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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, July 21, 2023, Vol. 24, No. 146

                           Headlines



A R G E N T I N A

ARGENTINA: 'Negotiating Intensively' with IMF


B E R M U D A

ASSURED GUARANTY: British Water Crisis Could Impact Firm


B R A Z I L

AZUL SA: Fitch Cuts Long Term IDRs to 'RD' Then Upgrades to 'B-'
PETROLEO BRASILEIRO: Likely to Miss Govt's Target on Gas Prices
TRANSPORTADORA ASSOCIADA: Fitch Affirms 'BB' IDR, Outlook Stable


G U Y A N A

GUYANA: Minister Wants IDB to Work Closely With Private Sector


J A M A I C A

DIGICEL INTERNATIONAL: Fitch Downgrades Long Term IDR to 'RD'
JAMAICA: Economic Performance Indicators on the Right Track


S U R I N A M E

SURINAME: IDB OKs $1.52M Loan to Protect Bigi Pan in Nickerie


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Crime Has Business on its Knees

                           - - - - -


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A R G E N T I N A
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ARGENTINA: 'Negotiating Intensively' with IMF
---------------------------------------------
Buenos Aires Times reports that Argentina and the International
Monetary Fund are "working intensively" to reach an agreement over
the fifth review of the country's record credit programme amid a
"very complex and challenging" situation, an IMF spokeswoman said.

"Our team has been working intensively with the Argentine
authorities to help make progress and move forward to finalise the
fifth review and to help the authorities address a very complex and
challenging situation," said IMF spokesperson Julie Kozack at a
press conference, according to Buenos Aires Times.

Argentina is seeking to loosen targets outlined in the
US$44.5-billion credit programme agreed last year by President
Alberto Fernandez's government, the report notes.  Under the terms
of the deal, the country must increase its international reserves
at the Central Bank and reduce its fiscal deficit from three
percent of gross domestic product in 2021 to 2.5 percent in 2022,
1.9 percent in 2023 and 0.9 percent in 2024, the report relays.

However, Argentina's economic situation has since worsened, with
year-on-year inflation now running at more than 110 percent, the
report says.  Poverty is close to 40 percent, according to the
INDEC national statistics bureau, while a historic drought has
slashed some US$20 billion off foreign exports, the report notes.

According to Kozack, current negotiations are focused on
"alternatives to strengthen the authorities' programme." She said
that any changes would "recognise the impact of the drought on the
economy," the report relays.

The IMF's aim, said the spokesperson, is to "safeguard stability by
increasing reserve accumulation and improving fiscal
sustainability" while "protecting the most vulnerable sectors," the
report notes.

Talks have dragged on for months as both sides continue to
negotiate over key issues like the IMF's disbursements to Argentina
and currency policy, the report discloses.  Kozack declined to
offer further details of the negotiations, the report notes.

A delegation of officials from Argentina's Economy Ministry flew to
Washington to continue face-to-face talks, the report relays.

Earlier, Government Spokesperson Gabriela Cerruti stated that talks
with the IMF would "take as long as they have to take," the report
relays.

"What is delaying the negotiations is the Argentine Government's
defence of what is best for Argentina and in what terms an
agreement that does not affect growth, distribution, everything
that is underway and we see how it is growing and consolidating,"
said the spokeswoman, the report relays.

Time is pressing because the IMF's directors are due to have a
vacation break in August, the same month as Argentina's
presidential primary elections, in which Economy Minister Sergio
Massa is running for the ruling Union por la Patria coalition, the
report relays.

Massa cast doubt over whether he would continue to serve as
minister as the presidential campaign ramps up, saying he would
discuss the issue with President Fernandez and Vice-President
Cristina Fernandez de Kirchner, the report discloses.

"We will decide that with the president, with the vice-president,
depending on how the context plays out," Massa said, without
providing timing for the decision.  "It's clear to me that my main
responsibility is to be economy minister, and I have a task after
6pm, which is to be a presidential candidate."

Kozack also confirmed that Argentina's government has so far
complied with its financial obligations, the report notes.

On June 30, the country paid down debt maturities totalling US$2.7
billion, using IMF special drawing rights (SDRs, IMF reserves) and
Chinese currency to make the payment, the report discloses.

"The renminbi [yuan] is one of the five freely usable currencies
that member countries can use and have used to settle their
obligations to the IMF," confirmed Kozack, the report notes.

Earlier this year, Argentina renewed a currency swap agreement with
China for 130 billion yuan, equivalent to some US$19 billion, the
report relays.

Earlier this month, the government announced that it will push back
payments due this month and bundle them into a single transaction
that will be paid at the end of the month, the report says.  It has
permission to do so under IMF rules, the report notes.

Kozack also denied reports that the IMF had received a letter from
the Chinese government urging it to reach an understanding with
Argentina, 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.

In 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+'.

S&P's 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 March 24, 2023, 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-'.
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.





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B E R M U D A
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ASSURED GUARANTY: British Water Crisis Could Impact Firm
--------------------------------------------------------
Royal Gazette reports that Bermuda insurer Assured Guaranty Limited
could be on the hook for more than $10 billion as part of the
fallout from the crisis with UK water utilities.

The British Government has this summer been leading emergency talks
over the uncertain future of the country's biggest water supplier,
Thames Water, and even offered temporary state ownership, as the
company buckled under huge debts, according to Royal Gazette.

