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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 2, 2024, Vol. 25, No. 155

                           Headlines



A R G E N T I N A

GAUCHO GROUP: Bids for Buenos Aires Assets Due Sept. 12


B E R M U D A

NABORS INDUSTRIES: Fitch Rates New Guaranteed Notes Due 2031 'CCC'
NABORS INDUSTRIES: Posts $13 Million Net Loss in Fiscal Q2


B R A Z I L

AMERICANAS SA: Independent Probe Confirms Accounting Fraud
ATLAS LITHIUM: Appoints Tiago Moreira de Miranda as New CFO
BRAZIL: Annual Inflation Tops All Forecasts


C A Y M A N   I S L A N D S

ARABIAN CENTRES III: Fitch Affirms 'BB+' Rating on Sr. Unsec Debt


C O L O M B I A

ARIS MINING: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


P A R A G U A Y

AGENCIA FINANCIERA: Moody's Hikes Long Term Issuer Rating from Ba1
RUTAS 2 AND 7: Moody's Ups Rating on Senior Secured Notes from Ba1


P U E R T O   R I C O

ZAGACITY TECH: Seeks to Extend Plan Exclusivity to October 27


S T .   V I N C E N T   A N D   T H E   G R E N A D I N E S

ST. VINCENT & GRENADINES: Economy Rebounds, IMF Says


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Special Central Bank Meeting Raises Questions


V E N E Z U E L A

VENEZUELA: Crypto Remittances Up as Migration Crisis Worsens

                           - - - - -


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A R G E N T I N A
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GAUCHO GROUP: Bids for Buenos Aires Assets Due Sept. 12
-------------------------------------------------------
3i LP, as collateral agent, will conduct a public sale of the
personal property assets of Gaucho Group Holdings Inc. ("Holdings")
and Gaucho Group Inc. ("GGI")("Borrower"), including without
limitation, borrower's intellectual property and holding's 100%
membership interests in GGI, Algodon Global Properties LLC and
InvestProperty Group LLC, which, among other things, own, or own
the equity in entities that directly or indirectly own, an apparel
retail business, a hotel in Buenos Aires, undeveloped land in
Mendoza and Cordoba, Argentina, and a winery, vineyard, hotel and
neighboring residential lots in Mendoza, Argentina, to be held in
person at the offices of Goulston & Storr PC, 730 Third Avenue,
12th Floor, New York, New York 10017, or, in the sole discretion of
the collateral agent, remotely by Zoom or similar video platform,
on Sept. 16, 2024, at 10:00 a.m. (Eastern Time).

The deadline for bids on all or any portion of the assets being
sold is Sept. 12, 2024, at 4:00 p.m. (Eastern Time).

Further details and bidding procedures are available by request to
collateral agent's counsel:

   Douglas B. Rosner, Esq.
   Goulston & Storrs PC
   Tel: (617) 482-1776
   Email: drosner@goulstonstorrs.com

   -- or --

   Joel H. levitin, Esq.
   Goulston & Storrs PC
   Tel: (212) 701-3770
   Email: jlevitin@goulstonstorrs.com




=============
B E R M U D A
=============

NABORS INDUSTRIES: Fitch Rates New Guaranteed Notes Due 2031 'CCC'
------------------------------------------------------------------
Fitch Ratings has assigned a 'CCC'/'RR6' rating to Nabors
Industries, Inc.'s (Nabors) proposed senior guaranteed notes (PGN)
due 2031. Nabors intends to use the proceeds from the notes to
refinance the 7.25% PGN due 2026 held at Nabors Industries, Ltd.
(Bermuda) and for general corporate purposes. The proposed notes
will rank pari passu with Bermuda's existing PGN due 2026 and PGN
due 2028.

Nabors' existing 'B-' Long-Term Issuer Default Rating and Stable
Outlook reflect the softening U.S. drilling environment since the
beginning of 2023 and steadily growing international segment. The
credit profile is also supported by Fitch's expectation that FCF
will be allocated toward gross debt reduction, the proactive
management of the maturity profile and adequate liquidity profile.

These factors are partially offset by the company's large note
maturities starting in 2027, which Fitch expects will likely need
to be partially refinanced through capital markets. Potential
declines in rig activity and day rates could deteriorate cash flow
and limit FCF and near-term gross debt reduction. The company's
complicated capital structure and current high interest rate
environment could also limit refinancing options and increase
interest expense.

KEY RATING DRIVERS

Credit-Neutral PGN Issuance: Fitch views the company's proposed PGN
issuance as credit-neutral because it will help address the
company's near-term maturity wall but will also increase interest
expense through the medium term. Proceeds are expected to be used
to refinance the outstanding $556 million of existing PGN notes due
2026. Nabors estimates it still has approximately $550 million of
additional capacity remaining at the PGN level for future debt
issuance.

Softening U.S. Activity, Utilization: Softness in Nabors' U.S.
drilling segment continued in 2Q24 driven primarily by continued
weakness in natural gas pricing. Nabors' U.S. Lower 48 (L48)
quarterly average rig count of 68.7 rigs was down slightly from 72
in 1Q24. The company's 2Q24 daily gross margin of $15,598 per rig
was also down slightly from $16,011 in 1Q24.

Modest FCF: Nabors generated adjusted FCF of $55-$60 million in
2Q24, which was up from $8 million in 1Q24. Fitch's base case
forecasts FCF generation of approximately $100 million-$150 million
for Nabors in 2024, which could improve if L48 industry dynamics
revert to stronger levels seen in 1H23. Management forecasts
full-year capex of approximately $590 million for 2024, including
funding for recent rig awards.

Medium-Term Refinance Risk: Fitch believes medium-term refinance
risks still persist following the proposed PGN issuance, given
Nabors' large note maturities starting in 2027. The company does
have options to address its maturities through a combination of FCF
generation, potential common equity issuance and accessing the debt
capital markets given approximately $550 million of capacity at the
PGN level. Fitch recognizes accessing the debt capital markets at
the PGN level could be difficult and will likely further increase
interest expense.

Nabors will have approximately two years of runway to generate FCF
to address the 2027 notes maturity. Fitch believes this is enough
time to generate FCF and position the company to refinance or pay
down the maturities starting in 2027, especially if the company
starts receiving distributions from the JV. Negative trends in the
drilling environment and a reduction in expected FCF generation,
combined with the complicated capital structure, could present
difficulty accessing capital markets to refinance debt in the
medium term, particularly if the company exhausts its $550 million
of PGN capacity.

Sub-3.0x Leverage Metrics: Fitch projects Nabors' EBITDA leverage
will remain below 3.0x throughout the rating horizon. Fitch expects
Nabors will allocate the vast majority of FCF toward debt reduction
to help alleviate its medium-term refinance risks, which should
reduce EBITDA leverage over time.

International Segment Stability, Limited Access: Nabors'
international drilling segment exhibits resilience through the
cycle. However, a considerable portion of international EBITDA is
generated through the Saudi Aramco JV, from which Nabors has a
limited ability to extract cash in the near term.

International segment average rig count steadily improved to 84.4
rigs in 2Q24, up from 81 rigs in 1Q24 and from 76 in 1Q23 in
contrast to the softening U.S. segment. Historically, international
margins have been slightly higher than U.S. margins, and the longer
term of the contracts provide for more certainty of future
utilization. Daily rig margin of $16,050 in 2Q24 was relatively
flat versus $16,061 in 1Q24, highlighting the segment's stability.

DERIVATION SUMMARY

Fitch compares Nabors with Precision Drilling Corporation
(BB-/Stable), which is also an onshore driller with exposure to the
U.S. and Canadian markets. It is estimated that Nabors has the
third-largest market share in the U.S. at approximately 12%,
compared with Precision at around 8%.

Nabors' gross margins in the U.S. are higher than Precision's
margins, which are aided by its offshore and Alaskan rig fleet,
which operate at significantly higher margins. Nabors has a
significant international presence, which typically has longer-term
contracts, partially negating the volatility of the U.S. market.

Precision has stronger credit metrics, a more simplified capital
structure and less maturity than Nabors, while the liquidity
profiles are relatively similar. Both companies are expected to
generate FCF over their respective forecast periods and use cash to
reduce debt.

