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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

          Monday, March 31, 2025, Vol. 26, No. 64

                           Headlines



A R G E N T I N A

ARGENTINA: End of FX Controls Key to Reviving IPOs, Goldman Says


B E R M U D A

BERMUDA: Restaurants Seek Relief From Mounting Costs


B R A Z I L

AZUL SECURED: Fitch Rates $525MM Super Priority Secured Notes 'CCC'
BANCO MASTER: Moody's Withdraws 'B3' Deposit Ratings
GOL LINHAS: Signs Chapter 11 Exit Financing Commitment
JBS SA: Pours $100 Million Into Vietnam, Advances NYSE Ambitions


C O L O M B I A

UNE EPM: Fitch Hikes Long-Term IDR to 'BB+', Outlook Stable


P U E R T O   R I C O

CONCORDE METRO: Seeks Chapter 11 Bankruptcy in Puerto Rico


V E N E Z U E L A

VENEZUELA: Trump's Further Crackdown Deepens Oil Isolation

                           - - - - -


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

ARGENTINA: End of FX Controls Key to Reviving IPOs, Goldman Says
----------------------------------------------------------------
Buenos Aires Times reports that Argentina's President Javier Milei
needs to start getting rid of capital and currency controls to lure
equity investors and sustain a rally in the local stock market,
according to Goldman Sachs Group Inc.

"Markets need clarity and certainty that capital can flow freely in
and out of the country, and it's clear the government understands
that and that they're working toward trying to get that done," Max
Ritter, Goldman's head of mergers and acquisitions for Latin
America, said in an interview, according to Buenos Aires Times.

Milei is staring down a critical test with midterm elections later
this year, which will determine whether he'll have runway to cement
his economic reforms and if people are still willing to tolerate
his belt-tightening campaign, the report notes.

Just as important as the election will be removing the capital and
currency controls, Ritter said, not just for long-term strategic
investors "but also equity investors to make sure that,
effectively, the changes are there for good," the report relays.  

With more clarity over who prevails in the October vote, energy
producers will probably be among the first candidates to raise
capital, Ritter said, citing how they generate dollar revenues and
are currently benefiting from a boom in oil and gas production in
the country's Vaca Muerta shale fields, notes the report.

"This is not just about a plan to lower inflation and reduce the
deficit," the report quoted Ritter as saying.  "What Argentina is
going through is a production shift, going from a more protective,
domestic industry to much more export-oriented industry."

But for Argentine companies to attempt initial public offerings,
fund managers first need "to see quality follow-ons happening with
quality, long-term investors," the banker said, the report says.

Argentina has no shortage of challenges ahead.  Chief among them is
a lingering concern that lifting currency controls could trigger a
run on the peso and fan inflation, whose total elimination proved
elusive for Milei's predecessors, the report  notes.  Still, the
nation is projected to bounce back from a bruising recession and
grow more than four percent this year, and expectations are
mounting that a new programme between the government and the
International Monetary Fund is imminent, the report relays.

There's been little in the way of foreign investment flows to match
the praise for Milei, the report says.  Instead, a wave of
multinational companies, including HSBC Holdings Plc, Telefonica SA
and Mercedes-Benz Group AG, have sold their Argentine operations to
local groups since the president took office in December 2023,
recalls the report.

The country hasn't seen a company make an equity-market debut since
2018, the report adds.

It also remains to be seen whether Argentina's incipient recovery
isn't another of many false dawns, the report relays.  Money rushed
to the country during an earlier turn to market-friendly policies,
only to leave when pro-business president Mauricio Macri lost to
the statist Peronist party in a 2019 vote, Buenos Aires Times
relays.

Goldman, however, sees some signs that the economic turnaround may
be here to stay, the report discloses.

"For the first time in a long time, it feels different than other
cycles in Argentina," Ritter said, notes Buenos Aires Times. "This
time it feels that the population understood that difficult
adjustments had to be made to recalibrate incentives correctly."

                  About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota).  The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.

Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.

In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina.  The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.

On Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'.  At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.

On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.

On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.

DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.



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

BERMUDA: Restaurants Seek Relief From Mounting Costs
----------------------------------------------------
The Royal Gazette reports that as Bermuda's restaurant industry
grapples with skyrocketing expenses, one restaurateur is calling on
the Government to ease regulatory burdens and support business
growth in the upcoming 2025-26 Budget.

