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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

          Thursday, June 8, 2023, Vol. 24, No. 115

                           Headlines



A R G E N T I N A

ARGENTINA: China Allows Spending of US$10B of Currency Swap Line


B R A Z I L

BRAZIL: Broad CPI Slows Down in May
BRAZIL: Households Default Grow Amid High Interest Rates
GENERAL SHOPPING: Fitch Affirms CC LongTerm Issuer Default Ratings
MARFRIG GLOBAL: Moody's Alters Outlook on 'Ba2' CFR to Negative
UNIGEL PARTICIPACOES: S&P Lowers ICR to 'CCC+', On Watch Negative



C A Y M A N   I S L A N D S

COINFUL CAPITAL: Singapore-based Investor Seeks Liquidation


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: World Bank OKs Loan to Expand Energy Sector


G U A T E M A L A

GUATEMALA: S&P Assigns 'BB' Rating on US$1BB Notes Due 2036


J A M A I C A

JAMAICA: Loans to MSMEs Relative to GDP Lower in Country


P A N A M A

NG PACKAGING: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Freight Rates May Increase Again


U R U G U A Y

DLOCAL: Report of Argentina Fraud Probe Sinks Shares

                           - - - - -


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

ARGENTINA: China Allows Spending of US$10B of Currency Swap Line
----------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that China will allow
Argentina to freely spend more of a 130-billion yuan currency swap
line the nations share after leaders met in Beijing.

Chinese officials approved Argentina tapping up to 70 billion yuan
(US$9.89 billion) of the swap line, up from a previous limit of
about 35 billion yuan, according to a Central Bank statement. That
gives Economy Minister Sergio Massa more breathing room to battle a
peso sell-off that's helping to fuel 100 percent inflation in
cash-strapped Argentina before a presidential election later this
year, according to Bloomberg News.

Massa's meeting with People's Bank of China Governor Yi Gang capped
a weeklong trip to China, Bloomberg News notes.  Geopolitics
factored into the meetings, as Chinese officials have pushed to
lower the world's dependence on the US dollar, Bloomberg News says.
At the same time, Massa is renegotiating Argentina's US$44-billion
deal with the International Monetary Fund in Washington, Bloomberg
News notes.

Any extra cash is welcome news for Massa and his ruling Peronist
coalition, which faces a tough reelection bid against the backdrop
of a looming recession and inflation at its highest level in three
decades, Bloomberg News relays.  Argentina's Central Bank has no
liquid foreign reserves left, according to local economists'
estimates, Bloomberg News discloses.  That's forced officials to
tighten controls on imports that it doesn't have the money to
finance through the official currency market, Bloomberg News
relays.

Although the entire swap line is counted in Argentina's reserves,
only a portion is actually allowed to be used by policymakers in
Buenos Aires, Bloomberg News notes.  Additional cash should help
Massa intervene more in Argentina's parallel exchange rate to
contain a wide gap between it and the official rate, which is
tethered by a myriad of controls, Bloomberg News adds.

                          About Argentina

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

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

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.  




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

BRAZIL: Broad CPI Slows Down in May
-----------------------------------
Richard Mann at Rio Times Online reports that the Broad National
Consumer Price Index-15 (IPCA-15) rose 0.51% in May, after a high
of 0.57% in April, informed the Brazilian Institute of Geography
and Statistics (IBGE).

In May, the IPCA-15 had risen 0.59%. The rate is the lowest for May
since 2021 (0.44%), according to Rio Times Online.

The result was below the median of the 36 projections of consulting
firms and financial institutions consulted by Valor Data, which
estimated a high of 0.64% in May, the report notes.

The range of estimates was 0.48% to 0.72%, 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: Households Default Grow Amid High Interest Rates
--------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that
Brazilians are struggling to pay their debts on time, with four out
every ten adults facing default, as central bankers keep monetary
policy tight in an effort to bring inflation back to their target.


Overdue debts grew 18.42% in April from a year ago, according to
data from the national confederation of shopkeepers reported by
news site Poder360, according to globalinsolvency.com.

The number of Brazilians facing default also grew around 8%, with
most battling debts with local banks, the confederation said, the
report relays.

Household debt in Brazil has lingered around all-time highs for
months, according to data from the central bank, the report
discloses.

Policymakers led by Roberto Campos Neto have pinned the benchmark
Selic rate at 13.75%, after a dozen rapid-fire hikes, trying to
ease price pressures, the report says.

Nine months into the strategy, headline inflation slid to around 4%
by mid-May from last year's peak of 12%. Indebtedness is also
growing among the elderly.