KEY ASSUMPTIONS

- West Texas Intermediate oil prices of $75/bbl in 2024, $65/bbl in
2025, $60/bbl in 2026 and $60/bbl in 2027 and $57/bbl in 2028;

- Henry Hub natural gas price of $2.50/mcf in 2024, $3/mcf in 2025
and 2026 and $2.75/mcf thereafter;

- Proceeds from proposed PGN issuance used to fully repay the
outstanding 7.25% PGN notes due 2026;

- Capex of $590 million in 2024 with growth-linked increases
thereafter;

- FCF is expected to be positive with the expectation that FCF
proceeds will be used to reduce gross debt.

RECOVERY ANALYSIS

KEY RECOVERY RATING ASSUMPTIONS

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

Going-Concern Approach

Nabors' going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level, upon which Fitch
bases the enterprise valuation. The going-concern EBITDA assumption
for commodity sensitive issuers at a cyclical peak reflects the
industry's move from top of the cycle commodity prices to mid-cycle
conditions and intensifying competitive dynamics.

The going-concern EBITDA assumption represents the emergence from
a
prolonged commodity price decline. Fitch assumes its stress case
WTI oil price assumptions of $47/bbl in 2024, $32/bbl in 2025,
$42/bbl in 2026 and $45/bbl thereafter.

The going-concern EBITDA assumption reflects a loss of customers
and lower margins, as E&P companies cut rigs and pressure oil
service firms to reduce operating costs. The EBITDA assumption also
incorporates the structural weakness outside of the Saudi Aramco JV
and overall high rig supply, but improving demand.

The assumption reflects corrective measures taken in the
reorganization to offset adverse conditions that triggered default,
such as cost-cutting and optimal deployment of assets.

An enterprise value multiple of 4.0x EBITDA is applied to
going-concern EBITDA to calculate a post-reorganization enterprise
value.

The choice of this multiple considered the following factors:

The historical bankruptcy case study exit multiples for peer energy
oilfield service companies have a wide range with a median of
6.1x.

The oil field service sub-sector ranges from 2.2x to 42.5x due to
the more volatile nature of EBITDA swings in a downturn.

Fitch used a multiple of 4.0x to estimate a value for Nabors
because of concerns of a downturn with a longer duration, a high
mix of international rigs that are not easily mobilized and
continued capital investment to remain competitive with peers to
maintain high quality and technologically advanced rigs for
operators.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

Fitch assigns a liquidation value to each rig based on management
discussions, comparable market transaction values, and upgrades and
new build cost estimates.

Different values were applied to top of the line super spec rigs,
lower-value super spec rigs, non-super spec rigs, and higher value
international rigs.

The secured credit facility is assumed to be fully drawn upon
default and is super senior in the waterfall.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' for the secured credit facility, a
recovery of 'RR2' for the senior priority guaranteed notes (SPGN),
which are subordinated to the secured credit facility and a
recovery of 'RR6' for both the PGN notes (which are subordinated to
the SPGN notes) and senior unsecured notes.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Proactive management of the maturity profile that reduces
medium-term refinance risks;

- Positive FCF generation with proceeds applied to reduce of total
gross debt toward $2.0 billion;

- Maintain mid-cycle EBITDA leverage below 3.5x.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Inability to reduce gross debt and proactively manage the
maturity schedule leading to heightened refinance risks;

- Inability to access the revolving credit facility or other
material reductions in liquidity;

- Maintain mid-cycle EBITDA leverage above 4.5x.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Cash attributable to Nabors at 1Q24 was
approximately $159 million which is net of approximately $254
million held in the Saudi Aramco JV and not available to Nabors.
The company also had full availability under its $350 million
secured revolving credit facility which also includes an accordion
feature for an additional $200 million of commitments, subject to
lender approval. The revolver maturity has been extended to 2029
but does have a springing maturity to the extent certain amounts of
the 2027, 2028 and 2029 notes remain outstanding.

The facility is also subject to financial covenants including
minimum interest coverage of 2.75x and a requirement that certain
guarantors own a minimum of 90% of the consolidated PP&E of the
company.

ISSUER PROFILE

Nabors is one of the largest drilling contractors in the world with
operations in both the U.S. and International markets. Nabors also
owns a drilling solutions business that offers specialized drilling
technologies along with a rig technologies business that offers
advanced drilling rig equipment.

DATE OF RELEVANT COMMITTEE

14 November 2023

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

   Entity/Debt                 Rating         Recovery   
   -----------                 ------         --------   
Nabors Industries, Inc.

   senior unsecured        LT CCC  New Rating   RR6



NABORS INDUSTRIES: Posts $13 Million Net Loss in Fiscal Q2
----------------------------------------------------------
Nabors Industries Ltd. filed with the U.S Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $13 million on $743 million of revenues and other income for the
three months ended June 30, 2024, compared to a net income of $16.2
million on $778.8 million of revenues and other income for the
three months ended June 30, 2023.

For the six months ended June 30, 2024, the Company reported a net
loss of $22 million on $1.5 billion of revenues and other income,
compared to a net income of $77.3 million on $1.6 billion of
revenues and other income for the same period in 2023.

As of June 30, 2024, the Company had $4.6 billion in total assets,
$3.4 billion in total liabilities, $761.4 million in redeemable
noncontrolling interest in subsidiary, and $501.6 million in total
equity.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/4aa9wysp

                           About Nabors

Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several international markets.  Nabors
also provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.

Nabors Industries reported a net loss of $11.8 million for the year
ended December 31, 2023, a net loss of $307.22 million in 2022, a
net loss $543.69 million in 2021, a net loss of $762.85 million in
2020, a net loss of $680.51 million in 2019, a net loss of $612.73
million in 2018, and a net loss of $540.63 million in 2017. As of
March 31, 2024, the Company had $4.64 billion in total assets,
$3.37 billion in total liabilities, and $522.82 million in total
stockholders' equity.

                            *    *    *

In September 2023, Egan-Jones Ratings Company upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Nabors Industries, Inc. to CCC+ from CCC-.

In March 2024, S&P Global Ratings revised its outlook to stable
from positive and affirmed its 'B-' issuer credit rating on Nabors
Industries Ltd. At the same time, S&P affirmed its 'B-' issue-level
rating on the company's senior priority guaranteed notes with
recovery rating of '3' and 'CCC' issue-level rating on the
company's priority guaranteed notes with recovery rating of '6'.
The stable outlook reflects S&P's expectation for the company's
operating performance, industry fundamentals, near-term debt
maturity profile, and credit metrics to remain appropriate for the
'B-' issuer credit rating. The outlook revision reflects S&P's
expectation of reduced free cash flow generation and lower than
anticipated debt reduction.

In July 2024, S&P Global Ratings assigned its 'CCC' issue-level
rating and '6' recovery rating to Bermuda-based drilling contractor
Nabors Industries Ltd.'s proposed $550 million senior guaranteed
notes due 2031. The company's subsidiary, Nabors Industries Inc.
will issue the notes. The '6' recovery rating indicates its
expectation of negligible (0%-10%; rounded estimate: 0%) recovery
of principal by creditors in the event of a payment default.

Additionally, in July 2024, Fitch Ratings has assigned a
'CCC'/'RR6' rating to Nabors Industries, Inc.'s (Nabors) proposed
senior guaranteed notes (PGN) due 2031. Nabors intends to use the
proceeds from the notes to refinance the 7.25% PGN due 2026 held at
Nabors Industries, Ltd. (Bermuda) and for general corporate
purposes. The proposed notes will rank pari passu with Bermuda's
existing PGN due 2026 and PGN due 2028. Nabors' existing 'B-'
Long-Term Issuer Default Rating and Stable Outlook reflect the
softening U.S. drilling environment since the beginning of 2023 and
steadily growing international segment. The credit profile is also
supported by Fitch's expectation that FCF will be allocated toward
gross debt reduction, the proactive management of the maturity
profile and adequate liquidity profile.

These factors are partially offset by the company's large note
maturities starting in 2027, which Fitch expects will likely need
to be partially refinanced through capital markets. Potential
declines in rig activity and dayrates could deteriorate cash flow
and limit FCF and near-term gross debt reduction. The company's
complicated capital structure and current high interest rate
environment could also limit refinancing options and increase
interest expense.




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

AMERICANAS SA: Independent Probe Confirms Accounting Fraud
----------------------------------------------------------
Luciana Magalhaes and Luana Maria Benedito of Reuters report that
Brazilian retailer Americanas SA is sharing with authorities new
details of how it hid over $4 billion in debt, saddling investors
with huge losses and doubts about what comes next for the
95-year-old brand, whose former executives are under police
investigation.

