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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, April 5, 2023, Vol. 24, No. 69

                           Headlines



A R G E N T I N A

ARGENTINA: IMF OKs US$5.3-Billion Loan Disbursement


B E R M U D A

VALARIS LTD: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable


B R A Z I L

BRAZIL: Bank Lending Falls for the 2nd Consecutive Month in Feb
BRAZIL: Economy Created Fewer Formal Jobs Last February
BRAZIL: Gov't. Accounts Registered the Worst Result for February


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: US$150M to Meet Local's Needs in Crisis


M E X I C O

MEXARREND S.A.P.I.: S&P Withdraws 'D' Issuer Credit Rating


P E R U

CEMENTOS PACASMAYO: S&P Withdraws 'BB+' Issuer Credit Rating
PERU: May Tap Capital Markets This Year to Better Manage Debt


P U E R T O   R I C O

CEDIPROF INC: Exclusivity Period Extended to May 4


U R U G U A Y

FUCEREP: S&P Cuts ICR to 'CCC+' on Heightened Capital Pressure


X X X X X X X X

LATAM: New Study Urges Action to Promote Region's Circular Economy

                           - - - - -


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A R G E N T I N A
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ARGENTINA: IMF OKs US$5.3-Billion Loan Disbursement
---------------------------------------------------
The Buenos Aires Times reports that the International Monetary
Fund's executive board approved a US$5.3-billion disbursement to
Argentina, a key step forward in the government's program that's
faced setbacks amid a worsening economic outlook.

The report says the board approved the funds after IMF staff
finished the fourth review of Argentina's US$44.5-billion deal,
according to the people, who asked not to be identified without
permission to speak publicly.

The IMF press office declined to comment, notes the BA Times. An
Economy Ministry spokesman in Buenos Aires didn't immediately
respond to a request for comment.

Argentina's 22nd IMF programme in history - the most of any member
country - stumbled out of the gate a year ago with lawmakers in the
government's own coalition voting against the agreement. It is the
largest assistance program currently under IMF implementation,
recalls the report.

The BA Times says the new disbursement brings to US$28.9 billion
the total funds already allocated to Argentina since the start of
the assistance programme in March 2022.

The programme has since faced heightened uncertainty before a
looming recession and October's presidential election, with annual
inflation in Argentina surpassing 100 percent last month, notes the
report.

The IMF earlier this month called on Argentina to make stronger
efforts to address foreign reserve losses, galloping inflation and
other "policy setbacks" amid a severe drought that's hitting the
country's crucial commodities sector.

Argentina requested to a change to a key target in the programme,
known as net reserve accumulation. Net reserves, or the stockpile
of cash at the Central Bank, is seen as crucial to preventing a
major currency devaluation.

Earlier in March, the government expected to reduce the 2023
reserve target in the IMF deal by about US$2 billion, according to
two senior government officials who requested not to be named to
discuss unpublished figures, notes the report. That would bring the
annual reserve target down to roughly US$2.8 billion from the
current US$4.8 billion stipulated in the last IMF review.

The report relays that President Alberto Fernandez visited US
President Joe Biden at the White House and said afterwards that his
US counterpart committed to supporting Argentina at the IMF and
other multilateral institution.

The United States is the nation with the greatest voting rights at
the IMF.

Argentina recorded 5.2 percent economic growth in 2022, a slowdown
compared to 2021, but still tallying a second consecutive year of
expansion, the first such two-year period of growth since
2010-2011, notes the BA Times.

Inflation, however, remained high at 94.8 percent, preventing the
country from reaping the benefits of this upturn in activity, the
report discloses.

Soaring inflation means most goods cost double what they did this
time last year, and marks the return of near triple-digit inflation
for the first time since the early 1990s, according to the report.


Fitch Ratings downgraded Argentina's foreign currency debt to one
level above default.

The debt downgrade from CCC- to C suggests that the ratings agency
believes a default is "imminent," and comes shortly after a
government decree forcing domestic public sector entities to swap
their foreign currency-denominated debt for debt denominated in the
domestic currency, the peso, adds the report.