Default rates among Brazilians above 60 years old grew almost 35%
in April from the same period in 2019, according to data by
corporate-data analysis firm Serasa Experian published by newspaper
Estado de Sao Paulo, the report notes.

In comparison, overdue debts among Brazilians from all ages grew
around 13% on average, the report relays.

High costs of borrowing are also hurting businesses that struggle
to finance loans amid rising corporate bankruptcies, the report
discloses.

Signs of a credit squeeze have emerged, with costlier local debt
markets and new issuance - in both domestic and international
capital markets - plunging, 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).


GENERAL SHOPPING: Fitch Affirms CC LongTerm Issuer Default Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed General Shopping e Outlets do Brasil
S.A.'s (GSB) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'CC' and the Long-Term National Scale Rating at
'CC(bra)'. Fitch has also affirmed General Shopping Investment
Limited's senior secured notes due in 2026 at 'CC'/'RR4' and
subordinated perpetual notes at 'C'/'RR6', as well as General
Shopping Finance Limited's unsecured perpetual notes at 'C'/'RR5'.
Issuances are fully and irrevocably guaranteed by GSB.

GSB's ratings reflect an elevated credit risk profile due to its
weakened business base, which implicates in very limited operating
cash flow generation, and is incommensurate with its aggressive
capital structure, with net leverage above 20x, and low financial
flexibility. Fitch understands that GSB's current capital structure
is unsustainable, and the company is strongly exposed to an event
of default or a debt restructuring process.

GSB's business model is compromised and inconsistent with the low
cash flow generation in relation to high debt obligations. The
company has limited alternatives to strengthen its business base
and raise new resources of cash in addition to small secured
financing and divestiture scheduled for this year, given its
reduced unencumbered asset base.

KEY RATING DRIVERS

Compromised Business Model: GSB's business model became compromised
after its shareholders' decision to transfer a large part of the
asset base to a real estate investment fund in 2019. The
transaction materially reduced cash flow generation and exposed
creditors to a more limited group of performing assets. Asset base
was reduced to ownership in 14 properties, with owned gross
leasable area (GLA) of only 86 thousand sqm, from roughly 200
thousand sqm before the transferring.

Unsustainable Capital Structure: GSB's financial leverage is not
sustainable in the medium-term. Net adjusted leverage surpassed 20x
in 2022 and will remain high in the next years due to the limited
cash flow growth prospects. Net loan-to-value (LTV) was 69% in
March 2023. Foreign exchange (FX) exposure is high with 100% of the
EBITDA in Brazilian reais, while 85% of total debt is denominated
in U.S. dollars. Debt profile is predominantly comprised of
perpetual debt, with high FX exposure and GSB's net equity is
negative. Total adjusted debt is BRL1.3 billion, comprised of
BRL609 million of subordinated perpetual notes (considering 50%
equity credit), BRL505 million of unsecured perpetual notes, BRL46
million of 2026 secured notes and BRL189 million of secured local
debt.

Limited Capacity to Cover Debt Service: The sources of funding
raised by GSB in 2023 should provide some cash relief in 2023, but
any shortfall in performance against the base case may exhaust the
remaining headroom. The negative FCF could be further pressured by
financial obligations on derivatives depending on the U.S. dollar
trajectory. Fitch projects EBITDA in the BRL60 million-BRL70
million range for the next couple of years, and accumulated
negative FCF of BRL170 million in 2023/2024.

Base case includes annual interest payment between BRL60
million-BRL70 million, tax refinancing liabilities and aggregated
capex of BRL120 million for 2023/2024. BRL31 million debt due in
2023 and BRL39 million in 2024. GSB's liquidity is supported by its
cash position of BRL135 million in March 2023, BRL55 million from
landbank sale to be received by YE 2023 and BRL70 million from
approved long-term secured financing to be disbursed up to YE
2024.

Poor Financial Flexibility: The likelihood of raising unsecured
debt is unlikely. GSB exhausted its unencumbered asset base,
hindering the issuance of new secured debt. The company will need
additional funding more intensely as from 2025 to rebuild cash
reserves and address higher debt maturities including its USD8.9
million 2026 secured notes. Fair value of properties is BRL839
million in March 2023, of which only BRL81 million are
unencumbered. Unencumbered assets/unsecured debt ratio is low at
0.1x.

ESG - Management Strategy: GSB has a track record of recurring
operational and debt restructuring processes during recent years
due to challenges in implementing business strategy and maintaining
competitive positions within its key markets. GSB's below-average
execution of its strategy has contributed to a materially weaker
operational performance and unsustainable capital structure.