The independent committee report on the accounting fraud, presented
to the company's board and summarized for investors in a late
Tuesday, July 16, 2024, filing, adds to evidence that management
cooked the books for years before a January 2023 bankruptcy
filing.

The scheme involved improper entries in suppliers' accounts such as
fictitious advertising budgets and financial operations incorrectly
reflected on the company's balance sheet.

Americanas said in the filing that those responsible are no longer
with the company and the internal report is being shared with
federal police, prosecutors and securities regulators.

Last month, June 2024, former chief executive Miguel Gutierrez was
arrested in Madrid and later released as part of a police
investigation. Brazilian authorities are pushing for extradition of
Gutierrez, who has dual citizenship.

Another former executive targeted by the criminal probe, Anna
Saicali, former head of e-commerce, recently returned from Portugal
to Brazil and handed her passport over to police.

Attorneys representing Gutierrez and Saicali said in separate
statements that their clients deny any wrongdoing and are
collaborating with the investigation.

The scandal at Americanas, backed by three billionaires including
Jorge Paulo Lemann, one of Brazil's richest men, sent shockwaves
through financial markets and tarred a brand that has long been a
fixture of Brazilian retail.

The company, based in Rio de Janeiro, is known for selling
everything from chocolates to TV sets and women's underwear. But
Americanas has struggled for years against fierce competition from
more internet-savvy rivals such as Mercado Libre (MELI.O), opens
new tab and Magazine Luiza (MGLU3.SA), opens new tab.

"I am skeptical about the future of Americanas, about the
sustainability of their business model," said consultant Andre
Pimentel, a managing partner at Performa Partners who worked on a
restructuring of Americanas in early 2000s.

The retailer was founded in 1929 in Niteroi, across the bay from
Rio's state capital, by a group including Austrian and American
entrepreneurs.

Lemann and his partners, Marcel Telles and Carlos Alberto Sicupira,
later acquired a dominant stake in the company. The three, who have
not been cited in the police investigation, currently own around
30% of shares and have agreed to put up additional capital to
rescue the distressed company.

                    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 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.


ATLAS LITHIUM: Appoints Tiago Moreira de Miranda as New CFO
-----------------------------------------------------------
Atlas Lithium Corporation disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on July 17, 2024,
that Gustavo P. Aguiar resigned as the Chief Financial Officer
(serving as the principal financial and accounting officer) and
Treasurer of the Company. Mr. Aguiar's resignation was not due to
any disagreement with the Company on any matter relating to the
Company's operations, policies or practices. Mr. Aguiar's departure
was driven by his desire to join his family's real estate business,
and he has agreed to make himself available as needed to guarantee
a smooth transition.

On July 23, 2024, the Company's Board of Directors appointed Tiago
Moreira de Miranda, 40, as the Company's new Chief Financial
Officer, Principal Accounting Officer, and Treasurer, effective
immediately. From February 2024 until July 2024, Mr. Miranda was
the Chief Financial Officer of Apollo Resources Corporation, a
private company and a subsidiary of Atlas Lithium. In such
capacity, Mr. Miranda managed all of Apollo Resources' financial
and administrative related processes, including treasury,
accounting, tax, and financial planning and budgeting.

Previously, from May 2020 to December 2023, Mr. Miranda was the
senior financial officer for the Brazilian operations of Horizonte
Minerals Plc., a British publicly listed company with two nickel
projects in Brazil. During his tenure, he successfully contributed
to securing project financing of US$713 million for a ferronickel
project and an additional $300 million Brazilian real credit
facility with Banco da Amazonia. Between November 2019 to April
2020, Mr. Miranda held the position of Financial Controller for the
Brazilian operations at Equinox Gold, a Canadian publicly listed
gold producer.

From March 2008 to October 2019, Mr. Miranda served as the
Controller of Ferrous Resources Ltd., an iron producer partially
owned by Icahn Enterprises, a NYSE-listed company. He actively
contributed to the development of company projects from exploration
through construction and operation and was also heavily involved in
Ferrous Resources' US$550 million sale to Vale S/A, the largest
Brazilian mining company.

From September 2005 to March 2008, Mr. Miranda was an auditor with
Deloitte Touche Tohmatsu in Brazil. He has an undergraduate degree
in Business Administration and Accounting, and a Master of Business
Administration, both from IBMEC in Brazil. Mr. Miranda is fluent in
Portuguese and English.

In consideration for his services as an officer of the Company, Mr.
Miranda will:

     (i) receive cash compensation of US$ 15,000 per month;
    (ii) have the opportunity, based on achieving certain specific
performance metrics, to earn additional annual compensation of up
to US$45,000 and up to US$15,000 as a discretionary bonus based;
   (iii) receive 40,000 time-based restricted stock units to be
granted pursuant to the Company's 2023 Stock Incentive Plan, which
shares will vest annually in four equal installments, with vesting
period starting the first month after his employment start date.

Additionally, if during the first 12 months of his employment,
calculated from his employment start date, Mr. Miranda's employment
is terminated by the Company for any reason, 25% of his RSUs will
vest immediately upon termination. Mr. Miranda will receive
separate compensation for supervising the internal accounting and
other financial-related functions for Apollo Resources and Jupiter
Gold Corporation, another subsidiary of Atlas Lithium.

Except as disclosed herein, there are no arrangements or
understandings between Mr. Miranda and any other person pursuant to
which he was selected as an officer, and Mr. Miranda is not a
participant in any related party transaction required to be
reported pursuant to Item 404(a) of Regulation S-K. There are no
family relationships between Mr. Miranda and any director or
officer of the Company.

                        About Atlas Lithium

Headquartered in Minas Gerais, Brazil, Atlas Lithium Corporation
--
http://www.atlas-lithium.com/-- is a mineral exploration and
development company with lithium projects and multiple lithium
exploration properties.  In addition, the Company owns exploration
properties in other battery minerals, including nickel, copper,
rare earths, graphite, and titanium. Its current focus is the
development from exploration to active mining of its hard-rock
lithium project located in the state of Minas Gerais in Brazil at a
well-known lithium-bearing pegmatitic district, which has been
denominated by the government of Minas Gerais as "Lithium Valley."

Atlas Lithium reported a net loss of $42.63 million for the 12
months ended Dec. 31, 2023, compared to a net loss of $5.66 million
for the 12 months ended Dec. 31, 2022. As of March 31, 2024, the
Company had $37.70 million in total assets, $35.10 million in total
liabilities, and $2.60 million in total stockholders' equity.

Atlas Lithium has historically incurred net operating losses and
has not yet generated material revenues from the sale of products
or services.  As a result, the Company's primary sources of
liquidity have been derived through proceeds from the (i) sales of
its equity and the equity of one of its subsidiaries, and (ii)
issuance of convertible debt.  As of March 31, 2024, the Company
had cash and cash equivalents of $17,729,465 and working capital of
$11,280,122, compared to cash and cash equivalents $29,549,927 and
a working capital of $24,044,931 as of December 31, 2023. The
Company believes its cash on hand will be sufficient to meet its
working capital and capital expenditure requirements for a period
of at least 12 months.  However, the Company's future short- and
long-term capital requirements will depend on several factors,
including but not limited to, the rate of its growth, its ability
to identify areas for mineral exploration and the economic
potential of such areas, the exploration and other drilling
campaigns needed to verify and expand its mineral resources, the
types of processing facilities it would need to install to obtain
commercial-ready products, and the ability to attract talent to
manage its different areas of endeavor.  To the extent that its
current resources are insufficient to satisfy its cash
requirements, the Company may need to seek additional equity or
debt financing.  If the needed financing is not available, or if
the terms of financing are less desirable than it expects, the
Company may be forced to scale back its existing operations and
growth plans, which could have an adverse impact on its business
and financial prospects and could raise substantial doubt about its
ability to continue as a going concern.

BRAZIL: Annual Inflation Tops All Forecasts
-------------------------------------------
Bloomberg News reports that Brazil's annual inflation accelerated
more than expected by all analysts in early July, supporting
traders' bets the central bank will have to hike borrowing costs
later this year after holding them steady.

Official data released Thursday, July 25, showed consumer prices
increased 4.45% from a year earlier, above the 4.37% median
estimate from analysts in a Bloomberg survey, the report relays.