                       About Argentina

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

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

Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.

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

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

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

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS confirmed Argentina's Long-Term Foreign Currency Issuer Rating
at CCC and Long-Term Local Currency Issuer Rating at CCC (high) on
July 21, 2022.



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B E R M U D A
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VALARIS LTD: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
Valaris Ltd., a Bermuda-based offshore drilling company.

S&P said, "We also assigned our 'BB' issue-level rating to the
company's proposed $600 million senior secured second-lien notes.
The '1' recovery rating indicates our expectation for very high
(90%-100%; rounded estimate: 95%) recovery of principal to
creditors in the event of a payment default.

"The stable outlook reflects our view that Valaris' credit measures
will remain appropriate for the rating over the next 12 months,
supported by a continued gradual pick-up in offshore activity which
will likely enable the company to recontract its rigs at improved
rates. We anticipate funds from operations (FFO) to debt of 35%-40%
over the next two years.

"Our rating reflects the company's high-quality rig fleet, good rig
type diversity, strong customer base, and broad geographic
diversity. These factors are partially offset by its relatively
small contract backlog, recontracting risk over the next 12-18
months, and participation in the cyclical and volatile offshore oil
and gas sector. Our rating also reflects Valaris' significant
near-term capital spending and our expectation of negative free
operating cash flow (FOCF) in 2023."

Valaris has the largest rig fleet among its offshore contract
driller peers.

The company has a fleet of 52 rigs, comprising:

-- 11 drillships;
-- 5 semisubmersible rigs;
-- 12 harsh and ultra-harsh jackup rigs;
-- 21 heavy-duty and standard-duty modern jackups; and
-- 3 legacy jackups.

S&P said, "We view this diversity of rig types favorably because it
enables Valaris to operate in most geographies and serve a wider
customer base. Valaris also has the option to purchase two
additional newbuild drillships by year-end at favorable cost. Our
analysis assumes the company exercises its option to purchase one
drillship in 2023 and one in 2025 (assuming they can extend the
second purchase option).

"Valaris' contract backlog is smaller than those of its peers,
though we expect improving sector conditions will moderate its
recontracting risk over the next 12-18 months."

The company's backlog is about $2.9 billion, including its recently
announced $500 million three-year contract with Petrobras, which is
smaller than those of its large peers such as Transocean Ltd. and
Noble Corp. In addition, S&P notes that a significant portion of
Valaris' rig contracts are due to end over the next 12-18 months,
although this also provides it with the opportunity to recontract
at significantly higher day rates, based on current leading edge
day rates. Its fleet utilization has improved materially over the
last year, but the company still has about 20% of its fleet
cold-stacked, which requires a significant amount of reactivation
capital to return to service, particularly for its three stacked
drillships (including the Valaris DS-8 drillship which was recently
awarded a three-year contract with Petrobras). Valaris' current
fleet utilization is about 64% for its drillships, 60% for its
semisubmersible rigs, 75% for its harsh and ultra-harsh jackups,
and 76% for its modern jackups. Nonetheless, offshore activity has
steadily increased in recent months and current tender and final
investment decision (FID) activity suggests demand will continue to
improve in the near- to mid-term.

The offshore recovery has been slow but overall sector utilization
and day rates have materially improved.

S&P said, "We expect current commodity prices, crude oil supply and
demand fundamentals, and the renewed focus on global energy
security will support a continued gradual increase in offshore
spending and activity. Sector-wide active utilization (excluding
stacked rigs) for most rig classes is now about 90%, which has
significantly raised day rates relative to recent years. Leading
edge day rates on drillships are now over $400,000 per day, while
harsh and benign environment jackup rig rates are above $100,000
per day. Over the longer-term, we believe the energy transition
will challenge the offshore drilling sector because customers may
become less willing to commit capital to multi-year greenfield
projects given the risk of waning oil demand."

Valaris has excellent geographic diversity and a strong customer
base.