Phil Barnett, the president and managing director of Island
Restaurant Group and its seven restaurants, is urging policymakers
to reduce red tape and remove hiring restrictions that are
hampering restaurants' ability to give customers the quality meals
they crave, according to The Royal Gazette.

"Let's not add to any of that tax burden wherever we can take away
some of the regulatory red tape," Mr. Barnett said, the report
noets.

One key regulatory concern is the "closed category" for certain
types of work permits, he said, which can prevent restaurants from
hiring specialized staff like high-level bartenders, the report
says.

"There's not a single unemployed bartender in Bermuda," Mr. Barnett
emphasised.  "We've had numerous meetings about it, and we can't
find the quality of bartenders we need," he added.

There are challenges for Bermuda's restaurant industry, including
food costs which have risen dramatically, the report notes.

The basket of goods and services measured by the Consumer Price
Index cost 1.8 per cent more in September 2024 than in September
2023, with the food division rising even more dramatically, by 3.1
per cent, the report discloses.

Meat and fish prices in particular are hitting restaurants hard,
according to Mr Barnett, the report relays.  "We've seen an
increase in our raw materials cost," he explained. "It just feels
like we can never quite catch up to where they need to be in order
to maintain our necessary margins."

Beyond food costs, restaurants are battling multiple expense
pressures, the report notes.

Labour costs are equally of concern, and utility expenses continue
to climb, too, the report relays.  "Electricity is going up," Mr
Barnett noted, while health insurance costs for many employers have
seen "double-digit increases" nearly every year, says the report.

Shipping adds another layer of complexity, the report discloses.
Because Bermuda imports all containers full and exports them empty,
importers pay for both trips, the report relays.

Local fishermen are also feeling the pinch, with fish prices nearly
doubling over the past decade owing to increased fuel and
maintenance expenses, according to Mr Barnett, notes the report.

Because of all of these factors, the industry's profit margins
remain razor-thin, typically hovering at about 4 per cent to 5 per
cent, the report says.  External events like hurricanes can quickly
push restaurants into the red, as fixed costs remain constant
regardless of sales volume, the report relays.

According to the Royal Gazette, population decline compounds these
challenges.  Bermuda's resident population dropped to a 20-year low
in 2022, the Department of Statistics found, which in turn has
reduced the local customer base, the report notes.

Mr. Barnett remains hopeful, particularly about the potential
reopening of the Fairmont Southampton, slated to happen in the next
18 to 24 months, which could boost tourism and create economic
opportunities, the report relays.

"When conferences come, everything's buzzing," he said, the report
notes.

Despite all the challenges, Mr Barnett insists that restaurant
quality and portion sizes have remained consistent, the report
discloses.

"We've certainly not changed our portion size at all," he said,
emphasising that an eight-ounce filet mignon steak remains standard
across Bermuda's restaurants, the report relays.

As the Government prepares its next budget, the restaurant industry
is seeking practical support: reduced regulatory restrictions, more
flexible hiring options and policies that can help stabilise rising
costs, the report adds.



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B R A Z I L
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AZUL SECURED: Fitch Rates $525MM Super Priority Secured Notes 'CCC'
-------------------------------------------------------------------
Fitch Ratings has assigned a rating of 'CCC' with a Recovery Rating
of 'RR4' to Azul Secured Finance LLP's USD525 million super
priority secured notes due 2030.

Fitch currently rates Azul S.A., the guarantor of the notes, with
Long-Term Foreign and Local Currency Issuer Default Rating (IDRs)
of 'CCC' and a Positive Rating Outlook. The Positive Outlook
reflects expectations of Azul's credit profile strengthening in the
short to medium term due to cash flow improvements and potential
liquidity events from its restructuring plan. High leverage,
limited financial flexibility and industry risks remain rating
constraints.

                       Key Rating Drivers

Debt Agreement Qualified as DDE: On Jan. 28, 2025, Azul announced
the conclusion of its broad refinancing agreement involving its
main creditors and suppliers, including the exchange offer for its
existing 2029 and 2030 notes. The total amount reached around
BRL5.4 billion, out of a total debt of BRL30.7 billion as of Sept.
30, 2024.