Thames Water CEO Sarah Bentley has just abruptly resigned after
being on the job for three years, the report notes.

She was just two years into an eight-year turnaround plan to
address the facilities ageing infrastructure, tackle leakage and
reduce pollution in rivers, after complaints of a legacy of
underinvestment, the report discloses.

The supplier of water to more than a quarter of Britain's
population, Thames Water sought to raise more than a billion
dollars in fresh equity to remain a going concern, the report
says.

Meanwhile, The Financial Times and Reuters are reporting that
Assured Guaranty has more than $10 billion of exposure to some of
the more troubled UK water utilities, including Thames Water, and
could end up paying lenders in the case of defaults, the report
discloses.

Reuters reported: "Thames Water had amassed a debt pile of 14
billion pounds ($18.14 billion), casting a shadow over the entire
sector, which needs to upgrade."

"Assured Guaranty has built about $1.9 billion in exposure to
Thames Water, with Southern Water being its largest non-US exposure
at $2.2 billion," the FT said, citing results published in March,
the report says.

However, a senior managing director at Assured Guaranty told the FT
that the insurer feels these water
companies have a strong debt profile, the report relays.

The newspaper quoted AG manager Nick Proud: "We feel the UK water
company debt we have insured has a strong credit profile, as it
provides an essential public service and is in a well-regulated
industry where we guarantee the senior level debt," the report
relays.

Assured Guaranty Limited is a Bermudian-based holding company,
publicly traded on the New York Stock Exchange.

Through its subsidiaries, Assured Guaranty provides credit
enhancement products to the US and international public finance,
infrastructure and structured finance markets and also provides
asset management services, the report discloses.

Thames Water provides waste water services and supplies drinking
water to 15 million customers in London and the southeast of
England, the report relays.

Shareholders contributed an additional GBP500 million ($635
million) four months ago, but the company is now saying it needs
more, the report adds.




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

AZUL SA: Fitch Cuts Long Term IDRs to 'RD' Then Upgrades to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded Azul S.A.'s (Azul) Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) to 'RD' from 'C',
following the conclusion of its exchange offer, which Fitch
considered a distressed debt exchange (DDE). Simultaneously, Fitch
has upgraded Azul's IDRs to 'B-' from 'RD' to reflect its
post-restructuring risk profile.

In addition, Fitch has downgraded Azul Investments LLP's unsecured
bonds to 'RD' from 'C/RR4', as well as Azul's Long-Term National
Scale rating to 'RD(bra)' from 'C(bra)'. Concurrently, Fitch has
upgraded Azul's unsecured bonds to 'CCC+'/'RR5' from 'RD', as well
as Azul's Long-Term National Scale rating to 'BB(bra)' from
'RD(bra)'. Fitch has also assigned a final 'B-'/'RR4' rating to
Azul Secured Finance LLP's senior secured USD800 million notes due
2028, and 'B-' /'RR4' rating on the senior secured second lien
notes due 2029 and 2030. Azul's corporate Rating Outlook is
Stable.

Azul's ratings reflects the overall improvement in the company's
credit profile post restructuring plan, including enhanced
liquidity and ongoing improvements on operating cash flow and
leverage ratios. Azul's limited financial flexibility and high
industry risks remain as rating constrains.

KEY RATING DRIVERS

Exchange Offer Qualified as DDE: Azul's exchange offer transaction
was considered a DDE under Fitch's criteria, due to the involvement
of a substantial portion of Azul's classes of obligors (including
lessors and OEMs refinancing agreements), leading to a broader
restructuring plan to avoid a payment default. The extension of the
maturity date, including of the local convertible debentures, and
material reduction in terms of bondholders that do not accept the
deal due to the elimination of some restrictive covenants, as well
as structural subordination, have also been incorporated into this
assessment.

Improving Credit Profile: The conclusion of Azul's full debt
restructuring plan, as well as the ongoing improvements of its
operating cash flow generation, are expected to help restore its
credit profile in terms of leverage and refinancing risks. Fitch's
base case scenario forecasts the company's total and net adjusted
leverage/EBITDAR ratios at around 4.6x and 4.0x, respectively,
during 2023, an improvement from the 2022 levels of 7.4x and 7.1x.

The reduction in lease payment and the maturity extension of most
of its debt reduce the pressure on cash flow and address most
near-term maturities, leaving Azul with a manageable amount of
scheduled maturities until 2028. Lessors are exchanging COVID lease
deferrals for notes due 2030 and equity instrument convertible into
Azul's shares (40/60 split).

Limited Financial Flexibility: Azul's ability to continue to access
new credit lines, seeking to restore its liquidity position and to
improve its financial flexibility are key factors to support
continuous improvement on its credit risks profile. Azul has a
track record of maintaining strong cash balances, which in the past
helped reduce short-term refinancing risks and industry volatility.
Azul's readily available cash, per Fitch's criteria, declined to
BRL466 million as of March 31, 2023 from BRL668 million as of Dec.
31, 2022 and from BRL3.1 billion at end of December 2021.

Azul's increasing share of secured debt has a short to medium term
impact on its financial flexibility, given the likely weaker
unencumbered asset base, and should continue to constrain rating in
the medium term.

