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

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

          Friday, May 26, 2023, Vol. 24, No. 106

                           Headlines



A R G E N T I N A

ARGENTINA: Raises Economic Defenses Against Inflation 'Onslaught'
BLOCKFI INC: No Deal for BlockFi Platform, Proposes Payout Plan


B R A Z I L

BRAZIL: There is Room for Rate Cuts, Says Finance Minister


C A Y M A N   I S L A N D S

GRIFFIN GLOBAL: S&P Assigns 'BB-' ICR, Outlook Stable


C O L O M B I A

GILEX HOLDING: Moody's Withdraws B2 Issuer Rating on Debt Repayment


J A M A I C A

JAMAICA: BOJ Intervenes in Forex Market for Two Straight Days


P U E R T O   R I C O

ESJ TOWERS: Maria Sandra Roldos Removed as Committee Member


U R U G U A Y

URUGUAY: Economy Decelerated in Second Half 2023, IMF Says

                           - - - - -


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

ARGENTINA: Raises Economic Defenses Against Inflation 'Onslaught'
-----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Argentina's
government is bolstering its economic defenses as it battles
runaway inflation that hit 109% in April, fast draining central
bank foreign currency reserves, a weakening peso and simmering
market fears of a sharp-shock devaluation.

The economy ministry announced a package of measures including new
interest rate hikes, more central bank intervention in currency
markets and fast-tracked deals with creditors after inflation
overshot all forecasts, according to globalinsolvency.com.

An official source told Reuters the rate hike would be 600 basis
points, bringing the rate up to 97%, the report notes.

That would follow back-to-back hikes totaling 1,300 basis points in
April. Investment bank J.P. Morgan said an "onslaught of inflation"
had forced the government to take "emergency measures," the report
relays.

"The Casa Rosada (presidential palace) is concentrating for now on
seeking resources to contain the bleeding of reserves and alleviate
the impact of the rise in prices," it said, the report adds.

                 About Argentina

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

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

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


BLOCKFI INC: No Deal for BlockFi Platform, Proposes Payout Plan
---------------------------------------------------------------
Blockfi Inc., et al., filed a First Amended Joint Chapter 11 Plan
and a Disclosure Statement.

Intent on moving expeditiously through chapter 11, the Debtors
filed the Joint Plan of Reorganization of BlockFi Inc. and Its
Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code
(the "Initial Plan") on the first day of these Chapter 11 Cases.
The Initial Plan contemplated either a sale of substantially all of
BlockFi's assets to a third-party or a self-liquidation transaction
wherein BlockFi would return Digital Assets and cash to creditors
(the "Self-Liquidation Transaction") followed, in each case, by a
Wind Down of the Debtors' Estates. The Self-Liquidation Transaction
served as a floor for a third-party sale transaction.

Moelis prepared a comprehensive marketing strategy designed to
identify bidders for packages of the Debtors' assets, including the
BlockFi Platform, Debtors' physical self-mining assets (the
"Equipment"), loans secured by mining assets (the "Mining Loans"),
and claims against certain third-parties. With a marketing strategy
in place, on or about December 12, 2022, the Debtors, with the
assistance of Moelis, began soliciting interest in the purchase of
certain of the Debtors' Equipment and Mining Loans (together, the
"Mining Portfolio"), as well as an interest in a self-mining
facility in Spartanburg, South Carolina hosted by the Debtors'
joint venture, BV Power Alpha LLC (the "Hosting Joint Venture").
The Debtors marketed the Mining Portfolio to potential bidders as a
package, but also allowed parties to make bids on portions of the
Mining Portfolio.

These efforts were successful and generated market interest in the
Mining Portfolio  -- more than seventy prospective bidders executed
nondisclosure agreements with the Debtors and engaged in further
diligence toward potentially submitting a bid for the Mining
Portfolio. Through this marketing process, the Debtors, in
consultation with Moelis and the Debtors' other advisors, concluded
that it would be value-maximizing to sell the Equipment separately
from the Debtors' interest in the Hosting Joint Venture and Mining
Loans. To that end, the Debtors and Moelis reoriented their Mining
Portfolio sale efforts to focus, in the near-term, on the marketing
and sale of the Equipment while holding, renegotiating, or
otherwise pursuing collection on the Mining Loans and continuing to
manage the Hosting Joint Venture.

