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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

          Tuesday, April 29, 2025, Vol. 26, No. 85

                           Headlines



A R G E N T I N A

ARGENTINA: Milei Defies Forecasts so far as Peso Strengthens


B R A Z I L

COMPANHIA DE GAS: Fitch Affirms LT FC IDR at 'BB+', Outlook Stable


C A Y M A N   I S L A N D S

OMNIYAT SUKUK 1: Fitch Rates Trust Cert. Issuance 'BB-(EXP)'


C O L O M B I A

ECOPETROL SA: Shell to Exit Gas Projects in Colombia's Caribbean


J A M A I C A

JAMAICA: STATIN Says Unemployment Rate for Jan. to March was 3.7%


M E X I C O

MOMENTO SEGUROS: A.M. Best Affirms B(Fair) Fin'l. Strength Rating


V E N E Z U E L A

CITGO PETROLEUM: Judge Confirms Red Tree's Offer as Starting Bid


V I R G I N   I S L A N D S

IDC OVERSEAS: S&P Affirms 'B/B' ICRs, Outlook Stable

                           - - - - -


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

ARGENTINA: Milei Defies Forecasts so far as Peso Strengthens
------------------------------------------------------------
Ignacio Olivera Doll at Bloomberg News reports that traders in
Buenos Aires are beginning to buy into President Javier Milei's
target of strengthening Argentina's currency toward 1,000 pesos per
dollar, even as economists warn the trend could reverse in the
second half of the year when dollar supply tends to dry up.

Bloomberg relates that the currency is now trading around 1,100
pesos per dollar. It's a surprisingly low figure for those who
predicted that the removal of currency controls in Argentina would
lead to a devaluation. The peso now floats freely between 1,000 to
1,400 per dollar, a major policy change unveiled as part of
Argentina's new $20 billion program with the International Monetary
Fund, Bloomberg says.

"The government is taking steps to keep the peso at the floor of
the new floating band," Bloomberg quotes Gabriel Caamano, a partner
at local consulting firm Outlier, as saying.

According to Bloomberg, analysts argue that a series of signals
from Milei's government point toward a stronger peso over the next
few months:

   * New target: Milei said in a radio interview that the Central
Bank won't buy a single dollar until the peso hits 1,000

   * Money shortage: The Central Bank slashed ultra-short-term peso
lending to banks, squeezing liquidity and discouraging dollar
demand

   * Export tax break: Milei also warned that a temporary tax cut
on commodity exports will expire in June as planned, doubling down
on government efforts to accelerate shipments abroad and increase
dollar supply in the local market

   * Dollar inflows: The FX market was reopened to foreign
investors willing to commit capital for at least six months - even
as local investors remain restricted

Bloomberg says investors got the memo from Milei. The official
exchange rate for the end of April has strengthened to 1,114 pesos
per dollar in the futures market, from 1,200 just two weeks ago.
Traders now see 1,000 not as a floor, but as the next stop.

"Those who said there would be a devaluation this week should
apologise," Economy Minister Luis Caputo said April 21 in a post on
X, touting the peso's better-than-expected performance, Bloomberg
relays.

But what at first glance might appear to be a resounding victory
for the government over devaluation speculators could end up being
a classic case of short-term gain and long-term pain, some
economists said, notes the report. That's because every year in
Argentina the flow of dollars slows in the second half as crop
exporters return to planting instead of shipping their harvests
abroad.

According to Bloomberg, the peso is now at its strongest when
adjusted for inflation since former president Cristina Fernandez de
Kirchner imposed cumbersome exchange controls 10 years ago to stave
off a devaluation.

Bloomberg notes that the financial flows - fresh IMF funds, crop
exports - underpinning the peso today are clear. But the real
economic fundamentals over the long term - job growth, foreign
investment, capital spending - are less tangible as the country
emerges from the past two years of gross domestic product
contracting.

"Today, the peso's appreciation is driven by financial flows,"
Bloomberg quotes Guido Sandleris, a professor at Johns Hopkins
University and former Argentine Central Bank chief between 2018 and
2019 as saying. "But this more appreciated exchange rate, which
emerges from a free market, may not be compatible with the real
fundamentals that make the current account sustainable."

                    About Argentina
 
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.
 
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota).  The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.
 