Stronger Operations: Fitch expects Azul's adjusted EBITDA to
improve during 2023 due to the solid domestic traffic level,
benefits from elimination of PIS/Cofins taxes, better FX rates and
lower fuel prices, as well as cost efficiencies and capacity
expansion. Fitch forecasts Azul's adjusted EBITDA to reach around
BRL5.5 billion in 2023 and BRL6.2 billion in 2024, an increase from
BRL3.2 billion in 2022 and BRL3.6 billion during 2019
(pre-pandemic). Azul's traffic levels have been above 2019's levels
since mid-2021, given the company's strong growth strategy. Fitch
estimates Azul's 2023 total traffic volume are around 21% higher
than 2019, and capacity level at 25%.

FCF to Remain Negative: In Fitch's forecasts, Azul's free cash flow
generation remains negative during 2023 and 2024, at around BRL1.6
billion and BRL0.9 billion, respectively. The lower lease expenses
related to pandemic-related deferral agreements brings Azul some
relief; however, the ongoing growth in operations and growing
leases payments, as well as higher interest rates remains a burden.
For 2023 and 2024, Fitch estimates capex of around BRL1.8 billion
and BRL1.4 billion, respectively. Azul is expected to marginally
increase its fleet during the next two years.

Strong Domestic Market Position: Azul's credit profile benefits
from its unique regional airline market position in Brazil, with a
strong presence in underserved markets and limited route overlap
with competitors, GOL Linhas Aereas Inteligentes S.A. and LATAM
Airlines Group S.A. Azul is the sole provider of services on 80% of
its routes and is one of the three largest airline companies in
Brazil, with a market share of around 29%, as measured by
revenues/passenger/kilometer (RPK) in 2022. As Brazil is the
company's key market, Azul's operating results are highly
correlated to the Brazilian economy. During 2022, 91% of its
revenues derived from passengers and 9% from cargo and others, and
82% of its revenues were originated within local market.

DERIVATION SUMMARY

Azul's ratings reflects the overall improvement in the company's
credit profile post restructuring plan, including improved
liquidity and, ongoing improvements on operating cash flow and
leverage ratios. The company's recent financial stress, limited
financial flexibility and high industry risks remain as rating
constrains.

Azul has a weaker position relative to global peers given its
limited geographic diversification and relatively higher operating
leverage. In terms of its regional peers, it has a weaker position
compared to Latam Airlines S.A. in terms of liquidity and financial
flexibility, but has a stronger cash position compared to GOL
Linhas Aereas Inteligentes S.A. (CCC+/Stable). Azul's strong
position in the Brazilian regional market and high operating
margins have nevertheless been key rating drivers. Foreign exchange
risk exposure is a negative credit factor for Azul considering its
limited geographic diversification; the company operates currency
hedging which partially mitigates this risk.

KEY ASSUMPTIONS

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

-- Fitch's base case during 2023 and 2024 includes an increase in
RPK by 14% and 4%;

-- Load factors around 80% during 2023 and 2024;

-- Capex of BRL1.8 billion in 2023 and BRL1.4 billion in 2024

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that AZUL 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.

Going-Concern Approach: AZUL's going concern EBITDA is BRL2.2
billion which incorporates the low-end expectations of Azul's
EBITDA post-pandemic, adjusted by lease expenses, plus a discount
of 20%. This correlates to the average of BRL1.2 billion during
2016-2019 that reflects intense volatility in the airline industry
in Latin America and Brazil, and the expansion of its operations
during the past two years. 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. The
enterprise value (EV)/EBITDA multiple applied is 5.5x, reflecting
AZUL's strong market position in the Brazil.

Fitch applies a waterfall analysis to the post-default EV based on
the relative claims of the debt in the capital structure. The debt
waterfall assumptions consider the company's proforma total debt
pos new secured issuance. These assumptions result in a recovery
rate for the first-lien secured bonds within the 'RR1' range and
second-lien secured notes within 'RR2' range, but due to the soft
cap of Brazil at 'RR4', Azul's senior secured are rated at
'B-'/'RR4'. For the unsecured notes, the recovery is within the RR5
range, therefore results in a rating downgrade from the IDR, being
rated at ´CCC+/RR5´.

RATING SENSITIVITIES

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

-- Improved liquidity position, and maintenance of well-spread
debt amortization profile with no major refinancing risks in the
medium term;

-- EBITDAR fixed-charge coverage sustained at or above 1.5x;

-- FCF generation above Fitch's base case expectations;

-- Continued solid rebound of the Brazilian domestic air traffic;

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

-- Liquidity deterioration and/ or difficulties to continue to
access credit lines;

-- Gross and net leverage ratios consistently above 6.5x and
6.0x;

-- EBITDA fixed-charge coverage sustained at or below 1x;

-- Competitive pressures leading to severe loss in market-share or
yield deterioration;

-- Aggressive growth strategy leading to consolidation movement
financed with debt.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Limited Financial Flexibility: Azul's post restructuring process is
likely to present an improvement in terms of liquidity and debt
schedule amortization, but financial flexibility will remain poor.
Azul's increasing share of secured debt pressures its financial
flexibility, given the likely weaker unencumbered asset base.
Pos-restructuring, around 67% of Azul's debt, excluding leases,
will be secured. Considering the current issuance and the
completion of the exchange offer, Azul will have a more manageable
amount of scheduled maturities with no major pressure until 2028.
Fitch estimates Azul's proforma financial debt will be around BRL15
billion, excluding leasings.

ISSUER PROFILE

Azul is one of Brazil's largest local airlines, with significant
presence in the regional market and the sole position on 80% of its
routes. During 2022, 91% of its revenues were derived from
passengers and 9% from cargo and others.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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.