The company has a good presence in the most active offshore
regions, including in the Gulf of Mexico, South America, West
Africa, the North Sea, the Middle East, Southeast Asia, and
Australia. Its customers include the largest supermajors, such as
ExxonMobil and Chevron, and national oil companies, including
Petrobras and Saudi Aramco. Valaris also has a 50% equity interest
in the ARO Drilling joint venture with Saudi Aramco, which provides
a strategic foothold in Saudi Arabia with the largest oil producer
in the world. ARO Drilling currently leases eight jackup rigs from
Valaris and owns an additional seven rigs. ARO Drilling plans to
purchase 20 newbuild jackups over the next decade, with the first
two slated for delivery this year. The rigs are backed by long-term
contracts with Saudi Aramco, structured to return the cost of the
rig in the initial six years. Valaris treats ARO Drilling as an
equity investment for accounting purposes. ARO Drilling will use
its cash flows and third-party financing to fund the newbuild
program and do not anticipate Valaris or Saudi Aramco will
contribute additional capital. However, in S&P's model, it assumes
Valaris contributes 50% of the capital toward the rigs due for
delivery in 2023 until third-party financing is in place.

S&P expects the company's elevated capital spending requirements
will lead to significant negative FOCF in 2023.

The company has guided to about $320 million-$360 million of
maintenance, upgrade, and reactivation spending in 2023 (including
a portion of the reactivation spending for the Valaris DS-8 and
DS-17 drillships). S&P said, "We assume an additional $140 million
for the purchase of one of its newbuild drillship options and $130
million for its portion of the ARO Drilling rigs (until financing
is in place). As a result, we expect about $300 million in negative
FOCF. Rates on Valaris' existing contracts remain well below
leading edge rates (we expect its average drillship contracted day
rate to be about $250,000 per day in 2023, which compares with
leading edge rates of more than $400,000), which will hurt its
margins. However, because we expect it will recontract a
significant number of its rigs at higher rates, this could
materially improve its cash flows. We anticipate its FFO to debt
will average 35%-40% over the next two years."

Valaris filed for chapter 11 bankruptcy protection in August 2020
and emerged from the process in April 2021. The company reduced
debt by approximately $6.5 billion through the process.

S&P said, "The stable outlook reflects our view that offshore
activity will continue to pick up at a moderate pace, enabling
Valaris to recontract rigs at higher day rates while it improves
the overall utilization of its fleet. We anticipate FFO to debt in
the 35%-40% range over the next 12-24 months."

S&P could lower its rating on Valaris if it anticipates weaker
credit measures, such as FFO to debt of below 30% on a sustained
basis. This could occur if:

-- Weaker commodity prices impair demand for offshore drilling
services, making it challenging for Valaris to recontract its rigs
at favorable day rates; and

-- The company was unable to reduce its spending on reactivations
and upgrades in such a scenario.

S&P said, "We could raise our rating on Valaris if its credit
measures strengthen such that we expect its FFO to debt will exceed
60% for a sustained period. In addition, we would expect the
company to generate positive FOCF on a sustained basis." This would
most likely occur if supportive commodity prices drive a continued
pick up in the offshore drilling sector, enabling Valaris to
recontract rigs at higher day rates, along with a moderate level of
reactivation and upgrade spending.

ESG credit indicators: E-4, S-3, G-3

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Valaris due to our expectation that
the energy transition will result in lower demand for offshore
drilling rigs and services as accelerating adoption of renewable
energy sources lowers demand for fossil fuels. Additionally, the
industry faces an increasingly challenging regulatory environment,
both domestically and internationally, that includes limits on
drilling activity in certain jurisdictions. Given the company's
exposure to the offshore market, Valaris faces higher environmental
risks than onshore rig contractors due to its susceptibility to
operational interruptions and damage to its equipment from more
challenging operating conditions such as hurricanes. Social factors
are a moderately negative consideration in our credit ratings of
Valaris because we believe deepwater operations are more prone to
fatal accidents due to the inherent risks of operating in more
challenging environments." Governance factors are a moderately
negative consideration for Valaris given its historically
aggressive financial policies, which led to it filing for Chapter
11 bankruptcy, as well as its limited track record under new
management.