Per its criteria, Fitch views this as a distressed debt exchange
(DDE). The deal was assessed to avoid default. Despite no immediate
debt haircut or maturity extension, bondholders who did not accept
the deal faced worse terms due to the larger secured debt profile
and lower returns from the equitization of part of the 2029 and
2030 notes. Azul also announced the completion of a USD525 million
superpriority notes issuance, a precedent condition for the
restructuring deal.

Lessors and OEM Agreement: Azul reached commercial agreements with
lessors and OEMs totaling approximately USD557 million in exchange
for 96 million new AZUL4 preferred shares in a one-time issuance to
be completed in the first quarter of 2025. The process involves
extinguishing USD244 million of existing notes held by certain
lessors and OEMs and exchanging the remaining 2030 lessor/OEM notes
for new unsecured notes due in 2032, with an option to pay interest
in kind.

These agreements included a financing condition tied to ongoing
negotiations with bondholders and the ability to raise new debt.
According to Azul, this agreement will improve cash flow by
approximately USD300 million over 2025, 2026 and 2027.

Agreement with Bondholders: Azul secured the current USD525 million
superpriority funding agreement with bondholders, including USD150
million provided in November 2024 that has been fully paid. This
involved equitizing USD785 million of new 2029 and 2030 notes into
preferred shares: 35.0% of the new exchange notes by April 30,
2025, and 12.5% upon completing an equity offering raising at least
USD200 million. The remaining 52.5% will be exchanged by April 30,
2025, into new exchangeable notes with 4.0% cash interest plus 6.0%
payment in kind.

Successful Restructuring to Improve Liquidity: Besides the new
USD525 million issuance, Azul is looking for an opportunity to
raise additional cash from a potential follow-on equity issuance
and other sources of liquidity, including ABGF (Agencia Brasileira
Gestora de Fundos Garantidores e Garantias). Fitch believes these
events still carry execution risk as they depend on market
conditions and are not entirely within management's control and
cannot assume this as its base case scenario. Azul's ability to
enhance its liquidity and manage refinancing risks in the short to
medium term could further benefit its ratings.

Cash Flow Burn: Azul faced multiple challenges such as BRL
devaluation, an approximate 10% revenue loss due to Rio Grande do
Sul flooding, and delays in receiving new aircraft, all of which
pressured its operating cash flow generation during 2024. These
factors, along with high interest, rental payments and capital
expenditures, result in recurring negative free cash flow. EBITDA
generation reached around BRL6 billion in 2024, and Fitch expects
it to move closer to BRL7.2 billion in 2025. Lease rental,
interest, and capex are projected to total BRL8 billion in 2025.

Effective Deleveraging Expected Late 2025: Azul's leverage is
expected to peak in 2024 and decline through 2025, reaching 4.5x by
2026, according to Fitch's estimates. Improvements in EBITDA
generation are expected to restore its credit profile in the medium
term. Fitch's base case forecasts total and net adjusted
leverage/EBITDAR ratios of 6.2x and 6.0x, respectively, in 2024,
decreasing to 5.0x and 4.7x, respectively, in 2025 and 4.7x and
4.5x, respectively, in 2026. Fitch calculates Azul's total debt at
BRL37 billion by year-end Dec. 31, 2024.

Potential Merger with GOL: The current rating scenarios do not
incorporate any consolidation movement. Azul has been vocal about
its strategy to consolidate the market and is considering a
potential transaction with GOL Linhas Aereas Inteligentes S.A.
(currently undergoing Chapter 11 proceedings in the U.S.). The
final terms of the deal and the pro forma capital structure of the
combined entity remain unclear. Once information is available Fitch
will reassess the impact on Azul's ratings post-merger.

                      Peer Analysis

Azul has a weaker position relative to global peers given its
limited geographic diversification, higher operating leverage and
weaker financial flexibility. In terms of regional peers, it has a
weaker position than LATAM Airlines Group S.A.(BB-/Positive) and
Avianca Group International Limited (B/Stable) in business
diversification, liquidity and financial flexibility. In contrast
to LATAM and Avianca, Azul has not completed a debt haircut as part
of its post-pandemic restructuring.

Azul's strong position in the Brazilian regional market and high
operating margins have been major rating drivers. FX risk is a
negative credit factor, considering its limited geographic
diversification. The company employs currency hedging, which only
partially mitigates this risk.