Monthly inflation stood at 0.3%. Policymakers are expected to
maintain borrowing costs in double-digits for the foreseeable
future as inflation forecasts run above the 3% target, the report
adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

As reported in the TCR-LA on May 6, 2024, Moody's Ratings affirmed
the Government of Brazil's long-term issuer and senior
unsecured bond ratings at Ba2, senior unsecured shelf rating at
(P)Ba2 and changed the outlook to positive from stable. Moody's
assesses thatBrazil's real GDP growth prospects are more robust
than in the pre-pandemic years, supported by the implementation of
structural reforms over multiple administrations, as well as the
presence of institutional guardrails that reduce uncertainty
around future policy direction. The outlook change to positive is
underpinned by Moody's assessment that more robust growth combined
with continued, albeit gradual, progress towards fiscal
consolidation, may allow Brazil's debt burden to stabilize.
However, there are risks to the government's execution of
continued fiscal consolidation.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain
a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."

Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-TermForeign-Currency Issuer Default Rating (IDR) at 'BB' with
a StableOutlook. Fitch said Brazil's ratings are supported by its
large and diverse economy, high per-capita income, and deep
domestic markets and a large cash cushion that support the
sovereign's financing flexibility and its high local-currency debt
share. Strong external finances support resilience to shocks,
underpinned by a flexible exchange rate, robust international
reserves and a sovereign net external creditor position. The
ratings are constrained by weak economic growth potential,
relatively low governance scores, high and rising government
debt/GDP, and budgetary rigidities. A new fiscal framework
introduced this year aims to anchor a gradual consolidation process
and address these fiscal weaknesses, but its effectiveness is
increasingly unclear.

DBRS Inc., on August 15, 2023, upgraded Brazil's Long-TermForeign
and Local Currency - Issuer Ratings to BB from BB (low).At the same
time, DBRS Morningstar confirmed Brazil'sShort-term Foreign and
Local Currency - Issuer Ratings at R-4.The trend on all ratings is
Stable (March 2018).



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

ARABIAN CENTRES III: Fitch Affirms 'BB+' Rating on Sr. Unsec Debt
-----------------------------------------------------------------
Fitch Ratings has revised Arabian Centres Company's (trading as
Cenomi Centres) Outlook to Negative from Stable, while affirming
its Long-Term Foreign-Currency Issuer Default Rating (IDR) 'BB+'.
The senior unsecured rating was also affirmed at 'BB+' with a
Recovery Rating of 'RR4'.

The Negative Outlook reflects shrinking leverage headroom,
deteriorating interest cover and high dividend distributions, which
may lead to further cash flow pressures. Fitch forecasts
lease-adjusted net debt/EBITDAR to breach its negative rating
sensitivities by 2025 as the group raises more debt to finance
growing capex needs.

Cenomi has a significant development pipeline with six new malls
scheduled for completion by 2027, requiring total capex of around
SAR5.5 billion, which Fitch expects to be partially financed with
internal funds. Fitch projects lease-adjusted net debt/EBITDAR to
increase to 7.6x in the next 24 months (2023: 6x).

The ratings reflect Cenomi's strong market position in Saudi
Arabia's emerging and developing retail sector, with its ownership
and management of 22 malls across the country, representing an
estimated market share of 18%. The limited granularity of Cenomi's
portfolio and the presence of head leases on half of its property
portfolio are rating constraints.

Key Rating Drivers

Large Capex Programme: Cenomi's property development pipeline is
dominated by two large flagship malls due to open in 2H25. They are
located in Jeddah and Riyadh with gross lettable area (GLA) of
109,000 sqm and 183,000 sqm, respectively, at a total investment of
close to SAR5.5 billion. The other three malls are due to complete
by end-2027. Proceeds from its asset disposal programme (SAR1.1
billion in the year to date) also partially support Cenomi's capex
funding. It has earmarked an additional SAR800 million of non-core
assets for sale.

Rising Leverage: Fitch anticipates higher capex and dividends to
increase cash flow leverage over the next three years. Fitch
expects lease-adjusted net debt/EBITDAR of 6.7x at end-2024
(end-2023: 6x), rising to 7.6x by end-2025. Fitch expects leverage
to decrease thereafter when rents from the new malls come onstream.
Fitch forecasts EBITDAR fixed interest coverage, including
refinancing debt maturities at higher interest rates, to decline to
below 2x at end-2025.

Largest KSA Malls Operator: Cenomi's portfolio comprises 22 assets,
including five super-regional malls, 13 regional malls, and four
community malls located in key cities across Saudi Arabia,
including Riyadh, Jeddah, Dammam, Mecca and Dhahran. The total GLA
of this portfolio is 1.4 million square metres (sqm) and its market
value at end-1Q24 exceeded SAR18.6 billion (EUR4.5 billion), or
SAR24.9 billion (EUR6.1 billion), including projects under
development.

Concentration in Super-Regional Malls: Cenomi has significant asset
concentration in its super-regional malls - Mall of Arabia, Salaam
Mall (both in Jeddah), Nakheel Mall (Riyadh) and Mall of Dhahran -
contributing 36.7% of group revenue in 2023. By 2027 Cenomi's
development pipeline would increase its GLA by 44%, enhancing its
market position and reducing some of the asset concentration.

Lease Expiries Wall: Cenomi faces a concentration of lease expiries
over the next two years, with around 40% expiring in 2024 and 26%
in 2025. This partly reflects the typical length of contracts for
non-anchor retailers (three years). In the past four years Cenomi
has had a renewal rate of above 90%, while actively remodeling and
reconfiguring the remaining 10% space before leasing it out to new
tenants. In the past five years the average occupancy rate across
Cenomi's portfolio has been above 90% and at 1Q24 it remained
stable at 92.5% (1Q23: 92.3%)

Significant Leasehold Rent Outflows: Eleven malls operate on land
leased under long-term, third-party head leases, which do not grant
Cenomi an automatic right of renewal. If Cenomi is unable to renew
the lease, ownership of the site's mall would transfer to the
landowner without compensation. The GLA-weighted average remaining
leasehold duration exceeds 11 years, indicating that this is a
long-term risk. However, the lease for the Mall of Dharan is set to
expire in 2026 (10% of group GLA). Cenomi's portfolio generates net
income yields (NIYs) exceeding 8.0%, attributed to the early
development stages of the Saudi Arabian retail market.

Risk of Lease Non-Renewal: Management proactively engages in
negotiations with the landlords of its head leases, usually
starting discussions about eight to 10 years before expiry.
Management aims to procure significant extensions to existing
leases and incentivise landlords by offering attractive rental
rates. Fitch believes the probability of failing to renew the lease
is low, as both parties have an interest in extending the leases,
although Cenomi's lease expense payments would likely increase.

Tenant Mix Optimisation: Management is focused on boosting footfall
and extending customer dwell-time by increasing the presence of
entertainment, lifestyle, and food and beverage (F&B) tenants. As a
result, the retail GLA at end-March 2024 fell to 62% (March 2020:
70%). In 2023, Cenomi signed over 60 new brands - and 43 more
during 1Q24 - with 25% in the F&B and 14% in the entertainment and
services sector. Total 2023 footfall (124 million visitors) was
higher than the pandemic-unaffected 2019 (114 million) and
continues to grow.

Retail Market Growth Potential: Cenomi operates solely in Saudi
Arabia, which has a fairly underdeveloped retail market. In 2022,
country-wide retail sales in Saudi Arabia were estimated at
USD126.1 billion, higher than the USD74 billion of the nearby UAE.
Despite this, mall penetration per capita is around a third of
Europe's and a fourth of Dubai's.

Increased public-sector investments, combined with a raft of social
and economic reforms, have boosted the non-oil economy. Although
real GDP shrank in 2023 as a result of lower oil activities, Fitch
projects real growth of 4.5% in the non-oil sector (excluding
government) in 2024-2025, following an average of 5% in 2022-2023.

Reduced Related-Party Transactions: At end-2023, Fawaz Abdulaziz
Alhokair Co. (Cenomi Retail) had 508 retail units across Cenomi's
portfolio of malls and accounted for 18.2% (historically around
20%-25%) of the group's average total occupied GLA. Of its existing
22 malls, 19 were designed and built by Lynx Contracting Company, a
specialist mall developer owned by the same Cenomi shareholders.
Under Cenomi's policy, management, audit, independent board members
and the general assembly must approve and monitor related-party
transactions. Nonetheless, the substantial related-party
transactions mean rental forbearance remains a risk.

Derivation Summary

Cenomi's operating environment differs from most EMEA rated peers'.
The Saudi Arabian economy can be materially affected by oil prices,
government policies and geopolitical issues and the retail market
is comparatively underdeveloped. Malls penetration is much lower
than that of Dubai, Abu Dhabi and Europe and e-commerce penetration
is very low. While lower level of development provides good growth
opportunities, particularly given the positive dynamics and the
company's market share of 18%, the market will typically be more
volatile than most other EMEA real-estate markets.