PETROLEO BRASILEIRO: Likely to Miss Govt's Target on Gas Prices
---------------------------------------------------------------
Richard Mann at Rio Times Online reports that according to insiders
familiar with the matter, Petrobras, Brazil's state oil giant, is
likely to miss the government's target of reducing natural gas
prices by 40%.

The main reason cited is the high cost of extracting gas from
ultra-deep waters, which significantly exceeds the production
expenses of onshore shale gas drillers in other countries,
according to Rio Times Online.

Petrobras officials believe achieving such a substantial price
reduction is not feasible given their offshore operations, which
are 300 kilometers (187 miles) from the coast, the report notes.

                    About Petrobras

Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil.  Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia.  But, Brazil represents majority of its production.

The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank and
Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%,
bringing the State's direct and indirect ownership to 64%.

A corruption scandal was uncovered in 2014 that involved Petrobras.
The scandal related to money laundering that involved Petrobras
executives.  The executives were alleged to get received kickbacks
from overpriced contracts, to the tune of about $3 billion in
total.  Over a thousand warrants were issued against politicians
and businessmen in relation to the scandal.  In 2016,  Marcelo
Odebrecht, CEO of Odebrecht, was sentenced to 19 years in prison
after being convicted of paying more than $30 million in bribes to
Petrobras executives.

In January 2018, Petrobras agreed to pay $2.95 billion to settle a
U.S. class action corruption lawsuit.  In September 2018, Petrobras
agreed to pay $853.2 million to settle with Brazilian and U.S.
authorities.

In July 2022, Fitch Ratings affirmed Petrobras' BB- Long-Term
Issuer Default Rating. In addition, Fitch has revised the Rating
Outlook to Stable from Negative following a similar revision to
Brazil's Sovereign Rating Outlook.  Also in July 2022, Egan-Jones
Ratings Company upgraded the foreign currency and local currency
senior unsecured ratings on debt issued by Petrobras to BB+ from
BB.

TRANSPORTADORA ASSOCIADA: Fitch Affirms 'BB' IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Transportadora Associada de Gas S.A.'s
(TAG) Long-Term Foreign Currency (FC) Issuer Default Rating (IDR)
at 'BB', Local Currency (LC) IDR at 'BBB-', and Long-Term National
Scale Rating at 'AAA(bra)'. The Rating Outlook is Stable.

TAG's FC IDR is capped by Brazil's Country Ceiling of 'BB', as its
operations are entirely in Brazil; but TAG's LC IDR reflects its
solid business model, supported by long-term contracts with no
volumetric risk and the low risk profile of the gas transportation
industry in Brazil, which provides healthy protection of company
revenues, and thus, high margins with strong and stable operating
cash flows. Fitch expects TAG to sustain its robust credit profile,
given high FCF and sharp deleveraging capacity. Fitch projects for
TAG's leverage to continue declining over the forecast period
despite relevant dividends distributions and increased capex spend
over the next three years.

KEY RATING DRIVERS

Declining Leverage Despite Re-Contracting Risk: TAG's operating
cash generation is sound and supported by four, inflation-indexed,
long-term gas transportation agreements (GTA) with Petroleo
Brasileiro S.A. (Petrobras; BB-/Stable), with the closest maturity
in 2025, and over 30 extraordinary contracts with 12 shippers (as
of YE 2022). TAG has 100% of its transportation network capacity
contracted, which excludes volumetric exposure despite a
utilization rate of around 60% on average, with peak periods
reaching approximately 90% of capacity utilization. Part of the
company's tariff is also U.S. dollar-linked, indexed to the U.S.
PPI, and updated annually.

TAG is not subject to any demand exposure until the expiration of
its first contract, which accounts for approximately 24% of its
total revenues. While TAG may face re-contracting risk in 2026, the
company has already boosted its commercial efforts to increase the
number of shippers tied to that pipeline. Even with an assumed 30%
decline in revenues from that contract, leverage is expected to
continue declining, with debt-to-EBITDA of 1.1x by 2026.

Strategic Asset for Brazil: TAG operates a strategic pipeline
network for the country's infrastructure in the northern,
northeastern and southeastern regions of Brazil. Gas distributors
in those regions rely on TAG's infrastructure to receive natural
gas. The infrastructure is also important as it connects the
southeast gas transportation network, which is crucial for industry
operational flexibility, particularly after pending industry
regulatory updates.

Solid Cash Flow from Operations: TAG's EBITDA grew to BRL7.1
billion in 2022 and is expected to grow to BRL7.5 billion by 2026
with margins averaging 87% over the forecast period. Fitch's base
case scenario considers annual cash flow from operations (CFO) at
BRL5.0 billion to 5.2 billion in the next four years, which is
sufficient to support the forecasted annual average capex of BRL770
million and relevant dividends of around BRL1.7 billion. Average
annual FCF is projected at BRL2.7 billion between 2023 and 2026.

Guarantee Structure Mitigates Petrobras Concentration Risk: TAG is
exposed to concentration risk with Petrobras as the single
counterparty to the legacy GTAs. The guarantee structure mitigates
this risk as the receivables from Petrobras' gas distributors and
thermal power plant clients must equate to at least 120% of the
monthly payment to TAG. The credit profile of the gas distributors
is robust, which also helps mitigate default and concentration
risk. The possibility of gas supply discontinuity by Petrobras to
its customers (gas distributors) is reduced, since there are
limited alternatives for Petrobras to sell gas to other buyers.