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B R A Z I L
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BRAZIL: Bank Lending Falls for the 2nd Consecutive Month in Feb
---------------------------------------------------------------
Reuters reports that Brazilian bank lending fell for the second
consecutive month in February, according to data from the central
bank published March 29, adding to concerns about a potential
credit crunch amid high borrowing costs.

Outstanding loans slipped 0.1% in February from the previous month
to 5.319 trillion reais ($1.03 trillion), pushing 12-month growth
down to 12.6% from 13.8% in the previous month, according to
Reuters.

The performance was driven by a 0.7% decline in corporate credit,
while there was a 0.4% increase in household loans. Brazil's
benchmark interest rate is at a six-year high of 13.75% from a
record low of 2% in March 2021, leading to a deceleration in bank
lending, the report notes.

This has prompted criticism from the new leftist President Luiz
Inacio Lula da Silva and his political allies about widespread
economic damage from high financing costs and fears of a potential
credit crisis, the report relays.  Bank lending spreads in
non-earmarked credit increased to 31.6 percentage points in
February from 30.6 percentage points the previous month, the report
notes.

A broad measure of Brazilian consumer and business default ratios
remained at 4.5%, the report adds.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).

BRAZIL: Economy Created Fewer Formal Jobs Last February
-------------------------------------------------------
Richard Mann at Rio Times Online reports that the Brazilian economy
created 241,785 formal jobs last February, the Ministry of Labor
and Employment reported based on data from the General Registry of
Employed and Unemployed.

According to the report, the result was much lower than in February
2022, when 353,294 new jobs were registered, a drop of 31.6
percent, the report notes.

Lower job creation confirms a trend toward a slowdown in the
Brazilian economy, according to Rio Times Online.

The Lula government is attempting to blame this poor performance on
the high-interest rate policy of the Brazilian Central Bank, whose
reference rate is currently 13.75 percent per year, the report
adds.

                            About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).

BRAZIL: Gov't. Accounts Registered the Worst Result for February
----------------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil's central
government accounts - National Treasury, Social Security, and the
Central Bank - registered a primary deficit of BRL40.989 (US$8)
billion, more than double the BRL20.367 billion deficit recorded in
February 2022.

This is the worst result for February since the beginning of the
historical series in 1997, Rio Times Online recalls.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: US$150M to Meet Local's Needs in Crisis
-----------------------------------------------------------
Dominican Today reports that the Dominican Government will use
financing for US$150 million, previously contracted with the
Inter-American Bank for Reconstruction and Development (IBRD) of
the World Bank Group, to meet the needs of the Dominican population
affected by coronavirus.

After the declaration of the State of National Emergency on March
19, 2020, the Finance Ministry, in coordination with the Ministry
of Economy as coordinator with the World Bank, decided to request
the first disbursement of the Disaster Risk Management Policy
Development Loan with the Deferred Disaster Disbursement Option
(CAT-DDO), which functions as a contingent credit line of up to
US$$150 million to provide "timely liquidity to the Dominican State
to respond to emergency situations such as the one the country is
in today," according to Dominican Today.

"The resources received will be freely available to support the
budget of the Central Government," the Finance Ministry said, the
report notes.

                 About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCRLA reported in April 2019 that the Dominican To related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.S&P also
affirmed its 'BB-' long-term foreign and local currency sovereign
credit ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.



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

MEXARREND S.A.P.I.: S&P Withdraws 'D' Issuer Credit Rating
----------------------------------------------------------
S&P Global Ratings withdrew all ratings on Mexarrend S.A.P.I. de
C.V. The withdrawal includes the 'D' issuer credit rating on
Mexarrend and the issue-level rating on its senior bonds. S&P is
withdrawing its ratings following the announcement that Mexarrend
won't be publishing any financial information statements, economic,
accounting, and administrative information for the fourth quarter
of 2022. Therefore, S&P doesn't expect to receive sufficient
information from the company in order to keep its credit analysis
up to date.

