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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, August 25, 2023, Vol. 24, No. 171

                           Headlines



A R G E N T I N A

ARGENTINA: Pres Front-Runner Plans to Unshackle Farming, Oil Sector


B A H A M A S

FTX GROUP: Alameda Gets $175M Claim on Genesis Bankruptcy Estate


B R A Z I L

ODEBRECHT SA: Colombian Prosecutors to Charge 60 People With Graft


C H I L E

CODELCO: At Risk of Insolvency as Debt Grows, CESCO Report Says
CODELCO: Expects Chuqui Mine to Reach Production Goal in Coming Yrs


H O N D U R A S

INVESTMENT ENERGY: S&P Withdraws 'BB-' LT Issuer Credit Rating


P U E R T O   R I C O

CANO HEALTH: Moody's Cuts CFR to Ca & 1st Lien Sec. Loans to Caa3

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Pres Front-Runner Plans to Unshackle Farming, Oil Sector
-------------------------------------------------------------------
Bloomberg News reports the shock front-runner in Argentina's
presidential election, libertarian Javier Milei, would strip out
state intervention from the country's giant farming industry to
unleash an export boom.

Free-market devotee Milei vowed to quickly dismantle policies that
have held back agricultural investments this century. He would
unify foreign exchange rates, scrap export taxes and quotas and
remove direct meddling in food prices, according to Bloomberg
News.

"It's part of our deregulation program," Milei said in an interview
at Bloomberg's Buenos Aires offices. "Those are all regulations we
have to get rid of as quickly as possible," he added.

Argentina is a top global supplier of beef as well as soybean meal
and corn to feed livestock in other countries, Bloomberg News
discloses.  But farmers haven't been able to fully tap the
potential of vast flatlands because of years of market intervention
designed to bolster tax revenues and quell inflation. Milei says
Argentina's high poverty rates prove it's been a failure, Bloomberg
News says.

Since he plans to take an ax to government spending and stamp out
inflation by ditching Argentina's currency, the interventions - as
well as going against his libertarian values - would, in theory,
become redundant, Bloomberg News notes.  A subsequent free-market
system can "achieve an explosion in farming activity," according to
Milei's manifesto.

Still, the road to such radical change is likely to be rocky:
Should there be street protests or dissent in congress, it may stop
investors in their tracks, Bloomberg News says.

Farm exports grew under ex-President Mauricio Macri's brief
experiment last decade with market-oriented policies, Bloomberg
News discloses.  But Milei would take things a step further by
eliminating billions of dollars of annual taxes on soy shipments,
Bloomberg News says.

In a transition period, farmers would pay the soy levies in return
for a smaller income tax bill, Milei said, Bloomberg News relays.
They would become so rich under Milei they'd even be willing to
finance his government, he said, a notion that's anathema to them
under the current administration, Bloomberg News notes.

                         Oil and Lithium

In the oil sector, Milei said investors should have "no doubt" that
he would re-privatise crude driller and refiner YPF SA, which was
nationalised in 2012 to spearhead development of Patagonian shale
riches, Bloomberg News relays. But the privatisation wouldn't
happen for about two years since a Milei government would need time
to prepare the shift to freer energy markets, Bloomberg News says.

"We need YPF and ENARSA to manage the transition while we put the
energy sector in order," Milei said, Bloomberg News notes.

Argentina's burgeoning shale oil industry has been constrained by
capital, price and export controls that Milei would move to banish.
Restrictions on money flows recently drove Exxon Mobil Corp. to put
its shale assets up for sale, according to the governor of oil
heartland Neuquen, Bloomberg News discloses.

On mining and metals, Milei did not stray from his ideals, saying
he'd leave markets to their own devices, Bloomberg News notes.

