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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 15, 2023, Vol. 24, No. 120

                           Headlines



A R G E N T I N A

ARGENTINA: S&P Hikes LongTerm Local Currency SCRs to 'CCC-/C'
GAUCHO GROUP: Falls Short of Nasdaq Bid Price Requirement
VICENTIN SAIC: A Viterra-Bunge Deal to Rescue Firm is Now at Risk


B R A Z I L

BRAZIL: Rate-Cut Whispers Breathe Life Into Dismal Debt Markets
INTERCEMENT BRASIL: S&P Lowers ICR to 'SD' on Standstill Agreement


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: Coops & MSMEs From Cuba in a Business Round


P E R U

PERU: Inflation to See 'Greater Deceleration' in June and July


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Tobago Carnival Loses $700,000

                           - - - - -


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A R G E N T I N A
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ARGENTINA: S&P Hikes LongTerm Local Currency SCRs to 'CCC-/C'
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S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None of
its rated bond issues are affected.

Outlook

The negative outlook on the long-term ratings is based on the risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions within the
government coalition, and infighting among the opposition,
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 peaks in
maturities before utilizing traditional auctions to place debt. The
central bank continues to play a key role as a backstop for local
debt management in the secondary market, including offering put
options to banks for government debt maturing in 2024 and 2025.

Downside scenario

S&P said, "We could lower the ratings over the next six to 12
months on unexpected negative policy or political developments that
undermine already limited access to financing--complicated even
further by the severe drought. Particularly, setbacks under the
Extended Fund Facility (EFF) could reduce access to IMF financing,
and potentially to other multilateral lending institutions. This
scenario would likely weigh on modest commercial foreign currency
debt servicing. It would also further reduce local investor
confidence and access to peso-denominated debt
markets--exacerbating the risks associated with recourse to central
bank financing amid triple-digit inflation. As a result, we could
lower the ratings."

Heightened pressure in local financial markets, including the
banking system's deposit base, or difficulties in managing central
bank debt (LELIQs) could also lead to a downgrade.

Finally, at such low rating levels, S&P generally consider debt
exchanges as distressed and tantamount to a default.

Upside scenario

S&P could raise the ratings over the next six to 12 months
following:

-- A track record of successful execution under the EFF, and

-- Clarity on how policy will ease financing challenges in the
local market and provide a road map to address Argentina's major
structural macroeconomic imbalances.

S&P could also raise the ratings if there is a more pronounced
economic recovery that supports stronger fiscal outcomes that take
pressure off the government's financing needs.

Rationale

S&P said, "We raised our local currency ratings on Argentina to
'CCC-/C' because we consider the selective default to be cured
following the delivery of new securities to bondholders. We viewed
the June 8 exchange as distressed, rather than opportunistic, owing
to the government's weak market access."

A 'CCC-' rating reflects that a default, distressed exchange, or
redemption appears to be inevitable within six months, absent
unanticipated significantly favorable changes in the issuer's
circumstances.

With the primary and national elections forthcoming in August and
October, political stress is heightened amid persistent
macroeconomic imbalances. In S&P's view, the government has relied
on exchanges to manage concentrated peaks in its peso maturity
profile, and it thereafter conducts auctions to refinance smaller
amounts of debt coming due.

Last week's swap was the fifth such operation since August 2022. As
of Jan. 1, there was an estimated $88 billion in peso-denominated
debt due in total this year. This latest swap significantly
lessened the burden of peso-denominated maturities coming due
during the remainder of 2023, focusing on clearing maturities from
June through September.

Participation was 78%, led by public-sector entities such as the
social security institute (ANSES), Banco de la Nacion Argentina,
and the central bank (BCRA). It appears that about one-fourth of
private-sector participants, who in total accounted for about
one-third of the seven eligible securities due from June through
September, participated in the exchange. Local funds, whose remit
is short dated, seemingly did not take part. S&P does expect that
all non-tendered bonds will be paid in full, just as they have been
following the four prior swaps.

While the peso-debt amortization profile over the remainder of the
year has eased significantly, vulnerabilities remain in the local
debt profile given the pronounced macroeconomic imbalances and lack
of policy visibility during the election cycle.

S&P said, "We will continue to analyze any subsequent debt
exchanges at this low rating level on a case-by-case basis
incorporating the macroeconomic and political context. We classify
exchanges as a distressed exchange when, in our view, absent
participation, a conventional default would likely ensue."