Cenomi also differs from other rated EMEA real-estate companies
because of its high level of long-term leaseholds over properties.
Currently 11 of the group's malls are located on leasehold land
(one property is held under an operational agreement). The cost of
the leases reduces Cenomi's EBITDA margins by about 10% compared
with most other EMEA retail real-estate companies, which typically
have limited, if any, leasehold payment obligations.

Cenomi also has significantly more related-party activities, with
almost all its assets having been built by group company Lynx,
while the single-largest tenant is group company Cenomi Retail.

Key Assumptions

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

- Significant development programme with total committed capex
SAR5.5 billion

- Low single-digit like-for-like revenue growth with increases
stemming mainly from new developments in 2024 onwards

- Average occupancy ratio above 90%

- Stable EBITDA margin at 74% and EBITDAR margin averaging 85%

- Stable dividend policy in 2024-2027

- Committed undrawn revolving credit facility (RCF) totaling of
around SAR400 million in 2024 and SAR750 million in 2025

- Interest rates of 8.5% for new unsecured debt during 2024-2028

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Occupancy rate consistently above 95%

- EBITDAR net leverage consistently below 4.5x

- Improvement of the operating environment on a sustained basis

- A material reduction in asset concentration

- A smoother lease maturity profile

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Deterioration in the operating environment

- EBITDAR net leverage above 7.0x on a sustained basis

- EBITDAR fixed-coverage charge under 1.75x

- Occupancy rate below 90%

Liquidity and Debt Structure

Active Debt Management: At end-1Q24, Cenomi had SAR578 million of
available cash and SAR750 million undrawn committed RCFs that were
recently extended to 2028. In March 2024 Cenomi issued USD600
million (SAR2.25 billion) of sukuk maturing in 2029. Part of this
sukuk issuance repaid the 2019 Sukuk due in 2024.

In July 2024, Cenomi established a sukuk programme for up to USD400
million (SAR1.5 billion). The group has no need to refinance its
debt until 2026 when a total SAR3.3 billion sukuk will mature. The
capital structure also comprises secured debt, representing 44% of
total debt at end-1Q24.

ESG Considerations

Cenomi has an ESG Relevance Score of '4' for Group Structure,
reflecting a high number of related-party transactions that
generate more than 25% of group rental income. This has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
Arabian Centres
Sukuk III Limited

   senior
   unsecured         LT        BB+    Affirmed   RR4      BB+

Arabian Centres
Company              LT IDR    BB+    Affirmed            BB+
                     LC LT IDR BB+    Affirmed            BB+
                     Natl LT   A-(sau)Affirmed            A-(sau)

   senior
   unsecured         LT        BB+    Affirmed   RR4      BB+

Arabian Centres
Sukuk IV Limited

   senior
   unsecured         LT        BB+    Affirmed   RR4      BB+

Arabian Centres
Sukuk II Limited

   senior
   unsecured         LT        BB+    Affirmed   RR4      BB+



===============
C O L O M B I A
===============

ARIS MINING: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Aris Mining Corporation's (Aris Mining;
formerly GCM Mining) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'B+'. Fitch has also affirmed Aris
Mining's senior unsecured notes at 'B+'/'RR4'. The Rating Outlook
is Stable.

Aris Mining's ratings are positively influenced by its low
leverage, sound profitability and growing reserves, which support
its growth and diversification strategy. Aris Mining's ratings are
constrained by its limited operational scale, rising costs due to
greater dependence on artisanal miners, and heavy reliance on its
Segovia mine for cash flow. Fitch current forecast only
incorporates Aris Mining's brownfield expansions of Segovia and
Marmato in Colombia. Gross leverage is estimated around 1.8x and
EBITDA interest coverage around 8.0x over the rated horizon.

Aris Mining is considering potential project expansions at Soto
Norte (Colombia) and Toroparu (Guyana). Fitch will monitor the
capital expenditure and funding options for these projects to
assess any medium-term impact on ratings.

Key Rating Drivers

Mitigating Execution Risk: Aris Mining continues to work on
diversifying its operations. The construction of Marmato Lower is
underway and production is anticipated to start in late 2025. Aris
increased its stake in the Soto Norte project in Colombia and
continues to reevaluate the Toroparu project in Guyana. Fitch
forecasts a base production increase towards 300,000 Au oz by 2025
and more than 400,000 Au oz by 2026.

Artisanal Miners Dependence: Gold production from local artisanal
contract mining partners stabilized from an average of 47% in
2021-2022 to 44% in 2023 of its Segovia output. This production
model increases community support and operational continuity. Aris
Mining intends to formalize artisanal producers also in the Marmato
and Soto Norte municipalities. However, this production model
exerts pressure on costs as mill-feed purchased compensation is
based on grade of the material and the gold price.

Increased Cost Structure: Aris Mining is placed in the third
quartile of the gold production cost curve, according to metals
consultancy CRU Group. Aris Mining posted an all-in sustaining cost
(AISC) of production in Segovia of USD1,173/oz Au during 2023,
still within its guidance despite Colombian peso appreciation and
explosives shortages. A planned expansion of the processing plant,
and increased by-product credits are expected to alleviate cost
pressures.

Moderate Leverage: Aris Mining is expected to maintain a manageable
leverage profile while it builds Marmato Lower. The average gross
and net leverage ratios are expected to be 1.8x and 1.1x between
2024 and 2026, from 2.4x and 1.1x in 2023 with gross debt of
approximately USD450 million on average. Fitch treats the Wheaton
financing for Marmato Lower as debt and assumes that the 2026 bond
will be refinanced when due. Aris Mining has stated a policy of
maximum gross leverage of 3.0x.

Expansion Driven Negative FCF: Fitch projects that Aris Mining will
generate about USD175 million of EBITDA and more than USD105
million of cash flow from operations (CFO) in 2024. Capex is
expected to be USD180 million in 2024, up from USD114 million in
2023. This includes the development of the Marmato Lower mine
(USD280 million, USD122 million in remaining Wheaton financing
expected in 2024). Aris Mining suspended dividends and share
repurchases. Aris Mining's FCF profile will be negative until the
completion of its investment phase in 2025 when EBITDA is expected
to reach USD250 million.

Mine Life Increase: Exploration success bolstered Aris Mining life
of mine in reserves. The combined company's ratio of reserves to
production grew to 24 years from 18 years by integrating the 3.2
million oz of gold from Marmato to the 1.3 million ounces of
Segovia and 20% of Soto Norte, as the study was finished before
Aris Mining increased its stake. Marmato's reserves increased by
57% in the updated pre-feasibility study of November 2022 while
Segovia's reserves increased by 75% in a November 2023 update. The
life of mine of Segovia increased to seven from four years.

Exploring Future Growth: Aris Mining increased its ownership of
prospective large Colombian gold project Soto Norte to 51% from 20%
by issuing 15.75 million shares to Mubadala, the United Arab
Emirates sovereign wealth fund, which became Aris Mining's largest
shareholder with a 9.3% interest. Mubadala retains a 49% interest.
An additional six million shares will be issued to Mubadala upon
receiving an environmental license. The total 21.75 million shares
were valued at USD90 million, replacing a previous USD300 million
cash call option. Fitch is not considering the development of Soto
Norte or Toroparu in Guyana in its projections.

Derivation Summary

Aris Mining's production of 230,000 oz from two mining operations
in Colombia is similar to Ero Copper's (B/Stable) gold equivalent
production of about 240,000 oz from two mines in Brazil, lower than
IAMGOLD's (B-/Positive) at 500,000 oz from two mines in Burkina
Faso and Canada, lower than Eldorado Gold's (B+/Stable) 485,000 oz
sourced from a number of mines in Canada, Greece and Turkey, and
lower than Compania de Minas Buenaventura's (BB-/Stable) at 600,000
oz in gold ounces equivalent from a series of mines in Peru.

Aris Mining's mine life of 24 years in reserves (seven at its
largest mine) is higher than those of Ero Copper's 18 years,
Eldorado Gold's 15 years, or IAMGOLD's seven years. Buenaventura's
main gold mines have a mine life of four years. However,
Buenaventura has more silver and base metals contribution and
significant stakes in a world class long-lived asset, such as Cerro
Verde.