Neutral Regulatory Changes: Fitch estimates a greater opening of
the gas market in Brazil due to Petrobras' asset sales in the
industry and recent regulatory changes that stimulate gas supply
competition. The existing transportation contracts between TAG and
Petrobras remain unchanged, and TAG's business model continues to
be solid. The potential reduction of gas prices to the final
consumer should increase gas consumption and production in Brazil
in the coming years and strengthen the relevance and capacity use
of TAG's assets.

DERIVATION SUMMARY

TAG's sound business profile with robust and stable cash flows is
very similar to that of other Fitch-rated midstream companies in
the LatAm region such as the Brazilian electric power transmission
company Transmissora Alianca de Energia Eletrica S.AA (Taesa;
BB/Stable), the gas transportation company, Transportadora de Gas
Internacional S.A. E.S.P.'s (TGI; BBB/Stable), based in Chile, and
Transportadora de Gas del Peru S.A. (TGP; BBB+/Stable), based in
Peru.

All of them have low business risk profiles, predictable revenues
and robust cash flow generation, with limited demand risk exposure
given revenue based on available infrastructure capacity under
long-term contracts. These are characteristics of both power
transmission and gas transportation companies in regulated
industries. These companies also present strong credit metrics.

The main difference between the IDRs of Brazilian-owned companies,
TAG and Taesa, and their regional peers is the revenue-generating
country and assets' geographic location. Although TGP and TGI are
in investment-grade countries, TAG's and Taesa's ratings are
negatively affected by Brazil's Country Ceiling of 'BB' and its
operating environment.

KEY ASSUMPTIONS

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

-- Revenues based on contracted amounts and adjusted annually by
inflation with part of the tariffs linked to exchange rate indices,
according to GTAs;

-- A 3% decline in total revenues in 2026 following expiration of
Malha Nordeste GTA;

-- Operating and maintenance costs before depreciation and
amortization representing 16% of net revenues in 2023 with a
reduction to 12% in 2024 due to cost savings related to termination
of Transpetro contract;

-- Average capex of BRL770 million between 2023 and 2026;

-- Dividend distribution at an annual average of BRL1.7 billion
over the 2023 to 2026 period;

-- Tax benefit use until 2023, with full tax payments assumed
thereafter.

RATING SENSITIVITIES

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

-- Positive rating actions are limited by Brazil's Country Ceiling
of 'BB' and sovereign rating of 'BB-';

-- An upgrade to the National Long-Term Rating does not apply as
it is at the top of the national scale.

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

-- A downgrade of Brazil's Country Ceiling;

-- A persistent weakening of Petrobras' receivables guarantee
structure with clients that deposit into a collection account;

-- A sustained increase in the leverage ratio above 3.5x;

-- Failure to recontract expiring capacity from Malha Nordeste
GTA.

-- Regulatory or contractual changes affecting the fundamentals of
the gas transportation industry or TAG's business model.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: TAG's liquidity profile is expected to lead
to moderate to weak ratios, as measured by cash/short term debt.
This is mitigated by its sound and resilient CFO, which supports
its strong debt and capital markets access to various sources of
financing. TAG's cash and marketable securities position was BRL688
million as of Dec. 31, 2022, low relative to BRL3.7 billion of debt
coming due in 2023. TAG has a manageable debt amortization schedule
and a committed credit line of BRL500 million with Banco Bradesco
S.A. to support temporary foreign exchange (FX) mismatches between
its annual tariff adjustment and U.S.-dollar-denominated debt's
semi-annual amortization.

TAG's total debt was BRL19 billion at YE 2022, consisting of
debentures totaling BRL8.9 billion and a BRL10 billion U.S. dollar
facility. The company has a natural hedge for its FX exposure as
two of its GTAs include tariff adjustments linked to U.S. dollar
variation and the U.S. PPI. The company is subject to net
debt/EBITDA financial covenants below 3.5x after accounting for
around BRL1.5 billion-BRL1.9 billion of parent credit guarantees,
which cover six months of debt amortization.

ISSUER PROFILE

The Transportadora Associada de Gas (TAG) operates in the natural
gas transportation and storage segment in Brazil, owning the most
extensive network of high-pressure gas pipelines totaling around
4,500 kilometres (km) or roughly 47% of the country's total gas
transport network in the north, northeast and southeast regions of
the country. TAG's total transportation capacity of 75 million
m³/day is fully contracted with Petroleo Brasilerio S.A.
(Petrobras) through four long-term gas transportation agreements
(GTAs).

TAG's network passes through almost 200 municipalities in ten
Brazilian states, covering 3,700 km along the
northeastern/southeastern coast (states of Ceara, Rio Grande do
Norte, Paraiba, Pernambuco, Alagoas, Sergipe, Bahia, Espirito Santo
and Rio de Janeiro) and another 800 km connecting the oil region
from Urucu to the city of Manaus, in the Amazon.

Engie group and the Canadian institutional investor Caisse de Depot
et Placement du Quebec (CDPQ) have owned TAG since April 2019 when
the SPE Alianca Transportadora de Gas Participacoes SA (Aliança),
made the winning bid for a 90% stake in the total amount
(enterprise value) of BRL33.5 billion. The sale was completed in
June of the same year funded through: Aliança's capital injection
(BRL10.1 billion), a debenture issuance (BRL14 billion) and a USD
Loan Facility (BRL9.4 billion/USD2.5 billion). Subsequently, TAG
carried out the reverse incorporation of Aliança in order to unify
assets and liabilities, meeting the requirements of the financing
contracts.