Fitch expects LATAM and Avianca to maintain gross leverage of about
2.5x and 3.5x, respectively, in the next two years, while Azul's
credit metrics should be around 4.5x in 2024. Azul's leasing and
interest burden and capex program significantly increase the risks
associated with funding its sizable negative FCF.

Key Assumptions

- Fitch's base case during 2025 and 2026 includes an increase in
ASK by 6% and 11%, respectively, and in RPK of 6% and 10%,
respectively;

- Load factors around 80%-81% during 2025 and 2026;

- Adjusted EBITDAR margins of around 30%-32% in 2025 and 2026;

- Capex of BRL1.4 billion in 2025 and BRL2.0 billion in 2026.

Recovery Analysis

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

Going Concern Approach

Azul's going concern EBITDA is BRL2.5 billion, which incorporates
the low-end expectations of Azul's EBITDA post-pandemic, adjusted
by lease expenses, and a discount of 20%. The going concern EBITDA
estimate reflects its view of a sustainable, post-reorganization
EBITDA level on which Fitch bases the valuation of the company. The
enterprise value (EV)/EBITDA multiple applied is 5.5x, reflecting
Azul's strong market position in Brazil.

Fitch applies a waterfall analysis to the post-default EV, based on
the relative claims of the debt in the capital structure. The debt
waterfall assumptions consider the company's total debt as of Dec.
31, 2024. These assumptions result in a recovery rate for the
first-lien and superpriority secured bonds within the 'RR1' range
and second-lien secured notes within the 'RR2' range. However, due
to the soft cap of Brazil at 'RR4', Azul's senior secured notes are
rated at 'CCC'/'RR4'. For the unsecured notes, the recovery is in
the 'RR6' range, resulting in a rating of 'CC'/'RR6'.

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

- EBITDAR fixed-charge coverage sustained at or above 1.1x;

- FCF generation above Fitch's base case expectations;

- Gross and net leverage consistently below 5.5x and 5.0x,
respectively;

- Continued solid rebound of Brazilian domestic air traffic.

                  Liquidity and Debt Structure

Azul's short-term maturities totaled BRL8.5 billion (BRL2.2 billion
of financial debt and BRL6.3 billion of leasing obligations) as of
Dec. 31, 2024. Azul's readily available cash, per Fitch's criteria,
declined to BRL1.3 billion from BRL1.9 billion at the end of
December 2023. According to Fitch's estimates, Azul would not be
able to generate enough cash flow and lacks sufficient liquidity to
fulfill those obligations without new money.

Total debt was BRL31.2 billion, and primarily consists of BRL17.3
billion of leasing obligations, BRL977 million of the bridge notes
due 2025, BRL196 million of cross-border senior unsecured notes due
2026, and BRL11.4 billion of secured issuances due 2028, 2029 and
2030.

Issuer Profile

Azul is one of Brazil's largest airlines, dominating the regional
market and serving as the sole carrier on 82% of its routes. In
2024, 93% of its revenues came from passengers, while 7% came from
cargo and other sources.

Date of Relevant Committee

January 31, 2025

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.

ESG Considerations

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   
   -----------            ------          --------   
Azul Secured
Finance LLP
super senior       LT CCC  New Rating    RR4


BANCO MASTER: Moody's Withdraws 'B3' Deposit Ratings
----------------------------------------------------
Moody's Ratings has withdrawn all ratings of Banco Master S.A.
(Master), including the B3 and Not Prime long- and short-term
local- and foreign-currency deposit ratings, as well as the B2 and
Not Prime long- and short-term local- and foreign-currency
counterparty risk ratings. The bank's baseline credit assessment
(BCA) and adjusted BCA were also withdrawn, previously at b3, and
long- and short-term counterparty risk assessments (CRAs) of B2(cr)
and Not Prime(cr), respectively, were withdrawn. Prior to the
withdrawal, the outlook on the long-term deposit ratings was
positive.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

Banco Master S.A. is headquartered in Sao Paulo, Brazil, with
assets of BRL51.0 billion and shareholders' equity of BRL4.19
billion as of June 30, 2024.