The third quartile position in the cost curve of Aris Mining is
better than Ero Copper's, Buenaventura's and IAMGOLD's at the
fourth quartile, but less competitive than that of Eldorado Gold at
the second quartile of costs.

Aris Mining's leverage profile of three years expected average
gross and net leverage of 1.8x and 1.1x is higher than IAMGOLD's
1.5x and 1.1x, Ero Copper's 1.6x and 1.2x, similar to Eldorado
Gold's 2.2x and 1.1x, and lower than Buenaventura's 2.2x and 1.7x.

Key Assumptions

- Gold prices of USD2,000/oz in 2024, USD1,900/oz in 2025 and
USD1,700/oz in 2026;

- Gold sales reach 230,000 oz in 2024, 300,000oz in 2025 and
485,000oz in 2026;

- Capex is USD180 million in 2024, about USD285 million in 2025 and
nearly USD100 million in 2026. Figures include expenses in Toroparu
and Soto Norte. The Marmato expansion counts with USD122 million of
streaming financing;

- Dividends and stock buybacks remain suspended;

- Equity increase from warrants of USD7.7 million and debt
converted into shares of USD11.7 million in 2024;

- Wheaton Precious Metals financing for Marmato Lower of USD122
million in 2024.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Increasing size and diversification over the medium term;

- A successful reduction of the company's dependence on Segovia;

- An increase in the reserve life of Segovia.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Deterioration in liquidity position;

- Prolonged strikes or mine closures that would halt or
significantly lower gold production;

- Large debt-funded acquisitions;

- Negative FCF on a sustained basis;

- Gross leverage at 3x or higher on a sustained basis.

Liquidity and Debt Structure

Medium term refinancing risks: Aris Mining plans to fund its
ongoing capital expenditures and negative free cash flow through
cash on hand, ongoing cash flow generation from Segovia and
proceeds from the Marmato stream with Wheaton. Fitch expects Aris
Mining's financial flexibility to be challenged, as the company
will likely need to refinance its USD300 million unsecured bonds
due in 2026.

As of March 31 2024, Aris reported Fitch-adjusted cash and
equivalents of USD147 million and gross debt of USD373 million.
Debt is comprised of USD300 million of senior unsecured notes due
in 2026, and USD63 million gold linked notes with yearly payments
that end in 2027 (USD14 million in principal, premia, and interest
in 2024). Some CAD16.2 million of the CAD18 million convertible
debentures were exercised into shares with CAD1.8 million settled
in cash at maturity.

Future advance deposits of USD122 million from streaming contracts
with Wheaton upon construction completion milestones will help to
fund the USD280 million Marmato Lower mine project, which Fitch
considers part of debt. Soto Norte's recent consolidation at 51%
was obtained through an all shares transaction but exploration,
sizing and development need further studies. The Toroparu project
will be partially financed with future advance deposits of USD138
million by streaming contracts with Wheaton.

Issuer Profile

Aris Mining is a Canadian-based precious metals miner. It is the
largest gold and silver producer in Colombia with two underground
operations. Aris is building brownfield expansions at Segovia and
Marmato and studying greenfield projects in Colombia (Soto Norte)
and in Guyana (Toroparu).

ESG Considerations

Aris Mining has an ESG Relevance Score of '4' for Labor Relations &
Practices due to the company's partial reliance on third-party
artisanal miners for its gold production, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Aris Mining has an ESG Relevance Score of '4' for Human Rights,
Community Relations, Access & Affordability due to the company's
exposure to local unrest in the communities surrounding its Marmato
and Segovia mining operations, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                 Rating       Recovery   Prior
   -----------                 ------       --------   -----
Aris Mining
Corporation           LT IDR    B+ Affirmed            B+
                      LC LT IDR B+ Affirmed            B+

   senior unsecured   LT        B+ Affirmed   RR4      B+



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

AGENCIA FINANCIERA: Moody's Hikes Long Term Issuer Rating from Ba1
------------------------------------------------------------------
Moody's Ratings upgraded the long-term local currency issuer rating
assigned to Agencia Financiera de Desarrollo (AFD) to Baa3, from
Ba1, and the local and foreign currency long-term deposit and
foreign-currency senior unsecured debt ratings assigned to Banco
Continental S.A.E.C.A. (Continental) to Baa3, from Ba1. The outlook
on these ratings was changed to stable, from positive. AFD's long-
and short-term local and foreign currency counterparty risk ratings
were also upgraded to Baa3/Prime-3 from Ba1/Not prime, as well as
its long and short-term counterparty risk assessments to
Baa3(cr)/Prime-3(cr), from Ba1(cr)/Not Prime(cr). Moody's also
upgraded AFD's short-term issuer rating and Continental's
short-term deposit ratings to Prime-3, from Not prime,
respectively.

At the same time, Moody's affirmed both institutions' BCAs and
adjusted BCAs. AFD's BCA and Adjusted BCA were affirmed at ba2, and
Continental's at ba1. Moody's also affirmed Continental's long and
short-term local and foreign currency counterparty risk ratings at
Baa3/Prime-3, as well as the bank's long and short-term
counterparty risk assessments at Baa3(cr)/Prime-3(cr).

These actions follow the upgrade of the Government of Paraguay's
sovereign bond rating to Baa3, from Ba1, and the outlook change to
stable, from positive.

RATINGS RATIONALE

The upgrade of Continental's supported long-term deposit and senior
unsecured debt ratings as well as AFD's issuer rating was prompted
by the upgrade of the Government of Paraguay's sovereign debt
rating to Baa3, from Ba1. For Continental, Moody's assign a high
government support driven by its systemic importance as the second
largest bank in the system with 15% deposit market share as of
March 2024. AFD's issuer ratings incorporate Moody's
government-backed assessment based on the government's guarantee to
AFD's financial obligations as well as its legal status as a
development bank wholly-owned by the government. The stable outlook
on AFD's issuer rating and Continental's long-term deposit and
senior unsecured debt ratings are in line with the stable outlook
on the Government of Paraguay's ratings.

The sovereign rating action reflects a combination of factors,
including robust and sustained economic growth and Moody's
expectation that the economy has become more resilient to shocks,
and a track-record of institutional reforms that has improved
Moody's assessment of institutional and governance strength.
Successive administrations have pursued a strategy of economic
diversification and public investment in infrastructure, while
preserving Paraguay's fiscal strength and increasing and
diversifying access to market funding. Investment in infrastructure
is alleviating Paraguay's transportation bottlenecks that will
support continued robust flow of private investment in
non-traditional sectors.

AFFIRMATION OF BCA AND ADJUSTED BCA

In affirming AFD's ba2 BCA, Moody's acknowledge its track record of
strong asset quality and high capitalization, while it also
reflects its profitability that is low relative to private sector
banking peers given its public policy role, as well as its inherent
reliance on market funding as a non-depository financial
institution. AFD is the sole government-owned second-floor
development agency in Paraguay, committed to supporting the
financing of housing, small business, infrastructure and
agriculture projects. The ba2 BCA reflects the concentration and
asset risks arising from a newly enacted law that allows the agency
to take on direct credit exposure to heavy construction projects.

The ba1 BCA assigned to Continental reflects its disciplined risk
management, consistent earnings generation and capital
replenishment amid climate shocks and economic fluctuations over
the last five years. The ba1 BCA also considers that the bank will
continue to grow above market average as has been its growth path
over the next 12 to 18 months. Moreover, whilst lower than
industry-average concentration, Continental has a long-track record
of maintaining elevated credit exposure to the agriculture sector,
which is inherently vulnerable to weather conditions, eventual
embargos and fluctuations in foreign-currency and commodity
prices.

MACRO PROFILE OF GOVERNMENT OF PARAGUAY CHANGED TO MODERATE

Moody's raised the Government of Paraguay's Macro Profile (MP) to
'Moderate' from 'Moderate-', reflecting a more supportive operating
environment and enhanced credit conditions, consistent with robust
GDP growth expectations for the coming years. Additionally,
Paraguay has been on a path of economic diversification, expanding
into capital-intensive sectors like infrastructure, light
manufacturing, forestry, and clean energy. These shifts will
bolster bank credit origination and profitability, and help to
mitigate the system's agricultural concentration risks and
susceptibility to external and climate-related shocks.

The Moderate MP for the Government of Paraguay also incorporates
the country's track record of institutional reforms to enhance
public policy effectiveness and curtail corruption in public
service delivery. Improving institutional and governance frameworks
positively influence the legal and regulatory environment.