ESG - Governance Structure: GSB's owners have strong influence upon
management, which has resulted in decisions related to the
company's operational and financial strategies that have been made
to the detriment of its creditors.

DERIVATION SUMMARY

GSB's 'CC' rating reflects the company's high financial leverage,
negative FCF, weak liquidity and a shrinking unencumbered assets
base, which compares negatively to its regional peers. GSB's
ratings are well below Aliansce Sonae Shopping Centers S.A.
(AAA(bra)/Stable), BR Malls Participacoes S.A. (BB/Stable,
AAA(bra)/Stable), Iguatemi Empresa de Shopping Centers S.A.
(AAA(bra)/Stable) and Multiplan Empreendimentos Imobiliarios S.A.
(AAA(bra)/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer:

- Rental and service revenues adjusted by inflation;

- Occupancy rate close to 95%;

- Investments of BRL90 million in 2023 and BRL30 million in 2024;

- No dividend payments;

- Receipt of BRL55 million in 2023 from landbank disposal.

Recovery Rating Assumptions: The recovery analysis assumes that GSB
would be considered a going concern in bankruptcy, and that the
company would be reorganized rather than liquidated. Fitch has
assumed a 10% administrative claim. The going concern EBITDA
estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
valuation of the company, and is 10% below the expected 2023 EBITDA
to reflect the company's operational performance when facing a
distress scenario. An EV multiple of 6x is used to calculate a
post-reorganization valuation and reflects a midcycle multiple.

The USD9 million secured notes due in 2026 have been assigned a
Recovery Rating of 'RR4'. The bespoke analysis indicated the
potential for a higher recovery; however, Fitch capped the ratings
at 'RR4' in accordance with its Country Specific Treatment of
Recovery Rating Criteria, which caps recovery ratings in Brazil at
'RR4' due to concerns about issues such as creditor's rights during
a debt restructuring or the consistent application of the rule of
law. The unsecured perpetual notes and the subordinated perpetual
notes have been notched down one notch for the IDR to indicate
below average or poor recovery prospects in the event of a
default.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Material improvement in the company's liquidity and financial
leverage through some combination of the following actions: equity
injection, asset sales with limited impact on cash flow generation,
and lower FX exposure.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- A downgrade may occur if, in Fitch's judgment, a default or
default-like process has begun, which would be represented by a 'C'
rating;

- Formally filing for bankruptcy protection.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: As of March 31, 2023, GSB had BRL135 million of
readily available cash and total adjusted debt, considering the 50%
equity credit for the subordinated perpetual, of BRL1.3 billion.
Next debt schedule amortizations are BRL31 million in 2023, BRL39
million in 2024, BRL42 million in 2025 and BRL84 million (including
USD8.9 million of secured notes) in 2026.

Equity Treatment Rationale: Fitch assumes the company will continue
deferring interest payments on the subordinated perpetual notes
during the foreseeable future. The subordinated perpetual notes
qualify for 50% equity credit as they meet Fitch's criteria with
regard to deep subordination, with an effective maturity of at
least five years, full discretion to defer coupons for at least
five years and limited events of default. These are key equity-like
characteristics.

Equity credit is limited to 50% given the hybrid's cumulative
interest coupon, a feature considered more debt-like in nature.
Since second-half 2015, the company has exercised its right to
defer the payment of interest under its USD150 million 12%
perpetual subordinated notes. The interest payment deferral does
not constitute an event of default under the indenture.

ISSUER PROFILE

General Shopping and Outlets do Brasil is a Brazilian shopping mall
developer and operator. It manages 15 projects with an own GLA of
86 thousand sqm.

SUMMARY OF FINANCIAL ADJUSTMENTS

- Fitch includes additional/amortization of tax instalments in
FFO;

- Fitch applies 50% equity credit on the subordinated perpetual
notes.

ESG CONSIDERATIONS

GSB has an ESG Relevance Score of '5' for management strategy due
to its track record of recurring operational and debt restructuring
processes during the past years due to challenges the company has
faced in implementing its strategy and maintaining competitive
positions within its key markets. GSB's below-average execution of
its strategy has contributed to a materially weaker operational
performance and unsustainable capital structure. This has a
negative impact on the credit profile, and is highly relevant to
the rating.

GSB has an ESG Relevance Score of '5' for its governance structure
due to the strong influence on GSB's owners upon management, which
has resulted in decisions related to the company's operational and
financial strategies that have been made to the detriment of its
creditors. This has a negative impact on the credit profile, and is
highly relevant to the ratings.

