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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, May 20, 2025, Vol. 26, No. 100

                           Headlines



A R G E N T I N A

ARGENTINA: Halts Private Bond Sale Amid Pressure on Peso Rate
ARGENTINA: Inflation Slowed in April Amid Currency Policy Change
ARGENTINA: Post-Cepo Boost for Milei as Monthly Inflation Slows
IRSA INVERSIONES: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable


B R A Z I L

CAIXA ECONOMICA: Fitch Rates USD700MM Unsec. Notes 'BB'
ENERGISA SA: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable


C A Y M A N   I S L A N D S

GRIFFIN GLOBAL: Fitch Alters Outlook on BB LongTerm IDR to Positive


J A M A I C A

JAMAICA: Inflation Rate Fell 0.4% in April
[] JAMAICA: Series of Consultations w/ Manufacturers & Exporters


M E X I C O

LEISURE INVESTMENTS: U.S. Trustee Appoints Creditors' Committee


P A N A M A

BICSA: Fitch Affirms 'BB/B' Issuer Default Ratings, Outlook Pos.


P E R U

RUTAS DE LIMA: S&P Lowers ICR to 'CCC-', Outlook Negative


P U E R T O   R I C O

PUERTO RICO: U.S. Congressman Fitzgerald Seeks Bankruptcy Details


X X X X X X X X

LATAM: China Urges Deeper Ties With Latin America, Caribbean

                           - - - - -


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

ARGENTINA: Halts Private Bond Sale Amid Pressure on Peso Rate
-------------------------------------------------------------
Buenos Aires Times reports that Argentina's Central Bank intervened
to stop a dollar bond sale by Banco Supervielle halfway through the
trading day, according to two people with knowledge of the matter,
a move that could avert pressure on the peso in the parallel
exchange market.

Supervielle had already received demand from clients for the deal,
which sought to raise US$100 million in total through two six-month
bonds, according to Buenos Aires Times.  The instruments were split
into two tranches: one in pesos and another in US dollars, the
latter to be paid offshore using freely available foreign currency,
according to the people, who asked not be named discussing private
information, the report notes.

The peso auction was executed, but the monetary authority called
Supervielle executives and asked them to halt the sale of its
dollar debt, according to the people, the report says.  Supervielle
later informed brokers, including Balanz, SBS and Allaria, the
auction wouldn't go forward, the report discloses.    

A Central Bank spokesman declined to comment. Press offices for
Supervielle and brokers involved didn't immediately respond to
requests for comment.

The Central Bank plans to issue a dollar-denominated bond, called a
bopreal, in the coming days, which will seek to capture demand from
companies that need to transfer dividends abroad, the report says.

The auction's complex structure acted as a financial loophole for
Argentine companies, currently restricted by the country's capital
controls from buying dollars at the official rate, to gain access
to greenbacks via the debt market, the report relays.  Companies
including fintech Tarjeta Naranja and Banco Galicia used a similar
auction framework in separate sales in the past two weeks, the
report notes.

The deal was especially attractive for Supervielle's corporate
clients: brokers sold the bonds to firms in pesos, giving them the
right to collect dollars abroad in six months, effectively buying
the foreign currency at the parallel rate, which is near multiyear
lows in real terms, the report discloses.  The rate closed at
approximately 1,154 pesos per dollar, according to data compiled by
Bloomberg.

Supervielle was receiving dollars from the brokers who acquired the
currency by buying in the parallel market, known locally by its
Spanish acronym CCL, the report relays.  That created additional
demand in the parallel FX market - something the Central Bank is
working to contain as it lets the peso float freely within a range,
a key ingredient to its US$20-billion agreement with the
International Monetary Fund, the report discloses.

For Supervielle, the operation meant access to dollar funding close
to zero percent interest rate — an opportunity that both the
issuer and investors were eager to seize, before the Central Bank
stepped in, the report relays.  Banks use those dollars to lend to
exporters at interest rates of seven percent per year, one of the
people said, the report notes.

At the close of the auction, the bank declared the sale of dollar
bonds void and announced that it had issued 48.2 billion pesos at a
variable rate of TAMAR (34 percent) plus a spread of 3.5 percent,
the report adds.

                        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
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) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion.  Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further 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.

S&P Global Ratings, in February 2025, lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'.  S&P affirmed its
'CCC/C' foreign currency sovereign credit ratings on Argentina.
The outlook on the long-term foreign currency rating remained
stable.

Moody's Ratings, in January 2025, raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Fitch Ratings, in November 2024, 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-'.  DBRS, Inc. upgraded Argentina's Long-Term Foreign and
Local Currency Issuer Ratings to B (low) from CCC in November
2024.


ARGENTINA: Inflation Slowed in April Amid Currency Policy Change
----------------------------------------------------------------
Manuela Tobias at Bloomberg News reports that Argentina's inflation
slowed down more than expected in April despite a change in the
currency policy traders were betting would fan volatility.

Consumer prices rose 2.8 percent from March, less than the 3.2
percent median estimate of analysts surveyed by Bloomberg. That's
down from March's 3.7 percent reading, according to Bloomberg News.
Annual inflation slowed for a 12th month to 47.3 percent,
according to government data published, Bloomberg News notes. Price
increases were led by food and non-alcoholic beverages, Bloomberg
News relays.

The peso now floats freely between bands, a major policy change
unveiled April 11 as part of Argentina's new US$20-billion
programme with the International Monetary Fund, Bloomberg News
discloses.  In March, speculation of a roughly 10 percent
devaluation stoked prices, Bloomberg News relays.  But the
devaluation never took place and instead, as the government
insisted, the peso has strengthened within the bands, Bloomberg
News notes.

"We barely saw any pass-through to prices after lifting capital
controls because that price adjustment had already been made amid
March's uncertainty," said Dante Ruggieri, partner at AT
Inversiones, a Buenos Aires consultancy.  "This had more to do with
seasonal issues than the currency," he added.

Just five months ahead of crucial midterms, the peso has become a
cornerstone of President Javier Milei's electoral strategy,
Bloomberg News notes.  A stronger peso is sure to fuel optimism
among Argentines about the economic outlook, Bloomberg News relays.
On the flip side, it could also hurt exporters' margins and
competitiveness. Ruggieri expects monthly inflation could fall
below 1.5 percent ahead of the October vote, Bloomberg News
discloses.

Economists surveyed by Argentina's Central Bank expect annual
inflation to slow to 31.8 percent in 2025, accompanied by 5.1
percent growth,  Bloomberg News adds.

                        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
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) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion.  Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further 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.

S&P Global Ratings, in February 2025, lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'.  S&P affirmed its
'CCC/C' foreign currency sovereign credit ratings on Argentina.
The outlook on the long-term foreign currency rating remained
stable.

Moody's Ratings, in January 2025, raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Fitch Ratings, in November 2024, 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-'.  DBRS, Inc. upgraded Argentina's Long-Term Foreign and
Local Currency Issuer Ratings to B (low) from CCC in November
2024.


ARGENTINA: Post-Cepo Boost for Milei as Monthly Inflation Slows
---------------------------------------------------------------
Buenos Aires Times reports that inflation in Argentina slowed to
2.8 percent in April, slightly below analysts' expectations, the
INDEC national statistics bureau revealed.

April's figure, coming in at below three percent, is a boost for
President Javier Milei, whose government had seen prices soar by
3.7 percent in March, according to Buenos Aires Times.