In furtherance of the sale process, the Debtors filed a motion
seeking entry of an order to establish certain formal bidding
procedures for a potential sale of any or all of the Debtors'
assets. On Jan. 30, 2023, the Bankruptcy Court entered an order
approving the bidding procedures.

On Feb. 28, 2023, in accordance with the Bidding Procedures Order,
the Debtors held an auction to sell the Equipment. The Equipment
Auction was competitive and involved hard-fought, arms-length
negotiations with each participating bidder. At the conclusion of
the Equipment Auction, the Debtors, in consultation with the
Official Committee of Unsecured Creditors (the "Committee"),
concluded that U.S. Farms & Mining Opportunity Fund LLC's ("U.S.
Farms") bid for the totality of the auctioned Equipment represented
the most value-maximizing offer available to the Debtors.

On March 2, 2023, the Debtors sought Court approval to execute an
asset purchase agreement with U.S. Farms and sell the Equipment for
approximately $4.675 million.  After a hearing on March 23, 2023,
the Court entered anorder approving the Debtors' proposed sale of
the Equipment to U.S. Farms.

In parallel with the marketing and sale of their Mining Portfolio,
on January 9, 2023, the Debtors and Moelis began soliciting
interest for the purchase of the BlockFi Platform.  This asset
package consists of (i) an end-to-end Digital Asset platform that
offers a wide array of product offerings to both retail and
institutional users across the U.S. and internationally (the
"Digital Asset Platform"), (ii) approximately 440,000 funded U.S.
Client accounts (the "U.S. Client Accounts"), and (iii)
approximately 220,000 funded international Client accounts (the
"International Client Accounts," and together with the Digital
Asset Platform and U.S. Client Accounts, the "BlockFi Platform" and
each a "Component").  The Debtors marketed the BlockFi Platform to
potential bidders as a package while allowing parties to make
separate bids on each Component.

The Debtors and their advisors actively facilitated diligence and
engaged with potential bidders throughout this process, and
although the Debtors received a number of indications of interests
for some or all of the Components of the BlockFi Platform, the
Debtors concluded that, given recent regulatory developments, among
other things, there may be a lack of meaningful value to be
generated from a sale. Therefore, finalizing and consummating a
transaction for the BlockFi Platform would not result in an
expedient and value-maximizing transaction for the benefit of the
Debtors' creditors.  Accordingly, the Debtors are proceeding with
the Self-Liquidation Transaction whereby the Debtors will
distribute their assets to creditors in accordance with the terms
of the Plan, followed by a Wind Down of their affairs.

The Debtors, however, continue to evaluate their options, and to
the extent the Debtors determine that an alternative transaction
providing for the sale of all, or substantially all, of the
Debtors' assets (an "Alternative Transaction") would provide more
value to stakeholders than the Plan, the Debtors will pursue the
Alternative Transaction, and will provide Holders of Claims and
Interests with additional information and revised documents, as
applicable.

Under the Plan, unsecured claims will be treated as follows:

   * Class 4-a BlockFi Lending LLC General Unsecured Claims total
$1.1 million. Its projected recovery is 83.5% to 100.0%, compared
to a liquidation recovery of 74.0% - 100.0%. Each Holder of an
Allowed BlockFi Lending LLC General Unsecured Claim will receive in
full and final satisfaction of such Allowed BlockFi Lending LLC
General Unsecured Claim, its Pro Rata share of (i) the Cash
Allocation for Holders of Claims at BlockFi Lending LLC and (ii)
any Additional Bankruptcy Distributions in Cash for Holders of
Claims at BlockFi Lending LLC until payment in full of such Allowed
BlockFi Lending LLC General Unsecured Claim; provided that any
Distribution made to Holders of Allowed BlockFi Lending LLC General
Unsecured Claims shall be pari passu with Holders of Claims in
Class 3-a (BlockFi Lending LLC Private Client Account Claims) and
Class 3-b (BlockFi Lending LLC Loan Collateral Claims).  Class 4-a
is impaired.