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

AFD's ratings would face upward pressure if the Government of
Paraguay's ratings are upgraded. Conversely, a downgrade in the
Government of Paraguay's ratings would lead to a downgrade in the
rating of AFD. AFD's BCA could be downgraded should its asset risk
and/or capital deteriorate sharply. However, absent a downgrade of
the Government of Paraguay's sovereign rating, this is unlikely to
affect AFD's issuer rating.

Continental's ratings would only face upward pressure if both the
sovereign rating and its standalone BCA were upgraded
simultaneously. Positive pressure on Continental's BCA could stem
from increased diversification of the loan book and earnings, and
sustained improvement in capitalization. In contrast, a downgrade
in the Government of Paraguay's rating would lead to a downgrade in
Continental's ratings. Continental's ratings and BCA could also be
downgraded if its asset quality materially deteriorates or its
capitalization or liquidity conditions persistently weaken.

The principal methodology used in these ratings was Banks
Methodology published in March 2024.

RUTAS 2 AND 7: Moody's Ups Rating on Senior Secured Notes from Ba1
------------------------------------------------------------------
Moody's Ratings has upgraded the rating assigned to the senior
secured notes issued by Rutas 2 and 7 Finance Limited to Baa3 from
Ba1. The outlook changed to stable from positive.

The action was driven by the sovereign rating action for the
Government of Paraguay which was upgraded to Baa3 from Ba1. The
upgrade of the Government of Paraguay's rating reflects a
combination of factors, including robust and sustained economic
growth and Moody's expectations that the economy has become more
resilient to shocks, and a track-record of institutional reforms
that has improved Moody's assessment of institutional and
governance strength. Successive governments have pursued a strategy
of economic diversification and public investment in
infrastructure, while preserving Paraguay's fiscal strength and
increasing and diversifying the sovereign's access to market
funding. Investment in infrastructure is alleviating Paraguay's
transportation bottlenecks that will support continued robust flow
of private investment in non-traditional sector, including light
manufacturing, forestry, and clean energy.

RATINGS RATIONALE

The Baa3 senior secured rating of Rutas 2 and 7 Finance Limited
primarily reflects the Government of Paraguay's Baa3 rating because
of close linkages between the project and the sovereign government
in terms of credit quality.

The construction works of the road segments relevant to the notes
have been completed and  the related construction completion
payment obligation certificates have been purchased by the special
purpose entity issuing the notes. As such, the risks associated
with a commitment termination event (CTE) and to the contractors
have been dissolved. The remaining risk embedded in the notes arise
from the credit quality of the Government of Paraguay, that is
ultimately responsible for making the payments on the respective
payment obligation certificates.

The payment obligation certificates securing the notes issued by
Rutas 2 and 7 Finance Limited called Pago Diferido por Inversión
(PDIs), are regulated by the Paraguayan decrees 515/16 and 7374/17
and recognized under the national investment spending plan. A
default on these certificates would not trigger a cross-default
event for on the other sovereign public debt; but, a default on the
PDIs would equally damage the Government of Paraguay's credit
reputation increasing the likelihood for timely payment. Enhancing
the liquidity profile of these securities are the Government of
Paraguay cash transfers to the PPP trust responsible to make the
PDI payments with sufficient funds to cover 100% of payables PDIs
payments one year in advance.

Moody's also consider that Rutas 2 and 7 is strategically important
for the Government of Paraguay. The Rutas 2 and 7 project
duplicated a 172 kilometers major agricultural route that connects
Assunción and Ciudad del Este, the two main cities in Paraguay.

RATING OUTLOOK

The rating outlook is stable, in line with the stable outlook on
the Government of Paraguay.

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

The rating is closely tied to and constrained by the Government of
Paraguay's foreign-currency issuer rating. Therefore, the rating
could be upgraded if the Government of Paraguay's foreign-currency
issuer rating is upgraded. Similarly, the rating could be
downgraded if the Government of Paraguay's foreign-currency issuer
rating is downgraded.

The principal methodology used in this rating was Generic Project
Finance Methodology published in January 2022.



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

ZAGACITY TECH: Seeks to Extend Plan Exclusivity to October 27
-------------------------------------------------------------
Zagacity Tech LLC asked the U.S. Bankruptcy Court for the District
of Puerto Rico to extend its exclusivity period to file a chapter
11 plan of reorganization and disclosure statement to October 27,
2024.

The Debtor explains that it has concentrated its efforts on
expanding its business operations and margins by aiming to
purchase
its products directly from the manufacturer. In order to achieve
this, the Debtor is working with its financial advisor in the
process of obtaining post-petition financing.

Moreover, the Debtor is in the process of gathering the necessary
information to file an action against a supplier who sold
defective
products to Debtor which forced the Debtor to provide warranty to
such defective products resulting in significant losses which
forced the filing of the captioned case. The Debtor will engage
into settlement negotiations before filing any action before a
court of competent jurisdiction.

The Debtor claims that it is engaged in continuing the delineation
of its reorganization strategy and identifying the treatment for
the creditors to be included in the plan as well as looking for
alternative scenarios to fund the plan.

The Debtor asserts that an extension of the Exclusivity Period
will
be beneficial to its creditors and any party in interest because
it
will allow sufficient time for Debtor to implement new strategies
to strengthen the feasibility of its operation. During this
extended period, Debtor will have a complete picture to enable the
formulation of a viable plan of reorganization and prepare and
identify the information required to adequately inform the
creditors in the Disclosure Statement to be filed.

The Debtor certifies that the instant request is made in good
faith
and that sufficient cause is demonstrated by the need to continue
negotiations with its creditors, reconcile all timely filed
claims,
file the necessary objections, and reach a consensus under the
plan, and Debtor will be in position to file a Disclosure
Statement
and a confirmable plan on or before the expiration of the
requested
extension.

Zagacity Tech, LLC, is represented by:

      Javier Vilarino, Esq.
      Vilarino & Associates, LLC
      P.O. Box 9022515
      San Juan, PR 00902-2515
      Telephone: (787) 565-9894
      Email: jvilarino@vilarinolaw.com

                     About Zagacity Tech

Zagacity Tech LLC distributes and sells technological products,
home appliances, audio and TV, in the home and commercial lines.

Zagacity Tech LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
23-03787)
on November 17, 2023. The petition was signed by Nestor G. Cardona
as president. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and liabilities.

The Debtor tapped Javier Vilarino, Esq., at Vilarino & Associates
LLC as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC
as accountant.




===========================================================
S T .   V I N C E N T   A N D   T H E   G R E N A D I N E S
===========================================================

ST. VINCENT & GRENADINES: Economy Rebounds, IMF Says
----------------------------------------------------
Jamaica Observer reports that international Monetary Fund (IMF)
says St Vincent and the Grenadines' economy rebounded strongly and
has now surpassed the pre-pandemic level.  Growth is also expected
to continue this year, though at a slower rate.

The Washington-based financial institution said in 2022-23 the
economy rebounded strongly from the pandemic and 2021 volcanic
eruptions, returning to pre-pandemic output levels, the report
notes.  It said growth reached 3.1 per cent in 2022 and is
estimated to have accelerated to 5.8 per cent in 2023, according to
Jamaica Observer.

It pointed out that the growth was supported by large public and
private investment and a robust recovery of tourism, which were
enough to outweigh a drop in agriculture due to lingering effects
from volcanic eruptions and the historic high temperature in 2023,
the report relays.  It also said employment has returned to the
pre-pandemic level except, however, for young men, and that female
labour force participation remains relatively low, the report
notes.

Still it noted that, "The outlook is favourable - supported by
continued recovery in tourism and strong investment in
infrastructure - but is subject to downside risks mainly stemming
from an abrupt global slowdown, commodity price volatility, and
potential delays in investment projects," the report discloses.

It said the country's economy is also facing significant challenges
from a rapidly ageing population and the intensifying threat of
natural disasters and climate change, amid the still-high public
debt, the report says.  The fund's executive director said fiscal
policy should focus on building buffers and supporting resilience
and inclusive growth, while safeguarding public debt
sustainability, the report notes.

Yet, it forecasts growth at 4.9 per cent in 2024, supported by
continued growth in tourism and strong investment on
infrastructure, particularly the port project, the report relays.
Inflation is projected to ease to 2.5 per cent by end-2024, on
account of lower imported inflation, the report adds.




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

TRINIDAD & TOBAGO: Special Central Bank Meeting Raises Questions
----------------------------------------------------------------
Trinidad and Tobago Newsday reports that the Central Bank's
Monetary Policy Committee held what it described as "a special
meeting."