According to INDEC's updated data, prices have risen by 47.3
percent over the last 12 months, the report notes.

This is the first update of the consumer price index since the
government opted for a partial removal of the nation's complicated
web of currency controls, known locally as the 'cepo', the report
discloses.  Officials also announced they would maintain the
official exchange rate within a band of 1,000 to 1,400 pesos per US
dollar, with a monthly variation of one percent, the report
relays.

Both government officials and private analysts had forecast a
figure of around three percent, with some in the administration
beginning to boldly claim that inflation will be a thing of the
past by this time next year, the report relays.

Economy Minister Luis Caputo predicted midweek that inflationary
dynamics "will collapse" in the near future, as the government is
doing "the things that need to be done to converge with
international inflation," the report discloses.

The Central Bank's market expectations survey (REM) had forecast a
rate of 3.2 percent for April, the report says.

Consumer prices have risen 11.6 percent since the beginning of the
year – a sharp contrast to the 211 percent annual inflation rate
recorded in 2023, the report recalls.  President Milei took office
in December that year, when prices jumped 25 percent in a single
month after a fierce devolution, the report relays.

The highest increases last month were recorded in the restaurants
and hotels category, which rose by 4.1 percent, driven by hikes in
the cost of eating out, the report says.

Recreation and culture rose by four percent, while food and
non-alcoholic beverages increased by 2.9 percent, led by price
rises in meat and related products, dairy and eggs, and bread and
cereals, the report discloses.

The two divisions that registered the lowest variations in April
were transportation (up 1.7 percent) and household equipment and
maintenance (0.9 percent), the report says.

The Buenos Aires City government reported that inflation in the
capital stood at 2.3 percent last month – down 0.9 points from
the 3.2 percent recorded in March, the report relays.

Milei celebrated the April national figure on social media, calling
out what he described as "hitmen with microphones" – a phrase he
uses to describe journalists and economists critical of his
government, the report discloses.  "Several of these econo-frauds
were saying inflation would jump to five or even seven percent," he
wrote on social media, the report says.

The drop in inflation follows a sharp fiscal adjustment programme,
with Milei's "chainsaw" slashing public spending by 4.7 percent of
GDP, the report relays.  It also resumed talks with the
International Monetary Fund (IMF), securing a new US$20-billion
credit line and another US$22 billion from other multilateral
lenders, the report notes.

Analysts caution, however, that upcoming hikes in regulated utility
rates and fuel prices could reignite inflationary pressures in the
months ahead, the report discloses.

Some independent economists have warned the downward trend could
reverse, the report relays.  "Core inflation remains high and the
pause in utility price hikes won't last forever," said Marina Dal
Poggetto, director of EcoGo consulting firm. "There's progress, but
it's fragile."

Inflation remains a central concern for voters ahead of the October
midterm elections, which will reshape Congress, the report notes.
Controlling inflation is one of Milei's key aims as he seeks to
consolidate power and move forward with his reform agenda, the
report discloses.

                        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
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) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion.  Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further 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.

S&P Global Ratings, in February 2025, lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'.  S&P affirmed its
'CCC/C' foreign currency sovereign credit ratings on Argentina.
The outlook on the long-term foreign currency rating remained
stable.

Moody's Ratings, in January 2025, raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Fitch Ratings, in November 2024, 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-'.  DBRS, Inc. upgraded Argentina's Long-Term Foreign and
Local Currency Issuer Ratings to B (low) from CCC in November
2024.


IRSA INVERSIONES: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed IRSA Inversiones y Representaciones
S.A.'s (IRSA) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'B-' and 'B', respectively. Fitch has also
affirmed the company's senior unsecured rating at 'B' with a
Recovery Rating of 'RR3'. The Rating Outlook is Stable.

The Local Currency IDR reflects IRSA's strong business profile as
the largest real estate company in Argentina with a leading market
share of the country's shopping mall gross leasable area (GLA). The
ratings also reflect IRSAs improved financial flexibility following
the issuance of USD300 million notes due 2035 and the relaxation of
capital controls in Argentina. Fitch expects the company's metrics
to remain within 3x EBITDA leverage over the next 24 months.

IRSA's Foreign Currency IDR is constrained by Argentina's 'B-'
Country Ceiling. The Recovery Rating of 'RR3' supports a one-notch
uplift for the instrument rating from the issuer's Foreign Currency
IDR.

Key Rating Drivers

Improved Financial Flexibility: The successful issuance of a USD300
million bond due 2035 and the easing of most capital controls in
Argentina, result in a material improvement of IRSA's financial
flexibility. These enhance IRSA's liquidity, debt maturity profile
and access to markets for financing. IRSA's credit profile is
limited by Argentina's operating environment.

Prudent Leverage: Fitch estimates IRSA can maintain prudent
leverage metrics over the next 24 months. Fitch projects debt to
EBITDA will increase but remain near 3.5x gross and below 2.5x net.
Loan-to-value is expected to remain under 20%. Fitch expects the
company to use approximately half of the proceeds of the recently
issued 2035 bond to refinance debt and the remaining amount to fund
its capex program. Fitch assumes the company can hold a minimum of
USD140 million in cash and cash equivalents.

Healthy Operational Metrics: Fitch expects IRSA to maintain EBITDA
above USD160 million over the ratings horizon. Fitch estimates
shopping malls to represent just under 90% of rental EBITDA. Mall
activity should remain healthy with stable tenant sales. LTM
average mall occupancy rates were above 97% as of 3Q25 and expected
to persist over the medium term. Office occupancy rates were above
96% as of 3Q25, Fitch anticipates them to be at least 93% over the
forecast horizon. Hotels occupancy was lower in 3Q25 with an LTM
average of 60% vs. 65% in 2024, partly due to renovations in Llao
Llao. Hotel profitability decreased, but Fitch expects it to remain
additive to EBITDA.

Persistent Operating Environment Risk: Argentina's operating
environment remains weak, but it is improving. As a result, Fitch
assumes IRSA's operational and financial strategy will remain
prudent. Fitch will monitor the company's ability to balance capex,
dividends and liquidity. Inflation and currency weakness continue
to be a significant risk for the company. While IRSA's retail rents
are mostly tied to inflation, office rents are pegged to the US
dollar, mitigating some of these risks.

Strong Business Position: IRSA's business profile is underpinned by
its strong market share and good operating cash flow. It is the
leading commercial real estate company in Argentina, and its rental
portfolio encompasses about 508,000 sq m of GLA. IRSA's GLA is
composed of 371,000 sq m in 16 shopping malls, 58,000 sq m in five
office buildings, and 79,000 sq m in three hotels with 718 rooms.
The company is also involved in recently launched "Ramblas del
Plata", a multistage, mixed-use development project that includes
residential, office and retail space. Construction is expected to
span 870,000 sq m, of which 693,000 sq m will be for sale.

Peer Analysis

IRSA ratings are primarily driven by Argentina's weak operating
which compares negatively to regional peers. The company key
metrics compare positively to regional peers with retail and office
portfolios like FIBRA Soma (BBB-/Negative) and FIBRA Uno
(BBB-/Stable). IRSA has adequate portfolio granularity, low
loan-to-value, low net EBITDA leverage, and limited tenant
concentration. Consolidated occupancy levels are consistently over
95% and leases have a duration between two and three years in its
shopping malls (~90% of EBITDA). In terms of scale, IRSA is
comparable to FIBRA Soma but is significantly smaller than FIBRA
Uno.

