---

       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, November 16, 2023, Vol. 24, No. 230

                           Headlines



A R G E N T I N A

AGUAS Y SANEAMIENTO: Utility Bondholders Still Waiting for Payment
ARGENTINA: Milei Keeps Edge Over Massa Before Presidential Run-Off


B R A Z I L

AMERICANAS SA: To Extend Recovery Plan Cash Payment Option
BRAZIL: To Partner, Strengthen and Streamline Foreign Trade w/ IDB
PETROLEO BRASILEIRO: Reduces Investment Plans by 20%


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Poultry Farmers Export Eggs to Cuba, etc.


E L   S A L V A D O R

BANCO AGRICOLA: S&P Alters Outlook to Stable, Affirms 'B-/B' ICRs


P U E R T O   R I C O

LANDMARK COMMERCIAL: Hits Chapter 11 Bankruptcy

                           - - - - -


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

AGUAS Y SANEAMIENTO: Utility Bondholders Still Waiting for Payment
------------------------------------------------------------------
Scott Squires at Bloomberg News reports that some bondholders of
Argentina's state-owned water utility are still awaiting their
money more than a week after a debt payment deadline passed, due to
an apparent mix up with the trustee processing the transaction.

Several creditors of Aguas y Saneamiento Argentinos SA, or AySA as
it's known, have not received their portions of the US$28-million
principal and interest payment on the company's 2026 dollar notes,
which was due November 1, according to two people with direct
knowledge of the matter, who asked not to be named because the
information isn't public, according to Bloomberg News.

An AySA spokesperson said the company made the payment on time, but
because the bond's trustee didn't have updated creditor details, it
caused problems when the funds were sent to the clearing house,
Bloomberg News notes.

UMB Financial Corporation, the bond's trustee, is working to
resolve the situation, according to emails between the trustee and
the company seen by Bloomberg. UMB didn't respond to requests for
comment.

The delay adds to investors' concerns about the troubled country
just as Argentines head to the polls on November 19.  The
presidential election pits Economy Minister Sergio Massa against
libertarian outsider Javier Milei, who has vowed to dollarize the
economy, slash government spending and sell state-owned companiesm
Bloomberg News says.

AySA's President Malena Galmarini is married to Massa. The Economy
Ministry press office referred all questions to AySA.

AySA provides drinking water and sewage services to 14 million
people in Buenos Aires and 26 districts of the city's
suburbs,Bloomberg News notes.  The company restructured its bonds
last year, extending maturities until 2026, and owes roughly $330
million on the notes, which have slumped more than 9% since May and
trade at about 71 cents on the dollar, according to data compiled
by Bloomberg.

The securities have a 30-day grace period in the event of a missed
payment, according to the bond's contract, Bloomberg News adds.

ARGENTINA: Milei Keeps Edge Over Massa Before Presidential Run-Off
------------------------------------------------------------------
Manuela Tobias at Bloomberg News reports that Javier Milei, the
libertarian outsider promising to scrap Argentina's currency and
Central Bank, continues to hold a slight polling edge over his
Peronist rival with just over a week to go before the November 19
presidential run-off.

Brazil-based AtlasIntel puts Milei's support at 49 percent compared
to 45 percent for Economy Minister Sergio Massa, according to a
poll, notes Bloomberg News. Discounting blank votes, annulled votes
and undecideds -- which is the way the winner will ultimately be
decided -- the libertarian's lead is 52 percent to 48 percent,
Bloomberg News notes.  The survey has a margin of error of plus or
minus two percentage points, Bloomberg News says.

The results are essentially unchanged from another poll by the same
firm, Bloomberg News discloses.  Atlas was one of the few pollsters
that accurately predicted Massa would vault ahead of Milei in the
October 22 first-round vote, Bloomberg News says.

Massa is pledging a more centrist version of Peronism -- the
nationalist, state-centric movement that's dominated Argentine
politics for decades, Bloomberg News relays.  He's also overseeing
an economy lurching into its sixth recession in a decade, with
annual inflation running above 138 percent, Bloomberg News notes.

Milei, meanwhile, promises to slash state spending, swap the peso
for the US dollar and shut down Argentina's Central Bank to thwart
inflation, Bloomberg News disclosess.

The two candidates will square off in a televised debate.  The
Atlas poll shows they're both struggling to win voter approval.
Some 49 percent of respondents see Milei in a negative light,
compared to 57 percent for Massa, Bloomberg News relays.