   * Class 4b BlockFi International Ltd. General Unsecured
Claims total $1.1 million under the plan and $1.2 million under
liquidation. Its projected recovery is 47.7% to 100.0%, compared to
a Liquidation Recovery of 43.4% - 83.3%.  Each Holder of an Allowed
BlockFi International Ltd. General Unsecured Claim will receive in
full and final satisfaction of such Allowed BlockFi International
Ltd. General Unsecured Claim, its Pro Rata share of (i) the Cash
Allocation for Holders of Claims at BlockFi International Ltd. And
(ii) any Additional Bankruptcy Distributions in Cash for Holders of
Claims at BlockFi International Ltd. until payment in full of such
Allowed BlockFi International Ltd. General Unsecured Claim. Class
4-b is impaired.

   * Class 4c BlockFi Inc. General Unsecured Claims total $34.0
million. Its projected recovery is 36.2% to 94.4%, compared to a
Liquidation Recovery of 33.4% - 52.5%. Each Holder of an Allowed
BlockFi Inc. General Unsecured Claim will receive in full and final
satisfaction of such Allowed BlockFi Inc. General Unsecured Claim,
its Pro Rata share of (i) the Cash Allocation for Holders of Claims
at BlockFi Inc. and (ii) any Additional Bankruptcy Distributions in
Cash for Holders of Claims at BlockFi Inc. until payment in full of
such Allowed BlockFi Inc. General Unsecured Claim.  Class 4-c is
impaired.

   * Class 4d BlockFi Services, Inc. General Unsecured Claims
total $0.2 million. Its projected recovery is 1.0%, compared to a
Liquidation Recovery of 1.0%.  Each Holder of an Allowed BlockFi
Services, Inc. General Unsecured Claim will receive in full and
final satisfaction of such Allowed BlockFi Services, Inc. General
Unsecured Claim, its Pro Rata share of (i) the Cash Allocation for
Holders of Claims at BlockFi Services, Inc. and (ii) any Additional
Bankruptcy Distributions in Cash for Holders of Claims at BlockFi
Services, Inc. until payment in full of such Allowed BlockFi
Services, Inc. General Unsecured Claim. Class 4-d is impaired.

   * Class 4e BlockFi Trading LLC General Unsecured Claims. Its
total claim and projected recovery is not applicable. On the
Effective Date, all BlockFi Trading LLC General Unsecured Claims
shall be canceled, released and extinguished, and will be of no
further force or effect, and Holders of BlockFi Trading LLC General
Unsecured Claims will not receive any Distribution on account of
such BlockFi Trading LLC General Unsecured Claims. Class 4-e is
impaired.

   * Class 4f BlockFi Wallet LLC General Unsecured Claims total
$2.2 million under the plan and $2.1 million under liquidation. Its
projected recovery is 0% and Liquidation Recovery 0%. On the
Effective Date, all BlockFi Wallet LLC General Unsecured Claims
shall be canceled, released and extinguished, and will be of no
further force or effect, and Holders of BlockFi Wallet LLC General
Unsecured Claims will not receive any Distribution on account of
such BlockFi Wallet LLC General Unsecured Claims. Class 4-f is
impaired.

   * Class 4g BlockFi Ventures LLC GeneralUnsecured Claims. Its
total claim and projected recovery is not applicable. On the
Effective Date, all BlockFi Ventures LLC General Unsecured Claims
shall be canceled, released, and extinguished, and will be of no
further force or effect, and Holders of BlockFi Ventures LLC
General Unsecured Claims will not receive any Distribution on
account of such BlockFi Ventures LLC General Unsecured Claims.
Class 4-g is impaired.

   * Class 4h BlockFi Investment Products LLC General Unsecured
Claims. Its total claim and projected recovery is not applicable.
On the Effective Date, all BlockFi Investment Products LLC General
Unsecured Claims will be cancelled, released, and extinguished, and
will be of no further force or effect, and Holders of BlockFi
Investment Products LLC General Unsecured Claims will not receive
any Distribution on account of such BlockFi Investment Products LLC
General Unsecured Claims. Class 4-h is impaired.