In July of 2020, TAG became the country's first 100% privately
owned gas carrier when its shareholders acquired, for the amount of
BRL1.0 billion, the remaining 10% share resulting in ENGIE's total
shareholding of TAG at 65% (of which 32.5% belongs to ENGIE Brasil
Energia and 32.5% to GDF International; CDPQ retains the remaining
35%). Despite its strong ownership structure, TAG's assessment is
based on its SCP given that the company runs independently from its
shareholders with control shared as defined by shareholders
agreement.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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.



===========
G U Y A N A
===========

GUYANA: Minister Wants IDB to Work Closely With Private Sector
--------------------------------------------------------------
Jamaica Observer reports that a senior Guyana government minister
is calling on the Washington-based Inter-American Development Bank
(IDB) to work closely with the private sector in an effort to
increase local capacity.

"I would urge IDB Invest to work closely with as many Guyanese
companies as you can to bring them up to the point where they're
able to access financing from the IDB, not only in the interest of
concluding a transaction but also in the interest of them being
able to participate in the modern world, the modern way of doing
business," said the Senior Minister in the Office of the President
with Responsibility for Finance Dr Ashni Singh, according to
Jamaica Observer.

Addressing the launch of the IDB Invest, Caribbean-Suriname and
Guyana Edition Workshop, Singh said with Guyana being the first
Caribbean nation to benefit from the workshop, the occasion is
extremely important and the Government is delighted to see the
IDB's private sector making strides in getting more involved with
Guyana's private sector, the report notes.

However, he said there is much more to be done, noting that there
are endless opportunities in Guyana's economic landscape, whether
they be large, medium, or small investments, the report relays.

Singh also urged the local private sector to take advantage of
opportunities that are in store, and to consider IDB Invest as a
viable option for raising finances for investments, the report
notes.

"It might seem, initially, that the barriers to entry are a little
bit high but the reality is that in today's world, even if you
don't meet those standards in relation to raising your financing
with the IDB, if you want to do business with major companies
around the world, including the oil and gas sector, chances are you
are going to have to comply with most of those standards anyhow,"
he said, the report relays.

The private sector was also urged to engage representatives of IDB
present at the workshop, to better understand the requirements for
financial assistance from the institution, the report says.

Country representative of the IDB Group, Lorena Solorzano said that
already US$58 million in transactions have been approved for
Guyana's local private sector, adding this is a testament to the
financial institution's commitment to working with Guyana's private
sector, the report notes.

"To date, we have approved eight transactions . . . in
agri-business, transport and logistics, financial, in [the] energy
sector, and it's our commitment to keep rolling those numbers,"
Solorzano said, the report says.

The series of workshops is designed to match the local private
sector needs with the IDB's private sector in various areas,
including energy, modernisation of the agriculture sector, and
strengthening the transportation system, among others, the report
adds.



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

DIGICEL INTERNATIONAL: Fitch Downgrades Long Term IDR to 'RD'
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term (LT) Issuer Default
Rating (IDR) of Digicel International Finance Limited (DIFL) to
'RD' from 'C'.

Fitch has also affirmed the IDRs of Digicel Group Holdings Limited
(DGHL) and Digicel Limited (DL) at 'RD'.

The downgrade of DIFL's LT IDR reflects the expiration of the
original grace period on its senior and subordinated notes after
uncured coupon payments due on July 15, 2023.

KEY RATING DRIVERS

Expiration of Original Grace Period: The downgrade of DIFL reflects
the expiration of the original grace periods to pay interest on
DIFL's senior 2025 notes and subordinated 2026 notes on July
15,2023. Fitch's revisions of its definition for restricted default
(RD) removed ambiguity regarding multiple extensions of applicable
grace periods. It also clarified that the relevant event in
determining an 'RD' rating is the uncured expiry of any applicable
original grace period.

Restructuring Proposal Reduce Debt: The groups aim to reduce debt
by about US$1.7 billion through a restructuring plan at different
entity levels, including US$1.175 billion at DL and DIFL level,
reducing gross consolidated debt for the group to about USD3
billion from USD4.7 billion. The proposed comprehensive financial
restructuring is expected to equitize 100% of the DL notes and the
DIFL subordinated notes as well as refinance and extend the
maturity of the company's other funded indebtedness. Creditors will
become the main shareholders of the new group's structure. The
completion of the restructuring is due to be complete toward the
end of the year subject to required regulatory and other
governmental approvals.

Recovery Prospects: Fitch estimates a recovery rates commensurate
with 'RR1' for the DIFL secured notes and term loan B due to their
position in the capital structure and first liens. DIFL's senior
unsecured creditors have a recovery of 'RR3'. All of these debt
instrument recovery ratings are capped at 'RR4', resulting in
ratings equal to the IDRs, in accordance with Fitch's
Country-Specific Treatment of Recovery Ratings Criteria that
constrains the upward notching of instruments based on concerns
about the rule of law, insolvency regimes and creditor protections
in a jurisdiction. The ratings of the DIFL subordinated notes
reflect poor recovery prospects, consistent with an 'RR6'. The
proposed restructuring of the 2025 DGHL unsecured notes announced
on May 29, 2023 indicate an expected recovery consistent with an
'RR4'.