GSB has an ESG Relevance Score of '4' for group structure,
reflecting complexity, transparency and related-party transactions,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

GSB also has an ESG Relevance Score of '4' for financial
transparency due to lack of quality of financial disclosure, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This 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.

   Entity/Debt               Rating          Recovery   Prior
   -----------               ------          --------   -----
General Shopping
Investment
Limited

   Subordinated     LT        C      Affirmed   RR6    C

   senior secured   LT        CC     Affirmed   RR4    CC

General Shopping
Finance Limited
(GSF)

   senior
   unsecured        LT        C      Affirmed   RR5    C

General Shopping
e Outlets do
Brasil S.A.         LT IDR    CC     Affirmed          CC


                    LC LT IDR CC     Affirmed          CC

                    Natl LT   CC(bra)Affirmed          CC(bra)


MARFRIG GLOBAL: Moody's Alters Outlook on 'Ba2' CFR to Negative
---------------------------------------------------------------
Moody's Investors Service affirmed Marfrig Global Foods S.A.'s
corporate family rating Ba2 rating and changed the outlook to
negative from positive.

Affirmations:

Issuer: Marfrig Global Foods S.A.

Corporate Family Rating, Affirmed Ba2

Outlook Actions:

Issuer: Marfrig Global Foods S.A.

Outlook, Changed To Negative From Positive

RATINGS RATIONALE

The outlook change to negative reflects Marfrig's weakened
operating performance and high financial leverage at a time of
weaker cash flows. The challenging environment faced by the protein
industry, in particular US beef, will maintain margins and cash
flows pressured, limiting the company's ability to materially
reduce debt levels, and therefore leverage, coverage and cash flow
ratios will be weaker and outside the range expected for a Ba2
rating.

Still, despite the challenging fundamentals for the protein
industry globally, Marfrig is well positioned to take advantage of
the positive cattle cycle in South America, while Moody's expects
BRF S.A. (BRF), which is fully consolidated in Marfrig's
financials, to show a gradual improvement in credit metrics over
the next 12 to 18 months, further supported by the capital increase
announced on May 31. As Marfrig will fund its share in BRF's
capital increase with an equity injection, the transaction will
have a neutral effect on Marfrig's capital structure (excluding
BRF). However, it will improve Marfrig's leverage on a consolidated
basis.

The Ba2 rating remains supported by Marfrig's scale as the second
largest beef producer globally, its good geographic footprint and
diversification in terms of raw material sourcing, which reduce
weather-related risks and animal diseases. The 33.27% share in BRF
supports larger geographic and segment diversification into poultry
and pork. These strengths are balanced against the company's narrow
focus in the cyclical beef industry, which is characterized by
volatile earnings, and the reliance on the North America segment
for cash flows.

Marfrig has adequate liquidity to weather the challenging
environment over the next twelve months, supported by a cash
balance of $3.9 billion (consolidated) and $ 2.1 billion (excluding
BRF) at the end of March 2023, which covers debt maturities through
the end of 2024, and solid positive free cash flow generation in
the past three years.

Marfrig's capital structure is composed by working capital and
export finance lines (46%), cross-border bonds (36%) and domestic
capital market instruments (18%). excluding BRF consolidation. Most
of the trade finance and working capital lines are concentrated in
the short term, but refinanced regularly.  Despite consolidating
BRF's debt, Marfrig does not guarantee any of the debt held at BRF
nor have any cross-default of cross-acceleration clauses that would
trigger in case of a default at BRF level.

The negative outlook reflects Marfrig's weakened operating
performance and high financial leverage at a time of weaker cash
flows, and Moody's views that the heightened challenges the current
operating environment brings will enhance liquidity risks for this
industry, offsetting positive credit considerations, including
scale and business profile.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Marfrig's credit impact score (CIS-3) indicates ESG considerations
have a limited impact on the current credit rating, with a
potential for greater negative impact over time. Marfrig has
exposure to environmental and social risks reflecting mostly the
reliance on natural resources and scrutiny from major stakeholders
related to cattle raising linked to the deforestation of the Amazon
and other biomes in Brazil. Exposure to governance risks arises
mostly from the ownership concentration.

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

Marfrig's ratings could be downgraded if the company's operating
performance weakens, its financial policy becomes more aggressive,
or its liquidity deteriorates. Quantitatively, the ratings could be
downgraded if total debt/EBITDA is sustained above 3.5x for a
prolonged period, EBITA/interest expense stays below 5x or CFO/debt
stays below 20% on a sustained basis. All credit metrics
incorporate Moody's standard adjustments and reflect Marfrig's
consolidated financials.