GOL LINHAS: Signs Chapter 11 Exit Financing Commitment
------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazilian
airline Gol said it had entered an exit financing commitment with
certain investors, without naming them, as it eyed exiting chapter
11 bankruptcy proceedings.

Under the deal, the parties have committed to purchasing up to
$1.25 billion of the $1.9 billion debt instruments to be issued as
part of the process, which will be used to repay obligations under
a debtor-in-possession financing, according to the report.

GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.

GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.

GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.

The Debtors tapped Milbank Llp as counsel, Seabury Securities LlC
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring Administration
LLC is the claims agent.

JBS SA: Pours $100 Million Into Vietnam, Advances NYSE Ambitions
----------------------------------------------------------------
Rio Times Online reports that JBS SA disclosed a $100 million
investment on March 29, 2025, to build two factories in Vietnam.

The move follows President Luiz Inacio Lula da Silva's visit, which
secured a deal for direct beef exports to Vietnam with President
Luong Cuong, according to Rio Times Online.

This step strengthens ties between Brazil and Vietnam, opening a
new market for JBS amid rising Asian demand, the report notes.

The plants will produce beef, pork, and poultry, using Brazilian
raw materials to supply Vietnam and Southeast Asia's 650 million
consumers, the report relays.

JBS targets a region where growing incomes and urban lifestyles
fuel meat consumption, projected to rise through 2030, the report
discloses.

The company signed a deal with Vietnam's government and the Sao Do
Group to launch the project in Nam Dinh Vu Industrial Park, the
report says.

The first factory, set in Hai Phong, will feature a logistics hub
for storage, cutting, and packaging, with a second plant planned
for southern Vietnam in two years, the report relays.

Renato Costa, head of JBS's beef unit Friboi, stressed the focus on
jobs, food security, and sustainable growth in Southeast Asia, the
report notes.  The project will create 500 direct jobs and offer
training to local workers, the report relays.

Vietnam's economy grows at 6-7% yearly, and its 100 million people
increasingly seek diverse meats after swine fever cut pork
supplies, the report discloses.

JBS fills this gap, leveraging Brazil's status as the top beef
exporter, the report notes.  The company's shares have climbed 9%
in 2025, with a market value nearing $14.5 billion, the report
relays.

JBS began as a small Brazilian operation in 1953 and now leads
globally, processing millions of animals yearly after major U.S.
and European buyouts, the report notes.

This Vietnam venture marks its first food production there,
complementing an existing leather plant, the report says.  The firm
also eyes a New York Stock Exchange listing to draw more investors,
the report relays.

The investment promises $800 million in dividends after strong
earnings, reflecting confidence in Brazil's agribusiness, which
drives 25% of its GDP, the report discloses.

Analysts see JBS capitalizing on Vietnam's strategic spot to cut
shipping costs and barriers across Southeast Asia, the report says.
Success here could spark moves into Indonesia or Malaysia, the
report notes.

Both nations gain from this deal, with Vietnam modernizing
agriculture and Brazil boosting exports to Asia, a key trade
partner, according to the report.

The Nam Dinh Vu plant aims to start within 18 months, pending
approvals, linking two continents in a practical push for growth
and stability, the report adds.

                        About JBS SA

JBS S.A. is a Brazilian company that is a large meat processing
enterprise, producing factory processed beef, chicken, salmon,
pork, and also selling by-products from the processing of these
meats.  It is headquartered in Sao Paulo.  It was founded in 1953
in Anapolis, Goias.

As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook
on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A.
(JBS USA) to positive from stable and affirmed its 'BB+' issuer
credit rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.




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

UNE EPM: Fitch Hikes Long-Term IDR to 'BB+', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded UNE EPM Telecomunicaciones S.A.'s (Tigo
UNE) Long-Term Foreign Currency and Local Currency Issuer Default
Ratings (IDRs) to 'BB+' from 'BB', National Long-Term Rating to
'AA+(col)' from 'AA(col)', and COP unsecured notes to 'AA+(col)'
from 'AA(col)'. Fitch has also affirmed Tigo UNE's National
Short-Term Rating at 'F1+(col)' and its CP rating under the
"Programa de Emisión y Colocación de Bonos Ordinarios y Papeles
Comerciales" at 'F1+(col)'. The Rating Outlook is Stable.