Key Assumptions

- Occupancy rates to remain at or above 97.5% in the malls, 93% in
the offices and 60% in hotels;

- EBITDA of no less than USD160 million-USD170 million annually
over the next 24 months;

- Use of at least half of the new USD300 million bond proceeds to
refinance debt;

- Balance of proceeds used to finance its capex program;

- Maintains approximately USD140 million in cash and marketable
securities.

Recovery Analysis

IRSAs bonds have an 'RR3' Recovery Rating to reflect Fitch's
above-average recovery expectation for creditors in the event of
default.

The recovery analysis assumes that IRSA would be liquidated in
bankruptcy rather than restructured as a going concern (GC), due to
its large tangible asset base consisting of class A shopping malls,
office buildings and hotels.

Liquidation Assumptions:

- A 10% administrative claim.

- Applied a 50% discount to the company's balance sheet valuation
of its investment properties to reflect a likely distressed sale of
assets.

- To compare the liquidation valuation with a GC valuation, Fitch
estimated a GC EBITDA of around USD90 million and an Enterprise
value multiple of 5.5x. The GC EBITDA calculation is a discount of
close to 50% of Fitch's estimated LTM EBITDA as of 3Q25. It assumes
further peso devaluation and potential stress to IRSA's cash
generation in the event of a reorganization.

With these assumptions, Fitch's waterfall generated recovery
computation (WGRC) for the senior unsecured notes is in the 'RR1'
band. However, according to Fitch's "Country-Specific Treatment of
Recovery Ratings Criteria," the Recovery Rating for corporate
issuers in Argentina is capped at 'RR4'.

Nevertheless, Fitch may exceed the cap in certain situations where
the indicators used to derive the country caps do not reflect the
risks specific to an issuer by applying a criteria variation. When
Fitch assesses that an issuer's foreign currency default would most
likely be caused by exchange controls, Recovery Ratings on foreign
currency instruments can be assigned above the cap. Ratings may
also be assigned above the cap when an issuer is in distress, or in
default, and recoveries are expected to be higher than implied by
the cap. Fitch therefore assigns an 'RR3' to IRSAs senior unsecured
bonds.

RATING SENSITIVITIES

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

- The Long-Term Foreign Currency IDR could be downgraded as a
result of a lower Argentina Country Ceiling;

- Debt-to-EBITDA above 4.5x gross or 3.5x net;

- Liquidity, measured as cash/short-term debt, falls below 1.0x.

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

- The Long-Term Foreign Currency IDR is unlikely to be upgraded as
it is capped by Argentina's Country Ceiling;

- Debt-to-EBITDA below 3.5x gross or 2.5x net;

- Improved liquidity profile.

Liquidity and Debt Structure

IRSA had close to USD400 million in cash and cash equivalents as of
3Q25. IRSA has total debt of around USD630 million as of the same
period, of which USD180 million is short-term.

Fitch considers liquidity has improved following the issuance of
the 2035 bonds and partial exchange of the 2028 notes. Fitch
expects fund flows from operations to be above USD70 million
annually. This, together with access to refinancing of local
maturities and renewed access to international markets, should be
sufficient to repay short-term obligations, fund the current capex
program and pay a prudent level of dividends. IRSA's liquidity can
be materially impacted by currency fluctuations given its
operations are ARS based and its debt is mostly in USD.

Issuer Profile

IRSA is a premier real estate operator in Argentina, primarily
focused on the acquisition, development, and management of shopping
centers. It is the country's market leader in the segment. The
company also owns several office buildings and three premium
hotels.

Criteria Variation

Argentina is assigned to Group D, where the assigned Recovery
Ratings are capped at 'RR4'. A criteria variation was applied to
the Recovery Rating as explained in the Recovery Analysis.

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        Recovery   Prior
   -----------                   ------        --------   -----
IRSA Inversiones y
Representaciones S.A.   LT IDR    B- Affirmed             B-
                        LC LT IDR B  Affirmed             B

   senior unsecured     LT        B  Affirmed    RR3      B



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

CAIXA ECONOMICA: Fitch Rates USD700MM Unsec. Notes 'BB'
-------------------------------------------------------
Fitch Ratings has assigned a 'BB' final long-term rating to Caixa
Economica Federal's (Caixa) USD700 million senior unsecured notes.
The notes are due 2030.

The final rating is in line with the expected rating that Fitch
assigned to the proposed debt on May 5, 2025.

Key Rating Drivers

The rating on the notes is at the same level as Caixa's Long-Term
Foreign Currency Issuer Default Rating (IDR, BB/Stable). The notes
are senior obligations, and a default on the notes would equate to
a default of the bank. Expected recoveries upon default are
average. Caixa 's IDRs are driven by its 'bb' Government Support
Rating (GSR) and align with Brazil's 'BB' IDRs. Fitch's assessment
of support considers Caixa's important policy role and its full
ownership by Brazil's federal government.

Rating Sensitivities

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

The notes' rating could be downgraded in the event of a downgrade
of Caixa's IDR.

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

The note's rating could be upgraded in the event of an upgrade of
Caixa's IDR.

VR ADJUSTMENTS

Fitch does not assign a VR or score the standalone credit factors.

Date of Relevant Committee

May 5, 2025

Public Ratings with Credit Linkage to other ratings

Caixa's ratings are driven by Brazil's sovereign support.

ESG Considerations

Caixa has an ESG Relevance Score of '4' [+] for Human Rights,
Community Relations, Access & Affordability because its public
sector ownership supports its ability to attract low-cost retail
deposits, while its policy role ensures it retains a dominant
position in the low-income retail mortgage market. This has a
positive impact on the credit profile and is relevant to the
ratings 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          Prior
   -----------             ------          -----
Caixa Economica Federal

   senior unsecured    LT BB  New Rating   BB(EXP)


ENERGISA SA: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Energisa S.A.'s Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'BB+', and
Long-Term National Scale Rating and senior unsecured debenture
issuances at 'AAA(bra)'. Additionally, Fitch has affirmed the
ratings of Energisa's 11 rated subsidiaries. The Rating Outlook is
Stable.

Energisa group's credit profile benefits from its profitable and
diversified portfolio of concessions in the Brazilian power sector.
The group is expected to maintain strong operational cash
generation and ample financial flexibility, supporting its
anticipated negative FCF and debt rollover, while keeping leverage
metrics at moderate levels. The equalization of Energisa and its
subsidiaries' ratings mainly reflects the holding company's high
legal incentives to provide support if needed.

Key Rating Drivers

Strong Business Profile: Energisa's credit profile benefits from a
diversified portfolio of concessions, mainly in the energy
distribution segment, which dilutes operational and regulatory
risks. The group has concessions in four regions of Brazil, through
nine distributors. Concessionaires can pass on non-manageable costs
to consumer tariffs, though there is some exposure to demand
volatility and periodic tariff review processes.

Energy distribution should remain the group's most important
business, accounting for over 80% of EBITDA by 2028, even with its
increased presence in the transmission segment. Fitch does not
anticipate major issues with the expiration of three of Energisa's
concessions in 2027. These include Energisa Mato Grosso (EMT),
Energisa Mato Grosso do Sul (EMS) and Energisa Sergipe (ESE), which
jointly represented 49% of the group's energy distributed in 2024.
Fitch believes renewals for an additional 30-year period is very
likely.