The government has been working to avoid yet another Latin American
resource curse by trying to turn Argentina's lithium rush into a
homegrown battery-manufacturing industry for electric vehicles,
notes Bloomberg News.  Asked whether he'd abandon those efforts,
Milei said: "Don't pick the winners. Let the batteries be made
wherever people want to make them,"  Bloomberg News relays.

Milei said he would not foster diplomatic ties with China because
of what he called its encroachments on personal freedoms, Bloomberg
News notes.  But neither would he get in the way of Sino-Argentine
trade and investment, Bloomberg News says.  China is a huge buyer
of Argentina's unprocessed soybeans and beef, and a leading
developer of its Andean lithium deposits, 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.

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.

S&P said 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.

Fitch Ratings also upgraded on June 13, 2023, Argentina's
Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to
'CC' from 'C' and affirmed the Long-Term Local Currency (LC) IDR
at 'CCC-'. Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a
default
event of some sort appears probable in the coming years,
regardless
of the outcome of upcoming elections. The affirmation of the LC
IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

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 A H A M A S
=============

FTX GROUP: Alameda Gets $175M Claim on Genesis Bankruptcy Estate
----------------------------------------------------------------
Jaiveer Singh Shekhawat at Reuters reports that FTX-affiliated
cryptocurrency trading firm Alameda Research was granted a $175
million unsecured claim on the estate of bankrupt crypto lender
Genesis Global Capital, according to a court filing.

The settlement marks a significant reduction from the nearly $3.9
billion claim that FTX, which is also bankrupt, had asserted
earlier this year, according to Reuters.

Genesis said the settlement was "fair and equitable" and would
allow the company to avoid pursuing "protracted litigation," the
outcome of which would be "inherently uncertain," the report
notes.

Once-prominent digital asset exchange FTX and lender Genesis Global
are two of several crypto firms that went belly up after a
turbulent 2022 hit investor sentiment for bitcoin and other crypto
tokens, the report relays.

FTX founder Sam Bankman-Fried has been charged with carrying out a
"fraud of epic proportions," the report discloses.  His bail was
revoked earlier this month by a U.S judge, who found probable cause
that he had tampered with witnesses at least twice, the report
relays.

FTX has previously said Genesis was a primary "feeder fund" for
Alameda, loaning it crypto assets that it used for further loans
and investments, the report says.

As part of the settlement, the companies also agreed to release all
claims against each other, the report adds.

                        About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from
the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  

According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets.  However, only $900 million of those assets
were liquid, leading to the cash crunch that ended with the
company
filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.




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

ODEBRECHT SA: Colombian Prosecutors to Charge 60 People With Graft
------------------------------------------------------------------
globalinsolvency.com, citing The Wall Street Journal, reports that
prosecutors in Colombia disclosed criminal indictments against 60
people, including dozens of former government officials, on graft
charges tied to the transnational corruption scandal involving
disgraced Brazilian contractor Odebrecht.

The charges represent more fallout from the extensive bribery
network that Odebrecht in 2016 admitted to creating in a dozen
countries, from Latin America to Africa, to bribe politicians and
government officials for lucrative infrastructure contracts,
according to the report.

In Colombia, prosecutors say Odebrecht paid some $30 million in
bribes to win the contract for a 328-mile road construction
project, the report notes.

Colombian authorities charged 33 former officials, contractors and
advisers from the state infrastructure agency, alleging that
public-works contracts were awarded after public tenders were
rigged, the report relays.

Prosecutors also leveled money laundering and conspiracy charges
against more than two dozen others, including former senior
Odebrecht executives in Brazil, lobbyists and contractors, the
report adds.

                      About Odebrecht SA

Odebrecht S.A. -- http://www.odebrecht.com/-- is a Brazilian  
conglomerate consisting of diversified businesses in the fields of
engineering, construction, chemicals and petrochemicals. Odebrecht
S.A. is a holding company for Construtora Norberto Odebrecht S.A.,
the biggest engineering and contracting company in Latin America,
and Braskem S.A., the largest petrochemicals producer in Latin
America and one of Brazil's five largest private-sector
manufacturing companies. Odebrecht controls Braskem, which by
revenue is the fourth largest petrochemical company in the
Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection,
aiming to restructure BRL51 billion (US$13 billion) of debt.