GAUCHO GROUP: Falls Short of Nasdaq Bid Price Requirement
---------------------------------------------------------
Gaucho Group Holdings, Inc. received a deficiency letter from the
Listing Qualifications Department of the Nasdaq Stock Market,
notifying the Company that for the 30 consecutive business days
prior to June 1, 2023, the closing bid price for the Company's
common stock was trading below the minimum $1.00 per share
requirement for continued inclusion on The Nasdaq Capital Market
pursuant to Nasdaq Listing Rule 5450(a)(1).  The notification has
no immediate effect on the Company's Nasdaq listing and the
Company's Common Stock will continue to trade on Nasdaq under the
ticker symbol "VINO."

In accordance with Nasdaq Rules, the Company has been provided an
initial period of 180 calendar days, or until Nov. 28, 2023, to
regain compliance with the Bid Price Requirement.  If at any time
before the Compliance Date the closing bid price for the Company's
Common Stock is at least $1.00 for a minimum of 10 consecutive
business days, the Staff will provide the Company written
confirmation of compliance with the Bid Price Requirement.

If the Company does not regain compliance with the Bid Price
Requirement by the Compliance Date, the Company may be eligible for
an additional 180 calendar day compliance period.  To qualify, the
Company would then be required to meet the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for The Nasdaq Capital Market, with the
exception of the Bid Price Requirement, and will need to provide
written notice of its intention to cure the deficiency during the
additional 180 calendar day compliance period, which compliance
could be achieved by effecting a reverse stock split, if
necessary.

If the Company does not regain compliance with the Bid Price
Requirement by the Compliance Date and is not eligible for an
additional compliance period at that time, the Staff will provide
written notification to the Company that its common stock will be
subject to delisting.  At that time, the Company may appeal the
Staff's delisting determination to a Nasdaq Hearings Panel.

The Company gives no assurance that it will regain compliance or
otherwise maintain compliance with any of the other listing
requirements.  Nonetheless, the Company intends to monitor the
closing bid price of its Common Stock and may, if appropriate,
consider available options, including a reverse stock split, to
regain compliance with the Bid Price Requirement.

                        About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.  

Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly owned
subsidiaries, GGH invests in, develops and operates real estate
projects in Argentina. GGH operates a hotel, golf and tennis
resort, vineyard and producing winery in addition to developing
residential lots located near the resort. In 2016, GGH formed a new
subsidiary and in 2018, established an e-commerce platform for the
manufacture and sale of high-end fashion and accessories. The
activities in Argentina are conducted through its operating
entities: InvestProperty Group, LLC, Algodon Global Properties,
LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L.,
and Algodon Wine Estates S.R.L. Algodon distributes its wines in
Europe through its United Kingdom entity, Algodon Europe, LTD.

Gaucho Group reported a net loss of $21.83 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.39 million for
the year ended Dec. 31, 2021.  As of March 31, 2023, the Company
had $21.01 million in total assets, $8.60 million in total
liabilities, and $12.40 million in total stockholders' equity.

New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company has a significant working
capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


VICENTIN SAIC: A Viterra-Bunge Deal to Rescue Firm is Now at Risk
-----------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that a deal to
rescue one of the biggest suppliers of soybean meal fed to
livestock herds around the world is at risk of falling apart
because of court delays and Argentina's worst drought in living
memory.

The bankruptcy of Vicentin SAIC more than three years ago upended
oilseed trading in Argentina, the top exporting nation of meal and
of soy oil used in food and biofuels, according to
globalinsolvency.com.

After a tumultuous default that featured a botched nationalization
and accusations of fraud by international lenders, Vicentin finally
seemed to have secured its future, the report notes.

Creditors and crop suppliers agreed to restructure $1.3 billion of
debt with a consortium led by Glencore Plc-backed Viterra and Bunge
Ltd. set to take over operations, the report discloses.

That would breathe new life into a company that was the crown jewel
of Argentine soy processing before it was toppled by mismanagement
and upheaval in national politics, the report says.

But drawn-out proceedings in a provincial bankruptcy court and a
brutal drought have combined to put the deal at risk, Estanislao
Bougain, a Vicentin board director, said in an interview, the
report notes.

At stake is the future of a firm whose credit-fueled expansion
before its collapse helped it fend off multinationals like Cargill
Inc.  The delay also comes at a time when Bunge and Viterra are in
merger talks, and their biggest overlap is Argentine soybean
crushing, according to Goldman Sachs Group Inc., the report adds.




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B R A Z I L
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BRAZIL: Rate-Cut Whispers Breathe Life Into Dismal Debt Markets
---------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that across
Brazil's dilapidated credit markets, investors are starting to
whisper a new mantra in the face of double-digit interest rates and
corporate malaise: The pain can't last forever.

The desperation for easier credit conditions is palpable nine
months after central bankers in Latin America's largest economy
pinned their benchmark interest rates at 13.75%, according to
globalinsolvency.com.