Over the past week, Massa visited the provinces of Cordoba and
Santa Fe -- the largest electoral districts outside of Buenos Aires
-- and announced a new tax rebate, Bloomberg News relays.  Milei
campaigned in wine-producing Mendoza province and the suburbs of
the capital, Bloomberg News notes.

The latest Atlas poll was conducted online with 8,971 participants,
between November 5 and 9.

Whoever wins the most votes in the run-off will become Argentina's
next president, with a new government taking office on December 10,
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.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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.



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

AMERICANAS SA: To Extend Recovery Plan Cash Payment Option
----------------------------------------------------------
Jose Orozco of Bloomberg News reports that Americanas says it will
extend the cash payment option to all creditors subject to effects
of the judicial reorganization listed in Class III (unsecured) who
hold credits up to BRL12,000, according to a filing.

The extension, without discount and without correction, will be
paid in a single installment after the date of ratification of the
judicial reorganization.

The company plans to offer holders of claims of more than
BRL12,000
up to BRL12,000 for the total settlement of their claims, subject
to conditions in judicial reorganization.

                     About Americanas SA

Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust
e-commerce,
fintech, and has just entered into the niche food retail.  It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.

The retailer nosedived in January 2023 after becoming mired in an
accounting scandal.  The firm filed for bankruptcy at a court in
Rio de Janeiro on Jan. 19, 2023.

Americanas sought protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25,
2023.  White & Case LLP, led by John K. Cunningham, is the U.S.
counsel.
       

BRAZIL: To Partner, Strengthen and Streamline Foreign Trade w/ IDB
------------------------------------------------------------------
Inter-American Development Bank (IDB) President Ilan Goldfajn and
Brazil's Vice-President and Minister of Development, Industry,
Commerce and Services (MDIC) Geraldo Alckmin signed a letter of
intent to foster trade-facilitation and export-promotion activities
in Brazil.
       
On trade facilitation, the IDB will support the Ministry in
implementing the New Import Process within the scope of the Single
Foreign Trade Portal Program, the main effort to reduce bureaucracy
in Brazilian foreign trade.
       
The initiative aims to eliminate inefficient bureaucracy, simplify
procedures, harmonize documents, and use cutting-edge technology in
import operations to reduce time and costs for public
administration, mainly for foreign-trade operators. It is based on
a broad process overhaul with an initial focus on five government
agencies responsible for about 85% (by amount) of import licensing
operations in Brazil.
       
The agencies are: the Ministry of Agriculture and Livestock (Mapa);
the National Health Surveillance Agency (Anvisa); National
Petroleum, the Natural Gas and Biofuel Agency (ANP); the Brazilian
Institute of the Environment and Renewable Natural Resources
(Ibama); and the National Council for Scientific and Technological
Development (CNPq).
       
In terms of export promotion, the IDB will help the Ministry
implement the National Export Culture Policy (PNCE), which aims to
encourage learning about export experience and boost the number of
export-oriented micro, small and medium-sized enterprises (MSMEs).
Only an estimated 1% (by value) of Brazilian exports are carried
out by MSMEs, according to a study by the Ministry's Foreign Trade
Secretariat released in June.
       
The Bank will also support export-oriented biodiversity products
from the Amazon region, promoting an inclusive and sustainable
development model, as well as initiatives to boost the
participation of women-led companies in foreign trade and increase
exports from Federation Units with low representation in foreign
trade.
       
Vice-President and Minister Alckmin highlighted the collaboration
as strategic for boosting Brazilian international trade. "This
partnership will contribute to a favorable environment for business
growth and will open new opportunities for the Brazilian economy on
the global stage," he stated.
       
President Goldfajn celebrated the initiative as an important step
in the IDB's support for the Brazilian trade agenda. "Reducing
bureaucracy, facilitating trade, encouraging exports in the Amazon
region and promoting exports by micro, small and medium-sized
companies are at the heart of the partnership between the IDB and
the MDIC. A Brazil that is more integrated into international trade
benefits both the country and the entire Latin America and
Caribbean region, promoting opportunities and economic
development," he said.
       
The announcement took place within the framework of the Brasil
Investment Forum, an event dedicated to presenting investment
opportunities in Brazil's key sectors for development, such as
infrastructure, the energy transition, food security and
sustainable agriculture, among others.
       
       
                                 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.
       
Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.

In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
       
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 Inc., on August 15, 2023, upgraded Brazil's Long-Term Foreign
and Local Currency - Issuer Ratings to BB from BB (low). At the
same time, DBRS Morningstar confirmed Brazil's Short-term Foreign
and Local Currency - Issuer Ratings at R-4. The trend on all
ratings is Stable (March 2018).