ESG - Governance Structure: Digicel's decision to restructure debt
multiple times remains a constraint on the ratings, and Fitch views
its corporate governance as weak.

ESG - Group Structure: Digicel's incorporation status in several
countries and extensive use of contractual features of debt results
in a complex group structure.

DERIVATION SUMMARY

The IDRs reflect the expiry of the original grace periods on debt
instruments of the group entities.

KEY ASSUMPTIONS

The recovery analysis assumes the company would be reorganized as a
going concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

The going concern operating EBITDA reflects Fitch's estimates of
mid-cycle EBITDA that is achievable in the medium term, given the
company's position primarily in duopoly markets and its growth
prospects under a scenario of only gradual currency depreciation.
This going concern uses an EBITDA of USD550 million. Fitch uses an
enterprise value/EBITDA multiple of 5.0x, reflecting the company's
long-term prospects and good market shares in mostly duopoly
markets amid a scenario of financial distress.

Fitch forecasts recovery rates commensurate with 'RR1' for the DIFL
secured notes and term loan B due to their position in the capital
structure and first liens.

DIFL's senior unsecured creditors are forecast to have recoveries
of 'RR3'. All of these debt instrument recovery ratings are capped
at 'RR4', resulting in ratings equal to the IDRs, in accordance
with Fitch's Country-Specific Treatment of Recovery Ratings
Criteria that constrains the upward notching of instruments based
on concerns about the rule of law, insolvency regimes and creditor
protections in a jurisdiction. The ratings of the DIFL subordinated
notes reflect poor recovery prospects, consistent with an 'RR6' as
do the subordinated DGHL note.

RATING SENSITIVITIES

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

-- Fitch will reassess the IDRs upon the completion of a debt
restructuring process; the updated IDRs would reflect the new
capital structure and credit profile of the issuer.

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

-- Filing for bankruptcy protection, liquidation, or any other
formal winding-up procedure would lead to a downgrade of the
corporate ratings to 'D'.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

DIFL experienced an uncured interest payment default on its
unsecured and subordinated debt, following the expiration of the
30-day grace period. To preserve company liquidity the
restructuring support agreement aims to equitize 100% of DIFL's
subordinated notes as well as refinance and extend the maturity of
other funded indebtedness. DL's USD925 million of notes, which were
due March 2023, would also be equitized. Management expects to
complete the DL/DIFL restructuring during 4Q23, subject to
completion of scheme of arrangements in Bermuda court and obtaining
regulatory approval in certain markets. DL entered into a grace
period on USD925 million of note maturities due March 1, 2023,
which the company has extended.

ISSUER PROFILE

Digicel is a diversified telecom operator that provides mobile and
fixed-line services to consumers and businesses in the Caribbean.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Digicel Group Holdings Limited has an ESG Relevance Score of '5'
for Group Structure due to its complex group structure and
incorporation status in several countries, which has a negative
impact on the credit profile, and is highly relevant to the rating,
resulting in a lower rating.

Digicel Group Holdings Limited has an ESG Relevance Score of '5'
for Governance Structure due to multiple corporate restructuring,
which has a negative impact on the credit profile, and is highly
relevant to the rating, resulting in a lower rating

Digicel Group Holdings Limited has an ESG Relevance Score of '4'
for Exposure to Environmental Impacts due to its presence in a
hurricane prone region, which has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.

Digicel Group Holdings Limited has an ESG Relevance Score of '4'
for Financial Transparency due to timing of financial disclosure
subfactor, which has a negative impact on the credit profile, and
is relevant to the rating[s] 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.

JAMAICA: Economic Performance Indicators on the Right Track
-----------------------------------------------------------
Keith Duncan at RJR News reports that the Economic Program
Oversight Committee (EPOC) says Jamaica's economic performance
indicators are moving in the right direction.

Speaking at a press briefing, EPOC Chair Keith Duncan said the
country's fiscal deficit, which is the difference between the
government's income and spending, was lower then budgeted,
according to RJR News.  

The fiscal deficit had been projected to be $34.4 billion, but came
in at $18.6 billion, the report notes.

"There was a primary surplus of $6.1 billion against a projected
deficit of $10.2 billion.  This overperformance resulted from a
shortfall in expenditure by 2.3 per cent, along with revenues and
grants outperforming budgets," Mr. Duncan said, noting that while
the country is in a deficit position, it is ahead of key targets
under fiscal responsibility laws, the report adds.

                         About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.





===============
S U R I N A M E
===============

SURINAME: IDB OKs $1.52M Loan to Protect Bigi Pan in Nickerie
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $1.52
million grant to restore and conserve mangroves in Suriname's Bigi
Pan Multiple Use Management Area (MUMA) and promote sustainable
livelihoods for local communities. This project, implemented with
resources from the UK Blue Carbon Fund from the Department of
Environment, Food and Rural Affairs (DEFRA), will be led by the
esteemed Anton de Kom University of Suriname (AdeKUS).

The project is the latest installment in a series of blue carbon
projects in Latin America and the Caribbean implemented by the IDB
with funds through its UK's Blue Carbon Fund. Previous efforts
include Panama, Jamaica, Colombia and a regional reporting
project.