An upward rating movement would require Marfrig to maintain a
strong liquidity position, a track record of financial discipline
and to increase its financial flexibility by adjusting its capital
structure with reduction in debt levels as such that even in
periods of a market downturn, leverage would stay at or below
Moody's total adjusted debt/EBITDA 2.5x and interest coverage,
measured by EBITA/interest expense, sustained at 5.5x and above. An
upgrade would also require a maintenance of strong operating
performance, with CFO/Debt sustained at 25% or above, and a
resilient performance irrespective of the underlying cattle cycle,
macroeconomic environment, and consumption and trade patterns in
key markets, in particular in the US.

The principal methodology used in this rating was Protein and
Agriculture published in November 2021.

Marfrig Global Foods S.A., headquartered in Sao Paulo, is the
second-largest beef producer globally, with consolidated revenue of
BRL140 billion ($27 billion) in the twelve months that ended March
2023. Marfrig owns 81.73% of National Beef and 33.27% of BRF S.A.
The company has a large scale and is diversified in terms of
operating production facilities, with a total cattle slaughtering
capacity of 30,000 heads per day and lamb slaughtering capacity of
6,500 heads per day (including 100% capacity of National Beef)
through its slaughtering plants (including one lamb slaughtering
unit in Chile) and processing facilities in Brazil, Argentina,
Uruguay and the US.

In North America, National Beef is the fourth-largest beef
processor, while Marfrig is the second-largest beef processor in
Brazil, and also the largest beef patty producer worldwide. Marfrig
also has relevant positions in South America, as the largest
protein producer of Uruguay and Chile's leading beef importer and
lamb producer. Marfrig fully consolidates BRF, which is the largest
poultry exporter globally. BRF reported revenues of BRL54.9 billion
in the twelve months ended in March 2023.


UNIGEL PARTICIPACOES: S&P Lowers ICR to 'CCC+', On Watch Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its global scale issuer credit and
issue-level ratings on Unigel Participacoes S.A. to 'CCC+' from
'B+', and its national scale ratings to 'brBB-' from 'brAA-'. The
recovery rating on the company's senior notes and debentures
remains at '3'. S&P also placed the ratings on CreditWatch with
negative implications.

The CreditWatch negative listing reflects that S&P could downgrade
the company further if it sees a high likelihood of debt
restructuring.

S&P said, "We understand that the initial focus of the advisor
would be on the negotiation of a waiver with the company's
debenture holders and banks given the likely breach of a
payment-acceleration covenant in the next few quarters, which set
the limit at net debt to EBITDA 3.5x. While we previously assumed
that Unigel would be able to negotiate a waiver fee, the need to
hire a financial advisor indicates that the conversations with
debenture holders might be more complex than we anticipated. The
hiring of a financial advisor also indicates that the situation may
prompt a broader discussion of the company's capital structure,
given the weak prospects for cash flow generation and the
dependence on favorable external conditions."

Environmental, Social, And Governance

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Unigel. As a
petrochemical and nitrogen fertilizer producer, it's among the most
intensive carbon dioxide emissions producers. Still, we view
relatively low substitution risks, given that Unigel sells
styrenics, acrylics, and fertilizers to various industries, such as
home appliances and electronics, automotive, pulp and paper,
textile, agriculture, and others. Also, all of Unigel's plants are
in Brazil and Mexico, the environmental regulations of which will
likely lag those in Europe or the U.S. The company has some
recycling and reverse logistics initiatives in place, focused on
reducing waste and energy consumption. The company's current
investments on a project to produce green hydrogen and green
ammonia could help in decarbonization for different end products,
but this is a still incipient market."




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

COINFUL CAPITAL: Singapore-based Investor Seeks Liquidation
-----------------------------------------------------------
David Marchant at OffshoreAlert reports that a Singapore-based
investor has applied to wind up Cayman Islands-domiciled,
Taiwan-based Coinful Capital Fund SPC - which is operated by Carlos
Salas and Stephen Lynch, alleging the Fund has failed to redeem
shares valued at US$12.5 million.

Coinful Capital is a hedge fund focused on non-traditional assets,
markets and industries.




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: World Bank OKs Loan to Expand Energy Sector
---------------------------------------------------------------
Dominican Today reports that the World Bank approved a US$400
million loan in support of the Dominican Government's measures
aimed at increasing transparency, accountability and efficiency in
the energy sector.