   * Class 4-i BlockFi Lending II LLC General Unsecured Claims. Its
total claim and projected recovery is not applicable. On the
Effective Date, all BlockFi Lending II LLC General Unsecured Claims
will be cancelled, released, and extinguished, and will be of no
further force or effect, and Holders of BlockFi Lending II LLC
General Unsecured Claims will not receive any Distribution on
account of such BlockFi Lending II LLC General Unsecured Claims.
Class 4-i is impaired.

The Voting Deadline is July 28, 2023, at 4:00 p.m. (prevailing
Eastern Time).

Attorneys for the Debtors:

     Michael D. Sirota, Esq.
     Warren A. Usatine, Esq.
     COLE SCHOTZ P.C.
     Court Plaza North, 25 Main Street
     Hackensack, NJ 07601
     Tel: (201) 489-3000
     E-mail: msirota@coleschotz.com
             wusatine@coleschotz.com

          - and -

     Joshua A. Sussberg, P.C.
     Christine A. Okike, P.C.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, NY 10022
     Tel: (212) 446-4800
     E-mail: jsussberg@kirkland.com
             christine.okike@kirkland.com

          - and -

     Richard S. Kanowitz, Esq.
     Kenric D. Kattner, Esq.   
     HAYNES AND BOONE, LLP
     30 Rockefeller Plaza, 26th Floor
     New York, NY 10112
     Tel: (212) 659-7300
     E-mail: richard.kanowitz@haynesboone.com
             kenric.kattner@haynesboone.com

A copy of the Disclosure Statement dated May 12, 2023, is available
at https://bit.ly/44SR7y5 from PacerMonitor.com.

                       About BlockFi Inc.

BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.

BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others. BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.

BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.

BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.

BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried.  BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer. BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.

BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year. Kirkland & Ellis is also advising Celsius
and
Voyager in their separate Chapter 11 cases.

BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.

Judge Michael B. Kaplan oversees the cases.

The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC as strategic and
communications advisor.  Kroll Restructuring Administration, LLC is
the notice and claims agent.




===========
B R A Z I L
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BRAZIL: There is Room for Rate Cuts, Says Finance Minister
----------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil's Finance
Minister Fernando Haddad emphasized that there is room for interest
rate cuts in the country, contrasting the central bank chief's
acknowledgment of ongoing challenges in achieving disinflation.

"My understanding that there is room for a cut cycle is no
offense," he said during a hearing at the Lower House, adding that
he is not questioning the central bank's power to set rates,
according to globalinsolvency.com.

Haddad stated there are conditions for monetary easing "without any
setbacks concerning inflation," the report notes.

President Luiz Inacio Lula da Silva and his political allies have
repeatedly blasted the current interest rate level, which has
remained steady at a 13.75% cycle-high since September despite
declining inflation, the report relays.

Earlier, central bank governor Roberto Campos Neto said Brazil
Brazil faces challenges in consolidating disinflation despite
progress made so far, again highlighting concerns with rising
inflation expectations, the report discloses.

Haddad also said during the hearing that the economy is expected to
grow about 2% this year, the report notes.  He regarded this rate
as still low, emphasizing the need for the country to aspire to
more robust growth in line with its potential, 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).




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C A Y M A N   I S L A N D S
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GRIFFIN GLOBAL: S&P Assigns 'BB-' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'BB-' issuer credit rating to
Cayman Islands-based aircraft lessor Griffin Global Asset
Management Holdings Ltd. (GGAM). At the same time, S&P assigned its
'BB-' issue-level rating and '3' recovery rating to its proposed
senior unsecured notes.

The stable outlook reflects S&P's expectation that Griffin will
continue to expand its fleet and build on its track record of
leasing relatively new aircraft to its customers.