The bankruptcy filing comes after years of struggles for
Odebrecht, the biggest of the Brazilian engineering groups caught
in a sweeping political corruption investigation that has rippled
across Latin America, Reuters relayed, as reported by The
Troubled Company Reporter - Latin America.



=========
C H I L E
=========

CODELCO: At Risk of Insolvency as Debt Grows, CESCO Report Says
---------------------------------------------------------------
Julian Luk at Reuters reports that Chile's Codelco, the world's
largest copper producer, is at risk of insolvency due to rising
costs and a growing debt pile stemming from projects that missed
output targets, Chile's Centre for Copper and Mining Studies
(CESCO) said in a report seen by Reuters.

In a rare intervention, the influential industry body - funded by
revenue from events it organises - said cost overruns on projects
to upgrade five of Codelco's mines, known as "structural projects",
could mean its debt is likely to reach $30 billion by 2030 from $18
billion now, according to Reuters.

"Codelco maintains a solid financial position and broad access to
financial markets, as confirmed by our high credit rating," Codelco
said in response to a request for comment. "Controlling future
growth in debt is an important focus of attention that . . . is
determined by the evolution of investment projects and the
performance of operations, areas where we are putting the greatest
effort."

The report, published to CESCO's members earlier this month, comes
after the resignation in June of Codelco Chief Executive Andre
Sougarret, who steps down at the end of August, only a year after
he took on the role, Reuters notes.  Sougarret cited "complexities"
around the business, Reuters says.

At the heart of Chile's mining industry, Codelco needs to revive
it's copper production from a 25-year low, Reuters says.

Last year's production of 1.46 million metric tons amounted to 28%
of Chile's total output of 5.33 million tons, Reuters notes.
Global copper supplies totalled around 25 million tons, the report
relays.

CESCO said Codelco's output dropped despite $15 billion of
investment in flagship products including El Teniente where costs
have so far overrun by 75% and Chuquicamata where the declared cost
overrun is 53%, the report says.

Codelco did not comment on the figures.

"The most appropriate thing to do is to know the technical
feasibility of the projects to see if it is possible to achieve the
production goals committed," CESCO said, the report discloses.

This should happen "even before continuing with the investments
decisions since . . . the costs in terms of indebtedness jeopardise
the financial viability and the value of the main asset of our
country," the report notes.

CESCO also highlighted Codelco's plans to get involved in lithium
mining as a problem which could mean loss of focus on copper, key
for the global energy transition and where demand projections
suggest a unique wealth opportunity, the report relays.

"Codelco has explained . . . it will not redirect its focus from
copper production or divert resources from other areas," Codelco
said in an emailed response, the report notes.

Chile's future prosperity is tied to Codelco's fortunes, CESCO
said, and the state-owned miner needs to focus on efficiencies in
governance, administrative structure and supervision before
resuming investment and accruing more debt, the report discloses.

"Codelco is probably experiencing one of the most complex moments
in its 52-year history," the report said, Reuters relays.

"Debt levels could reach such high levels that they could drag the
company into insolvency, endangering its financial viability if the
production and cost promises of these (structural) projects are not
fulfilled," the report discloses.

Codelco's production in the first half of 2023 was 633,000 metric
tons of copper, the lowest in 25 years. Over the past five years,
its copper production has dropped 17% and is expected to keep
falling until 2025, Reuters adds.

As reported in the Troubled Company Reporter-Latin America on Oct.
23, 2017, Moody's Investors Service affirmed Corporacion Nacional
del Cobre de Chile's A3 long-term senior unsecured ratings and
changed the outlook to stable from negative. At the same time,
Moody's raised CODELCO's baseline credit assessment (BCA) to ba1
from ba2.