What precipitated this, what views were aired and even who attended
are not generally known; such proceedings are not usually public,
according to Trinidad and Tobago Newsday.

It is understood the committee comprises governor Dr Alvin Hilaire,
a deputy governor and three others, the report notes.

Those gathered decided to cut the savings requirement for banks
from 14 to ten per cent, the report relays.

This appears to be the first notable cut in the primary reserve,
outside of covid19 pandemic measures, in almost two decades, the
report discloses.

Questions arise, notes the report. The timing suggests officials
felt the measure was immediately merited.

Without fail over the past five years, the bank has released a
calendar for its monetary policy announcements, and they have been
due in March, June, September and December, the report says.
Though no calendar was released for 2024, up until this month,
notices had been in accordance with the usual, the report notes.

According to the Trinidad and Tobago Newsday, something could not
wait until September.

The announcement's wording, too, has given rise to contradictory
impressions, the report says.

In addition to saying the meeting was special, the bank said it had
examined "the recent decline" in excess reserves of commercial
banks from $3.9 billion in June to $2.7 billion in July, the report
discloses.

At the same time, it suggested its reduction was oriented towards
long-term factors, being "consistent with the Central Bank's
longstanding objective" of moving towards market-determined
instruments, the report relays.

                   Did the bank seize an opportunity?

Trinidad and Tobago Newsday asks, "Was the situation shifting
already at the time of the last June announcement, when it said
there was "skewness" leading to interbank borrowing?"

Did any of this rise to a level meriting special action?

Former deputy governor Terrence Farrell has described the move as
"strange" and "perplexing," questioning whether it related to
government borrowing, the report discloses.  Oropouche West MP
Davendranath Tancoo has asked if the Cabinet plans mega-projects,
the report says.

Minister of Finance Colm Imbert, meanwhile, has pushed against
reports of high levels of public debt and has noted Central Bank
policy reports touch all primary market issuances, including
non-government-guaranteed debt and corporates, the report notes.

Reserve cuts - which regulate how much banks keep off-market and,
thus, how much is free for spending - are not unprecedented and are
often necessary, even amid demand pressures on foreign exchange,
the report relays.

In addition to the emergency reduction from 17 to 14 per cent in
2020, cuts occurred in 2004, 2003, 2001, 1998, 1987 and 1986, the
report relays.  While they can fan inflation and unsustainable
debt, they allow economic stimulation, the report notes.

The report notes the the reserve is a tool.  As noted by
researchers Yannick Melville and Nikkita Persad in a recent Central
Bank paper which might give us some insight into the bank's
thinking, "when to deploy it depends on country-specific
circumstances as well as how the policymaker views the build-up of
vulnerabilities."  It is not one-size-fits-all, the report says.

Banks face penalties for failure to adhere to requirements, and
such penalties could also have worrisome ripple effects, the report
discloses.

A central bank, much like a cabinet, must be discreet, the report
relays.

However, the questions that have arisen at minimum underline the
need for fuller transparency, whatever the current and future
status of public debt, the report adds.



=================
V E N E Z U E L A
=================

VENEZUELA: Crypto Remittances Up as Migration Crisis Worsens
------------------------------------------------------------
James Grainger at Buenos Aires Times reports that as Venezuela
recovers from one of the most dire economic crises in its history,
more families are turning to an unconventional lifeline:
cryptocurrency.

Remittances, or cash payments from relatives living abroad, are
traditionally sent through international banks or financial retail
businesses such as Western Union or MoneyGram often saddled with
high transaction fees of up to seven percent. With the bolivar's
volatility and a host of governmental restrictions, and transfers
taking up to three business days to complete, speed often gives
crypto the upper hand, according to Buenos Aires Times.

Within the last decade, Venezuela has become one of the primary
remittance-dependent nations in South America, the report notes.
After the skyrocketing migration crisis that has faced the country,
about 30 percent of Venezuelan households began receiving
remittances, according to a study by the Inter-American Dialogue,
the report relays.  The amount transmitted via crypto likely
reached a record nine percent of all the money sent home last year,
according to data from the blockchain analysis firm Chainalysis,
the report notes.  

Over 7.7 million migrants and refugees have fled Venezuela in the
last decade, according to the Inter-Agency Coordination Platform
for Refugees and Migrants from Venezuela, the report says.  To put
that in perspective, six million people have left Ukraine since
2022 and five million more have fled Syria since 2011, the report
discloses.

In the last two years, the US's Venezuelan immigrant population has
grown exponentially, with almost 300,000 migrants arriving in the
US last year, the report says.

The exodus has weighed on US cities like New York and Chicago,
adding to expectations that immigration could be one of the main
deciding factors for the US presidential election, the report
relays.

The next step for many migrants after they settle in is to help the
ones they left behind, the report notes.  Last year, Venezuelans
received more than $5.4 billion in remittances, constituting at
least 6% of gross domestic product, according to Inter-American
Dialogue, the report relays.  That's almost 75% higher than the
amount sent in 2021.  Over $461 million of the remittances in 2023
were through cryptocurrencies, the report discloses.

"The number of Venezuelan migrants that are sending remittances has
jumped 50 to 60 percent," said Manuel Orozco, director of the
Migration, Remittances, and Development programme at the
Inter-American Dialogue, the report notes.  "It's not a higher
percentage because the rest of the migrants cannot yet afford to
send money," the report says.

In the case of Paola Moncrieff, one of her goals when she moved to
the United States in 2018 was to find a job where she could afford
to help her relatives back home, the report relays.  After settling
in Austin, Texas, she began sending money through Zelle to a
money-changer known as a cambista, but her favourite way to
transfer funds -- especially to her younger, more tech-savvy
cousins – is through crypto, the report discloses.  To do this,
she buys the memecoin Dogecoin on Coinbase, which have the lowest
transfer fees she could find, as compared to other cryptocurrencies
or stablecoins which have a higher fees in US platforms, the report
relays.

In Venezuela, her cousins use Binance to transfer the Dogecoin into
Tether, a cryptocurrency that seeks to maintain a one-to-one ratio
with the dollar, the report notes.  Once the money is in
stablecoins, they can use it however they prefer: convert it into
bolivars or dollars, or spend it at one of the few businesses in
the country that accept crypto, the report relates.

"Before I could only rely on my cambista and it was really hard
when she didn't have bolivars, but now this way through crypto
solved many of my problems," Moncrieff said, who learned to do this
thanks to her cousin's husband who began playing NFT games during
the pandemic, the report discloses.  "If I need to give my aunt or
my grandma money quickly for any emergency and I know my cambista
doesn't have the money, I ask my cousin to help me by giving them
crypto and they deposit the money in her account," he added.

While cryptocurrency is appealing in Venezuela's remittance scene,
this method of sending or receiving funds is beset with risks, the
report says.

Crypto prices notoriously fluctuate wildly, meaning the amount
that's received can vary significantly from the amount sent, the
report relays.  Regulatory uncertainties add another layer of
risks, the report notes.

Peer-to-peer platforms have become popular for Venezuelans looking
to convert received crypto funds into bolivars, the report
discloses.  They have the option to exchange crypto at market
rates, often bypassing the official exchange controls, the report
says.  And despite Binance's US regulatory issues, it remains the
most popular exchange site for Venezuelans and migrants in many
places of the world, the report notes.

"You don't know who you're talking with when you do peer-to-peer
exchanges," said Enrique De Los Ríos, a cryptocurrency consultant
in Venezuela, the report notes.  "They could give you fake dollar
bills, they could give you money that they used to sell a stolen
car or do any other crimes, there is no entity you can back that
out from," he added.

The massive migration comes in the wake of a major economic
collapse, marked by uncontrolled inflation and widespread shortages
of food and medicine, the report relays.

That's what prompted Carlos Espinoza's move to Argentina in 2018.
Espinoza –\-- whose name has been modified for his family's
safety -- had used crypto for many years before migrating. Now he's
sending remittances by buying Tether on Binance and depositing it
in bolivars into his bank account in Venezuela, which his parents
have access to, the report discloses.

"This is the easiest way I have found to send money to my family
and also save money in another currency hit by hyperinflation,"
Espinoza said, the report says.  "My current job thankfully pays me
in dollars, but back when I made a living in Argentine pesos, I
transferred them into crypto so they wouldn't lose value," he
added.



                           *********


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
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Chapman, Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2746.

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