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
 
On April 11, 2025,  the International Monetary Fund (IMF) approved
a 48-month Extended Fund Facility (EFF) arrangement for Argentina
totaling US$20 billion (or 479 percent of quota), with an immediate
disbursement of US$12 billion, and a first review planned for June
2025 with an associated disbursement of about US$2 billion. The
program is expected to help catalyze additional official
multilateral and bilateral support, and a timely re-access to
international capital markets.
 
On Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'.  At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.
 
On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.
 
On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.
 
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.



===========
B R A Z I L
===========

COMPANHIA DE GAS: Fitch Affirms LT FC IDR at 'BB+', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Companhia de Gas de Sao Paulo (COMGAS)
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB+' and
Local Currency IDR at 'BBB-'. Fitch has also affirmed the company's
National Long-Term Rating and senior unsecured debentures at
'AAA(bra)'. The Ratings Outlook is Stable.

The ratings reflect COMGAS's strong cash generation and solid
financial profile in the Brazilian natural gas distribution sector,
characterized by low to moderate risk. COMGAS benefits from pass
through of natural gas costs onto tariffs and from having diverse
and profitable customer base, with adjusted EBITDA margin above
peers. Its proven access to the debt market should support expected
negative FCF.

Fitch considers limited risks coming from gas supply and the
industry's regulatory framework. The company is analysed on a
standalone basis, despite being part of Cosan group given. COMGAS's
Foreign Currency IDR is capped by Brazil's 'BB+' Country Ceiling.

Key Rating Drivers

Strong Business Profile: COMGAS is the largest natural gas
distributor in Brazil and benefits from its monopolistic operations
in part of the State of São Paulo, the country's most economically
important state, with a concession expiring in 2049. The company
has a more diversified customer base compared to its peers, with a
greater share of residential and commercial customers. Clients from
these two segments are more profitable and generate less volatility
during economic downturns. Residential consumers account for about
15% of revenues and 50% of operating results, while commercial
customers represent around 5% and 15%, respectively.

Robust EBITDA: COMGAS is expected to maintain strong EBITDA and an
adjusted EBITDA margin above the average of its peers. The base
case scenario for the IDRs anticipates slight EBITDA growth,
reaching BRL3.6 billion in 2025 and BRL3.7 billion in 2026, based
on appropriate tariff increases, operational efficiencies, customer
base expansion, and marginal increases in billed volume. Fitch
believes the adjusted EBITDA margin, excluding gas acquisition
costs from net revenue, to be around 85%. This assumption considers
a contribution margin of BRL0.98/cubic meter and a total billed
volume of 4.3 billion cubic meters in 2025, excluding
thermoelectric generation segment customers.

Strong FCF Before Dividends: Fitch projects COMGAS's strong annual
cash flow from operations (CFFO) at BRL2.1 billion-BRL2.3 billion
during 2025-2027, sufficient to sustain the high average annual
investments of BRL1.5 billion. FCF should be negative by
approximately BRL1.0 billion on annual average during the period
due to aggressive dividend payments. Fitch assesses the company
through its standalone credit profile (SCP), considering legal
ring-fencing as isolated, with permeable access and control, due to
the parent company, Cosan S.A. (Cosan; IDRs, BB and National
Long-Term Rating, AAA(bra), all with Stable Outlooks), only has
access to COMGAS through its dividends.

Conservative Leverage: Fitch estimates COMGAS's net leverage will
increase to 2.5x by 2026, from 1.9x in 2024, which remains
conservative considering its low to moderate business risk. The
company is subject to natural gas consumption volatility within the
industrial segment, which represents an important share of its
EBITDA generation. This segment's performance is linked to GDP and
gas price competitiveness. This can result in cash flow variations
for the distributor. COMGAS's efficient expense structure and
efforts to expand its residential and commercial customer base
should mitigate the impact of industrial segment volatility.

Manageable Supply Risk: Fitch assumes no gas supply disruption for
COMGAS in the coming years. Currently, Petróleo Brasileiro S.A.
(Petrobras; IDRs, BB and National Long-Term Rating, AAA(bra), all
with Stable Outlooks) is the main supplier, with a contract until
December 2034. COMGAS also has long-term contracts with related
party Edge Comercialização S.A. and other suppliers. Natural gas
purchasing is the main cost for natural gas distributors, which can
be passed on to tariffs, with no expectation that take-or-pay and
ship-or-pay clauses will significantly pressure its cash flow.

