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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, April 14, 2025, Vol. 26, No. 74

                           Headlines



A R G E N T I N A

ARGENTINA: New Peso-Greenback Currency Band Could Mean Devaluation


B A H A M A S

BAHAMAS: Fitch Assigns 'BB-' Long-Term IDR, Outlook Stable
BAHAMAS: Moody's Affirms 'B1' Issuer Rating, Alters Outlook to Pos.


B R A Z I L

BANCO DE BRASILIA: Moody's Puts 'B1' Rating on Review for Downgrade
GOL LINHAS: Amends Plan to Include AerCap Secured Note Claims
GOL LINHAS: Court Approves Disclosure Statement
GOL LINHAS: May 20 Chapter 11 Plan Confirmation Hearing Set
ODEBRECHT ENGENHARIA: Judge Agrees to Give Firm Ch. 15 Nod



C O L O M B I A

P.A AUTOPISTA: Fitch Alters Outlook on 'BB' Ratings to Positive


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 10% US Tariff May Have Lower Relative Impact


J A M A I C A

JAMAICA: Focused on Lowering Debt to GDP Ratio to 60% by 2027/2028
JAMAICA: Yam Exports Being Retarded Despite Increased Demand

                           - - - - -


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A R G E N T I N A
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ARGENTINA: New Peso-Greenback Currency Band Could Mean Devaluation
------------------------------------------------------------------
Buenos Aires Times reports that Argentina has introduced a new
exchange rate band for the peso, ranging from 1,000 to 1,400 per US
dollar, following the removal of currency controls earlier and the
announcement of a new financing agreement with the International
Monetary Fund (IMF).

If the peso reaches the upper limit of the band, the shift would
represent a 23 percent devaluation compared to the previous
official rate, according to Buenos Aires Times.  Government
officials indicated they do not expect the currency to move
immediately to that ceiling, the report notes.

The new regime replaces earlier mechanisms, including the dolar
blend, which had allowed exporters to convert a portion of their
foreign earnings at a more favourable rate, the report relays.
Authorities said the changes are aimed at improving reserve
accumulation and aligning the official rate more closely with
market conditions, the report discloses.

A monthly one percent crawling peg - a mechanism that adjusts the
floor and ceiling of the band gradually over time - will operate
within the new range, the report says.

Depending on where the currency stabilizes within the band, the
shift could amount to an appreciation of nearly 30 percent compared
to previous benchmarks, the report discloses.

The Central Bank will have access to US$28.1 billion in funding to
support the transition, including IMF disbursements, a Chinese swap
line, and repo operations with international banks, the report
notes.

Officials say the changes are intended to support macroeconomic
stabilization and to create conditions for increased foreign
currency inflows, the report adds.

                  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.



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B A H A M A S
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BAHAMAS: Fitch Assigns 'BB-' Long-Term IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned the Commonwealth of the Bahamas a
Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB-'.
The Rating Outlook is Stable.

Key Rating Drivers

Strong Governance; High Debt: The ratings reflect the Commonwealth
of the Bahamas's high GDP per capita and strong governance, as
reflected in recent progress on structural fiscal consolidation.
These strengths are offset by low potential growth, heavy reliance
on tourism and the country's exposure to climate-related shocks.
The ratings are also constrained by high interest and debt burdens
relative to peers, although these are on an improving trend due to
ongoing fiscal consolidation efforts.

Fiscal Position Continues to Improve: Government finances have
improved markedly over the past couple of years, with the fiscal
deficit declining to 1.3% of GDP in the fiscal year ended June 2024
(FY2023/24) from 3.7% in FY2022/23. The primary surplus reached
2.9% in FY2023/24, the highest level in at least 25 years. This
fiscal consolidation reflects strong growth in revenue to 20.7% of
GDP in FY2023/24 from 16.2% in FY2017/18, as a result of improved
revenue administration and some new measures.

Fitch forecasts additional revenue growth, including from the new
global minimum tax of around 1% of GDP and further revenue
mobilization, which will improve the deficit to 0.5% in FY2024/25.
Fitch expects a surplus of 1.2% in FY2025/26, which is less than
the 2.8% expected by the authorities, based on their expectation of
additional revenue measures.

Debt High but Declining: Fiscal consolidation aims to decrease the
still-high debt-to-GDP ratio, which was 81.5% of GDP in FY2023/24,
including guaranteed public sector debt (2.2% of GDP). Debt has
declined considerably since its FY2019/20 peak of 99.0% but is
still well above the 'BB'-median of 53.3% and the pre-Covid ratio
of 65.0%. Fitch expects it to fall to 77.7% by FY2025/26. The 50%
of GDP target by FY2030/31 is ambitious but achievable with
additional measures. Most government debt (57%) is in the domestic
market and is generally of shorter duration, exposing the
government to rollover risk; although, it does have
non-concessional financing from multilateral and bilateral partners
and may tap the external market this year. Interest-to-revenue is
high at around 20%, although Fitch expects it to decline.

Tourism Drives the Economy: The Bahamas's economy is built around
the tourism industry, which has robust cruise and stay-over
sub-sectors. The industry benefits from the ability to diversify
the product across the archipelago, as well as the country's
proximity to the U.S. Fitch estimates real GDP growth at 1.9% in
2024, down from 2.6% in 2023, reflecting the tapering-off of the
post-pandemic rebound. Fitch forecasts growth to slow to 1.6% by
2026. Potential growth at 1.5% is low compared to the projected
'BB' median of 3.7% in 2025-2026, although it is higher than the
Bahamas's pre-pandemic average of 0.9%. This reflects expanded
tourist interest. Lower potential growth reflects structural
constraints, including labor market challenges and the small size
of the economy, and the relative maturity of the tourism sector.

Risk of Shocks Are Persistent: As a small, tourism-dependent
economy, the Bahamas is exposed to external shocks, most notably
its dependence on imported goods, its exposure to the US economic
cycle and its presence within the hurricane belt. The government
has instituted some mitigants to these risks, including the
deployment of insurance and contingency funds to address the
impacts of a large hurricane. Even so, a severe shock could have
serious implications for the economy and the government's
finances.

Current Account Deficit is High: The current account deficit (CAD)
is high at 8.6% of GDP in 2024 compared to the 'BB'-median of 2.3%;
although it is improved from the 10.6% average between 2005 and
2019. Rapid growth in tourism has bolstered services exports,
offsetting the increase in goods imports. Fitch expects the balance
to remain broadly stable, improving to 8.3% and 8.1% in 2025 and
2026, respectively. International reserves have been stable at
USD2.6 billion or 3.8 months of current external payments in 2024,
which is low in the context of the pegged exchange rate and the
economy's external vulnerabilities. However, the domestic financial
sector has substantial external liquidity of its own that serves as
a buffer in the event of shocks.