Business Diversification Benefits Ratings: Energisa owns 10
transmission lines in the operational phase, with Permitted Annual
Revenue (RAP) of BRL703 million (2024/2025 cycle), adjusted
annually for inflation, without exposure to demand risk. Assets in
this segment reduce the group's business risk and increase revenue
predictability. There are also three transmission lines under
construction, which will generate an additional RAP of BRL219
million by 2030. This segment should represent around 8% of
consolidated EBITDA from 2025 to 2028.

The gas distribution segment also benefits Energisa's business
profile by increasing diversification through a sector with a
moderate risk profile and strong growth prospects. However, this
segment should remain a small business within the group and
represents less than 5% of consolidated EBITDA.

Positive Operating Performance: Energisa's ratings benefit from the
efficient operational performance of its distributors, with a
history of consumption growth exceeding the national average. In
the LTM ended March 2025, the group's billed volume increased 5.0%,
compared to the national average of 4.2%. The group's combined
EBITDA in this segment should reach BRL7.4 billion in 2025 and
BRL7.7 billion in 2026, from BR6.7 billion in 2024, compared with
regulatory EBITDA of BRL4.2 billion.

Manageable Negative FCF: Fitch forecasts Energisa's consolidated
FCF to remain negative in the coming years, considering the group's
significant investment plan of BRL17.8 billion from 2025 to 2027
and a pay-out ratio of dividends corresponding to 50% of net
income. For 2025, consolidated EBITDA and cash flow from operations
(CFFO) should reach BRL8.6 billion and BRL4.3 billion,
respectively, with negative FCF of BRL2.9 billion after investments
of BRL5.6 billion and dividend distribution of BRL1.6 billion.
Consolidated FCF should remain negative at around BRL3.3 billion in
2026 and BRL2.2 billion in 2027.

Moderate Leverage: Energisa Group should maintain the adjusted net
debt/EBITDA ratio, according to Fitch's methodology, at the range
of 3.0x-3.5x from 2025 to 2027, despite the expected negative FCF.
Efficiency gains and positive tariff readjustment in the
distribution concessions and greater contribution of new operating
assets in other segments should support the maintenance of moderate
credit metrics. Energisa group's adjusted net leverage should reach
3.4x in 2025 and 3.5x in 2026. Adjusted gross leverage and net
leverage ratios were 4.6x and 3.4x, respectively, in 2024, and 5.1x
and 3.9x in the LTM ended in March 2025.

Subsidiaries' Ratings Equalized: Fitch equalizes the IDRs of
Energisa Paraiba, Energisa Sergipe and Energisa Minas Rio and the
National Scale ratings of the 11 rated subsidiaries with Energisa's
ratings. This mainly reflects the high legal incentives that the
holding company would have to support them in a stress scenario.
Energisa consolidates the subsidiaries and guarantees a significant
portion of their debts. In addition, there are cross-default
clauses in some of the group's debt instruments. Fitch also views
the subsidiaries as Energisa's core business and are centrally
managed.

Peer Analysis

Energisa's financial profile is more aggressive than Latin America
peers, such as Enel Americas S.A. (BBB+/Stable), Enel Chile S.A.
(BBB+/Stable), Empresas Publicas de Medellin E.S.P. (EPM;
BB+/Negative), and Grupo Energia Bogota S.A. E.S.P. (GEB;
BBB/Negative). Energisa's IDRs also reflect its geographic
concentration in Brazil, compared with other its peers operating in
higher rated countries in the region, such as Chile (A-/Stable) and
Colombia (BB+/Negative).

Compared with other Brazilian power companies with operations
predominantly in the distribution segment, Energisa operates in
concession areas with economic growth above the national average
and with a strong agribusiness activity. Energisa's business
profile is worse than Companhia Energetica de Minas Gerais (Cemig;
BB/Stable), which has a higher business diversification with more
presence in the energy generation segment.

Nevertheless, Cemig faces uncertainty related to the renewal of its
two largest hydroelectric plants concessions, which expire in 2027
and account for about 50% of the group commercial capacity, or
around 15% of consolidated EBITDA, justifying a rating one-notch
lower than Energisa. Different from the distribution segment,
concessions on the generation segment typically return to the
Federal government after their expiration.

Key Assumptions

- Average growth in energy consumption in Energisa's concession
areas of 1.7% from 2025 to 2028;

- Dividend distributions equivalent to 50% of net income;

- Average annual investments of BRL5.6 billion from 2025 to 2028;

- Transmission lines concluded according to the company's
schedule;

- No asset sales or new acquisitions.

RATING SENSITIVITIES

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

- Total debt/EBITDA above 4.0x on a recurring basis;

- Net debt/EBITDA above 3.5x on a recurring basis;

- Deterioration in the liquidity profile at the holding or the
consolidated level;

- New projects or acquisitions involving significant amounts of
debt;

- A downgrade of the sovereign rating would trigger a downgrade of
the FC IDRs.

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

- An upgrade on the Local Currency IDRs will depend on the group's
ability to bring net leverage to about 2.5x and lengthen its debt
maturity profile;

- An upgrade on the Foreign Currency IDRs will depend on an upgrade
of the Local Currency IDRs and a positive rating action for the
sovereign.

Liquidity and Debt Structure

Energisa has proven access to different funding sources, which is a
key credit factor. The group improved its liquidity profile,
lengthening the average debt mature to 6.1 years as of March 2025
from 3.8 years in December 2023. At the same date, cash position of
BRL8.6 billion also adequately covers by 1.3x the short-term debt
of BRL6.4 billion. This profile benefits the group to address the
refinancing needs and to finance its expected negative FCF.

The group had total adjusted debt of BRL36.7 billion by the end of
March 2025. It was mainly composed of debentures (BRL21.2 billion)
and debt related to Resolution 4,131 (BRL6.7 billion). Fitch's
methodology considers 50% of the balance of BRL2.7 billion in
preferred shares issued by the subholdings Energisa Participações
Minoritárias S.A. and Energisa Participações Nordeste S.A. as
debt.

The holding company benefits from receiving dividends from its
operating subsidiaries, which totaled BRL1.8 billion in the LTM
ended in March 2025. Fitch considers an annual average of BRL1.3
billion in dividends to be received from 2025 to 2028. The holding
held BRL1.7 billion in cash and equivalents, compared to short-term
debt of BRL898 million.

Issuer Profile

Energisa S.A. is a non-operating holding company in the electric
energy sector, mainly through nine energy distribution
concessionaires serving 8.8 million customers - the fifth largest
in Brazil. The group also operates in the energy transmission and
generation and natural gas distribution.

Summary of Financial Adjustments

Net revenues and EBITDA net of construction revenues and cost.