In addition to increasing access to reliable and affordable energy,
and supporting the transition to cleaner, low-carbon energy
sources, according to Dominican Today.

"The Government of the Dominican Republic has taken decisive steps
to begin to address the country's decades-long challenges in the
electricity sector.  The World Bank will continue to support these
efforts to achieve more reliable electricity service, which is
critical to economic growth, poverty reduction and the well-being
of the country's inhabitants," said Alexandria Valerio, World Bank
representative, in a press release, the report notes.

The Development Policy Loan (DPL) in Support of Electricity Sector
Reform for Sustainable Growth is the second of two operations and
will continue to support key policy and institutional reforms in
the country's energy sector, the report relays.  The first
operation in the series was approved on March 31, 2022, the report
notes.

"Since 2014, the deficit generated by the electricity sector
represents between 1% and 2.3% of the country's gross domestic
product (GDP), making it a considerable fiscal burden for the state
and an obstacle to green, resilient and inclusive development.  The
Dominican Republic relies primarily on imported fossil fuels for
electricity generation, which contributes to higher greenhouse gas
(GHG) emissions.  Furthermore, poor and vulnerable households are
disproportionately affected by the lack of reliable access to basic
electricity services," says the World Bank in a press release, the
report discloses.

Key reforms supported by the second SGP include creating effective
mechanisms to increase the efficiency of distribution utilities;
implementing strong incentives to expand the integration of
renewable energy into the electricity grid; decarbonizing the
transport sector; promoting the implementation of energy efficiency
measures to reduce GHG emissions; and strengthening the grid code
to facilitate more reliable, affordable, and resilient electricity
services, the report relays.

In addition, the PDP will support ongoing efforts to improve the
sector's financial sustainability and reduce its fiscal burden to
generate significant savings, the report notes.  In doing so, it
will promote the improvement of fiscal space and the efficiency of
public spending to expand the targeting and coverage of Bonoluz
conditional cash transfers (CCTs) and the number of beneficiaries
of the Alimentate and Bonogás CCTs, with special emphasis on
female-headed households, to help reduce poverty and promote social
inclusion, the report adds.

                   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.




=================
G U A T E M A L A
=================

GUATEMALA: S&P Assigns 'BB' Rating on US$1BB Notes Due 2036
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Guatemala's
US$1 billion notes due in June 2036 at a 6.6% interest rate. The
rating on the notes is the same as the long-term foreign currency
sovereign credit rating on Guatemala (BB/Stable/B). The sovereign
will use the issuance proceeds for general budgetary purposes,
including to refinance public indebtedness.

S&P said, "Our 'BB' long-term ratings on Guatemala incorporate its
resilient economy and long-standing macroeconomic stability. The
ratings also reflect our view of its still-developing public
institutions and a challenging political environment that
constrains policymaking effectiveness. Further steps to promote
long-term growth and address high social needs would be key to
substantially reduce the country's high poverty level. On the other
hand, Guatemala's solid external position, moderate general
government debt to GDP, and sound monetary policy constitute
relative credit strengths to manage the volatile external economic
conditions.

"The stable outlook indicates our expectation that over the next
six to 18 months cautious macroeconomic management will
prevail--notwithstanding presidential and congressional elections
on June 25 and unfavorable global conditions. The stable outlook
also balances the country's long-standing economic and political
challenges with our expectation of economic policies that should
help the outgoing administration to maintain a low fiscal deficit
and stable debt dynamics."




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

JAMAICA: Loans to MSMEs Relative to GDP Lower in Country
--------------------------------------------------------
RJR News reports that the Industry Ministry says loans to micro,
small and medium sized enterprises (MSMEs) as a percentage of GDP
is lower in Jamaica relative to the regional average.

Dwayne Haynes, Director in charge of Technical Co-ordination and
Monitoring in the Ministry, says MSMEs are also faced with more
stringent requirements when it comes to requesting credit,
according to RJR News.

"Private sector credit as a percentage of GDP to MSMEs stands at
only 32 per cent in Jamaica versus 55 per cent in the Caribbean and
100 per cent in developed economies. Collateral requirements for
them . . . are higher than for corporate entities.  MSMEs face
disproportionately higher interest rates when compared to other
entities," he highlighted, ther eport notes.

Additionally, Mr. Haynes said there is the lack of awareness of
business support programs to the issues affecting micro, small and
medium sized enterprises, the report adds.  

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.