Monetary Policy is Limited: Due to the fixed exchange rate, the
Central Bank of the Bahamas (CBB) has limited monetary policy tools
at its disposal. There is no use of the monetary policy rate and,
unlike some other Caribbean islands with pegged rates, the CBB does
not rely on reserve requirements. Instead, it mainly uses
macroprudential rules and capital controls to manage monetary
conditions, highlighting some shortcomings and lack of flexibility
in the policy framework.

Financial Services is a Second Economic Pillar: Unlike many
Caribbean countries, the Bahamas financial services industry serves
as a second, albeit considerably smaller, pillar of the economy,
accounting for around 9% of GDP. The offshore sector, which
predominantly serves private wealth clients, benefits from its
proximity to the US and the relatively large volume of expats who
have a home on the islands. It has consolidated in recent years,
although that has likely levelled off. The domestic banking sector
is stable and highly liquid. Non-performing loans are elevated at
8.1% of GDP in 2024, although these are considerably reduced from
the peak of 21.6% in 2013. Most banks are well-capitalized with
two- to three-times more reserves than the required 15%.

ESG - Governance: The Bahamas has an ESG Relevance Score (RS) of
'5' [+] for both Political Stability and Rights and for the Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption. These scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model (SRM). The Bahamas has a high WBGI ranking at 69.4,
reflecting its long track record of stable and peaceful political
transitions, well established rights for participation in the
political process, strong institutional capacity, effective rule of
law and a low level of corruption.

RATING SENSITIVITIES

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

Public Finances

- A renewed rise in debt and interest burdens, for example driven
by an economic shock or a reversal in ongoing fiscal
consolidation;

- Evidence of fiscal financing challenges;

External Finances

- An adverse tourism or weather shock that undermines foreign
reserve levels and the external position.

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

Public Finances

- Strong fiscal consolidation that delivers a substantial reduction
in debt and interest burdens;

External Finances

- Policies that allow for accumulation of substantial buffers
against external shocks, such as hurricanes.

Macro

- Improved investment and growth prospects and evidence of greater
economic diversification.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns the Bahamas a score equivalent to a
rating of 'BB+' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final Long-Term Foreign Currency IDR by applying
its qualitative overlay (QO), relative to SRM data and output, as
follows:

Public Finances: -1 notch, to reflect fiscal financing constraints
and a high government debt burden. The SRM is estimated on the
basis of a linear approach to government debt/GDP and does not
fully capture the risk at high debt levels. Financing needs remain
high, and financing options limited and costly in regard to
external market financing.

External Finances: -1 notch, to reflect vulnerability to external
shocks, stemming from exposure to natural disasters and high
dependence on tourism, and limited policy flexibility and buffers
to manage such shocks. The economy also has a large current account
deficit and high net external debt and has resorted to capital
controls.

Fitch's SRM is the agency's proprietary multiple regression rating
model. It employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within its criteria that are not fully quantifiable and/or
not fully reflected in the SRM.

Country Ceiling

The Country Ceiling for the Bahamas is 'BB-' in line with the
Long-Term Foreign Currency IDR. This reflects moderate constraints
and incentives, relative to the IDR, against imposed capital or
exchange controls that would prevent or significantly impede the
private sector from converting local currency into foreign currency
and transferring the proceeds to non-resident creditors to service
debt payments.

Fitch's Country Ceiling model produced a starting point uplift of 0
notches above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

Date of Relevant Committee

31 March 2025

ESG Considerations

The Bahamas has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as WBGIs have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and a key
rating driver with a high weight. As the Bahamas has a percentile
rank above 50 for the respective Governance Indicator, this has a
positive impact on the credit profile.

The Bahamas an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As The Bahamas has a percentile rank above 50 for the
respective Governance Indicators, this has a positive impact on the
credit profile.

The Bahamas has an ESG Relevance Score of '4' [+] for Human Rights
and Political Freedoms as the Voice and Accountability pillar of
the WBGIs is relevant to the rating and a rating driver. As the
Bahamas has a percentile rank above 50 for the respective
Governance Indicator, this has a positive impact on the credit
profile.

The Bahamas has an ESG Relevance Score of '4' [+] for Creditor
Rights as willingness to service and repay debt is relevant to the
rating and is a rating driver for the Bahamas as for all
sovereigns. As the Bahamas has a track record of 20+ years without
a restructuring of public debt as captured in its SRM variable,
this has a positive impact on the credit profile.

The Bahamas has an ESG Relevance Score of '4' for Natural Disasters
and Climate Change as frequent hurricanes are a vulnerability for
public and external finances, which has a negative impact on the
credit profile, is relevant to the rating and a rating driver.

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           
   -----------                    ------           
The Commonwealth
of the Bahamas     LT IDR          BB- New Rating
                   ST IDR          B   New Rating
                   LC LT IDR       BB- New Rating
                   LC ST IDR       B   New Rating
                   Country Ceiling BB- New Rating

BAHAMAS: Moody's Affirms 'B1' Issuer Rating, Alters Outlook to Pos.
-------------------------------------------------------------------
Moody's Ratings has changed the outlook on the Government of
Bahamas (The Bahamas)' rating to positive from stable and affirmed
the long-term issuer and senior unsecured ratings at B1.

Furthermore, the backed foreign-currency senior unsecured rating
was affirmed at Aaa. The rating is based solely upon the
unconditional and irrevocable guarantee of scheduled principal and
interest payments provided by the Inter-American Development Bank
(IADB, Aaa stable).

The change in outlook to positive reflects the increased likelihood
that fiscal consolidation will strengthen The Bahamas' credit
profile over time. The government has already implemented a
substantial fiscal adjustment, and their commitment to maintain
large primary surpluses thanks to revenue-enhancing reforms
increases Moody's confidence that debt will remain on a downward
trend, below 70% of GDP by 2028 from 76% in 2024. In turn, lower
borrowing requirements – driven by smaller net fiscal financing
needs – would reduce government liquidity risk. The Bahamas'
positive fiscal and liquidity developments are unlikely to be
significantly affected by a period of global financial markets
volatility.  

The affirmation of The Bahamas' B1 rating balances the high
government debt burden and weak debt affordability against the
country's strong institutional framework, including its fiscal
policy framework that anchors expectations for a decline in the
government debt burden. The country's comparatively high GDP per
capita also bolsters its debt-carrying capacity. The rating is
constrained by the country's vulnerability to external shocks,
particularly from climate-related events and reliance on tourism.

The Bahamas' local- and foreign-currency ceilings remain unchanged
at Baa3 and Ba1, respectively. The four-notch gap between the local
currency ceiling and the sovereign rating reflects an established
track record of predictable and reliable macroeconomic policymaking
balanced against a reliance on tourism that represents a common
risk for the government and non-government issuers in the country.
The one-notch gap between the foreign currency and local currency
ceiling reflects low transfer and convertibility risk, itself
anchored by a history of relatively strong economic institutions
supporting exchange rate stability and limited external
indebtedness, despite a history of capital controls.