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
   -----------                 ------                -----
Energisa Acre –
Distribuidora de  
Energia S.A.          Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Energisa Mato Grosso
- Distribuidora de
Energia S.A.          Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Energisa S.A.         LT IDR    BB+       Affirmed   BB+
                      LC LT IDR BB+       Affirmed   BB+
                      Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Energisa Sergipe –
Distribuidora de
Energia S/A           LT IDR    BB+       Affirmed   BB+
                      LC LT IDR BB+       Affirmed   BB+
                      Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Energisa Mato
Grosso do Sul –
Distribuidora de
Energia S.A.          Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Energisa Rondonia
Distribuidora de
Energia S.A.          Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Energisa Sul Sudeste
- Distribuidora de
Energia S/A           Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Energisa Tocantins
- Distribuidora de
Energia S/A           Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Energisa Paraiba
- Distribuidora de
Energia S/A           LT IDR    BB+       Affirmed   BB+
                      LC LT IDR BB+       Affirmed   BB+
                      Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Energisa Transmissao
de Energia S.A.       Natl LT   AAA(bra)  Affirmed   AAA(bra)

Alsol Energias
Renovaveis            Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Energisa Minas Rio
- Distribuidora de
Energia S.A.          LT IDR    BB+       Affirmed   BB+
                      LC LT IDR BB+       Affirmed   BB+
                      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
===========================

GRIFFIN GLOBAL: Fitch Alters Outlook on BB LongTerm IDR to Positive
-------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Griffin Global Asset Management Holdings, Ltd. (Griffin)
and its rated subsidiary, GGAM Finance Ltd., at 'BB'.  The Rating
Outlook has been revised to Positive from Stable.  Fitch has also
affirmed GGAM Finance Ltd.'s senior unsecured note rating at 'BB'.

These rating actions are being taken in conjunction with Fitch's
global aircraft leasing sector review, covering 11 publicly rated
firms.

Key Rating Drivers

Disciplined Growth; Enhanced Funding Flexibility: The Positive
Outlook reflects Griffin's disciplined growth and enhanced funding
flexibility, which Fitch expects would be sustained through various
market and economic cycles, including a moderation in travel demand
due to a dampening of global economic growth.

A one-notch upgrade of the rating over the next 12 months-24 months
could be supported by continued solid execution with respect to
growth targets and long-term strategic financial objectives. This
includes enhanced scale with net operating income sustained above
$150 million, aligning more closely with higher-rated peers,
enhanced earnings stability with a pre-tax return on average assets
sustained above 1.0%, maintenance of leverage below 2.75x, a
largely unsecured funding profile, and a liquidity coverage ratio
maintained above 1.0x, while retaining a predominately Tier 1
portfolio liquidity profile.

Management Experience; Partnership with Bain: The ratings remain
supported by Griffin's young fleet, one of the longest weighted
average (WA) remaining lease terms amongst peers, appropriate
targeted leverage, the absence of orderbook purchase commitments,
the lack of near-term debt maturities, and solid liquidity metrics.
The ratings also consider the management team's depth, experience,
and track record in managing aviation assets, and ownership
benefits from Bain Capital Credit, LP, a leading global credit
specialist, which is part of Bain Capital LP, bringing aviation
investment expertise, and banking relationships to support
Griffin's growth.

Modest Scale; Sector Constraints: Rating constraints include the
company's smaller scale and more modest franchise position relative
to peers, execution risks associated with the company's ambitious
growth targets, a more concentrated portfolio by customer and
geography, weaker profitability metrics, and key person risk
associated with founder and CEO, Ryan McKenna. Fitch also notes
potential governance and conflicts of interest associated with
Griffin's externally managed business model, limited number of
independent directors, and ownership by fixed-life funds.

Rating constraints applicable to the aircraft leasing industry more
broadly include the monoline nature of the business, vulnerability
to exogenous shocks, sensitivity to higher oil prices, inflation
and unemployment, which negatively impact travel demand, potential
exposure to residual value risks, reliance on wholesale funding
sources, and meaningful competition.

Liquid Fleet: As of March 31, 2025, Griffin's contracted fleet
consisted of 79 owned and committed aircraft leased to 19 airlines
across 13 countries, with a WA age of 2.3 years and a WA remaining
lease term of 9.1 years. This represents a young portfolio with one
of the longest remaining lease terms among Fitch-rated aircraft
lessors, which should support strong asset quality performance
relative to peers over time. The portfolio had net book value of
approximately $4.8 billion as of March 31, 2025.

Low Impairment Risk: Griffin has not taken any asset impairments to
date and Fitch considers the company to have one of the higher
quality fleets in the industry, as the vast majority (82.1%) of
owned aircraft are tier 1 based on the agency's aircraft
classification, which Fitch views to be the most liquid and
marketable aircraft in the aviation industry.

Fitch notes the current widebody concentration of 43% of net book
value (NBV) is above average but mitigated by the high quality of
Griffin's portfolio in terms of aircraft types and customers. All
of the company's widebodies are new technology A330-900,
A350-900/-1000 and B787-9/-10 aircraft. The ability of Griffin to
purchase new technology aircraft at attractive prices, along with
relatively conservative depreciation policies, should reduce
impairment risk over time, which is viewed favorably by Fitch.

Net Margin Expansion with Increased Scale: Fitch expects near-term
profitability to remain subdued relative to larger peers due to the
company's focus on new technology aircraft, coupled with an
elevated interest rate environment and increased competition. Net
spread (lease yields minus funding costs) was 1.7% at 1Q25 compared
to 1.0% a year prior. Fitch expects the company's net spread will
expand to 2%-3% over the medium term, with increased scale and
management's focus on refinancing more expensive senior unsecured
debt.

This would align with Fitch's 'bb' earnings and profitability
benchmark of 1%-5% for aircraft lessors with a sector risk
operating environment score in the 'bbb' category. Fitch expects
Griffin to selectively sell aircraft in the near term and likely
continue to do so opportunistically due to the strong secondary
market for aircraft. Enhanced earnings consistency could support
positive rating momentum.

Appropriate Leverage: Griffin's leverage (gross debt to tangible
equity) was 2.6x at 1Q25, down modestly from 2.7x at YE24.
Management continues to pursue a leverage target (net debt to
equity) of 2.75x or below, which Fitch considers to be appropriate
in the context of the underlying portfolio mix, customer
concentrations, and liquidity profile. On this basis, leverage was
2.6x at 1Q25, unchanged at YE24.

Enhanced Funding Flexibility: Unsecured debt to total debt was 100%
at 1Q25, up from 65.0% at YE23. Unsecured funding was comprised of
a three-year, $1.3 billion unsecured revolving credit facility
(RCF) provided by a syndicate of 13 banks, and $2.5 billion of
senior unsecured debt. Fitch expects Griffin will continue to
opportunistically access the unsecured debt capital markets to fund
its operations and manage debt maturities, maintaining greater than
70% unsecured debt on a sustained basis. Fitch believes Griffin's
increase in unsecured debt and unencumbered assets has enhanced its
funding flexibility.

Maintaining Solid Liquidity: The company is expected to maintain
solid liquidity. Resources included $54 million of unrestricted
cash and $886 million of availability under the committed RCF at
1Q25. In addition, Griffin is expected to generate at least $379
million of annualized operating cash flow over the next 12 months.
Together, this provided 2.6x liquidity coverage of $510 million of
contracted sale-leaseback transactions over the next 12 months.
There is minimal refinancing risk for Griffin considering the lack
of debt maturity walls in the near term. Fitch expects liquidity
coverage to decline over time as purchase opportunities are
identified, but that it will remain comfortably above 1x.

RATING SENSITIVITIES

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

A revision of the Outlook to Stable could arise from failure to
execute on planned growth targets to enhance scale and
profitability, while maintaining leverage below 2.75x, a largely
unsecured funding profile, and liquidity coverage above 1.0x.
Beyond that, a downgrade of the ratings could be driven by:

- An inability to improve scale and a weakening of the company's
projected long-term cash flow generation and profitability.

