing notes issued by Kenbourne Invest S.A.
are backed by WOM Mobile S.A. and its subsidiaries.

RATINGS RATIONALE

The downgrades to Caa1 reflects the deterioration in WOM's
liquidity and heightened refinancing risk that results from the
company's aggressive approach towards financial policy and
deleveraging. The action also considers the uncertainty around the
company's ability to refinance the CLP278 billion ($347 million) in
outstanding 2024 maturities amid current market conditions and weak
liquidity. As of June 2023, WOM had CLP36 billion ($46 million) in
cash and equivalents, compared to CLP168.2 billion as of December
2022.

In addition, Moody's anticipates that WOM will post negative free
cash flow until at least 2025, primarily due to substantial capital
expenditure intensity. This will strain liquidity and hinder the
company's capacity to reduce gross debt. Consequently, leverage is
expected to stay high, around 5.0x for the forthcoming 18 months,
aligning with the 5.2x reported at the end of 2022. Even though the
partial tender offer executed in October 2022 decreased the
outstanding balance of the 2024 and 2028 notes by $285 million to
$660 million, gross debt remained stable, largely influenced by a
notable rise in lease liabilities. Moody's also expects the company
to fully refinance the $347 million notes balance due in November
2024, which will restrict further leverage reduction over the
rating period.

Governance factors play a crucial role in the ratings for WOM as it
considers the risks linked to its private ownership by NC Telecom
AS II, a Norwegian fund controlled by the British private equity
firm, Novator Group. Recent shifts towards aggressive financial
policies and a greater acceptance of leverage underscore these
governance risks. In March 2023, WOM announcement that it planned
to use $100 million out of the additional $200 million in tower
sales proceeds expected to be received over the next two years to
invest in WOM Colombia, implying an increase in risk tolerance and
lower commitment by shareholders to continue deleveraging the
Chilean operation. On November 30, however, the company informed
that it has reduced the planned investment to the $16 million
already disbursed for at least the next twelve months. More
recently, WOM missed the October 7 deadline to roll out 5G
antennas, raising concerns about management's execution
capabilities. This delay may result in regulatory fines as these
deployments are part of WOM's obligations from its 2021 spectrum
bid and are secured by approximately $50 million in performance
bonds. If these bonds are executed, they could significantly strain
WOM's already fragile liquidity position.

WOM's ratings also reflect its relatively new but already
well-established position in the competitive mobile services market
of Chile. The rating also takes into consideration WOM's network
with nationwide coverage, strong brand recognition and
cost-efficient structure, which helps mitigate inflationary
pressures and support profitability. In addition to liquidity, the
ratings are constrained by WOM´s modest revenue size compared with
that of its global and local peers and intense competition in the
Chilean telecom market, in addition to the persistently high
leverage.

Moreover, the company has only a recent track record of stronger
profitability, with positive EBITDA achieved for the first time in
the fourth quarter of 2017, which has been tested by the
challenging macroeconomic scenario over the last two years.
Accordingly, the Caa1 ratings also factor in the execution risks in
WOM's plan to continue expanding its market share in the
competitive Chilean market as well as the added exposure to the
challenging and competitive operating environment in Colombia
arising from the announced equity investment.

The negative outlook considers the increase in liquidity risk
steaming from the need to refinance 2024 maturities under current
market conditions. In addition, high capex needs to continue to
expand the network and capture market share will drive negative
free cash flow over the rating horizon and pressure leverage.
Furthermore, the negative outlook considers Moody´s expectation
that the company will continue to operate in a challenging
environment, with slow economic growth, persistent inflation and
intense competition pressuring performance and profitability.

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

The rating could be upgraded if the company improves its liquidity
and demonstrates the ability to secure refinancing to timely meet
its 2024 maturities. In addition, the company needs to be able to
sustain positive revenue growth and steady improvement in
profitability over the rating horizon, while maintaining Moody´s
adjusted leverage below 5.0x.

The rating could be downgraded if liquidity deteriorates further,
or the company is unable to secure the additional funding to
address its 2024 maturities. Quantitatively ratings could be
downgraded if leverage is expected to remain at 5.0x or higher for
a prolonged time.

The principal methodology used in these ratings was
Telecommunications Service Providers published in September 2022.

WOM Mobile S.A. and subsidiaries (WOM), domiciled in Santiago,
Chile, is a mobile telecommunications services provider, serving
more than 7 million clients across its business segments, including
mobile voice, data services, mobile broadband and, more recently,
Fiber to the Home. WOM was launched in 2015 after the acquisition
and rebranding of Nextel Chile S.A. (Nextel Chile) by its
controlling shareholder Novator Partners LLP (Novator) and became a
well-established company in the Chilean mobile market. WOM reported
CLP687.4 billion in net revenue and CLP243.8 billion in Moody's
Adjusted EBITDA for the last twelve months ending in June 2023.



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