PETROLEO BRASILEIRO: Reduces Investment Plans by 20%
----------------------------------------------------
Richard Mann at Rio Times Online reports that Petroleo Brasileiro
S.A. (Petrobras) has announced a 20% reduction in its investment
plans for this year, attributing the decision to the challenges
faced by its suppliers.

These challenges have delayed the delivery of important equipment,
according to Rio Times Online. This equipment is needed for finding
and getting oil and gas, the report notes.

Sergio Caetano Leite, the company's chief money manager, shared
this news, the report relays.  He spoke during a meeting about the
company's money matters for the third quarter, the report says.

He said the money planned for finding oil and gas this year will go
down, the report adds.

                         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.




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

DOMINICAN REPUBLIC: Poultry Farmers Export Eggs to Cuba, etc.
-------------------------------------------------------------
Dominican Today reports that in response to the trade halt with
Haiti since mid-September, poultry farmers have ramped up efforts
to find new markets for their products, particularly eggs.

Within three weeks, they have successfully shipped 1,036,800 units
to destinations like Aruba, Guyana, Martinique, Saint Martin, and
Cuba, according to Dominican Today.  However, this action hasn't
fully met the surplus of Haitian demand, the report notes.

International traders have taken notice of the surplus and
approached local producers with business proposals, including an
informal call from Spain, as reported by the President of the
Dominican Poultry Association (ADA), Jose Luis Polanco, the report
relays.

Polanco announced that the ADA will soon receive a commission from
Cuba to formalize and expand exports to that destination, the
report says.  This effort to diversify markets had already started
about three months ago, but the closure of the Dominican-Haitian
border in mid-September accelerated the process, attracting
interest from around six countries in Creole egg production, the
report discloses.

Despite these efforts, Polanco acknowledged that these new
destinations won't match the commercial volume maintained with
Haitian merchants, who are the primary buyers of Dominican poultry
exports, the report says.

The Dominican poultry industry had underestimated the Haitian
market's size, realizing they consume over 45 million eggs monthly,
which equates to one and a half million eggs daily, the report
notes.  This trend has led to growth in border provinces with
producing farms, the report says.

The sector has seen significant growth, with 700 national egg
producers, and 60% of production coming from advanced technology
farms. Quality standards have also improved, with around 126,000
breeders in the country, the report discloses.

Dominican producers currently supply 280 million eggs monthly to
meet demand in both the Dominican Republic and Haiti, the report
relays.  The poultry industry in Haiti has faced challenges, and
they rely heavily on Dominican egg supplies, the report notes.

Additionally, the Dominican Republic exports chicken to Haiti,
although to a lesser extent, as the Haitian population primarily
relies on chicken imports from Brazil, the report says.

The closure of the border for nearly a month and a half initially
posed challenges, but the Dominican authorities have relaxed trade
limitations, providing some relief to poultry farmers, the report
discloses.  Despite the economic losses, the crisis has prompted
the industry to explore other markets, which Polanco sees as a
positive outcome, the report notes.

Regarding losses, Polanco estimated them at around 600 million
pesos per month if calculated at two pesos per egg, the report
relates.  However, there is no exact figure to compensate for the
damage caused by the border closure, the report says.

The government has provided a subsidy of 200 million pesos to the
poultry sector due to the border closure, with a focus on
supporting small and medium-sized producers, the report notes.  The
National Price Stabilization Institute (Inespre) has received 25
million units of eggs to sell to the public at affordable prices,
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.

TCR-LA reported in April 2019 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.

On August 14, 2023, the TCR-LA reported that Moody's Investors
Service has changed the outlook on the Government of Dominican
Republic's ratings to positive from stable and affirmed the local
and foreign-currency long-term issuer and senior unsecured ratings
at Ba3.  Moody's said the key drivers for the outlook change to
positive  are: (i) sustained high growth rates have enhanced the
scale and wealth levels of the economy; and (ii) a material decline
in the government debt burden coupled with improved fiscal policy
effectiveness will support medium-term debt sustainability.

The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.

Fitch Ratings, in December 2022, affirmed the Dominican Republic's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Rating Outlook.