- Macroeconomic and/or geopolitical-driven headwinds that pressure
airlines and lead to additional lease restructurings, rejections,
lessee defaults, and increased losses.

- A sustained increase in leverage above 4.0x.

- Griffin's ownership by fixed-life private funds could also
contribute to a downgrade if it leads to elevated capital
extractions, or if a forced sale of the company at fund maturity
impairs Griffin's financial profile, franchise or long-term
strategic direction.

- An abrupt departure of Griffin's founder and CEO could have
negative rating implications if the departure impairs its franchise
or long-term strategic direction.

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

A one-notch upgrade over the next 12 months-24 months could be
contingent upon solid execution with respect to growth targets and
long-term strategic financial objectives, including net operating
income sustained above $150 million, pre-tax return on average
assets sustained above 1.0% and liquidity coverage above 1.0x. An
upgrade of Griffin's ratings could also be contingent upon:

- Greater diversity of airline customers, maintenance of a largely
tier 1 profile and low impairments;

- Maintenance of a largely unsecured funding profile.

- Any potential upward momentum would also be evaluated in the
context of potential long-term strategic uncertainty, given
Griffin's ownership by fixed-life private funds, and potential
governance and conflicts of interest risks associated with
Griffin's externally managed business model.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The senior unsecured debt rating is equalized with Griffin's
Long-Term IDR and reflects Fitch's expectations for average
recovery prospects in a stress scenario given the availability of
unencumbered assets.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior unsecured debt rating is primarily sensitive to
Griffin's IDR and, secondarily, to the relative recovery prospects
of the instruments. A decline in unencumbered asset coverage,
combined with a material increase in secured debt, could result in
the notching of the unsecured debt ratings down from the IDR.

SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS

The Long-Term IDR assigned to GGAM Finance Ltd. is equalized with
the IDR assigned to Griffin, considering that it is a wholly owned
subsidiary of the company.

SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES

The rating assigned to GGAM Finance Ltd. is primarily sensitive to
changes in Griffin's IDR and is expected to move in tandem.

ADJUSTMENTS

- The Standalone Credit Profile (SCP) has been assigned below the
implied SCP due to the following adjustment reason: Business
Profile (negative), Weakest Link - Earnings & Profitability.

- The Business Profile score has been above the implied score for
the following adjustment reasons: Historical and future
developments (positive), Group benefits and risks (positive).

- The Asset Quality score has been assigned below the implied score
due to the following adjustment reasons: Concentrations; asset
performance (negative), Growth (negative).

- The Capitalization & Leverage score has been assigned below the
implied score due to the following adjustment reason: Historical
and future metrics (negative).

ESG Considerations

Griffin has an ESG Relevance Score of '4' for Management Strategy
due to the execution risk associated with the operational
implementation of the company's outlined strategy. This has a
negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

Griffin has an ESG Relevance Score of '4' for Governance Structure
due to the potential governance and conflict of interests associate
with Griffin's externally managed business model, limited number of
independent board members and ownership by a fixed-life private
fund structure. This also reflects key person risk related to its
founder and CEO, Ryan McKenna, who is leading the growth and
strategic direction of the company. This has a negative impact on
the credit profile and is relevant to the ratings 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          Prior
   -----------              ------          -----
Griffin Global
Asset Management
Holdings, Ltd.        LT IDR BB  Affirmed   BB

GGAM Finance Ltd.     LT IDR BB  Affirmed   BB

   senior unsecured   LT     BB  Affirmed   BB




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

JAMAICA: Inflation Rate Fell 0.4% in April
------------------------------------------
RJR News reports that the Statistical Institute of Jamaica (STATIN)
is reporting that the rate of inflation or the average increase in
the general prices level in Jamaica dipped 0.4% in April but
climbed to 5.3% during the 12-month period, April 2024 to April
2025.

STATIN says this decline in average prices in April was due to a
1.4% dip in the prices of housing, water, electricity, gas and
other fuels, a 0.5% in the prices of food and non-alcoholic
beverages, and a 0.4% hike in the price of healthcare services,
according to RJR News.

The 5.3% increase in the point-to-point rate was due to a 7.5%
spike in the prices of food and non-alcoholic beverages, a 6.1%
increase in the prices of housing, electricity, gas and other fuels
as well as a 6.2% bump in the prices for restaurant and
accommodation services, 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.  


[] JAMAICA: Series of Consultations w/ Manufacturers & Exporters
----------------------------------------------------------------
RJR News reports that the Development Bank of Jamaica has started a
series of strategic industry consultations with manufacturers and
exporters across the island aimed at strengthening partnerships,
evaluating the impact of the financial interventions and
identifying new opportunities to support business expansion and
national development.

One of the first meetings was held with FosRich Company, a DBJ
client and a key player in Jamaica's manufacturing and energy
sectors, according to RJR News.

These engagements reflect DBJ's continued efforts to pivot towards
a more agile, responsive and solution-oriented approach to business
financing, 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
===========

LEISURE INVESTMENTS: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cased
of Leisure Investments Holdings, LLC and its affiliates.
  
The committee members are:

   1. Atlantic/Pacific Products, Inc.
      c/o: John Kosmark
      P.O. Box 874
      North Kingstown, RI 02852
      Phone: (401) 294-9570
      Fax: (401) 294-9805
      atpacusa@hotmail.com

   2. Promotions Guy LLC
      c/o Ryan Schraffenberger
      5409 Overseas Highway, Suite 308
      Marathon, FL 33050
      Phone: (844) 279-5628
      ryan@promotionsguy.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                About Leisure Investments Holdings

Leisure Investments Holdings LLC and affiliates are operating under
the name "The Dolphin Company," manage over 30 attractions,
including dolphin habitats, marinas, water parks, and adventure
parks, located in eight countries across three continents. Their
primary operations are based in Mexico, the United States, and the
Caribbean, with locations in Jamaica, the Cayman Islands, the
Dominican Republic, and St. Kitts. These attractions are home to
approximately 2,400 animals from more than 80 species of marine
life, including a variety of marine mammals such as dolphins, sea
lions, manatees, and seals, as well as birds and reptiles. As of
2023, the marine mammal population at the Debtors' parks includes
roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals.

Leisure Investments Holdings LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on
March 31, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $100 million and $500 million each.

Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel;
Riveron Management Services, LLC as restructuring advisor; and
Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims and
noticing agent.




===========
P A N A M A
===========

BICSA: Fitch Affirms 'BB/B' Issuer Default Ratings, Outlook Pos.
----------------------------------------------------------------
Fitch Ratings has affirmed Banco Internacional de Costa Rica,
S.A.'s (BICSA) Long- and Short-Term Issuer Default Ratings (IDRs)
at 'BB' and 'B', respectively. Fitch has also affirmed BICSA's
Shareholder Support Rating (SSR) at 'bb' and its Viability Rating
(VR) at 'bb-'. Fitch has affirmed the bank's Long- and Short-Term
National Ratings at 'AA-(pan)' and 'F1+(pan)', respectively. The
Rating Outlook for the Long-Term IDR and National Rating is
Positive.