RATINGS RATIONALE

RATIONALE FOR THE OUTLOOK CHANGE TO POSITIVE

A GROWING TRACK RECORD OF FISCAL CONSOLIDATION SUPPORTS A SUSTAINED
REDUCTION IN GOVERNMENT DEBT

The Bahamas has demonstrated meaningful fiscal consolidation over
the past two years, with the primary balance shifting to a surplus
of 2.9% of GDP in fiscal 2024, from a deficit of 1.4% of GDP in
fiscal 2022. This improvement reflects a reduction in
pandemic-related spending, increased revenue associated with the
recovery in tourism as well as improved tax compliance.

Moody's expects the government's commitment to fiscal consolidation
to ensure government debt remains on a downward trend. Moody's
expects the primary surplus to increase to 4.5% of GDP in fiscal
2026, up from 3.2% of GDP in fiscal 2025, driven by higher revenue
collection and discipline on the expenditure side. The improvement
in the primary balance that Moody's forecasts incorporates
continued efforts to enhance tax compliance and additional revenue
from the introduction of a 15% Qualified Domestic Minimum Top-Up
Tax (QDMTT) on large multinational corporations operating in The
Bahamas. Moody's expects approximately 1% of GDP in additional
revenue from the QDMTT beginning in fiscal 2026.

In the absence of future shocks, primary surpluses of this size
would reduce the debt-to-GDP ratio to 76% at the end of fiscal
2025, and below 70% by 2028. The combination of higher revenue and
a declining debt burden will improve The Bahamas' weak debt
affordability gradually over time. Moody's expects the
interest-to-revenue ratio to improve to 19.4% in fiscal 2025, down
from a peak of 22% in fiscal 2021. However, even with the
improvement in The Bahamas' fiscal strength that Moody's forecasts,
debt burden and debt affordability will remain weaker than
similarly-rated peers.

LOWER GROSS FINANCING NEEDS AND AN IMPROVED MATURITY PROFILE WOULD
REDUCE GOVERNMENT LIQUIDITY RISK

The improvement in The Bahamas' fiscal position, if sustained, will
lower gross financing needs and ease liquidity risk. As the
government's net fiscal financing needs decline, the government
will gain greater financing flexibility to refinance maturity
debt.

Gross financing needs in The Bahamas are very high, estimated at
20% of GDP in fiscal 2025, and will remain elevated even as the
government's fiscal position improves. The government needs to roll
over approximately one-third of domestic debt on an annual basis.
This includes 8% of GDP in Treasury bills and 2% of GDP in central
bank advances. Despite the large amount of domestic amortizations,
Moody's expects domestic investors to roll over maturing debt. The
banking system, which is the primary source of domestic financing,
maintains ample liquidity, and has demonstrated a willingness to
refinance maturing debt at relatively low borrowing costs. The
average interest on domestic bonds has remained relatively stable
at 4.6% over the past four years.

The government is actively working to develop the domestic market
to improve its ability to issue longer-term bonds and enhance the
capacity of the market to finance the government. If successful,
government efforts to improve the functioning of the domestic
financial market, could lead to gradual shift toward longer-term
domestic financing and improve the overall maturity profile of the
domestic debt stock.

The government also faces annual external amortizations of around
3% of GDP until 2030, mainly due to commercial creditors. Moody's
expects the government to rely mainly on concessional external
borrowing from lenders like the IADB, Corporacion Andina de Fomento
and the Caribbean Development Bank to meet its external financing
needs. Moody's also expects the government to access international
bond markets, mainly for refinancing external amortizations or to
conduct liability management operations. These operations may
include buyback of near-term maturities through the issuance of
longer-term debt or loans, helping to smooth the debt repayment
profile and reduce rollover risk.

RATIONALE FOR THE B1 RATING

The Bahamas' B1 rating reflects the country's high government debt
burden and weak debt affordability metrics, which limit fiscal
policy space and the ability to respond to future shocks. Despite
these challenges, The Bahamas benefits from a relatively strong
institutional framework and a stable political system, which
support effective policy implementation and investor confidence.
Furthermore, the country benefits from very high national income
level relative to peers, though the credit benefits are partly
offset by the economy's small size, limited diversification, and
vulnerability to external shocks, particularly climate-related
shocks which affect the tourism sector. The tourism sector is
highly reliant on US tourists, which exposes the sector to
downturns in US travel.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

The Bahamas' Credit Impact Score of CIS-3 indicates that ESG
considerations have a limited adverse impact on the current credit
rating with potential for greater negative impact over time. The
Bahamas' score reflects its exposure to environmental risks, which
relates to its exposure to climate-related weather shocks, moderate
exposure social risks and a strong institutional framework that
supports its governance.

The Bahamas' overall Environmental issuer profile score of E-4 is
driven by its geographic location in the so-called Hurricane Belt,
and frequent tropical storms in recent years. Because tourism
represents a large share of the economy, disruptions to the sector
caused by weather events can affect the credit profile. In
addition, The Bahamas is exposed to rising sea levels, with nearly
80% of its land being low lying or within five meters above sea
level.

Exposure to social risks as reflected in an overall Social issuer
profile score S-3 is mainly related to labor and income risks and
access to services, particularly on some of the more geographically
isolated islands. Despite having a high per capita GDP on a
purchasing power parity basis, high unemployment levels for the
younger segment of the labor force can weigh on the economy.

A relatively strong institutional framework supports The Bahamas'
G-2 issuer profile score. The government has implemented a number
of measures to improve fiscal policy effectiveness in recent years,
which if adhered to, will improve fiscal policy outturns. New
measures include a set of fiscal rules, improved fiscal data
dissemination standards, new procurement guidelines, debt
management legislation and new framework for a national statistics
system. The measures will strengthen the transparency and
accountability of fiscal and economic policies while supporting
policymaking. Notwithstanding the impact of severe external shocks,
The Bahamas' reasonably strong track record of policy
predictability, transparency and sound macroeconomic policy also
supports the economy's economic resilience.

GDP per capita (PPP basis, US$): 36,354 (2023) (also known as Per
Capita Income)

Real GDP growth (% change): 2.6% (2023) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 1.9% (2023)

Gen. Gov. Financial Balance/GDP: -3.9% (2023) (also known as Fiscal
Balance)

Current Account Balance/GDP: -7.5% (2023) (also known as External
Balance)

External debt/GDP: 39.5% (2023)

Economic resiliency: baa3

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On April 02, 2025, a rating committee was called to discuss the
rating of the Bahamas, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have not materially changed.
The issuer's governance and/or management, have not materially
changed. The issuer's fiscal or financial strength, including its
debt profile, has materially increased. The issuer's susceptibility
to event risks has not materially changed.