Bond deals are still struggling to gain traction, bankruptcies are
rising and investors keep on pulling cash out of Brazilian domestic
bond funds, the report notes.

But in the wreckage of high borrowing costs and the aftershocks of
century-old retailer Americanas SA's collapse, inflation is
starting to retreat, the report relays.

That's raising expectations for a policy pivot that would
reinvigorate the bond market, the report says.

"I think that the market has improved, but it's important to caveat
that things in Brazil change all the time," said Bruno Stuani, a
director at Plural Gestao, a Sao Paulo-based investment unit of
Genial Investimentos, the report discloses.

"We have a tendency to extrapolate things and think they will last
forever." While still delicate, that sense of relief is already
starting to spread, the report notes.  Traders have boosted bets
for the central bank to begin its easing cycle in August after
annual inflation ebbed to 4.07% in mid-May from last year's peak of
12.2%, 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).


INTERCEMENT BRASIL: S&P Lowers ICR to 'SD' on Standstill Agreement
------------------------------------------------------------------
S&P Global Ratings, on June 12, 2023, lowered its global scale
issuer credit rating on InterCement Brasil S.A. to 'SD' from 'CC'.
S&P also lowered its national scale issuer credit rating to 'SD'
from 'brCC'.

S&P's issue-level rating on the 2024 senior unsecured notes remains
unchanged at 'CC' with a recovery rating of '3'.

On June 7, 2023, InterCement Brasil announced it reached an
agreement with debenture holders for a deferral of the payment of
principal and interest due on June 8 totaling R$500 million.

Its parent, InterCement Participacoes S.A., made only a partial
payment of the R$151 million interest due on the same date.

The agreement consists of postponing the missed interest and
principal payments for 90 days. S&P thinks the standstill agreement
is part of a distressed debt restructuring, with no compensation to
creditors.

S&P said, "In our view, the agreement is in line with the company's
strategy to preserve liquidity, while it continues working on a
more general debt restructuring. Following the deferrals, next
payment is about $16 million of interest on the group's senior
notes. We believe the payment could be paid on the due date, but
the 'CC' rating on the senior notes still reflects a high risk of
nonpayment or a debt exchange."




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D O M I N I C A N   R E P U B L I C
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[*] DOMINICAN REPUBLIC: Coops & MSMEs From Cuba in a Business Round
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Dominican Today reports that the first round of business
opportunities between Cuba and the Dominican Republic was
inaugurated in the capital, bringing together cooperatives,
socially-focused small and medium-sized enterprises (Mipymes), and
companies from both countries.

Organized by the Latin American Network of Cooperativism (Relcoop),
the event was attended by the Cuban ambassador to the Dominican
Republic, Carina Soto, and officials from the Cuban embassy,
according to Dominican Today.

Ambassador Soto expressed gratitude to the president of Relcoop for
organizing the meeting and expressed her admiration for the
presence of Cuban Heroes of the Republic, Antonio Guerrero, and
Ramon Labanino, the report notes.

Guerrero and Labanino, alongside Gerardo Hernandez, Fernando
Gonzalez, and Rene Gonzalez, had endured long and unjust sentences
in US prisons, the report discloses.

Soto emphasized that Guerrero and Labanino embody the spirit of
resistance, creativity, innovation, and unwavering faith in victory
and a better future, the report notes.  She believed that this
spirit will permeate the event and inspire participants, the report
relays.

Claudio Alberto Rivera, the president of Relcoop, welcomed
representatives from Cuban, Guatemalan, and Dominican companies and
cooperatives. He stated that this exchange of ideas and experiences
paves the way for future business collaborations, the report says.

Rivera highlighted the fruitful cooperation in academic,
scientific, and cultural fields and emphasized the objective of
expanding collaboration to other areas, the report discloses.

Representing Cuba, the participating cooperatives included the
specialized clothing production and marketing cooperative Model,
the plastic woodworking cooperative Ecomadera, and the construction
cooperatives Sancof and Serconst, the report relates.  The Apocoop
project, led by the National Association of Small Farmers (ANAP)
with support from Oxfam, and the San Cristóbal agency were also
involved, the report notes.

Dominican participants included Productos Mama from Santiago de los
Caballeros, Hankook (a tire, battery, and oil marketer), and the
Federation of agricultural cooperatives, the report relays.

Rivera mentioned that the participants would visit the National
Cooperatives of Teachers (Coopnama) and Doctors on the following
day to exchange ideas with partners and managers, the report
notes.

He highlighted that these activities coincide with the annual Day
of Cooperation organized by the Latin American Network of
Cooperativism and will conclude with the XI International
Ibero-American Convention on "Leadership in the Face of social
responsibility in Social and solidarity economy companies," 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.