The upgrade and Stable Outlook reflect Tigo UNE's improved
operational performance and lower leverage, as well as the change
in the ESG Relevance Score for Governance Structure to '4' from
'5'. This change is mainly due to less uncertainty about the
support from its two shareholders, Millicom International Cellular
S.A. (Millicom; BB+/Stable) and Empresas Públicas de Medellín
(EPM; BB+/Negative), and the proven ability to access external
sources of debt for future refinancing needs.

Key Rating Drivers

Improvement in Operational and Financial Performance: Fitch expects
the company to maintain an EBITDA margin of around 30% and net
leverage below 1.5x in the medium term, driven by positive revenue
expectations and cost reduction efforts. In 2024, the cost
reduction improved its EBITDA margin to 33% from 25% in 2023,
supported by a 10% growth in mobile service revenue, despite a 5.9%
reduction in fixed business revenue. This resulted in Tigo UNE
lowering its net leverage to 1.4x in 2024 from 2.0x in 2023.

Free Cash Flow Trend: Fitch projects that Tigo UNE's FCF will
become positive in 2025 and gradually improve as it maintains an
EBITDA margin of around 30%, adopts a conservative capex plan, and
sustains a minimum dividend distribution. Spectrum costs should
decrease due to the network-sharing agreement with Colombia
Telecomunicaciones S.A. ESP BIC (Coltel; BB+/Stable). Fitch expects
a capex intensity shift from 29% in 2023 to 18% during the
2025-2027 period, generating an FCF margin of around 2%-4% in the
medium term.

Strong Competitive Environment: The Colombian mobile market is
expected to remain highly competitive as incumbent operators
continue to defend market share and develop their 5G service. Fitch
anticipates that industry average revenue per user (ARPU) will be
pressured in the postpaid segment as WOM Colombia S.A.S. defends
its market position. The country's mobile penetration, now above
170% compared to 135% in 2019, contributes to ARPU pressure.
Competition is also growing in fixed broadband, with Coltel
pursuing efforts to utilize its fiber network capacity amid slower
post-pandemic demand.

Solid Market Position and Broad Diversification: Tigo UNE
demonstrates relative strength in the fixed home segment, a strong
spectrum position aligned with its coverage strategy, and a mobile
network buildout with strong postpaid data user growth. Fitch
believes these factors will help the company defend its market
share in the mobile and fixed home segments. Tigo UNE is
well-diversified across home and mobile segments, which account for
32% and 46% of 2024 consolidated revenues, respectively, achieving
market shares of 17.4% (second in the market) and 17% (third
place).

Ongoing Consolidation Process: The potential consolidation of Tigo
UNE and Coltel would create a strong second telecom operator in
Colombia, with significant market shares of 34% in fixed broadband
and 41% in mobile services on a pro forma basis. This move could
allow for a reduction in competitive pressures and improve customer
churn metrics as well as EBITDA margins. Millicom's agreement
includes acquiring EPM's 50% stake in Tigo UNE. In August 2024, the
Medellín City Council approved the sale of EPM's stake in Tigo
UNE. Following the current valuation process, Millicom could
finalize the purchase. The transaction is expected to close in
early 2026.

Parent-Subsidiary Linkages: Fitch views Tigo UNE's Standalone
Credit Profile (SCP) as the same as Millicom's. The company's
ratings reflect weak linkages with EPM. Although UNE EPM is a 50/50
joint venture (JV), Millicom exerts greater influence.

Peer Analysis

Tigo UNE's business profile is comparable to other diversified
telecom operators in Latin America. Tigo UNE's overall business is
similar to that of direct competitor Coltel, with similar revenue
shares of the overall Colombian market, although Tigo UNE has a
longer history of maintaining lower leverage. Tigo UNE has a
slightly higher market share in fixed broadband than Colombia
Telecomunicaciones. While Tigo UNE's network is based on Hybrid
Fiber-Coaxial (HFC), Colombia Telecomunicaciones' network is mainly
based on more advanced fiber to the home FTTH.

With greater scale and diversification, Tigo UNE's business profile
is somewhat stronger than Empresa de Telecomunicaciones de Bogotá,
S.A., E.S.P. (ETB; BB+/Negative). In addition, Tigo UNE showed a
stronger financial profile, with lower leverage than ETB.