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

WHAT COULD CHANGE THE RATINGS UP

The Bahamas' rating could be upgraded if the government continues
to demonstrate a track record of fiscal consolidation, leading to a
sustained reduction in government debt and improvement in debt
affordability. Efforts to improve the maturity profile of
government debt – through measures such as conducting buybacks
and refinancing maturing debt with longer-term debt – would
demonstrate the government's capacity to tap diverse external
financing sources and would support the credit profile.
Additionally, development of the domestic bond market, which allows
issuance of longer-dated domestic debt without jeopardizing the
expected improvement in debt affordability, would also support an
upgrade.

WHAT COULD CHANGE THE RATINGS DOWN

The positive outlook signals that the rating is unlikely to be
downgraded in the near term. The outlook could return to stable if
The Bahamas experiences setbacks in the effectiveness of its fiscal
consolidation, resulting in a lasting deterioration of the primary
balance and an upward trend in government debt. Factors such as
lower-than-expected revenue collection, increased spending, or
failure to implement planned tax reforms could weaken fiscal
strength and increase gross financing needs. Additionally,
heightened vulnerability to external shocks, particularly from
climate-related events, and reliance on commercial external
financing with higher borrowing costs could exacerbate government
liquidity risks.

The principal methodology used in these ratings was Sovereigns
published in November 2022.

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.



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B R A Z I L
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BANCO DE BRASILIA: Moody's Puts 'B1' Rating on Review for Downgrade
-------------------------------------------------------------------
Moody's Ratings has placed on review for downgrade the long-term
ratings and assessments of BRB-Banco de Brasilia S.A. (BRB),
including the B1 local and foreign currency long-term bank deposit
ratings, the Ba3 local and foreign currency long-term counterparty
risk ratings, the Ba3(cr) long-term counterparty risk assessment
(CR), as well as the bank's b1 baseline credit assessment (BCA) and
adjusted BCA. Prior to the review, the long-term deposit ratings
outlook was stable.

BRB's short-term ratings and assessment were affirmed, including
the local and foreign currency short-term deposit and counterparty
risk ratings at Not Prime, as well as short-term counterparty risk
assessment at Not Prime(cr).

RATINGS RATIONALE

The rating action follows BRB's announcement on March 28, 2025 that
it will acquire 49% of Banco Master S.A.'s (Master) voting common
shares and 100% of its preferred shares, corresponding to 58% of
Masters' total equity. During the review, Moody's will assess the
implications of the acquisition for the existing creditors of BRB,
including the associated execution risks from acquiring a similarly
sized institution with a different business profile.

While the deal anticipates that both entities will maintain
separate structures, Moody's views this acquisition as a large
undertaking that entails elevated execution risks for BRB, a
state-owned bank with a long-track record of servicing federal
public servants and local companies in Brazil's Federal District.
The b1 BCA assigned to BRB already reflects risks related to its
efforts towards incrementing business diversification, which has
led to accelerated asset growth and fast core capital consumption
over the past 3 years.

Acquiring Master's operations will likely further strain on BRB's
profitability ratio, due to Master's higher cost of funding and
narrow overlap between the two banks' franchises, which may limit
efficiency gains and heighten execution risks. Additionally, BRB
will need to make substantial investments to enhance its risk and
compliance infrastructure, especially as it likely faces increasing
regulatory scrutiny given the large size of the new business to be
consolidated.

According to the announcement, before the completion of the deal,
Master will undergo a corporate reorganization to segregate assets
and liabilities that are non-strategic to BRB, including illiquid
government judiciary loans and equity participations. During the
review, Moody's will assess the overall capacity to generate
recurring earnings from the combined strategies.

The acquisition is aligned to the recent efforts of BRB to expand
its geographical footprint in payroll loans and digital retail
banking while adding a niche operation in corporate banking and
foreign exchange services, where BRB has a limited presence.
Moody's acknowledge that in acquiring this operation, BRB's
earnings generation will likely benefit in the medium-term as the
bank leverages its business origination funded by a more stable
base of retail and judicial deposits. However, the incorporation of
Master's highly concentrated corporate loan portfolio will
introduce risks to BRB's asset quality profile and granular loan
book that is largely comprised of secured loans.

BRB's regulatory common equity ratio was a narrow 7.7% as of
September 2024, and on Moody's Ratings capital metrics, measured by
tangible common equity to adjusted risk weighted assets,
capitalization stood at just 5.2% in September 2024 (unconsolidated
numbers), well below the average for similar sized banks in Brazil.
Although an improved capital position for the merged banks is a key
condition for the deal completion, Moody's anticipate that BRB's
capital position will remain under pressure as a result of strong
business growth and low profitability metrics.

Moody's reviews are unlikely to conclude until after the deal has
received regulatory approvals and the transaction closes. However,
Moody's may take rating actions in the interim and prior to the
close, as it gains further understanding of the transaction and
relevant implications for BRB's creditors.

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

Moody's reviews for downgrade of ratings and assessments assigned
to BRB will focus on the execution risks associated with the
acquisition of a similarly-sized bank with a complex, high-growth
strategy. Given the direction of the ratings review, rating
upgrades are unlikely upon completion of the review. BRB's BCA and
ratings could be confirmed upon conclusion of the review if Moody's
were to assess that the benefits from the merger would result in a
more diversified, well-capitalized bank without an increase in risk
profile and that the execution risks were adequately mitigated.

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

GOL LINHAS: Amends Plan to Include AerCap Secured Note Claims
-------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., and its affiliates submitted a
Second Amended Disclosure Statement for Third Amended Joint Chapter
11 Plan dated March 11, 2025.

The Debtors commenced these Chapter 11 Cases to accomplish a
comprehensive restructuring of their balance sheet and operations
following years of financial and operational difficulties following
the COVID-19 pandemic and grounding of Boeing 737-8 MAX aircraft,
which comprise a significant portion of the Debtors' fleet.