S&P said, "The 'BB-' issuer credit rating incorporates our view of
Griffin as a relatively small aircraft operating lessor with a
limited track record, offset by its attractive aircraft portfolio
and growth plans. Griffin began operations in 2020, which results
in a limited track record relative to its more established peers.
As of March 31, 2023, its portfolio comprised 41 aircraft, with
letters of intent to grow to 60 aircraft by the end of 2023 and
further growth thereafter. However, the company's portfolio has
favorable characteristics; the weighted average age of its fleet
(based on net book value) is expected to be 1.3 years by the end of
2023, the lowest, by far, of its peers, which average five to eight
years. The average remaining lease term of 10.1 years is also the
highest of its peers, which average five to eight years, and
provides more certainty of future cash flow. Its fleet was 100% new
technology at March 31, 2023 and is expected to remain so, which no
other aircraft lessor can currently claim (but many are working
toward), with 67% narrowbodies (Airbus A320 and A321 neos, and
Boeing 737 maxes) and 33% widebodies (Airbus A330-900s and A350s,
and Boeing 787s) based on net book value. It is also well
diversified in terms of geographic areas served and its airline
customers. Based on aircraft net book value, 56% is derived from
Europe, Middle East, and Africa, 24% from the Americas, and 20%
from Asia-Pacific. The largest customers (based on net book value)
are SAS (11.5%), Indigo (11.4%), and Air France (11.3), with no
other customer accounting for more than 10%.

"We expect GGAM's credit metrics to improve as the company expands
its fleet and generates associated earnings and cash flow. GGAM was
incorporated on Nov. 7, 2022, and thus its 2022 pro forma financial
statements are not representative of its earnings and cash flow. We
expect the company to add to its fleet through 2025--with capital
spending of $2 billion-$2.5 billion a year. As a result of the
incremental debt and associated interest expense, we expect EBIT
interest coverage of about 1x in 2023, growing to about 2x
thereafter, based on gains on sale of aircraft more than offsetting
increased interest expense. We also expect funds from operations
(FFO) to debt in the mid-single-digit percent area over the
forecast period, primarily due to the higher debt levels. We expect
debt to capital in the low 70% area--in line with the company's
stated target of 2.75x debt to equity. All of the company's assets
are currently encumbered. However, it has indicated it will use
proceeds from the proposed $1 billion unsecured debt issuance to
reduce a portion of its secured warehouse facility, which would
reduce its encumbered assets to about 37% pro forma for the
unsecured debt issuance from about 67% currently. The pro forma
level is below that of similarly rated aircraft lessors.

"We view the company's owner as a financial sponsor and have thus
assigned an FS-4 to GGAM's financial policy. GGAM is owned by Bain
Capital Griffin Master Funds, which has contributed and committed,
combined, about $1 billion in equity to GGAM since 2020, along with
certain of their affiliates. Bain has indicated GGAM is a long-term
holding and we do not expect any net distributions to Bain as
Griffin expand its portfolio. Bain also has other investments in
aviation, particularly airlines. Under our FS-4 designation, we
expect GGAM to maintain certain credit metrics, specifically EBIT
interest coverage is greater than 1.3x and debt to capital is less
than 82%, and we forecast the ratios to remain at those levels. We
also expect the company to maintain adequate liquidity.

"The stable outlook reflects our expectation that Griffin will
continue to expand its fleet and build on its track record. We
expect EBIT interest coverage of about 1x in 2023, growing to about
2x thereafter. We also expect the company to maintain FFO to debt
in the mid-single-digit percent area and debt to capital in the low
70% area, as the company adds incremental debt to finance its
growth.

"We could lower the rating over the next year if the company's
financial policy became more aggressive, such that EBIT interest
coverage remained below 1.7x and debt to capital increased to more
than 82% on a sustained basis.

"We could raise the rating over the next year if the company
continued to add to its fleet while improving its forecast metrics
on a sustained basis. We would also expect Griffin's owners to
demonstrate they would maintain conservative leverage and financial
policies."