Key Rating Drivers

Support-Driven Ratings: BICSA's IDRs and National Ratings are
underpinned by its SSR of 'bb'. BICSA is a bank with general
license in Panama and its shareholders are Banco de Costa Rica
(BCR) and Banco Nacional de Costa Rica (BNCR).

Strong Support Ability: Fitch assessment regarding the ability to
support from its shareholders is highly influenced by BCR and
BNCR's IDRs of 'BB'/Outlook Positive. BICSA's shares are owned in
51% by BCR and in 49% by BNCR, and its SSR and IDR are equalized to
its shareholders' IDRs. In turn, BICSA's national scale ratings
reflect BCR and BNCR's relative creditworthiness compared to other
rated issuers in Panama.

Significant Reputational Risk: Fitch's support propensity
assessment is highly influenced by the significant reputational
risks for BCR and BNCR in case of a default of BICSA, given the
Panamanian bank credit profile is highly linked to those of its
shareholders and their international strategy.

Blended Approach for Operating Environment: BICSA's operating
environment (OE) score of 'bb' is tempered by its international
operations with exposure to nearly 30 jurisdictions. Panama and
Costa Rica represent around 60% of total earning assets. The bank's
international operations result in a lower OE than Panama's OE of
'bb+', where the bank is domiciled.

Specialized Business Profile: BICSA's business profile mirrors its
consistent model as a niche bank, focused on the corporate segment
and geographic diversification. However, it has a lower scale of
operations than banks in the Panamanian market that participate in
all credit segments. BICSA's total operating income (TOI) for the
last four years (2021-2024) averaged USD52million and is aligned
with its 'b+' business profile score.

Adequate Asset Quality: At YE2024, BICSA's Stage 3 loans ratio
deteriorated to 3.3% from 2.2% in 2023, driven by a client
undergoing restructuring. This reflects higher sensitivity of the
bank's business model to the deterioration of clients with high
indebtedness, as it has significant concentration per debtor.
However, the average of the last four years is commensurate with
its current rating. By the end of 2025, Fitch expects the Stage 3
loans ratio to return to around 2.8% because judicial proceedings
and a recovery of the portfolio is likely.

Improving Profitability: At the end of 2024, BICSA's operating
profit to risk weighted assets (RWA) ratio continued to increase to
1.1%, up from a four-year average of 0.5%. This growth stemmed from
a corporate strategy focused on improving efficiency. A stable net
interest margin (NIM) and controlled loan impairment charges also
contributed to the core profitability ratio improvement. The bank's
profitability is modest compared to similarly rated peers but
aligns with its corporate business model. Fitch expects BICSA's
profitability to remain structurally low and relatively sensitive
to higher loan impairment charges but will sustain at the current
level over the rating horizon, given its growth strategy and
estimated business volumes.

Reasonable Capitalization: As of YE2024, BICSA's common equity tier
1 (CET1) to RWAs metric was 10.1%. However, the regulatory capital
metric was 12.4%, which includes dynamic provisions, providing an
additional countercyclical buffer (CCyB) for absorbing losses in
stress scenarios. In Fitch's opinion, this additional buffer
improves the bank's capitalization levels and are adequate to
absorb unforeseen losses and compares in line with other peers. In
addition, Fitch considers the potential ordinary support from its
parent companies BCR and BNCR, if needed. Fitch estimates BICSA
will continue exhibiting similar capitalization metrics, sustained
in the bank's income generation and earnings retention.

Stable Funding Sources: In Fitch's opinion BICSA's has a stable and
diversified funding profile and adequate liquidity. As of YE24, its
gross loan to customer deposits improved to 188.6% from 203.6% in
2023, due to a higher increase in deposits over loans. Although,
the ratio still compares unfavorable with the banking system
average, its diversified funding profile favors sustaining its
financial flexibility and access to liquidity. In addition, the
funds provided by BCR and BNCR reflect their support propensity.

Rating Sensitivities

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

- BICSA's IDR and SSR could be downgraded if its parents' ratings
are downgraded. A significant reduction in BCR's and BNCR's
propensity to provide timely support to their subsidiary could also
trigger a downgrade of BICSA's ratings.

- BICSA's national scale ratings would also be downgraded in case
of a multi-notch downgrade of BCR's and BNCR's IDRs.

- The VR could be downgraded by a material deterioration of the OEs
in Panama and Costa Rica, where BICSA has its main exposures,
and/or a relevant deterioration of the bank's financial profile,
reflected in a significant and sustained increase in its impaired
loans and by a further reduction of its operating profit to RWA
ratio that reduces its CET1 ratio sustainably below 10%.

- The VR could also be downgraded by a materialization of
unforeseen credit deterioration from its high concentration risk in
its portfolio, mirroring less effective risk controls and affecting
its asset quality, profitability and capitalization metrics.

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

- Fitch could upgrade BICSA's IDRs, SSR and National-Scale ratings
if its parent companies' ratings are upgraded.

- The VR could be upgraded following a significant and sustained
improvement in BICSA's business operations and financial
performance that results in a higher operating profits to RWA
metric consistently above 1.25% and increases its CET1 metric
continuously above 13%, and an improved funding structure reflected
in a loan-to-deposit ratio sustainably of 140% or below, while
maintaining good asset quality.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Debt Issuances Ratings Aligned with Issuer's: The senior unsecured
debt long and short-term national ratings are at the same level of
BICSA's long and short-term national ratings. Fitch believes the
bank's senior debt issuances have the same probability of default
as BICSA.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Debt ratings would reflect any possible movement in the bank's
national ratings.

VR ADJUSTMENTS

The OE Score of 'bb' has been assigned below the 'bbb' category
implied score due to the following adjustment reason: International
operations (negative).

The Funding and Liquidity Score of 'bb-' has been assigned above
the 'b' category implied score due to the following adjustment
reason: Liquidity access and ordinary support (positive).

Sources of Information

The principal sources of information used in the analysis are
described in the applicable criteria.

Public Ratings with Credit Linkage to other ratings

BICSA's ratings are derived from the support of its parents Banco
de Costa Rica and Banco Nacional de Costa Rica.

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
   -----------                         ------            -----
Banco Internacional
de Costa Rica, S.A.   LT IDR              BB  Affirmed   BB
                      ST IDR              B   Affirmed   B
                      Natl LT        AA-(pan) Affirmed   AA-(pan)
                      Natl ST        F1+(pan) Affirmed   F1+(pan)
                      Viability           bb- Affirmed   bb-
                      Shareholder Support bb  Affirmed   bb

   senior unsecured   Natl LT        AA-(pan) Affirmed   AA-(pan)

   senior unsecured   Natl ST        F1+(pan) Affirmed   F1+(pan)




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

RUTAS DE LIMA: S&P Lowers ICR to 'CCC-', Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its issue rating on Rutas de Lima S.A.C.
(RdL or the project) to 'CCC-' from 'CCC'.

The negative outlook reflects the elevated risk of a more
pronounced deterioration of the project's cash flow and liquidity
in the next six months if new measures to suspend its remaining
tolls are enforced, which would lead to a default.

The First Preparatory Investigation Court of Lurin recently
admitted a habeas corpus claim against Rutas de Lima S.A.C. (RdL or
the project), ordering the temporary suspension of collections at
the Conchan toll plaza, located along the Panamericana Sur (PS)
road.

S&P expects RdL's cash flow to worsen amid the suspension of
collections at the Conchan toll plaza and rising costs.