Regulatory Environment is Neutral: The Brazilian natural gas
distribution sector's regulation is neutral to COMGAS's credit
profile. The current regulatory environment encourages competition
in natural gas supply, which should support lower molecule purchase
prices and stimulate demand. Fitch assumed some large consumers to
migrate from COMGAS's customer base to other suppliers, with COMGAS
continuing to receive the distribution service fee. Fitch estimates
that this potential migration will not materially impact the
company's cash generation capacity despite the 10% lower
contribution margin for free market clients given tariff
rebalancing as per concession contract.

Peer Analysis

COMGAS's credit profile compares favorably with Companhia de
Saneamento Basico do Estado de Sao Paulo (SABESP; Foreign and Local
Currency IDRs BB+/Stable), a water/wastewater utility operating in
the State of Sao Paulo. COMGAS faces more manageable capex cycle
and leverage levels. Both companies present proven financial market
access.

Promigas S.A. E.S.P. (Promigas; Foreign and Local Currency IDRs
BBB-/Stable) has a strong business position in Colombia
(BB+/Negative) and predictable cash flow generation, but gross
leverage of around 4.0x, higher than COMGAS at around 3.0x.
Promigas' business profile benefits from diversification within
natural gas transportation and distribution activities, while
COMGAS only distributes gas and can face demand volatility.

COMGAS's business profile is weaker to that of National Fuel Gas
Company (NFG; IDR BBB/Stable), a diversified and integrated natural
gas company that develops, transports and distributes natural gas
to consuming energy markets in the Northeastern U.S., with assets
centered in New York and Pennsylvania. NFG benefits from a better
operating environment and a diversified and integrated business
model anchored by regulated operations. NFG also presents low-cost
acreage position and conservative financial profile, which support
the one-notch difference with COMGAS.

Key Assumptions

- Volume billed growth of 1.0% for residential and commercial
clients in 2025 and thereafter;

- Stable volume distributed to the industrial segment;

- Gradual migration of industrial clients to free market reaching
80% of volume distributed by 2029;

- Dividend payout ratio of 100% of distributable net profit;

- Annual average capex of BRL1.5 billion in 2025-2027;

- Annual contribution margin increase in line with Fitch's
inflation estimates, adjusted by an efficiency factor of 0.57%.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A lower Brazilian Country Ceiling would trigger a downgrade of
the company's Foreign Currency IDR;

- A deterioration in the country's operating environment would
trigger a downgrade of the Local Currency IDR;

- Fitch's expectation of a sustained increase in the net
debt/EBITDA ratio to above 3.0x;

- Fitch's perception of increased regulatory or gas supply risk;

- A sharp decline in distributed volumes;

- Deterioration of the liquidity profile.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Positive rating action on the Local Currency IDR is subject to an
improvement in Brazil's operating environment associated with a
meaningful higher participation of residential and commercial
clients;

- Positive rating action on the Foreign Currency IDR is subject to
a higher Brazilian Country Ceiling;

- An upgrade on the National Long-Term Rating does not apply as it
is at the top of the national scale.

Liquidity and Debt Structure

COMGAS's credit profile incorporates a strong liquidity position
and proven access to credit to support Fitch's expected negative
FCFs. At the end of 2024, cash and equivalents amounted to BRL3.2
billion, with manageable short-term debt of BRL1.5 billion and
total debt of BRL9.9 billion, consisting mainly of debentures
(BRL4.9 billion) and loans with Banco Nacional de Desenvolvimento
Economico e Social (BNDES; BRL2.7 billion). The company had
lengthened debt maturity profile on the same date and is about to
refinance its short-term debt maturity. Fitch considers COMGAS has
limited room to reduce dividend payments and investment plan if
necessary, which moderates its financial flexibility.

Issuer Profile

COMGAS is the largest natural gas distributor in Brazil in volume
billed with operations in 96 cities in the Sao Paulo state. The
company assists around 2.7 million customers and is indirectly
controlled by Cosan.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

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               Prior
   -----------                  ------               -----
Companhia de Gas de
Sao Paulo – COMGAS     LT IDR    BB+      Affirmed   BB+
                       LC LT IDR BBB-     Affirmed   BBB-
                       Natl LT   AAA(bra) Affirmed   AAA(bra)
   senior unsecured    Natl LT   AAA(bra) Affirmed   AAA(bra)



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

OMNIYAT SUKUK 1: Fitch Rates Trust Cert. Issuance 'BB-(EXP)'
------------------------------------------------------------
Fitch Ratings has published Omniyat Holdings Ltd's (Omniyat) senior
unsecured rating of 'BB-' and assigned an expected rating of
'BB-(EXP) to the upcoming sukuk trust certificate issuance, issued
through the trustee Omniyat Sukuk 1 Limited. The Recovery Rating is
'RR4'.