ESG credit indicators: E-2, S-2, G-3

S&P said, "Environmental factors have an overall neutral influence
on our credit rating analysis of GGAM. We view the company as
better positioned to withstand climate transition risk, with an
aircraft fleet that is much younger (1.1 years) than the global
average (11 years) and other rated aircraft lessors (average age of
five to eight years). We view social factors as a neutral
consideration in our credit rating analysis. GGAM was formed only
on July 22, 2022, so it was not negatively affected by declining
global air traffic due to COVID-19. We view Bain Capital Griffin
Master Funds' ownership as a financial sponsor, despite Bain's
expected long holding period and contribution of equity."




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

GILEX HOLDING: Moody's Withdraws B2 Issuer Rating on Debt Repayment
-------------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 long-term issuer
rating of Gilex Holding S.A. At the time of withdrawal, the outlook
on the rating was stable.

RATINGS RATIONALE

Gilex has fully repaid its outstanding senior secured notes.
Gilex's issuer rating has been withdrawn since the company's rated
debt is no longer outstanding.




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

JAMAICA: BOJ Intervenes in Forex Market for Two Straight Days
-------------------------------------------------------------
RJR News reports that the Bank of Jamaica intervened in the foreign
currency market for two consecutive days.

The central bank pumped US$60 million into the market, according to
RJR News.

Six banks and six cambios were successful in their bids, the report
notes.

Sagicor Bank Jamaica, Citibank Jamaica, Bank of Nova Scotia Jamaica
and JMMB Bank received the larger allocations.

The intervention was the thirteenth since the start of the year,
pumping a total of US$380 million into the market, the report
relays.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




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P U E R T O   R I C O
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ESJ TOWERS: Maria Sandra Roldos Removed as Committee Member
-----------------------------------------------------------
The U.S. Trustee for Region 21 disclosed in a court filing that
Maria Sandra Roldos has been removed from the official committee
of unsecured creditors in the Chapter 11 case of ESJ Towers, Inc.

The remaining members of the committee are:

     1. Homeowners Association of ESJ Towers
        Chana Cohen, President, Board of Directors
        P.O. Box 79878
        Carolina, PR 00984
        Tel: (787) 529-5539
        Email: rentwithchana@yahoo.com

        External Counsel: Monique Diaz Mayoral
        Tel: (754) 755-5508
        Email: m@diazmayorallaw.com

     2. Frank Luccarelli
        Deeded Timeshare Owner and Vacation Club Member
        32 Lynncliff Road
        Hampton Bays, NY 11946
        Cell: (631) 745-1622
        Tel: (631) 728-6735
        Email: islandcl@yahoo.com

     3. Steven Vega, Vacation Club Member
        140 Donizetti Pl #13G
        Bronx, NY 10475
        Tel: (212) 942-8645
        Email: steven_vega@live.com

     4. Florence Paley-Cohen,1 Deeded Timeshare Owner
        580 Cobblestone Lane
        Buffalo Grove, IL 60089
        Tel: (847) 894-8934
        Email: Steven.cohen@aol.com

                         About ESJ Towers

ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury
apartments and condo units at ESJ Towers have direct access to Isla
Verde Beach, widely considered one of the best in Puerto Rico.

ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as
50 million in both assets and liabilities. ESJ President Keith St.
Clair signed the petition.

Judge Enrique S. Lamoutte Inclan oversees the case.

The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill,
PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at
RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as
special counsels; Dage Consulting CPAS, PSC as financial advisor;
CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and
De Angel & Compania, PA, LLC as auditor.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 12, 2022. MRO Attorneys at Law, LLC
and Dage Consulting CPAS, PSC serve as the committee's legal
counsel and financial advisor, respectively.




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U R U G U A Y
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URUGUAY: Economy Decelerated in Second Half 2023, IMF Says
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The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation [1] with Uruguay on May 15,
2023.

The IMF said that after reaching pre-pandemic levels in mid-2021,
real GDP grew by 4.9 percent in 2022 mainly driven by strong
commodity exports and the service sector, including tourism.
However, the economy decelerated in the second half of the year due
to adverse external conditions and the effects of the most severe
drought in forty years. Inflation remained above the target range
in 2022 but, after peaking in September 2022 at 9.95 percent, it
started to decline towards the end of the year, reaching 7.3
percent in March 2023.