The Plan implements the operational restructuring that the Company
has been undergoing over the course of the last year while
benefitting from the tools of chapter 11 and provides for a
comprehensive restructuring of the Company's balance sheet and
significant investment of new capital in the Company's business.
The transactions contemplated in the Plan will strengthen the
Company by substantially reducing its debt, increasing its cash
flow, and enhancing operations for future growth. More
specifically:

     * the Company will significantly deleverage its balance sheet
by converting into equity, or otherwise extinguishing,
approximately $1.7 billion of prepetition funded debt and up to
$850 million of other obligations;

     * Abra, the Debtors' largest secured creditor and GLAI's
majority prepetition economic interest holder, has agreed to
equitize a significant portion of its claims in exchange for
approximately $950-$1,050 million in New Equity, which amounts to
approximately 76-81% of the New Equity as of the Effective Date. In
addition, Abra will receive $850 million of take-back debt, of
which $250 million will be mandatorily exchangeable into New Equity
on or after the 30-month anniversary of the Effective Date
conditioned on the Debtors having achieved certain valuation
metrics, which would result in Abra holding approximately $1.2 $1.3
billion in New Equity, or approximately 80-84% of the New Equity
(prior to any mandatory exchange and/or redemption which may
occur). The percentage of Abra's New Equity holdings is subject to
dilution by any Incremental New Money Equity issued and varies
based upon timing of emergence due to on-going accrual of adequate
protection payments of in-kind interest, as well as an agreement to
provide up to an additional approximately $75 million of value in
New Equity to holders of General Unsecured Claims, which today
reflects 50% of the difference between the aggregate amount of
value to be distributed under the Plan to the holders of Allowed
2026 Senior Secured Notes Claims and $252,565,388.89;

     * the Debtors intend to raise up to $1.9 billion of new
capital in the form of (i) the Exit Notes to repay the DIP Facility
and (ii) Incremental New Money Exit Financing to provide
incremental liquidity to support the Reorganized Debtors' business
strategy following their emergence from chapter 11;

     * certain other secured obligations will be exchanged for
take-back debt;

     * the Debtors will assume their restructured Aircraft Leases
in accordance with the Lessor Agreements that have already been
negotiated and agreed; and

     * unsecured creditors will receive New Equity valued at up to
approximately $235 million (and possibly more depending upon the
resolution of certain issues).

The New Equity issued in accordance with the Plan will be issued at
New GOL Parent, a new entity to be formed or acquired on or prior
to the Effective Date to hold, directly or indirectly through one
or more entities, 100% of the equity interests of Reorganized GLAI
(excluding the Existing GLAI Equity Interests and any equity issued
through the GLAI Preemptive Rights Offering).

It is currently contemplated that New Equity will not be traded on
any public listing exchange on the Effective Date, and New GOL
Parent is contemplated to be structured as a company organized
under the laws of Luxembourg, with a subsidiary intermediate
holding company organized under the laws of Brazil, for tax and
other corporate reasons. Among other potential benefits, this
structure may enable future sales of shares of New GOL Parent to be
exempted from capital gains taxes in certain jurisdictions, may
allow claims to be capitalized into Reorganized GLAI without
creating certain tax implications, and may facilitate potential
future dividend payments by Reorganized GLAI.

The recoveries for holders of General Unsecured Claims for each
Debtor entity were a product of the settlements and compromises
agreed to in the Plan Support Agreement and the Plan. Given the
nature of the global settlement among the Committee, Abra, and the
Debtors, it was agreed that the settlement value for holders of
General Unsecured Claims would principally be allocated to GLA, the
Debtors' main operating subsidiary and the entity from which the
value allocated to Abra on account of the Allowed 2028 Secured
Claims is located.

In addition, each of the Debtors funded debt holders and the vast
majority of the Debtors' unsecured creditors have Claims (whether
primary or guarantee) at GLA, and there is de minimis value (if
any) at the other Debtor entities other than intercompany claims.
The allocation of the settlement value also takes into
consideration intercompany claims against GLA with the same
validity as all other claims at GLA. Accordingly, any settlement
value allocated to a Debtor other than GLA by virtue of an
intercompany claim, will be distributed to the holders of Allowed
Claims at that Debtor entity in accordance with the terms of the
Plan.

Class 6 consists of all Debenture Banks Claims. Pursuant to the
Debenture Banks Stipulation and Debenture Banks Order, on the
Effective Date, in full and final satisfaction of its Allowed
Debenture Banks Claim, each holder of an Allowed Debenture Banks
Claim shall receive the treatment set forth in the Debenture Banks
Stipulation and Debenture Banks Order, and the Amended Debentures
shall become binding on, and vest with, the applicable Reorganized
Debtors, in each case as agreed to by the Debenture Banks in the
Debenture Banks Stipulation and Debenture Banks Order. On the
Effective Date, the outstanding BdoB Letters of Credit, Santander
Letters of Credit, and the Bradesco Letters of Credit and the
Reimbursement Agreement applicable to each of the foregoing, shall
be Reinstated and, following the Effective Date, shall continue in
full force and effect and continue to be renewed subject to the
terms and conditions of the Debenture Banks Stipulation and
Debenture Banks Order.

Any amounts due and owing to a Debenture Bank as of the Effective
Date under any such Reimbursement Agreement shall be paid to the
applicable Debenture Bank on the later of the (x) Effective Date
and (y) date such amounts are due under the Reimbursement
Agreement, and the Debenture Banks shall not be obligated to file a
request for payment of any Administrative Expense arising under any
Reimbursement Agreement on or before the Administrative Expense Bar
Date. For the avoidance of doubt, any BdoB Letters of Credit,
Santander Letters of Credit, or Bradesco Letters of Credit that are
drawn on or after the Effective Date shall be repaid in the
ordinary course of the Reorganized Debtors' business.

Class 7 consists of the AerCap Secured Note Claims. Pursuant to the
AerCap Settlement Order, the AerCap Term Sheet, and the AerCap
Secured Note Order, the AerCap Secured Note Claims shall be Allowed
in accordance with, and on the terms set forth in, the AerCap
Settlement Order, the AerCap Secured Note Order, and the AerCap
Secured Note Documents entered into in connection with the AerCap
Secured Note Order.

The Allowed AerCap Secured Note Claims shall be entitled to the
treatment set forth in the AerCap Secured Note Order and the AerCap
Secured Note Documents, and the obligations, security interests,
and guarantees provided for in the AerCap Secured Note Documents
shall become binding on, and vest with, the applicable Reorganized
Debtors on the Effective Date. Class 7 is Impaired under the Plan.
Holders of AerCap Secured Note Claims are entitled to vote to
accept or reject the Plan.

The Reorganized Debtors shall fund distributions under the Plan
required to be paid in Cash, if any, with Cash on hand (including
Cash from operations and Cash received under the DIP Facility and
refinanced pursuant to the Exit Notes) and from the Cash proceeds
from the issuance of any Incremental New Money Exit Financing.

A full-text copy of the Second Amended Disclosure Statement dated
March 11, 2025 is available at https://urlcurt.com/u?l=CGmCVZ from
Kroll Restructuring Administration LLC, the claims agent.

The Debtors' Counsel:      

          Evan R. Fleck, Esq.
          Andrew C. Harmeyer, Esq.
          Bryan V. Uelk, Esq.
          MILBANK LLP
          55 Hudson Yards
          New York, NY 10001
          Telephone: (212) 530-5000
          Facsimile: (212) 530-5219
          E-mail: efleck@milbank.com
                  aharmeyer@milbank.com
                  buelk@milbank.com

                 - and -

          Gregory A. Bray, Esq.
          MILBANK LLP
          2029 Century Park East, 33rd Floor
          Los Angeles, CA 90067
          Telephone: (424) 386-4000
          Facsimile: (213) 629-5063
          E-mail: gbray@milbank.com

                 - and -

          Andrew M. Leblanc, Esq.
          Erin E. Dexter, Esq.
          MILBANK LLP
          1850 K St. NW, Suite 1100
          Washington, DC 20006
          Telephone: (202) 835-7500
          Facsimile: (202) 263-7586
          E=mail: aleblanc@milbank.com
                  edexter@milbank.com

                         About Gol GOLL4.SA

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.