The project's primary objective is to restore and conserve 1,200
hectares and protect 2,200 hectares of mangrove forests using
nature-based solutions. Innovative strategies include the
installation of sediment trapping units, the establishment of
bamboo/walaba sustainable harvesting incentive programs, and the
implementation of sustainable livelihood programs for mangrove
conservation. These efforts will have far-reaching positive impacts
on the biological, hydrological, topographical, and
geomorphological attributes of the region while significantly
enhancing the economic value and biodiversity richness of the
mangroves.

Acknowledging the importance of collaboration, the initiative will
engage relevant governmental entities, civil society, and private
sector entities in Suriname through workshops aimed at
strengthening institutional capacities in mangrove governance,
environmental awareness, natural resource management, climate
change resilience, and institutional governance. Furthermore, a
knowledge platform will be developed to disseminate project
results, ensuring the active engagement of the local population and
the Government regarding the restoration program's activities.

Professor Sieuwnath Naipal of the Anton de Kom University of
Suriname, emphasized the significance of this grant to improve
knowledge and project preparations stating, "This initiative of the
IDB and AdeKUS should be seen as the necessary support to make a
real change." Their expertise and dedication will undoubtedly
contribute to the success of this transformative endeavor.

Highlighting the urgent need for mangrove restoration, Adriana La
Valley, the IDB Country Representative, stated, "With more than 90%
of the population and economic activities located along the
low-lying coastal strip, mangroves play an important role against
waves, storms, erosion, and sea-level rise. Unfortunately, these
precious resources are in trouble." The IDB remains committed to
addressing these challenges and safeguarding the environment for
the benefit of Suriname's communities.

The IDB eagerly anticipates a productive collaboration with the
AdeKUS and other stakeholders, ensuring the successful
implementation of this vital grant. This project marks a
significant milestone for Suriname, reflecting its unwavering
commitment to restore and conserve mangrove forests, protect the
environment, and promote sustainable livelihoods for local
communities. Mangroves, with their exceptional carbon sequestration
capacity, hold tremendous potential in mitigating and also helping
to adapt to the impacts of climate change.




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

TRINIDAD & TOBAGO: Crime Has Business on its Knees
--------------------------------------------------
Anna Ramdass at Trinidad Express reports that Trinidad and Tobago
continues to remain under siege with record levels of murder and
business leaders are calling for crime plans to be revisited and
more action in targeting the criminals.

The Express spoke to several business heads who expressed their
concern over the 300-plus murders recorded this year, according to
Trinidad Express.

"Businessmen are in a state of siege, you know, homeowners as well
because there are a lot of home invasions, it is just all around,
we are under siege, people cannot even leave their gate open for
too long, they simply can't," Chaguanas Chamber of Industry and
Commerce (CCIC) president Baldath Maharaj said, the report notes.

He noted that the first meeting the Police Commissioner had in
March 2023 was with the Chaguanas Chamber and she did indicate to
them that by June there would be a reduction in crime as she
identified 15 areas the police were working on, the report
discloses.

"The statistics show that there was not any improvement at all, in
fact over the years what we have been seeing is an upsurge in crime
and then it goes down. She (Erla Harewood-Christopher) came in just
when there was an upsurge and it has not gone down since," he said,
the report says.

Kiran Singh, president of the Greater San Fernando Area Chamber of
Commerce (GSFCC) noted that statistically there is a direct
relationship between crime and business because when crime
increases business activity decreases, and investor confidence
slows down, the report notes.

He said coming out of the Covid-19 pandemic businesses are looking
forward to reinvestment, re-employment and expanding business and
crime impacts all of this, the report discloses.

He said there were recommendations to implement more CCTV cameras
and beef up private security, the report relays.

"We have done that and the youth apparently are not concerned that
they are being recorded because they are going with masks, without
masks. They escape and they seem to be going brazen and boldfaced
in how they do it.  Why is it we cannot capture these people? This
is such a small country, why are we not apprehending these youths?"
he said, the report relays.

Former president of the Tobago Chamber of Industry and Commerce
Diane Hadad said the formula being used to treat crime must be
revisited, the report notes.

She said she cannot cast blame on the present Police Commissioner
as the problem is deeper, the report discloses.

"This is a problem deeper than a Police Commissioner and I will
keep saying that I think the Commissioner that had a handle on it
was Mr Griffith (Former police commissioner Gary Griffith) or at
least had an understanding of what was required and was prepared to
go out there and call the curtain down, I think the attitude and
the temperament is what was required and of course we've lost that
battle of having that level of action," she said, the report
relays.

She said crime is having a severe impact on business, the report
notes.

"It (crime) is not just impacting on business, it has business on
its knees," she said, the report discloses.

President of the Fyzabad Chamber Angie Jairam said Fyzabad and
Oropouche are considered hot spots due to the level of criminal
activities in the area.  "We have seen the youths being a major
part of the criminal element committing petty crimes that lead to
more violent ones. This trend has now empowered a younger
generation of criminals who are targeting small businesses and
homeowners within their communities. Businesses are obviously
affected by early closure and additional security expenses to
operate," she said, the report notes.

The Fyzabad Chamber of Commerce is having a Walk against Crime from
Avocat Junction to Fyzabad Anglican Secondary School, the report
relays.  "We are asking persons to gather at 3 p.m. at Avocat
Junction to start promptly at 4 p.m. We will have other Chambers
collaborating and we are extending this invitation to all concerned
citizens and organisations to join in the walk," Jairam said, 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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re-mailing and photocopying) is strictly prohibited without prior
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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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