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

NG PACKAGING: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service affirmed NG Packaging & Recycling
Corporation Holdings ("SMI Group")'s Ba1 corporate family rating.
At the same time, Moody's affirmed the Ba1 rating of NG PET R&P
Latin America, S.A. ("NG Latin America")'s and San Miguel
Industrias PET S.A. ("SMI")'s $380 million guaranteed senior
unsecured notes. The outlook is stable.

The affirmation reflects the company's track record of expanding
and consolidating its position in Latin America's plastic packaging
market and positive business prospects and considers its proforma
capital structure following ongoing liability management efforts.

Affirmations:

Issuer: NG Packaging & Recycling Corporation Holdings

Corporate Family Rating, Affirmed Ba1

Issuer: NG PET R&P Latin America, S.A.

Backed Senior Unsecured Global Notes, Affirmed Ba1

Outlook Actions:

Issuer: NG Packaging & Recycling Corporation Holdings

Outlook, Remains Stable

Issuer: NG PET R&P Latin America, S.A.

Outlook, Remains Stable

RATINGS RATIONALE

SMI Group's Ba1 Corporate Family Rating reflects its leading
position in the packaging market in the Andean region, Central
America and the Caribbean (CA&C), and its ability to pass over
volatility in raw material costs to its customers, thereby reducing
the strain on its operating margin. The rating takes into account
SMI Group's advantageous position because of its intensive use of
modern technology and the existence of long-term contracts with
blue chip clients comprising 82% of its total sales. Positive
business prospects also support the rating considering that Latin
America still under penetrated by plastic packaging and recycled
products face favorable trend worldwide. Qualitatively, the rating
incorporates the company's relationship with Intercorp Peru Ltd.
which owns one of the largest banks in Peru, Banco Internacional
del Peru S.A.A. (Baa1 negative). Intercorp is a strategic partner
and co-investor of Nexus, SMI Group indirect shareholder.
Conversely, the rating is mainly constrained by its reduced size
and scale compared with those of its global industry peers. The
rating is also limited by SMI Group's negative free cash flow
generation.

Recently, higher resin prices distorted credit metrics, an effect
that should be rather temporary; volume growth remains solid. In
2022, the company reported revenues of $982 million, include the
effect of the resin pass-through at higher prices. Although EBITDA
at $155 million in 2022 remained close to the $163 million in 2021,
it distorted the margin that for the period declined to 17% from
23%. Likewise, higher resin prices increased working capital needs
that were mainly funded through short term debt, effectively
increasing debt/EBITDA including Moody's standard adjustments to
3.4x in 2022 from 2.6x in 2021. As credit metrics normalize,
Moody's expects the company to maintain revenues at close to $1
billion and to manage leverage closer to the company's 3.0x
target.

SMI Group's liquidity is adequate pro forma for a liability
management the company recently closed. The transaction will extend
the maturity of the $72 million that were due in the short term to
2025. For the full year ended in 2022, SMI Group's cash position
was $46 million, not enough to cover short term debt, but pro forma
for the liability management, it will be enough to cover regular
operating needs. The next relevant maturity the company will face
amounts $380 million related to the company's guaranteed senior
global notes due in 2028. Going forward, cash generation should
improve as additional capacity ramps up and after cash generation
normalizes from extraordinary dividends paid in 2021 and 2022. SMI
Group's main sources of liquidity are short-term bank lines and
revolving uncommitted credit bank facilities. Like most of the
companies in Latin America, SMI Group does not maintain committed
credit facilities. The current availability under uncommitted lines
is close to $786 million. The company faces foreign exchange risk
as the bulk of its debt is denominated in dollars but it has a
natural hedge considering more than 80% of its cash is generated in
dollars.

The stable outlook reflects Moody's expectation that SMI Group will
reduce or at least maintain current levels of debt over the next 18
months, but through stronger cash generation will be able to
improve credit metrics. The outlook also considers that the company
will reduce refinance risk and that the improvements will be
sustained. Additionally, profitability and the competitive
environment will remain stable and SMI Group will generate positive
free cash flow. Moody's expects the company to continue to generate
higher operating cash and be able to finance capital spending for
new projects or expansions, or to pay dividends while maintaining
minimum cash position to operate.

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

A ratings upgrade would require a commitment to an investment grade
financial profile and capital structure. An upgrade would also be
dependent upon a sustainable improvement in the size and scale,
cash position resulting in good liquidity, credit metrics and
continued stability in the competitive environment. Additionally,
the ratings could be upgraded if adjusted debt to LTM EBITDA is
below 2.5x, adjusted EBITDA margin is above 20.0%, and free cash
flow to debt is above 15.0% on a sustained basis.