The Court of Lurin recently declared a habeas corpus claim
requested by the Municipality of Lurin (not rated) as partially
funded and ordered the project to temporarily suspend collections
at the Conchan toll plaza until measures are adopted to stop
violations of the right to freedom of movement (such as the
construction of a free alternative road to the PS), or until the
Peruvian criminal court issues a final judgment on the legality of
the concession agreement between the MML and RdL.

These are the same arguments used by the Constitutional Court of
Peru in its final judgement on the Chillon toll dispute.
Consequently, RdL suspended collections at this toll plaza and
appealed the Court of Lurin's decision.

S&P said, "In this context, we updated our base-case scenario and
excluded toll revenues from Conchan, which represented about 7% of
the project's total revenue. We also included higher costs due to
ongoing litigation, deferred major maintenance works, and penalties
imposed on RdL. Our base-case scenario now assumes an operating
expenditure-to-revenue ratio of about 115% in 2025, compared with
our previous assumption of close to 85%.

"The combination of all these factors materially reduces our cash
flow available for debt service (CFADS) projection for this year to
negative Peruvian nuevo sol (PEN) 35 million-PEN45 million, from
positive PEN30 million-PEN40 million previously.

"Further toll suspensions could significantly increase the risk of
imminent default. Considering negative CFADS, we believe the
project would exhaust its liquidity earlier (2026) than previously
assumed (2027). However, this could occur even earlier (2025),
depending on RdL's ability to continue collecting revenue at the
remaining five toll plazas of the PS, which are currently the
subject of legal actions seeking its suspension.

"Based on the legal precedent set by the Peruvian justice with the
suspension of collections at both the Chillon and Conchan toll
plazas, we believe there is a high chance the project's remaining
tolls could be suspended shortly. If this occurs, it would leave
RdL without the possibility of collecting revenue to pay operating
expenses and debt service."

As of March 31, 2025, the project's liquidity balance was about
PEN345 million, which included:

-- A debt service reserve account of PEN75 million;

-- An additional reserve account of PEN91 million;

-- An O&M reserve account of PEN59 million; and

-- Accessible cash and accounts of PEN120 million.

S&P said, "The negative outlook reflects our view that RdL could
default on its notes in the short term absent unanticipated
significantly favorable changes in the project's circumstances.

"We could lower the rating if we expect a more pronounced
deterioration of RdL's cash flow because of the enforcement of new
measures to suspend the project's remaining tolls. This would lead
to a quicker consumption of RdL's liquidity, increasing the risk of
imminent default.

"A downgrade could also occur if we believe that the incentives for
noteholders to accelerate the notes payment increase.

"Lastly, if the Court of Arbitration issues a final judgement
against the project on the concession termination dispute, we could
also lower the rating.

"Although highly unlikely due to RdL's heightened vulnerabilities,
we could take a positive rating action if collections at the
Chillon and Conchan toll plazas are reinstated, which would
significantly improve RdL's cash flow generation."




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

PUERTO RICO: U.S. Congressman Fitzgerald Seeks Bankruptcy Details
-----------------------------------------------------------------
Michelle Kaske of Bloomberg News reports that U.S. Representative
Scott Fitzgerald is pushing for a meeting with Puerto Rico's
financial oversight board to get an update on the nearly eight-year
bankruptcy of the island's electric utility.

Fitzgerald, who chairs the House subcommittee on the administrative
state, regulatory reform, and antitrust, sent a letter May 14,
2025, requesting the meeting take place by May 30, 2025, according
to Bloomberg News.

The Puerto Rico Electric Power Authority (Prepa), which entered
bankruptcy in July 2017, is attempting to restructure roughly $9
billion in debt. Fitzgerald criticized the extended process, noting
it has already generated hundreds of millions of dollars in fees
for attorneys and consultants, the report states.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/1701578-00001.pdf    

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.




===============
X X X X X X X X
===============

LATAM: China Urges Deeper Ties With Latin America, Caribbean
------------------------------------------------------------
Andrew Gioannetti at Trinidad and Tobago Newsday reports that a
senior Chinese official has called for stronger ties with Latin
America and the Caribbean (LAC), describing the partnership as
critical to advancing shared development goals and protecting the
interests of the global South.

China's Foreign Minister Wang Yi issued the appeal ahead of the
Fourth Ministerial Meeting of the China-CELAC Forum, which opened
in Beijing on May 13 and marks the tenth anniversary of the forum's
establishment, according to Trinidad and Tobago Newsday .

In a commentary written ahead of the meeting, Wang Yi reviewed a
decade of co-operation between China and LAC, framing the
relationship as a natural alliance amid shifting global power
dynamics, the report notes.

He pointed to expanding trade, infrastructure investment and
multilateral co-ordination as evidence of a growing partnership,
the report relays.

He also warned against external attempts to stall the region's
development, the report discloses.

Wang Yi argued collaboration between China and the LAC bloc is an
inevitable outcome of today's international climate, the report
says.

"The collective rise of the Global South is a distinctive hallmark
of the great transformation in the world," he said, adding that
China-LAC co-operation sends "a strong message of the global south
seeking strength through unity and aligns with the dominant trend
toward a multipolar world," the report relays.

Wang Yi said the past decade of diplomatic, economic and cultural
engagement laid a solid foundation for future co-operation, the
report notes.

He cited several milestones, including the doubling of trade
volumes between China and LAC, which reached US$518.4 billion in
2024, as well as infrastructure and industrial capacity projects
that he said had created over one million jobs in the region, the
report discloses.

China has established a range of partnership agreements with LAC
countries over the years, and 20 nations have signed on to
development initiatives under the Belt and Road framework, the
report says.

Beyond economic ties, Wang Yi pointed to people-to-people and
cultural exchanges as a central pillar of China-LAC relations, the
report relays.

These include over 17,000 government scholarships, 13,000
professional training opportunities, and the establishment of 68
Confucius Institutes and Classrooms across 26 LAC countries, the
report discloses.  Several LAC governments have also designated the
Chinese Spring Festival as a public holiday, the report relays.

Wang Yi highlighted closer co-ordination between China and LAC at
multilateral platforms including the UN, G20, APEC and BRICS, the
report notes.

Amid mounting global uncertainty and geopolitical tension, Wang Yi
warned of attempts by unnamed powers to block the development of
China and the global south, the report relays.

"A certain major country, holding a ‘me-first' worldview, is
trying to snatch the fruits of development from the global south,
including China and LAC countries, and to hold back or even halt
our modernisation process," he said.  "Pursuing modernisation is a
legitimate right of people in all countries, not the privilege of a
few," he added.

He called on China and the LAC region to defend their independence
and development interests and to collectively resist external
interference, the report discloses.

He also endorsed LAC countries' calls for not only political and
sovereign independence but also economic and cultural
self-determination, the report notes.

Wang Yi proposed strengthening top-level co-ordination, improving
trade and investment networks and expanding co-operation in
high-technology, industrial capacity and education, the report
says.

He said China would continue to implement small-scale social
development projects in LAC countries aimed at improving people's
livelihoods, the report relays.

The minister also reiterated China's support for multilateralism
and an international order anchored in the UN system and
international law, the report adds.



                           *********


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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

Copyright 2025.  All rights reserved.  ISSN 1529-2746.

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                  * * * End of Transmission * * *