The expected rating is in line with Omniyat's Long-Term Issuer
Default Rating (IDR) and senior unsecured rating of 'BB-'.

Omniyat Sukuk 1 Limited is the trustee and has been incorporated
solely for the purpose of issuing the certificates. BNY Mellon
Corporate Trustee Services Limited is acting as delegate of the
trustee. Omniyat is the obligor, seller, lessee and service agent.

The assignment of final ratings is contingent on the receipt of
final transaction documents materially conforming to information
already reviewed. If these conditions are not met, or if the
instrument is not put into place, Fitch will review the rating.

Omniyat will use the proceeds for general corporate purposes
including green financing and debt refinancing.

Key Rating Drivers

The instrument's rating is aligned with Omniyat's IDR. This
reflects Fitch's view that a default of these senior unsecured
obligations would reflect a default of Omniyat, in accordance with
the agency's rating definitions.

Fitch has given no consideration to any underlying assets or
collateral provided, as the agency believes that the trustee's
ability to satisfy payments due on the certificates will ultimately
depend on Omniyat satisfying its unsecured payment obligations to
the trustee under the transaction documents described in the base
offering circular and other supplementary documents.

In addition to Omniyat's propensity to ensure repayment of the
trust certificates, in Fitch's view, Omniyat is required to ensure
the full and timely repayment of Omniyat Sukuk 1 Limited's
obligations, due to Omniyat's various roles and obligations under
the sukuk structure and documentation, especially but not limited
to the below features:

- The rental due on a rental payment date and the murabaha profit
instalment, will be sufficient to fund the periodic distribution
amounts payable by the trustee in respect of the relevant
certificates.

- On any dissolution or default event, and following the receipt of
a dissolution notice, the certificates of the relevant series are
immediately due and payable at the dissolution distribution amount.
The trustee will have the right under the purchase undertaking to
require obligor to purchase and accept the transfer on the
dissolution event date all of the trustee's rights, title,
interests, benefits and entitlements in, to and under the lease
assets at the exercise price.

- On any dissolution or default event, the aggregate outstanding
amounts of deferred sale price then outstanding will become
immediately due and payable by Omniyat, and the trustee will have
the right under the purchase undertaking to require Omniyat to
purchase all of its rights, title, interest, , benefit and
entitlement, present and future, in to and under the relevant lease
assets at the exercise price.

- The exercise price payable by Omniyat under the purchase
undertaking to the trustee, together with the aggregate amount of
the deferred sale price then outstanding, if any, are intended to
fund the dissolution distribution amount payable by the trustee
under the trust certificates. The dissolution distribution amount
should equal the sum of the outstanding face amount of such trust
certificate; and any due and unpaid periodic distribution amounts
for such certificates, or such other amount specified in the
applicable pricing supplement.

- The outstanding deferred sale price payable by Omniyat and the
exercise price together are intended to fund the dissolution
distribution amount payable by the trustee.

- The dissolution amount is the sum of the outstanding face amount
of a certificate and any due and unpaid periodic distribution
amounts relating to the certificates; or other amount specified in
the applicable pricing supplement.

- The lessor agrees that the lessee may sublease the lease asset to
any third party, provided that: (i) any such sublease does not in
any way affect, impair or reduce the obligations of the lessee; and
(ii) any use of the lease assets pursuant to any such sublease does
not and will not contravene the principles of Shari'a. If the
lessee fails to comply, it would constitute a dissolution event.

- The lessee (Omniyat) undertakes to permit the lessor and any
person authorised by the lessor at all reasonable times to inspect
and examine the condition of the lease assets. If the lessee fails
to comply, it would constitute a dissolution event.

- Additionally, if the lessee fails to keep and maintain the lease
assets in suitable condition (other than fair wear and tear), the
lessor shall be entitled, but not obliged, to take possession of
the lease assets for the purpose of taking all necessary steps or
measures or doing all acts as may be necessary (at the cost and
expense of the lessee) to ensure that the lease assets are in
suitable condition for the purpose for which they are currently
employed or intended to be employed.