In response to increased inflationary pressures, the Banco Central
del Uruguay (BCU) appropriately tightened monetary policy during
2022. The BCU markedly raised the policy rate from 5.75 percent in
December 2021 to 11.5 percent in December 2022. The BCU implemented
an interest rate cut of 25 basis points in its April 2023 meeting,
citing declining inflationary pressures. The fiscal deficit and
government debt declined substantially over the last two years,
reflecting the authorities' efforts to stay within the targets of
the fiscal rule, while protecting the most vulnerable. After
peaking at 68.1 percent of GDP in 2020, gross non-financial public
sector (NFPS) debt reached 59.3 percent of GDP at the end of 2022,
below its pre-pandemic level amid historically low sovereign
spreads. The health of the financial sector remains sound, and
banks have weathered the pandemic well.

The economy is expected to decelerate in 2023, with real GDP growth
projected at 2 percent. Despite external headwinds, tighter
financial conditions, and the impact of the drought, growth would
be supported by a strong tourism season, increased cellulose
production and exports, and robust private consumption as real
wages recover. The growth outlook after 2023 is positive, but
subject to external and domestic risks. Main macroeconomic risks
are derived from a worsening of external financial conditions,
deterioration of international geopolitical tensions, and the
impact of the drought. Inflation is expected to decline to 7
percent in 2023 and fall within the target range in 2024. The
authorities’ strong track record of implementing sound
macroeconomic policies in a challenging environment has improved
the country’s resilience to shocks. Overall fiscal risks are
low.

Executive Board Assessment[2]

Executive Directors commended Uruguay’s robust institutions and
sound policies, which have supported the economy’s resilience to
shocks. Directors noted that the outlook, while positive, is
subject to downside risks, including related to the current
drought. They emphasized the need to consolidate progress made in
upgrading the fiscal, monetary, and financial frameworks and
continue with ambitious structural reforms to maintain Uruguay’s
strong resilience and support sustainable and inclusive growth.

Directors commended the authorities for meeting the fiscal rule
targets for three consecutive years despite a challenging economic
environment and concurred that the fiscal framework has
strengthened policy credibility. They emphasized that continued
strong compliance with the current fiscal rule is the priority in
the current juncture. At the same time, many Directors considered
that a more explicit debt objective could be a useful component of
a medium-term fiscal strategy.

Directors agreed that a modest fiscal impulse is appropriate in
2023 and encouraged measures to put the debt on a downward path
once the effect of the drought abates. They recommended measures to
further rationalize tax expenditures, improve the targeting of
subsidies, and reduce the wage bill, while continuing to take steps
to preserve social cohesion. Directors also welcomed the recently
approved pension reform, which should help to stabilize long-term
pension spending.

Directors emphasized the need to maintain a tight monetary stance
until price pressures and inflation expectations converge to the
target band. They highlighted that this along with efforts to
strengthen de jure central bank independence would help to further
strengthen monetary policy credibility and support efforts to
reduce dollarization. Directors agreed that the exchange rate
should continue to act as a shock absorber and that FX
interventions should be limited to responding to disorderly market
conditions.

Directors welcomed that the financial sector remains resilient and
healthy. They indicated that efforts to further enhance financial
supervision are essential to bolster resilience to shocks and
improve confidence in the financial system. Directors also
encouraged steps to promote domestic capital market development and
encouraged continued progress in implementing the recent FSAP
recommendations and toward creating a comprehensive AML/CFT
national plan.

Directors noted that structural reforms remain critical to improve
productivity and reinvigorate growth. They welcomed the recent
reforms in the education system and indicated the need for further
efforts to address long-standing human capital erosion and skill
gaps. Directors also supported efforts to improve the efficiency
and productivity of state-owned enterprises and enhance trade
integration.

Directors commended Uruguay's leadership in climate change policy
and recognized the authorities’ efforts to integrate climate
policies into their overall policy agenda, noting the successful
issuance of a Sovereign Sustainability-Linked Bond. They recognized
the significant progress in reducing greenhouse gas emissions
intensity and encouraged the authorities to continue their efforts
to transform Uruguay into a climate-resilient, green, and
sustainable economy.



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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
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