GOL LINHAS: Court Approves Disclosure Statement
-----------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the adequacy of the disclosure statement for the second
modified third amended joint Chapter 11 plan of reorganization of
GOL Linhas Aereas Inteligentes S.A. ("GLAI") and its
debtor-affiliates.

The deadline to vote to accept or reject the Debtors' amended
joint
Chapter 11 plan is May 12, 2025, at 4:00 p.m. (prevailing Eastern
Time).

The Plan is the result of extensive good faith negotiations among
the Debtors, led by the restructuring committee of GLAI's board of
directors (the "Restructuring Committee"), and the Debtors' key
economic stakeholder groups. The Plan is supported by, among
others, the Committee and Abra (the Debtors' largest prepetition
secured lender and equity holder).

The Plan implements the operational restructuring that the Company
has been undergoing over the course of the last year while
benefitting from the tools of chapter 11 and provides for a
comprehensive restructuring of the Company's balance sheet and
significant investment of new capital in the Company's business.
The transactions contemplated in the Plan will strengthen the
Company by substantially reducing its debt, increasing its cash
flow, and enhancing operations for future growth. More
specifically:

     * the Company will significantly deleverage its balance sheet
by converting into equity, or otherwise extinguishing,
approximately $1.7 billion of prepetition funded debt and up to
$850 million of other obligations;

     * Abra, the Debtors' largest secured creditor and GLAI’s
majority prepetition economic interest holder, has agreed to
equitize a significant portion of its claims in exchange for
approximately $950-$1,050 million in New Equity, which amounts to
approximately 76-81% of the New Equity as of the Effective Date.
In
addition, Abra will receive $850 million of take-back debt, of
which $250 million will be mandatorily exchangeable into New
Equity
on or after the 30-month anniversary of the Effective Date
conditioned on the Debtors having achieved certain valuation
metrics, which would result in Abra holding approximately
$1.2-$1.3
billion in New Equity, or approximately 80-84% of the New Equity
(prior to an mandatory exchange and/or redemption which may
occur).
The percentage of Abra's New Equity holdings is subject to
dilution
by any Incremental New Money Equity issued and varies based upon
timing of emergence due to on-going accrual of adequate protection
payments of in-kind interest, as well as an agreement to provide
up
to an additional approximately $75 million of value in New Equity
to holders of General Unsecured Claims, which today reflects 50%
of
the difference between the aggregate amount of value to be
distributed under the Plan to the holders of Allowed 2026 Senior
Secured Notes Claims and $252,565,388.89;

     * the Debtors intend to raise up to $1.9 billion of new
capital in the form of (i) the Exit Notes to repay the DIP
Facility
and (ii) Incremental New Money Exit Financing to provide
incremental liquidity to support the Reorganized Debtors' business
strategy following their emergence from chapter 11;

     * the Debtors will restructure certain other secured debt for
take-back debt;

     * the Debtors will assume their restructured Aircraft Leases
in accordance with the Lessor Agreements that have already been
negotiated and agreed; and

     * unsecured creditors will receive New Equity valued up to
approximately $235 million (and possibly more) based upon the
resolution of certain issues.

Class 10(a) consists of all GLAI General Unsecured Claims. Except
to the extent previously paid or the holder agrees to less
favorable treatment, on the Effective Date, each holder of an
Allowed GLAI General Unsecured Claim shall receive, in full and
final satisfaction of its Allowed GLAI General Unsecured Claim,
its
Pro Rata share of the GLAI General Unsecured Claimholder
Distribution. This Class will receive a distribution of 0.9% to
1.2% of their allowed claims. Class 9(a) is Impaired under the
Plan.

Class 10(b) consists of all GLA General Unsecured Claims. Except
to
the extent previously paid or the holder agrees to less favorable
treatment, on the Effective Date, each holder of an Allowed GLA
General Unsecured Claim shall receive, in full and final
satisfaction of its Allowed GLA General Unsecured Claim, its Pro
Rata share of the GLA General Unsecured Claimholder Distribution.
This Class will receive a distribution of 8.1% to 11.0% of their
allowed claims. Class 9(b) is Impaired under the Plan.

Class 10(c) consists of all GFL General Unsecured Claims. Except
to
the extent previously paid or the holder agrees to less favorable
treatment, on the Effective Date, each holder of an Allowed GFL
General Unsecured Claim shall receive, in full and final
satisfaction of its Allowed GFL General Unsecured Claim, its Pro
Rata share of the GFL General Unsecured Claimholder Distribution.
This Class will receive a distribution of 18.8% to 20.8% of their
allowed claims. Class 9(c) is Impaired under the Plan.

Class 10(d) consists of all GFC General Unsecured Clams. Except to
the extent previously paid or the holder agrees to less favorable
treatment, on the Effective Date, each holder of an Allowed GFC
General Unsecured Claim shall receive, in full and final
satisfaction of its Allowed GFC General Unsecured Claim, its Pro
Rata share of the GFC General Unsecured Claimholder Distribution.
This Class will receive a distribution of 3.4% to 3.8% of their
allowed claims. Class 9(d) is Impaired under the Plan.

Class 10(e) consists of all GEF General Unsecured Claims. Except
to
the extent previously paid or the holder agrees to less favorable
treatment, on the Effective Date, each holder of an Allowed GEF
General Unsecured Claim shall receive, in full and final
satisfaction of its Allowed GEF General Unsecured Claim, its Pro
Rata share of the GEF General Unsecured Claimholder Distribution.
This Class will receive a distribution of 0% of their allowed
claims. Class 9(e) is Impaired under the Plan.

Class 10(f) consists of all GAC General Unsecured Claims. Except
to
the extent previously paid or the holder agrees to less favorable
treatment, on the Effective Date, each holder of an Allowed GAC
General Unsecured Claim shall receive, in full and final
satisfaction of its Allowed GAC General Unsecured Claim, its Pro
Rata share of the GAC General Unsecured Claimholder Distribution.
This Class will receive a distribution of 3.6% to 6.3% of their
allowed claims. Class 9(f) is Impaired under the Plan.

Class 10(g) consists of all GTX General Unsecured Claims. Except
to
the extent previously paid or the holder agrees to less favorable
treatment, on the Effective Date, each holder of an Allowed GTX
General Unsecured Claim shall receive, in full and final
satisfaction of its Allowed GTX General Unsecured Claim, its Pro
Rata share of the GTX General Unsecured Claimholder Distribution.
This Class will receive a distribution of 0% of their allowed
claims. Class 9(g) is Impaired under the Plan.