CODELCO: Expects Chuqui Mine to Reach Production Goal in Coming Yrs
-------------------------------------------------------------------
Fabian Cambero at Reuters reports that Chilean state-run copper
miner Codelco expects its underground Chuqui mine to reach its
production goal in the coming years despite an initial delay,
outgoing chief executive Andre Sougarret said in a presentation.

Codelco added it will use "alternative actions" to extract
materials from the El Teniente mine following delays to expand it,
according to Reuters.

As reported in the Troubled Company Reporter-Latin America on Oct.
23, 2017, Moody's Investors Service affirmed Corporacion Nacional
del Cobre de Chile's A3 long-term senior unsecured ratings and
changed the outlook to stable from negative. At the same time,
Moody's raised CODELCO's baseline credit assessment (BCA) to ba1
from ba2.



===============
H O N D U R A S
===============

INVESTMENT ENERGY: S&P Withdraws 'BB-' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term issuer credit
rating on Investment Energy Resources Ltd. (IERL) at the company's
request. S&P also withdrew its 'BB-' issue-level rating on the
company's $700 million senior unsecured notes. The outlook was
stable at the time of the withdrawal.

IERL is a holding company that owns and operates 818.5 megawatts of
utility-scale generation through 11 renewable energy projects
located in Central America and the Caribbean. At the time of the
withdrawal, the ratings reflected IERL's small scale of operations
and exposure to high-risk jurisdictions. They also reflected the
company's predictable and stable cash flow (thanks to long-term
power purchase agreements denominated in U.S. dollars), asset and
geographic diversification, smooth debt maturities, and low
maintenance capital expenditures and discretionary dividends
distribution.




=====================
P U E R T O   R I C O
=====================

CANO HEALTH: Moody's Cuts CFR to Ca & 1st Lien Sec. Loans to Caa3
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Cano Health,
LLC including the Corporate Family Rating to Ca from Caa3, and the
Probability of Default Rating to Ca-PD from Caa3-PD. Concurrently,
Moody's downgraded the ratings of Cano's First Lien Senior Secured
Credit Facilities to Caa3 from Caa2 and the ratings of the Senior
Unsecured Notes to C from Ca. The rating outlook remains stable.

There was no action to the Speculative Grade Liquidity Rating,
which remains SGL-4.

The ratings downgrade reflects Moody's view that Cano's capital
structure is unsustainable, that the probability of a bankruptcy or
major restructuring is high, and that recovery rates for much of
the company's debt will be low. The company's ongoing decline in
profitability, weak liquidity, and Moody's expectation that
operating performance will continue to deteriorate given the higher
costs and rising interest rates. The ratings downgrade follows
Cano's announcement that the operational challenges anticipated in
2023 and the current liquidity situation is not expected to cover
operating, investing, and financing needs for the next 12 months.

As such, Cano Health's management has determined that there is
significant doubt about the company's ability to continue to
operate within one year. Cano has already begun a process to divest
its non-core assets, and will continue to do so over the remainder
of the year. Moody's forecasts Cano will continue to have negative
free cash flow.

Governance risk considerations are material to the rating action.
Governance risk factors related to financial strategy, risk
management, credibility and track record are elevated because
financial leverage has been persistently high following Cano's very
aggressive debt-funded growth strategy. Additionally, Cano has
revised down its Adjusted EBITDA guidance multiple times in 2022
and incurred a large goodwill impairment charge. In August of 2023,
Cano removed its public Adjusted EBITDA guidance as Cano continued
to evaluate strategic interest, assess the divestiture of non-core
assets, and accelerate changes to Cano Health's operating
structure.