- In a loss event (unless the lease assets is/are replaced), if
there is a shortfall from the insurance proceeds, the service agent
(Omniyat) will undertake to pay the loss shortfall amount directly
into the transaction account. If the service agent is not in
compliance with the obligation to insure the assets against total
loss or partial loss events, it will immediately deliver written
notice to the trustee and the delegate of such non-compliance and
the details thereof, and this will constitute an obligor event.

- The payment obligations of Omniyat under the transaction
documents, are and will be direct, unconditional, unsubordinated,
and unsecured obligations, and (subject to certain negative pledge
conditions) will at all times rank at least pari passu with all
present and future unsecured and unsubordinated obligations of
Omniyat from time to time outstanding, provided, further, that
Omniyat will have no obligation to effect equal or rateable
payment(s) at any time with respect to any such other obligations
and, in particular, will have no obligation to pay such other
obligations at the same time or as a condition of paying sums due
under the transaction documents to which it is a party and vice
versa.

- The sukuk documentation includes an obligation on Omniyat to
ensure that at all times, the tangibility ratio defined as the
aggregate value of the lease assets/aggregate value of the lease
assets and the deferred sale price outstanding is more than 50%.
Failure of Omniyat to comply with this obligation will not
constitute an obligor event. If the tangible asset ratio falls
below 33% (tangibility event), the certificate holders will have
the option to require the redemption of all or any of their trust
certificates at the dissolution amount and the trust certificates
will be delisted. In this event, there would be implications for
the tradability and listing of the trust certificates.

- Fitch expects Omniyat to maintain a tangible asset ratio above
50%. The obligor has a small base of unencumbered tangible assets
amounting to USD345 million, of which USD179 million will be
allocated to the upcoming sukuk instrument. As such, Omniyat's
asset base is sufficiently strong to support the trust
certificate.

- The terms of the trust certificates include a negative pledge
provision, obligor event, change-of-control clause, restrictive and
financial covenants with respect to the trustee. The transaction
documents are governed by English law and the laws of the Emirate
of Dubai and, to the extent applicable in the Emirate of Dubai, the
federal laws of the United Arab Emirates. Fitch does not express an
opinion on whether the relevant transaction documents are
enforceable under any applicable law. However, Fitch's rating on
the trust certificates reflects the agency's belief that Omniyat
would stand behind its obligations.

- Fitch does not express an opinion on the trust certificates'
compliance with sharia principles when assigning ratings to the
trust certificates.

Peer Analysis

The instrument's rating is derived from Omniyat's Long-Term IDR.

Key Assumptions

The instrument is issued on behalf of Omniyat via the
special-purpose vehicle Omniyat Sukuk 1 Limited.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A downgrade of Omniyat's IDR would lead to similar action on the
sukuk rating. The sukuk's rating may also be sensitive to adverse
changes to the roles and obligations of Omniyat and Omniyat Sukuk 1
Limited under the trust certificates' structure and documents

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An upgrade of Omniyat's IDR will be mirrored in the sukuk rating

Issuer Profile

Omniyat is a Dubai-based homebuilder focused on the luxury end of
the housing market.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Omniyat Holdings Ltd has an ESG Relevance Score of '4' for
Governance Structure. This reflects significant dependence on the
decision-making of the founders, which has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.

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   
   -----------             ------                  --------   
Omniyat Sukuk 1
Limited

   senior unsecured    LT BB-(EXP) Expected Rating   RR4

Omniyat Holdings Ltd

   senior unsecured    LT BB-      Publish           RR4



===============
C O L O M B I A
===============

ECOPETROL SA: Shell to Exit Gas Projects in Colombia's Caribbean
----------------------------------------------------------------
Reuters reports that Shell PLC will pull out of three offshore gas
projects in Colombia's Caribbean, it owns together with Colombia's
state-run oil company Ecopetrol, the groups said on April 24.

Shell had acquired a 50% operating stake in Col 5, Purple Angel and
Fuerte Sur deepwater blocs in 2020.

"They no longer fit our strategic ambitions. Shell will continue to
work to provide flexible energy products and solutions for Colombia
such as the supply of LNG, as well as the high quality of lubricant
products and fuels," Reuters quotes a Shell spokesperson as
saying.

The two companies are working together to guarantee the continuity
of the projects, Ecopetrol said in a statement, Reuters relays.

Ecopetrol's priorities are the Kronos1, Purple Angel 1, Gorgon 1
and 2, and Glaucus 1 discoveries, which were being operated by
Shell, it said.