As a result, S&P has determined, in accordance with its
methodologies and policies, that it lacks sufficient information to
comply with its information quality and reliability standards,
which we require to maintain our ratings on issuers.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Governance – Transparency and reporting

S&P views Mexarrend's lack of timely and sufficient information as
an elevated transparency and reporting governance risk within its
environmental, social, and governance factors.




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P E R U
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CEMENTOS PACASMAYO: S&P Withdraws 'BB+' Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings withdrew its 'BB+' issuer credit rating on
Peruvian entity Cementos Pacasmayo S.A.A. at the issuer's request.


S&P's outlook on the company was stable at the time of the
withdrawal, reflecting our expectation of a broadly resilient
operating and financial performance in 2023, despite disruptions
from recent social unrest in Peru and adverse weather conditions in
the beginning the year. The company fully repaid its senior
unsecured notes on the maturity date on Feb. 8, 2023.


PERU: May Tap Capital Markets This Year to Better Manage Debt
-------------------------------------------------------------
Reuters reports that Peru's government expressed qualified interest
in tapping the international bond market later this year in a bid
to better manage liabilities, Economy Minister Alex Contreras said.


The government might turn to capital markets during the first
semester of this year if opportunities exist, the economy chief
said during a news conference, according to Reuters.

The minister also forecast what he described as a "moderate"
economic expansion in March, and then 4% growth in April, notes the
report.

The Andean nation's central bank estimated on March 24 lower
economic growth this year due to the impact of months-long social
unrest and torrential rains earlier this month, the report says.

Last March 23, Officials announced that the government will spend
more than $1 billion on climate and weather measures, in a bid to
contain adverse impacts from climate change and El Nino-related
weather events, the report adds.
       



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P U E R T O   R I C O
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CEDIPROF INC: Exclusivity Period Extended to May 4
--------------------------------------------------
Judge Maria De Los Angeles Gonzalez of the U.S. Bankruptcy Court
for the District of Puerto Rico extended Cediprof, Inc.'s
exclusivity period to file the disclosure statement and plan to
May 4, 2023.  The judge also extended the period to solicit
acceptances for a term of 60 days after the order approving the
disclosure statement is entered, but not to exceed 20 months
from the petition date.

                        About Cediprof Inc.

Cediprof, Inc. is a company in Caguas, P.R., which develops,
manufactures, supplies and distributes finished dosage forms of
pharmaceutical products.

Cediprof filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-03198) on Nov.
4, 2022, with $10 million to $50 million in both assets and
liabilities.

Carmen D. Conde Torres, Esq., at the Law Offices of C. Conde &
Assoc. and RSM Puerto Rico as legal counsel and accountant,
respectively.



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

FUCEREP: S&P Cuts ICR to 'CCC+' on Heightened Capital Pressure
--------------------------------------------------------------
S&P Global Ratings downgraded Cooperativa de Ahorro y Credito
Fucerep (Fucerep) to 'CCC+' from 'B-' on the global scale and to
'uyB' from 'uyBB-' on the national scale. The outlook remains
negative. Additionally, S&P lowered its issue-level rating on
Fucerep's hybrid notes to 'uyCCC+' from 'uyB'.

Fucerep's net losses amounted to 98 million Uruguayan pesos (UYU)
in 2022, wider than the UYU37 million loss in 2021, only partly
offset by members' contributions. As a result, Fucerep's regulatory
capitalization metrics declined to 13.1% in 2022 from 19.0% in
2021, complying with minimum requirements of 12% but with a
narrower margin.

This is because losses could be wider than expected, given
Fucerep's challenges to stabilize the cost of risk and improve its
collection mechanisms at its consumer portfolio without payroll
discount. Still, this will be partly compensated by cooperative
members' contributions.

This issuance is part of the cooperative's regulatory capital,
representing only 2% as of December 2022, but it can't absorb
losses on a going concern basis. The issuance will mature on June
29, 2023.