A rating downgrade could be triggered if the company's credit
metrics were to deteriorate materially because of liquidity
pressure, operating difficulties or a deterioration in its leading
market positions. Specifically, the ratings could be downgraded if
adjusted debt to LTM EBITDA is above 4.0x, adjusted EBITDA margin
is below 17.0%, and free cash flow to debt is below 10.0%.

The principal methodology used in these ratings was Manufacturing
published in September 2021.



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Freight Rates May Increase Again
---------------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that stakeholders
in Trinidad and Tobago are keeping a close eye on the severe
drought around the Panama Canal which is forcing container vessels
to lighten their loads and can lead to freight rates increasing
once again.

The marine insight website said that the canal which connects the
Pacific and Atlantic oceans has been struggling with water supply
shortages since before a 2016 expansion that permitted much larger
vessels to sail through, according to Trinidad Express.

It has a protocol comprising weight restrictions and transit fees
that kick in as the drought conditions deteriorate, the report
notes.

The marine insight indicated that some major ocean carriers have
declared new rates for their goods shipped on the channel as of 1
June in response to canal limitations, the report discloses.

"The measures will likely result in delays and higher costs for
goods shipped via the canal, which typically observes five per cent
of yearly global maritime trade pass via the locks," the website
further stated, the report relays.  The Express contacted the
Shipping Association's immediate past president, Hayden Alleyne,
who said because of the drought conditions this year freight rates
may be negatively affected, but at this point, it is difficult to
quantify the extent, the report says.

He noted the association will monitor the situation, and do its
part to communicate and give this global issue the amplifications
it needs, the report discloses.

According to Alleyne, regionally there is growing awareness of the
climate change issue, decarbonisation, and climate change featured
highly in the mid-year Caribbean Shipping Association
(CSA)executive conference held earlier in the month in Ft
Lauderdale, Florida, USA, and he said the same will be expanded at
the Hyatt Regency when Trinidad hosts the CSA, 53rd AGM, Conference
on the 23-24 of October 2023, the report relays.

"It is imperative not just for members of the shipping industry,
but all sectors to adopt environmentally sustainable practices," he
explained.

The Trinidad and Tobago Manufacturers' Association (TTMA) also
stated that it would be monitoring this situation closely, given
the nature of the challenges such a situation can cause for our
manufacturers who are dependent on raw materials coming out of the
East.

"We note that this situation is not man-made and thus very little
can be done to alleviate the problem in Panama.  All the same, we
are having discussions with logistic companies to find alternative
ways to get goods to our destination in a timely and efficient
manner; we are optimistic that timely information would serve us
well and prepare us for possible uncertainties and thus allow for
proper planning as we enter the July-August period," the TTMA told
the Express via WhhatsApp.

The association added that as best as possible, proper planning
will limit any delays that can occur, allowing for manufacturers to
have their inputs as needed to facilitate production as we go into
the later quarter of 2023, which tends to be one of the peak
periods for business operators in TT, the report notes.

Also commenting on the situation was the president of the
Supermarket Association of Trinidad and Tobago (SATT) Rajiv Diptee
who said, "The situation is one we are monitoring and requires
examination from our stakeholders in supply and distribution.
Supply chains have experienced degrees of stress throughout and
since the pandemic. However, supply chains have proved robust and
resilient, which remains our expectation during this period," the
report relays.

The freight prices during the pandemic increased between US$3,000
and US$5,000, the report says.




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

DLOCAL: Report of Argentina Fraud Probe Sinks Shares
----------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Uruguayan
fintech dLocal, the South American country's first unicorn, saw its
shares plummet, after Argentine news outlet Infobae published an
article saying the government was investigating it for a possible
fraud of at least $400 million.

Citing unnamed official sources, Infobae said the Argentina
government was investigating the fintech for "improper manouevers"
and transfers abroad that would constitute a fraud, with most of
its income coming from services sold to subsidiaries of the same
firm, according to globalinsolvency.com.

"The company operates as a mere instrument to take advantage of the
exchange rate gap and to take dollars abroad with operations that
are not reflected in the accounting," Infobae cited the sources as
saying, the report notes.

Infobae said sources at Argentina's customs agency said they were
considering reporting dLocal to the U.S. Securities and Exchange
Commission (SEC), the report relays.  

dLocal issued a statement denying the article, claiming it had been
the victim of "misleading allegations" and that it would continue
to process payments normally in Argentina, 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
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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