"These projects, which are technically and economically viable, are
priorities for Ecopetrol and the country, and we are evaluating
what actions should be implemented to maintain their continuity
over time and develop the resources to ensure supply in the medium
term," the statement said, notes the report.

The Gorgon deepwater well, where reserves were confirmed in 2022,
is expected to begin production between 2031 and 2032, it added,
Reuters relays.

Headquartered in Bogota, Colombia, Ecopetrol SA is an integrated
oil and gas company. It carries out exploration, development and
production of oil and gas.

As reported in the Troubled Company Reporter-Latin America on March
24, 2025, Fitch Ratings affirmed Ecopetrol S.A.'s Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'BB+' and
revised the Outlook to Negative from Stable, reflecting the change
in the Rating Outlook of Republic of Colombia's IDR
(BB+/Negative).




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

JAMAICA: STATIN Says Unemployment Rate for Jan. to March was 3.7%
-----------------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica has
reported that the unemployment rate was 3.7% during the first three
months of this year.

This represents 54,500 of the 1.47 million people who should have
been working during the period, according to RJR News.

STATIN also says a total of 1.42 million people were employed
during the January to March period, of which 763,000 were males,
while 656,400 were females, the report notes.

                        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.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2.  The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  



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

MOMENTO SEGUROS: A.M. Best Affirms B(Fair) Fin'l. Strength Rating
-----------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair), the
Long-Term Issuer Credit Rating of "bb+" (Fair) and the Mexico
National Scale Rating of "a+.MX" (Excellent) of Momento Seguros,
S.A. de C.V. (Momento) (Mexico). The outlook of these Credit
Ratings (ratings) is stable.

The ratings reflect Momento's balance sheet strength, which AM Best
assesses as strong, as well as its adequate operating performance,
limited business profile and marginal enterprise risk management
(ERM).

Momento is a Mexico-based insurtech that started operations in July
2023 and was established to offer insurance products, but with
technological advantages over other traditional companies in its
market. The company´s underwriting is concentrated in personal
motor businesses in Mexico City, causing its business profile to be
considered as limited. During 2024, the company expanded its
operation to other states inside the central area of Mexico, AM
Best will monitor how the company’s products are offered as its
geographical presence expands, but it does not expect Momento’s
business profile assessment to shift over the medium term.

Momento's balance sheet strength assessment of strong reflects its
capital size in contrast to its risk exposure, characterized by its
low business retention, conservative investment portfolio and a
superior security level in the participants of its reinsurance
program. Conversely, Momento’s material premium growth prospects
in very competitive markets, such as the auto segment, could put
pressure on capital adequacy levels, as measured by Best’s
Capital Adequacy Ratio (BCAR), in the medium term if there are
important deviations from its business plan.

Momento has defined policies and procedures for its investments and
underwriting practices that are attached to its risk tolerance.
However, AM Best notes that there is a high execution risk attached
to Momento´s business plan considering its short track record and
the market dynamics of the auto segment; therefore, AM Best’s ERM
assessment is marginal.

Operating performance is considered adequate given the company’s
recent start of operations and its expectation to breakeven by
2027. AM Best will monitor the company’s operating results, and
if there are sizeable deviations from current projections, AM Best
could revise its operating performance assessment in the short
term.

The stable outlooks reflect AM Best’s expectation that Momento
will adequately manage its capital base to consistently face its
risks as the strategy and experience of the company evolves.

Positive changes in the ratings could take place with completion of
the ERM framework in order to mitigate Momento’s implementation
risk. Conversely, negative rating actions could take place if there
are shortfalls in the implementation of the strategy that cause a
material weakening of the company’s balance sheet strength.

The methodology used in determining these ratings is Best’s
Credit Rating Methodology (Version Aug. 29, 2024), which provides a
comprehensive explanation of AM Best’s rating process and
contains the different rating criteria employed in the rating
process. Best’s Credit Rating Methodology can be found at
www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

Rating New Company Formations (Version Sept. 5, 2024)

Evaluating Country Risk (Version June 6, 2024)

Understanding Global BCAR (Version Aug. 1, 2024)

Available Capital and Insurance Holding Company Analysis (Version
Aug. 15, 2024)

Best's National Scale Ratings (Version May 16, 2024)

Scoring and Assessing Innovation (Version Feb. 20, 2025)

View a general description of the policies and procedures used to
determine credit ratings. For information on the meaning of
ratings, structure, voting and the committee process for
determining the ratings and monitoring activities, relevant sources
of information and the frequency for updating ratings, please refer
to Guide to Best’s Credit Ratings.