Tigo UNE is rated below Telefónica Moviles Chile S.A. (TMCH;
BBB-/Negative), a leading integrated telecommunications service
provider in Chile. Similar to TMCH, Tigo UNE holds a secondary
position in Colombia behind Claro in the fixed business and is the
third-largest mobile data player by market share. Both telcos
operate in highly competitive markets. Despite TMCH having higher
leverage than Tigo UNE, operates in a market with lower country
risk and better operating environment.

Key Assumptions

- Revenue-generating units (RGUs) with a low single-digit
contraction, due to the secular declines of fixed line and pay-TV
businesses, offset by a low single-digit growth in fixed
broadband;

- Blended home ARPUs with a low single-digit growth, impacted by
competitive pressures in broadband and pay-TV and secular declines
in fixed voice;

- B2B revenue growth in the mid-single digits driven by growing
demand for digital services;

- Total mobile subscriptions and blended mobile ARPUs growing
modestly in the low single-digit range;

- EBITDA margins improving to around 31% in the projected period,
from 25% in 2023, as cost-control measures offset revenue pressures
due to strong competition;

- Capex intensity at around 18% over the rating horizon, down from
approximately 29% in 2023, due mainly to lower spectrum payment
needs;

- Gross debt/EBITDA of around 1.5x-1.2x and net debt to EBITDA of
around 1.4x-1.0x over the rating horizon;

- No material dividend's distribution over the rating horizon.

RATING SENSITIVITIES

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

- Deterioration in business position due to competitive pressures;

- Net leverage of 3.5x or above;

- (CFO-capex)/ debt sustained below 7.5%;

- Relevant change in capex plan or dividend distribution, beyond
Fitch expectations;

- Multi-notch downgrade of Millicom should the acquisition of EPM's
shares on Tigo UNE's be completed.

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

- Sustained (CFO-capex)/debt above 12.5%;

- Upgrade of Millicom rating should the acquisition of EPM's shares
on Tigo UNE's be completed;

Liquidity and Debt Structure

The company has a limited cash position. Tigo UNE had COP117
billion in cash and equivalents as of Dec. 31, 2024, which
represents 39% of short-term maturities totaling COP300 billion, of
which COP210 billion is a loan with BBVA, COP85 billion with
Bancolombia and COP5 billion with Davivienda. The company has
managed to improve its access to the capital market with an
additional COP1 trillion bond program in 2024, of which COP840
billion is available, and bank lines to be used in the refinancing
process.

As of Dec. 31, 2024, the company's debt totaled COP2.7 trillion,
all of which was denominated in Colombian pesos. The company's debt
is evenly split between bank loans and COP bonds.

Issuer Profile

Tigo UNE is an integrated telecommunications services provider in
Colombia. The company offers mobile, broadband internet, fixed
telephony, and Pay-TV. The company operates as a JV between
Millicom International Cellular S.A. and Empresas Publicas de
Medellin (EPM).

Summary of Financial Adjustments

Adjustment of Lease Adjustments on Opex.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

Public Ratings with Credit Linkage to other ratings
Related with Millicom Ratings due to Parent And Subsidiary Rating
Criteria

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.

ESG Considerations

UNE EPM Telecomunicaciones S.A. has an ESG Relevance Score of '4'
for Management Strategy due to governance concerns, which have
impaired management's ability to execute on its strategy in the
past, which has a negative impact on the credit profile, and is
relevant to the rating[s] in conjunction with other factors.

UNE EPM Telecomunicaciones S.A. has an ESG Relevance Score of '4'
for Governance Structure due to due to the current JV structure
providing less decision flexibility compared to a public listed
company, which has a negative impact on the credit profile, and is
relevant to the rating[s] in conjunction with other factors. The
change in the score to '4' from '5' is based on Tigo UNE's proven
ability to access external sources of financing over the last year.
The decision by the Medellín Council to sell EPM's stake in Tigo
UNE is a positive sign of improvement in the relationship between
the shareholders.