Downgrades:

Issuer: Cano Health, LLC

Corporate Family Rating, Downgraded to Ca from Caa3

Probability of Default Rating, Downgraded to Ca-PD from Caa3-PD

Backed Senior Secured 1st Lien Term Loan, Downgraded to Caa3 from
Caa2

Senior Secured 1st Lien Revolving Credit Facility, Downgraded to
Caa3 from Caa2

Senior Secured 1st Lien Term Loan, Downgraded to Caa3 from Caa2

Senior Secured 1st Lien Delayed Drawn Term Loan, Downgraded to
Caa3 from Caa2

Senior Unsecured Notes, Downgraded to C from Ca

Outlook Actions:

Issuer: Cano Health, LLC

Outlook, Remains Stable

RATINGS RATIONALE

The Ca CFR is constrained by Cano's very high financial leverage,
that will continue to increase with its $150 million PIK loan,
moderate scale, and Moody's anticipated cash burn in 2023 and
beyond. Cano's leverage is very high over 20 times for the last
twelve months ending June 30, 2023. Further, leverage will be
impacted by ongoing margin compression related to newer higher
acuity patients that require more care at the onset. The CFR is
constrained by significant geographic concentration in Florida, as
Cano plans to exit California, New Mexico, and Illinois by the fall
of 2023 and Puerto Rico by January 1, 2024. An inherent challenge
within Cano's business model is that it requires the company to
aggressively manage the cost of patient care and other expenses,
given that it earns revenues on a capitated basis from Medicare
Advantage plan providers. The company's ambitious plans for growth
have resulted in new members with higher acuity, which is
negatively impacting the company's profitability.

The Caa3 rating on the first lien senior secured credit facilities
is rated one notch higher than the Ca Corporate Family Rating,
because they benefit from the loss absorption provided by the $300
million of senior unsecured notes.  The C rating on the senior
unsecured notes is one notch below the CFR, reflects their junior
position relative to the significant amount of senior secured debt
in the capital structure.

The stable outlook reflects Moody's view that the default
probability is high and appropriately captured at the current
rating level.

There is no change to Cano's liquidity rating of SGL-4, reflecting
Moody's expectation that Cano will continue to burn cash in 2023
and beyond. Higher expenses and rising interest rates will continue
to constrain cash. Cano has a maximum first lien net leverage
covenant with step-downs over time. Cano has fully drawn on its
revolving credit facility, but Moody's expects the company will
maintain an adequate cushion.

Cano Health's CIS-5 indicates the rating is lower than it would
have been if ESG risk exposures did not exist and that the negative
impact is more pronounced than for issuers scored CIS-4. This
reflects Cano's exposure to social risk considerations (S-5) and
governance risk considerations (G-5). Governance risk exposures are
influenced by the company's aggressive financial policies and
unreliable track record of execution as the company has revised
down its EBITDA guidance multiple times and finally eliminated its
guidance. Cano has material credit exposure to environmental risks
due to the company's high exposure to physical climate risk. Cano
has roughly 90% concentration in Florida which makes the company
susceptible to hurricanes and other extreme weather conditions.

Credit exposure to social risks is significant as Cano is almost
entirely reliant on government payors, including Medicare and
Medicare Advantage, which may face longer-term budgetary
pressures.

As a healthcare service provider, Cano is also exposed to labor
pressures and human capital constraints.

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

The ratings could be downgraded if Cano proactively seeks
bankruptcy protection, or if the prospects for recovery further
decline.

Although unlikely in the near term, a material improvement in
Cano's liquidity position would be needed to support an upgrade.
Additionally, Cano would need an improvement in its operating
performance to support an upgrade.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.  

Cano Health, LLC medical centers and affiliates provide primary
care health services to more than 381,000 members across 9 states
and Puerto Rico with a focus on Medicare Advantage members. The
company has 169 owned medical centers. Cano's LTM June 30, 2023
total revenue was approximately $3.0 billion. Cano is publicly
traded on the NYSE under ticker "CANO". ITC Rumba, LLC (InTandem
Capital Partners) maintains about 34% equity stake.   




                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
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Chapman, Editors.

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