Previous Rating Date: April 16, 2024

Initial Rating Date: April 16, 2024

Date Range of Financial Data Used: December 31, 2023-March 31,
2025.



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

CITGO PETROLEUM: Judge Confirms Red Tree's Offer as Starting Bid
----------------------------------------------------------------
Reuters reports that a U.S. federal judge on April 21 confirmed a
$3.7 billion offer by Contrarian Funds' affiliate Red Tree
Investments as the starting bid in an auction of shares in the
parent of Venezuela-owned refiner Citgo Petroleum to pay creditors
and bondholders, according to a court filing.

Reuters relates that the offer, which had been recommended by a
court officer overseeing the auction, unleashed a battle among 16
creditors seeking to cash proceeds from the auction, with some
supporting the bid because it includes a payment agreement with
holders of a bond issued by Citgo's ultimate parent,
Caracas-headquartered PDVSA, and others saying it was too low.

A consortium led by miner Gold Reserve, which had submitted a $7.1
billion rival bid, other creditors and lawyers representing
Venezuela in the eight-year-long case in Delaware filed objections
to Red Tree's bid, which were overruled by U.S. District Judge
Leonard Stark, according to Reuters.

"Red Tree's bid constitutes the best balance of the evaluation
criteria, which may be fairly summarized as price and certainty of
closing," Judge Stark said in his decision, adding that the offer
should encourage competition, Reuters relays.

Reuters says the judge asked court officer Robert Pincus to propose
a period for topping off Red Tree's offer, which is expected to
lead to the selection of a winning bid in the auction, whose final
hearing is scheduled for July.

Mr. Pincus was instructed by the judge to place "greater emphasis
on price and lesser emphasis on certainty" in his final bid
recommendation, Reuters relates.

In a previous bidding round last year, most creditors rejected a
$7.3 billion offer by an affiliate of hedge fund Elliott Investment
Management due to conditions included, Reuters recalls.

Choosing Red Tree's bid as stalking horse this time is expected to
encourage competing proposals to pay up to $3 billion to the
holders of PDVSA's 2020 bonds, which were collateralized with Citgo
equity, Reuters notes.

Citgo has been valued at between $11 billion and $13 billion, with
final offers in the auction expected to remain below $8 billion.
The more that is paid to the bondholders, the less that will be
left to distribute to other creditors, which include foreign oil
producers, mining companies and industrial conglomerates whose
Venezuelan assets were expropriated, says Reuters.

                       About Citgo Petroleum

Citgo Petroleum Corporation is a United States-based refiner,
transporter and marketer of transportation fuels, lubricants,
petrochemicals and other industrial products.  Based in Houston,
Texas, Citgo is majority-owned by PDVSA, a state-owned company of
the Venezuelan government (although due to U.S. sanctions, in 2019,
they no longer economically benefit from Citgo.)

Fitch Ratings, in early October 2024, affirmed the Long-Term Issuer
Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at
'B' with a Stable Outlook and the IDR of CITGO Holding, Inc.
(Holdco) at 'CCC+'. Fitch also affirmed Opco's existing senior
secured notes and industrial revenue bonds at 'BB'/'RR1'. S&P
Global Ratings, in June 2022, affirmed its 'B-' long-term issuer
credit ratings on CITGO Holding Inc. and core subsidiary CITGO
Petroleum Corp.




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

IDC OVERSEAS: S&P Affirms 'B/B' ICRs, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'B' long- and 'B' short-term issuer
credit ratings on IDC Overseas Ltd. (IDC).

The stable outlook reflects S&P's expectations that IDC will
continue expanding its operations as a middle-market asset manager
with a modest market share for the next 12 months.

IDC successfully refinanced $145 million of its $150 million in
unsecured debt maturing in February 2026 through an issuance
payable in March 2030, reducing liquidity pressure.

However, high leverage, modest market share, and volatile revenue
continue to limit the ratings on the asset manager.