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P E R U
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PERU: Inflation to See 'Greater Deceleration' in June and July
--------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that inflation in
Peru could see a "greater deceleration" in June and July after
higher-than-expected inflation last month, Peru's Economy Minister
Alex Contreras said.

Official data published showed consumer prices in the capital of
Lima - seen as the national benchmark - rose 0.32% in May, slowing
from 0.56% in April but above the 0.25% forecast in a Reuters poll,
according to globalinsolvency.com.

Speaking at a press conference, Contreras also said he expects the
economy to have grown between 0.6% and 0.7% in April, which would
continue a marginal rebound that began in March after declines in
January and February, amid nationwide anti-government protests, the
report notes.

"We expect this recovery trend to continue," Contreras said, the
report relays.

Currently, the biggest threat to the Andean nation's economy is the
weather phenomenon El Nino, which causes the warming of the Pacific
Ocean and heavy rains in South America, he added.




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Tobago Carnival Loses $700,000
-------------------------------------------------
Leah Sorias at Trinidad Express reports that government Senator and
Tobago businessman Laurence Hislop has questioned whether Tobago's
October Carnival is a wise option this year, given that the 2022
event registered a loss of over $706,000.

He expressed concern that with four months to go before the
island's next possible Carnival, the report on a study done on
October Carnival 2022 was still being evaluated, according to
Trinidad Express.

Hislop was speaking at a Joint Select Committee (JSC) meeting on
Local Authorities, Service Commissions and Statutory Authorities,
held to inquire into certain aspects of the administration of the
Tobago House of Assembly (THA).

Hislop noted that based on submissions from the Division of
Finance, the total income for October Carnival 2022 was $9,207,183,
which comprised a THA subvention of $8,368,153, corporate donations
of $830,000 and gate receipts of $9,030, the report notes.

"But when we look at the expenditure, we have a deficit from the
Tobago Carnival of $706,317.58, so the Tobago Carnival registered a
loss, based on the figures that we received from the Division," he
said, the report relays.

He said the Division also noted in their submissions that a study
of Tobago Carnival was conducted and the report was being
evaluated, and as a result the extent to which Tobago Carnival
generated the level of economic activity anticipated by the THA
cannot be ascertained at this time, the report discloses.

"So we're in June and more than likely we should be having another
Carnival by October.  My question to the Division is if the study
has not been completed, so we can't ascertain the benefits, do we
still think that it is a viable option to have this level of
expenditure for a Carnival this year?" Hislop asked, the report
says.

Responding, chief technical advisor to the Division of Finance
Anselm Richards said from the THA's perspective, Tobago Carnival
was not conceptualised as a profit-making event, but a "vehicle to
bring human traffic into the island," the report notes.

"If you understand the nature of the Tobago economy, you need human
traffic to generate economic activity, commercial activity on the
island," he said.

"So the issue of whether the Carnival was profitable for the THA
was not the original design for the event," Richards added.

As to the report, he said a study on the 2022 event was done by the
Tobago Tourism Agency Limited (TTAL), however it still had to be
peer-reviewed, the report discloses.

He said the report was sent to the Division of Finance research
unit, which is headed by chief economist Dr Selvon Hazel, and is
being peer-reviewed for its "technical soundness," the report
relays.

"The information is there. As soon as that is clarified, we are
going to make the report available to the committee and to the
national community.  There is nothing here that we are withholding
or hiding from our people. We are open and transparent as an
administration," Richards said.

On the Tobago Jazz Experience held in April, Hislop said based on
the Division's submissions, the income for the event was $5,516,385
which comprised a THA subvention of $3.1 million, corporate
donations of $330,000, gate receipts $2.04 million, other income of
$44,000 and accounts receivables of $37,000, the report notes.

He said total expenditure was in the vicinity of $11.9 million,
which meant that there was a deficit of approximately $6.4 million,
the report says.

The report notes that the Division of Tourism's technical advisor
Korice Nancis provided the island's arrival figures for 2018 to
2022:

Domestic arrivals via ferry

2018: 175,531

2019: 264,580

2020: 219,274

Domestic arrivals by air

2018: 472,271

2019: 497,675

2020: 183,557.

Domestic arrivals between January to April 2023 stood at 101,675
compared to 70,820 between January to April 2022, the report
relays.

Domestic stay-overs

2018: 18,058

2019: 19,542

2020: 6,670

International stay-overs

2018: 27,683

2019: 29,723

2020: 8,434

International stay-overs between January to March 2023 stood at 4,
743, compared to 1,667 for the same period in 2022, 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
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Information contained herein is obtained from sources believed to
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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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