ESG credit indicators: To: E-2, S-2, G-3; From: E-2, S-2, G-2




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

LATAM: New Study Urges Action to Promote Region's Circular Economy
------------------------------------------------------------------
A new report recommends that Latin America and the Caribbean
accelerate the transition to a circular economy by overhauling laws
and partnering more closely with the private sector to fund
projects with a circular model. The study, entitled Unlocking
Circular Economy Finance in Latin America and the Caribbean: The
Catalyst for a Positive Change, was led by the United Nations
Environment Programme (UNEP) and its financial initiative (UNEP
FI), with support from the Inter-American Development Bank (IDB)
and IDB Invest.

The report analyzes public policy and finance instruments for
circularity in seven countries and sets out ways to move towards a
circular economy and make more financing available to companies and
projects in the region. The analysis shows that the countries are
on the right path towards circularity and that a combined action
with different actors will be key to meeting the climate goals.

The need for sustainable production and consumption models that
reuse products and preserve the world's non-renewable natural
resources is more pressing now than ever. By applying a circular
lens, financial institutions can assess production and consumption
models and find new ways to minimize waste and pollution. But the
gap between current investments and those needed to support the
crucial transition to circular production and consumption models is
still enormous. The financial sector and government agencies play a
key role in spurring on the circular transition through innovative
financial instruments and policies.

"Circular financing goes beyond innovation and green finance. It
should also adopt a broader vision of value creation, new methods
for assessing risk, long-term thinking and initiatives for
collaboration," said Susana Cordeiro Guerra, manager of the IDB's
Institutions for Development Sector. "This report identifies
opportunities for both governments and financial institutions to
ensure that investments help create more sustainable and equitable
economies in the region," she added.

The study urges countries to update and adapt their environmental
laws, adding legislation on circular economies. It also recommends
creating classification systems, definitions and metrics to help
countries and investors understand which activities follow circular
economy principles.

Countries should also forge close partnerships with the private
sector to cultivate a financial ecosystem that favors the circular
economy. Under this arrangement, public-sector and private-sector
financial institutions would cooperate to fund circular businesses
and projects at different stages of maturity. This public-private
nexus can help local circular markets develop and optimize resource
allocation.

"The pandemic exposed the pivotal role of the micro, small, and
medium-sized enterprises (MSMEs) and supply chains of Latin America
and the Caribbean in the face of volatility and material shortages.
The circular economy makes value chains more resilient and
inclusive because it fosters innovation, reduces waste and
pollution and boosts effectiveness," explained Alexandre Meira da
Rosa, chief strategy officer for IDB Invest. "This report lays out
best practices for reducing the circularity gap and fueling a
transition that avoids leaving vulnerable groups behind."

Lastly, the report recommends that governments and financial
institutions enable MSMEs to become key drivers of the circular
economy by helping them build capacities, integrating them into
value chains and giving them access to credit to fund their
initiatives to modernize or adapt their operations.

"The only way to make it through the planet's triple crisis—of
climate change, biodiversity loss and pollution—is for all
economic players to join forces to find innovative solutions to
expand investment and throw their weight behind a sustainable and
inclusive future for all," said Eric Usher, Head of the UNEP FI.
"Financial institutions and government administrations need to work
together to provide financing for circular business models that
help build a fair, regenerative and circular global economy," he
added.

"The circular economy proposes a resilient, diverse, and inclusive
economic model that creates opportunities for sustainable growth
different to the 'take, make and dispose of' mentality. It fosters
long-term economic productivity and green jobs while tackling
global challenges like the aforementioned triple crisis. This study
is part of a broader work by UNEP with the Circular Economy
Coalition for Latin America and the Caribbean, where various actors
in the region work to encourage governments and the private sector
to move in that direction," says Beatriz Martins Carneiro, Regional
Coordinator of UNEP Finance and Economic Transformations.

The study was co-funded by Germany's Federal Ministry for the
Environment, Nature Conservation, Nuclear Safety and Consumer
Protection (BMUV) and the European Commission. The research and
technical review were carried out by the Instituto Escolhas and
Exchange 4 Change Brasil.



                           *********


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