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            Prior
   -----------                  ------            -----
UNE EPM
Telecomunicaciones
S.A.                  LT IDR      BB+  Upgrade    BB
                      LC LT IDR   BB+  Upgrade    BB
                      Natl LT AA+(col) Upgrade    AA(col)
                      Natl ST F1+(col) Affirmed   F1+(col)

   senior unsecured   Natl LT AA+(col) Upgrade    AA(col)

   senior unsecured   Natl ST F1+(col) Affirmed   F1+(col)



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

CONCORDE METRO: Seeks Chapter 11 Bankruptcy in Puerto Rico
----------------------------------------------------------
On March 24, 2025, Concorde Metro Seguros LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of Puerto
Rico. According to court filing, 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.

           About Concorde Metro Seguros LLC

Concorde Metro Seguros LLC is a single-asset real estate debtor,
as defined in 11 U.S.C. Section 101(51B). The Company's primary
business involves managing the Metro Medical Center in Bayamon,
Puerto Rico, which serves as its principal asset.

Concorde Metro Seguros LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269 ) on March
24, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

The Debtor is represented by Javier Vilarino, Esq. at VILARINO AND
ASSOCIATES LLC.




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

VENEZUELA: Trump's Further Crackdown Deepens Oil Isolation
----------------------------------------------------------
Juan Martinez at Rio Times Online reports that the Trump
administration revoked licenses and waivers, barring Western energy
firms from operating in Venezuela, sources close to the matter
revealed.  This move further isolates President Nicolas Maduro from
global oil markets, according to the report.

It targets companies like Global Oil Terminals, led by Florida
energy tycoon Harry Sargeant III, alongside Spain's Repsol and
France's Maurel et Prom, Rio Times notes.

These firms face a deadline of May 27 to halt operations, impacting
deals with Venezuela's state-owned PDVSA, the report relays.

The decision also scraps permits for gas companies tied to PDVSA,
tightening the economic noose, the report notes.

Previously, the U.S. Treasury issued authorizations allowing firms
to export Venezuelan oil despite sanctions, a workaround now
dismantled, the report discloses.

Global Oil Terminals must settle financial ties with PDVSA by April
2, clearing debts from asphalt purchases, the report says.

Sargeant secured a two-year waiver last May to supply the U.S. and
Caribbean, but that lifeline ends now, the report relays.

Chevron, another major player, also received a May 27 cutoff to
exit, part of Trump's push for democratic reforms and migrant
returns, the report notes.

Venezuela sits on the world's largest proven oil reserves, yet
production has plummeted from 3.2 million barrels daily decades ago
to under 1 million today, the report relays.

Sanctions, corruption, and mismanagement crippled PDVSA, slashing
output, according to Rio Times Online. Chevron's 240,000 barrels
per day once offered relief, but its departure risks further
decline, the report discloses.

The Treasury remains silent, as do the White House, National
Security Council, and State Department, notes the report. Repsol,
Maurel et Prom, and PDVSA also declined to comment.

  Trump's Further Crackdown Deepens Venezuela's Oil Isolation

Meanwhile, Maduro's regime loses critical revenue -- Chevron alone
contributed billions in taxes since 2022, per industry estimates,
notes Rio Times Online.

Trump's strategy echoes his first term's "maximum pressure"
campaign, now intensified with tariffs, the report relays.

Countries buying Venezuelan oil face a 25% levy on U.S. trade
starting April 2, hitting China, India, and Spain hard. China,
importing 351,000 barrels daily in 2024, may rethink its stance,
the report notes.

This escalation aims to choke Maduro's finances, linked by Trump to
migration and crime, like the Tren de Aragua gang's U.S. presence,
the report discloses.

Critics argue it may spike migration further as Venezuela's economy
worsens, the report says.  Oil prices rose 1% after the tariff
news, though U.S. output cushions global supply fears, the report
notes.

For businesses, the stakes are clear: lost investments and
disrupted supply chains loom large, the report says.

Sargeant's Republican ties add a political layer, but the core
issue is economic -- Venezuela's oil, once a lifeline, now fuels a
standoff with global ripples, the report adds.

                       About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after
the death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Moody's has withdrawn 'C' local currency and foreign currency
ceilings for Venezuela in September 2022.  Standard & Poors has
also withdrawn its 'SD/D' foreign currency sovereign credit
ratings and 'CCC-/C' local currency ratings on Venezuela in
September 2021 due to lack of sufficient information.  Fitch
withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in
June 2019 due to the imposition of U.S. sanctions on the country's
government.



                           *********


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

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