Class 10(h) consists of all Smiles Fidelidade General Unsecured
Claims. Except to the extent previously paid or the holder agrees
to less favorable treatment, on the Effective Date, each holder of
an Allowed Smiles Fidelidade General Unsecured Claim shall
receive,
in full and final satisfaction of its Allowed Smiles Fidelidade
General Unsecured Claim, subject to the Smiles General Unsecured
Claims Cap, payment in an amount equal to the Allowed amount of
such Claim, either in Cash or in New Equity at the Debtors'
election, in consultation with Abra and the Committee. This Class
will receive a distribution of 100% of their allowed claims. Class
9(h) is Impaired under the Plan.

Class 10(i) consists of all Smiles Viagens General Unsecured
Claims. Except to the extent previously paid or the holder agrees
to less favorable treatment, on the Effective Date, each holder of
an Allowed Smiles Viagens General Unsecured Claim shall receive,
in
full and final satisfaction of its Allowed Smiles Viagens General
Unsecured Claim, subject to the Smiles General Unsecured Claims
Cap, payment in an amount equal to the Allowed amount of such
Claim, either in Cash or in New Equity at the Debtors' election,
in
consultation with Abra and the Committee. This Class will receive
a
distribution of 100% of their allowed claims. Class 9(i) is
Impaired under the Plan.

Class 10(j) consists of all Smiles Argentina General Unsecured
Claims. Except to the extent previously paid or the holder agrees
to less favorable treatment, on the Effective Date, each holder of
an Allowed Smiles Argentina General Unsecured Claim shall receive,
in full and final satisfaction of its Allowed Smiles Argentina
General Unsecured Claim, subject to the Smiles General Unsecured
Claims Cap, payment in an amount equal to the Allowed amount of
such Claim, either in Cash or in New Equity at the Debtors'
election, in consultation with Abra and the Committee. This Class
will receive a distribution of 100% of their allowed claims. Class
9(j) is Impaired under the Plan.

Class 10(k) consists of all Smiles Viajes General Unsecured
Claims.
Except to the extent previously paid or the holder agrees to less
favorable treatment, on the Effective Date, each holder of an
Allowed Smiles Viajes General Unsecured Claim shall receive, in
full and final satisfaction of its Allowed Smiles Viajes General
Unsecured Claim, subject to the Smiles General Unsecured Claims
Cap, payment in an amount equal to the Allowed amount of such
Claim, either in Cash or in New Equity at the Debtors' election,
in
consultation with Abra and the Committee. This Class will receive
a
distribution of 100% of their allowed claims. Class 9(k) is
Impaired under the Plan.

Class 10(l) consists of all CAFI General Unsecured Claims. Except
to the extent previously paid or the holder agrees to less
favorable treatment, on the Effective Date, each holder of an
Allowed CAFI General Unsecured Claim shall receive, in full and
final satisfaction of its Allowed CAFI General Unsecured Claim,
its
Pro Rata share of the CAFI General Unsecured Claimholder
Distribution. This Class will receive a distribution of 0% of
their
allowed claims. Class 9(l) is Impaired under the Plan.

Class 10(m) consists of all Sorriso General Unsecured Claims.
Except to the extent previously paid or the holder agrees to less
favorable treatment, on the Effective Date, each holder of an
Allowed Sorriso General Unsecured Claim shall receive, in full and
final satisfaction of its Allowed Sorriso General Unsecured Claim,
its Pro Rata share of the Sorriso General Unsecured Claimholder
Distribution. This Class will receive a distribution of 0% of
their
allowed claims. Class 9(m) is Impaired under the Plan.

Class 11 consists of all General Unsecured Convenience Class
Claims. Except to the extent previously paid or the holder agrees
to less favorable treatment, on the Effective Date, each holder of
an Allowed General Unsecured Convenience Class Claim shall
receive,
in full and final satisfaction of its Allowed General Unsecured
Convenience Class Claim, Cash in an amount equal to 15% of the
amount of such Allowed General Unsecured Convenience Class Claim,
provided, however, if the aggregate amount of distributions to
holders of Allowed General Unsecured Convenience Class Claims
would
otherwise exceed the General Unsecured Convenience Class Claim
Fund, holders of such Claims shall receive their Pro Rata share of
the General Unsecured Convenience Class Claim Fund.

The New Equity issued in accordance with the Plan will be issued
at
New GOL Parent, a new entity to be formed or acquired on or prior
to the Effective Date to hold, directly or indirectly through one
or more entities, 100% of the equity interests of Reorganized GLAI
(excluding the Existing GLAI Equity Interests and any equity
issued
through the GLAI Preemptive Rights Offering); provided, that the
jurisdiction of organization of New GOL Parent, its
capitalization,
and whether New Equity is publicly traded will be agreed by the
Debtors, Abra, and the Committee in a manner designed to maximize
the liquidity of New Equity and minimize cost, and such terms
shall
be disclosed in the Plan Supplement.

The Reorganized Debtors shall fund distributions under the Plan
required to be paid in Cash, if any, with Cash on hand (including
Cash from operations and Cash received under the DIP Facility and
refinanced pursuant to the Exit Facility) and from the Cash
proceeds from the issuance of any Incremental New Money Exit
Financing.

                          About Gol Linhas

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.


GOL LINHAS: May 20 Chapter 11 Plan Confirmation Hearing Set
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will hold a hearing on May 20, 2025, at 10:00 a.m., to confirm the
second modified third amended joint Chapter 11 plan of
reorganization of GOL Linhas Aereas Inteligentes S.A. ("GLAI") and
its debtor-affiliates.  Objection to the confirmation of the
Debtors' amended Chapter 11 plan is May 6, 2025.

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.


ODEBRECHT ENGENHARIA: Judge Agrees to Give Firm Ch. 15 Nod
----------------------------------------------------------
Alex Wittenberg Law360 Bankruptcy Authority reports that Brazilian
construction company Odebrecht Engenharia e Construcao SA (OEC) has
requested a New York bankruptcy judge to approve its Chapter 15
recognition bid, urging the court to overrule an objection from the
U.S. Department of Justice's bankruptcy watchdog, which argues
that
OEC's restructuring plan includes illegal liability releases and
other provisions.

In a separate report, Emlyn Cameron at law360.com, said that the
New York bankruptcy judge said he will grant OEC's request for
recognition of insolvency proceedings the firm launched in its home
country once the debtor revises the language in its proposed
order.