=====================
E L   S A L V A D O R
=====================

BANCO AGRICOLA: S&P Alters Outlook to Stable, Affirms 'B-/B' ICRs
-----------------------------------------------------------------
On Nov. 14, 2023, S&P Global Ratings revised its outlook on Banco
Agricola S.A. to stable from negative. S&P also affirmed its 'B-'
long- and 'B' short-term issuer credit ratings on the bank. The
bank's stand-alone credit profile (SACP) remains 'bb-'.

The ratings on El Salvador cap those on Banco Agricola, given its
significant exposure to the country and its businesses' sensitivity
to sovereign stress. S&P said, "We think the government's recent
program to refinance its short-term debt--mitigating the risk of a
default--relieves pressures on the bank's liquidity profile.
Therefore, we expect Banco Agricola's liquidity will continue
benefiting from a comfortable debt maturity profile, with modest
short-term liquidity needs that translate into low refinancing
risk."

S&P said, "In addition, we expect the bank to maintain its leading
market position in the consumer and commercial lending sectors, as
well as its large presence in retail deposits across the country,
supporting its business stability. Moreover, we anticipate a stable
risk-adjusted capital (RAC) ratio, which we estimate at 5.2% for
the next 12 months, with manageable delinquencies and credit
losses. Finally, we expect Banco Agricola will continue increasing
its funding base of customer deposits, given its digital expansion
strategy, with most deposits coming from retail customers.

"We think this could mitigate larger impacts on banks' liquidity
buffers, their capacity to extend credit to other sectors, and
potential damage to their already modest profitability and
capitalization metrics. It could also relieve pressures stemming
from economic imbalances in the banking system. Salvadoran banks
have increased their exposure to government debt since 2020,
specifically in short-term bills (Letes and Cetes Spanish
acronyms), to about 8% of banking system assets. Nonetheless, we
don't expect this exposure to increase in the next 12-24 months."

Recently, the Salvadoran government accepted a proposal by private
banks to extend the tenor of a portion of the government's
short-term debt and swap it with longer tenors. The short-term debt
refinancing strategy targets about $1.4 billion in Letes and Cetes.
With the proposed reprofiling, the government will repay in full
every outstanding short-term bill at its current maturity date. The
following day, it will issue a new debt obligation--at longer
maturities of two, three, five, or seven years--that could be held
by the same bank.

To compensate for the longer maturities, the government will pay
higher interest rates that range from 8.25% for the current
one-year bills to 9.75% for the seven-year issuances. Furthermore,
the program includes a strategy to gradually reduce the
government's stock of short-term debt. The government has also
lowered the short-term debt ceiling approved in its 2024 budget to
20% of its revenues (from 25%) as a commitment to not increase this
exposure.

Bitcoin adoption in El Salvador's banking system has been low. In
our view, industry stability and competitive dynamics could
diminish if regulation and controls aren't robust enough to prevent
tax evasion and money laundering or to mitigate the banking
system's contingent risk related to cybersecurity and bitcoin
market volatility.

So far, the banking system has sought to avoid exposure to the
cryptocurrency on balance sheets and in daily operations, and S&P
expects these conservative practices to remain at least through the
next 12 months. S&P thinks continued limited use of bitcoin could
contain further deterioration in the competitive dynamics and
institutional framework for banks.

Even though S&P still view systemwide funding in El Salvador as
extremely high risk, customer deposits predominantly fund
Salvadoran banks--with a large proportion of deposits from
households--and it expects deposits to remain resilient in the next
12 months. In addition, S&P expects somewhat less adverse
conditions for domestic banks' access to wholesale financing given
the government's diminished default risk in the next 12 months.




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

LANDMARK COMMERCIAL: Hits Chapter 11 Bankruptcy
-----------------------------------------------
Landmark Commercial Centers Development Inc. filed for chapter 11
protection in the District of Puerto Rico. According to court
filings, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors.  The petition states funds will
be
available to unsecured creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated
for November 17, 2023, at 9:00 AM at UST-LA3, TELEPHONIC MEETING.

                About Landmark Commercial Centers

Landmark Commercial Centers Development Inc. is primarily engaged
in renting and leasing real estate properties.

Landmark Commercial Centers Development Inc. sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No.
23-03338) on Oct. 16, 2023.  In the petition signed by Jose A.
Feliciano-Ruiz, as president, the Debtor reported assets and
liabilities between $1 million and $10 million each.

The Honorable Bankruptcy Judge Edward A Godoy handles the case.

The Debtor is represented by:

     Wigberto Lugo Mender, Esq.
     LUGO MENDER & CO
     PO Box 1284
     Isabela, PR 00662




                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

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

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

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

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


                  * * * End of Transmission * * *