IDC successfully exchanged 96% of its medium-term notes under its
outstanding debt program, reducing pressures on its liquidity
position for the next 12 months. In S&P's view, management
proactively planned and successfully rolled-over its market
debt--which represents the vast majority of the funding
base--maturing in February 2026. The refinancing of $145 million
out of the $150 million, with an extended maturity date of five
years, came with the support of its investor base, which has
remained loyal throughout the company's operations. IDC now has
more than enough resources to pay the remaining debt and holds
comfortable liquidity levels for the next year. This is reflected
in an expected liquidity ratio (sources to uses) of 1.06x for the
next 12 months. Moreover, as investments mature and the company
materializes its exit strategies before 2030--due to the terms of
the partnership agreements and outlined fund closing dates--it
expects no significant liquidity pressures in the mid to long
term.

S&P said, "While the company has improved its liquidity, we believe
it still relies on limited sources. We consider IDC's capital
structure to have evolved from friends and family (F&F) toward
market-oriented debt during the past couple of years. However, this
structure continues comparing unfavorably with those of global
peers with access to credit facilities from a variety of banking
and credit institutions. Moreover, we consider IDC's dependance on
a few liquidity sources and a single maturity date increase its
vulnerability to market volatility, which could hamper its
financial flexibility.

"We expect IDC will maintain high adjusted leverage levels for the
next 12 months, given the transaction was leverage neutral. Even
though debt to EBITDA will remain at about 3x-4x, we adjust EBITDA
to reflect revenue volatility from performance fees. In this sense,
in our calculation of adjusted EBITDA, we haircut net realized
carried interest, performance fees, and investment income by 50% of
the five-year historical average. Therefore, we forecast the
company's adjusted leverage will remain high at 8x-9x for the next
12 months.

"In addition, the company's medium-term note program was upsized to
$200 million from $150 million. In our view, the latter increases
the entity's funding flexibility to issue further market debt and
continue supporting business growth. In turn, the company's
issuances will continue funding new investments and increasing its
asset base, which covers about 2.7x its outstanding debt. In our
base-case scenario, we expect that the materialization of revenue
derived from upcoming exit strategies in venture funds and special
purpose vehicles would be enough to balance further debt. However,
if an additional issuance is not compensated by EBITDA generation
and at least 50% of projected carried interest is not collected, it
might deviate IDC's adjusted leverage levels (above 9x),
jeopardizing its financial risk profile.

"We expect the company will continue growing and gradually
diversifying its product offering for customers in Central America,
the U.S., and Europe. IDC will continue operating in six different
verticals, focusing mainly on venture capital and private equity
funds, and to a lesser extent in real estate, capital markets,
infrastructure, and social impact. However, most of the company's
assets under management (AUM) remain in the venture capital and
private equity verticals. In our view, this concentration and its
dependence on performance fees will continue adding revenue
instability.

Nevertheless, the asset manager is diversifying within all its
verticals by structuring new funds, working with joint ventures,
and increasing its participation in different projects. S&P said,
"For instance, last year IDC closed a unique alliance with McKinsey
for its second private equity fund, which we think will contribute
significantly to the development and value generation of the
investments within the fund and ultimately be reflected in IDC's
future revenue. In addition, within the infrastructure fund, Xochi
road is in the final stages of construction, which we believe will
contribute to improving revenue stability as it starts operating in
the next 24 months. Overall, we think IDC will continue taking
advantage of market opportunities to extend its presence
internationally and widen its investment sectors. Currently, about
half of its investments are allocated in Europe and the U.S., while
the others are in Latin America. The company will sustain these
efforts until the three regions represent a similar share.
Moreover, within investments in its two core verticals, IDC has
strategically diversified across sectors, including consumer and
retail within private equity, fintech, marketplaces and blockchain
within venture capital, together with a fund of funds and venture
debt. In our view, these efforts will gradually translate into
greater revenue generation as investments mature and the company
materializes its exit strategies.

"The stable outlook on IDC reflects our expectations that it will
continue expanding its operations as a middle-market asset manager
with a modest market share for the next 12 months, with leverage
remaining high at 8x-9x debt to adjusted EBITDA.

"We could take a negative rating action on IDC in the next 12
months if its growth plans become overly aggressive and result in
higher leverage than we expect, without being compensated by
revenue generation. Moreover, we could take a negative rating
action if the company's liquidity weakens. This could happen if its
cash flow generation deteriorates and is not sufficient to cover
its liquidity uses, reflecting a material deficit over the next 12
months.

"We could take a positive rating action on IDC if it improves its
financial position and maintains debt to adjusted EBITDA
comfortably below 5x. We could also take a positive rating action
if it diversifies its AUM offerings substantially, resulting in a
larger market position than those of its peers."



                           *********


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

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