                    About Odebrecht Engenharia

Odebrecht Engenharia e Construcao SA is a Brazilian company
specializing in large-scale civil engineering, construction, and
infrastructure development projects. It offers turnkey solutions,
managing every phase of construction from planning to execution
for
both public and private sector clients. The Company operates in
five key sectors: urban development, energy, sanitation,
industrial plants, and transport and logistics. As a wholly owned
subsidiary of Novonor, OEC serves markets in Brazil, Angola, Peru,

and the United States.

Odebrecht Engenharia e Construcao SA sought relief under Chapter
15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10482)
on March 14, 2025.

The Debtor's foreign representative is Adriana Henry Meirelles and
Luke A. Barefoot, Esq. and Thomas S. Kessler, Esq. are the Debtor's
foreign representative counsel.



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

P.A AUTOPISTA: Fitch Alters Outlook on 'BB' Ratings to Positive
---------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of P.A. Autopista
Rio Magdalena (ARM):

- Unidad de Valor Real (UVR) notes for COP915,500 million due in
June 2036 at 'BB'/'AA(col)';

- UVR loan for COP278,000 million due in June 2036 at
'BB'/'AA(col)'.

The Rating Outlook has been revised to Positive from Negative.

The rated notes coexist on a pari-passu basis with two loans for
USD200 million and COP825,000 million that mature in 2031 and 2035,
respectively.

The Positive Outlook reflects ARM's progress on its construction
works. The project completed Functional Unit (UF) 2 in February
2025 and expects to complete UF1 soon. Completion of the
construction will enable the project to receive trapped revenues
from contributions by the Colombian National Infrastructure Agency
(ANI), traffic top-up payments, and toll collections for these
sections of road. With construction nearly complete and adequate
performance and liquid security, Fitch believes completion risk is
largely mitigated and no longer a rating constraint.

RATING RATIONALE

The rating reflects that ARM's concession agreement limits revenue
risk through traffic top-ups and grant payments. The agreement also
includes an adequate tariff adjustment mechanism that allows annual
inflationary adjustments. The project's ratings also reflect its
strong debt structure with reserve accounts, cash sweeps and
pre-payment mechanisms that largely protect it from traffic
performance being materially different than expected under the
concession agreement.

Under Fitch's rating case, the project's minimum loan life coverage
ratio (LLCR) of 1.3x is strong for the rating, with toll
collections representing only about 20% of total revenues.

KEY RATING DRIVERS

Revenue Risk - Volume - High Midrange

Low Exposure to Volume Risk: The assessment is based solely on the
road's traffic characteristics, but traffic risk is rather limited
due to the concession framework. The road connects Colombia's two
largest cities, Medellin and Bogota, with the Caribbean coast and
the main ports of the country. There are two operational toll
plazas, and a third is expected to open in 2025. Exposure to heavy
vehicle traffic is moderate. The road is likely to face some
competition upon completion of all the UFs and operate with
moderate tolls.

The project's main revenue sources are ANI's contributions, toll
revenues. and traffic top-up payments periodically to compensate
the concessionaire if toll collections fall below the amounts
established in the concession contract. ANI's payment obligations
under the concession agreement are consistent with the credit
quality of the grantor. Fitch views ANI as a credit-linked entity
to the Government of Colombia (Local Currency Issuer Default Rating
BB+/Negative).

Revenue Risk - Price - Midrange

Inflation Adjusted Toll Rates: Toll rates are adjusted annually
based on the previous year's inflation. In 2023, the Colombian
government froze toll rates as part of its anti-inflation policy.
In 2024, rates were adjusted to reflect 2022 inflation and half of
2023's inflation. In 2025, tariffs caught up on all pending
inflation adjustments. The concession agreement protects against
discretionary discounts or tariff modifications and allows for
quarterly compensation of lost revenue to the concessionaire. The
toll rates are moderate, and if the net present value of the toll
revenue received in the 9th, 14th, 19th and last year of the
concession is less than the guaranteed values, ANI must cover the
shortfall after deductions.

Infrastructure Dev. & Renewal - Midrange

Adequate Maintenance Plan: The project depends on a moderately
developed capital and maintenance plan to be implemented by the
concessionaire. The plan will be largely funded from the project's
cash flows. The structure includes a dynamic 12-months
forward-looking operating and maintenance (O&M) reserve that
accounts for expected O&M as well as periodic major maintenance
expenditures. The O&M plan, organizational structure and budget,
appear reasonable and in line with similar projects in Colombia.

Debt Structure - 1 - Stronger

Robust Structural Features: Debt is denominated in U.S. Dollars
(USD), Unidad de Valor Real (UVR) and Colombian Pesos (COP).
USD-denominated debt is matched with USD-linked currency revenues
settled in COP (24% of future budget allocations [Vigencias
Futuras] are USD-linked) and will be partially exposed to variable
rate. COP-denominated debt is indexed to inflation. Structural
features also include a 12-month principal and interest prefunded
onshore and offshore debt service reserve accounts (DSRA), and cash
sweep mechanisms for traffic over and underperformance, according
to preestablished DSCR levels.

Financial Profile

The most relevant financial metric for the project is LLCR, given
the debt issuance structure. Under Fitch's rating case projected
DSCRs may be below 1.0x, but the cash sweep mechanisms and reserve
accounts would support liquidity if top-up payments are not
received on time. Fitch's base and rating case minimum LLCRs are
1.4x and 1.3x, respectively, which are strong for the rating level
according to Fitch's criteria and compared with other similarly
rated transactions, particularly considering the project's low
exposure to volume risk.

PEER GROUP

ARM is comparable with Fideicomiso P.A. Pacifico Tres (Pacifico;
BB+/Negative, AA+[col]/RW Positive) and P.A: Union del Sur (Union
del Sur; BB+/Negative, AAA(col/Stable). The projects are part of
the 4G toll road program in Colombia and share similar assessments
for all risk attributes. Pacifico and Union del Sur have a higher
contribution of toll revenues to total revenues (around 30%)
compared to ARM (20%), which results in a higher exposure to volume
risk. Pacifico and Union del Sur have higher rating case's minimum
LLCR at 1.5x and 1.4x, respectively, but their international
ratings are constrained by the counterparty risk of ANI.

RATING SENSITIVITIES

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

- A delay in receiving the completion certificate for the pending
construction or cost overruns beyond those already contemplated in
Fitch's scenarios;

- Deterioration in Fitch's view regarding the credit quality of
ANI's grantor obligations.

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

- Release and acceptance of UF1's completion certificate on time
and on budget according to contractual deadlines;

- Timely payment of the remaining top-up payments of the
ninth-concession year (DR9) corresponding to UF 1 and UF2;

- Timely compensation for the difference in toll collections caused
by the delayed tariff adjustment for the Puerto Berrio toll plaza.

SECURITY

Fitch views ARM's security as comprehensive and strong. It includes
a pledge of the project company's shares, a first priority security
interest in all of its assets, a pledge of all onshore and offshore
accounts, an engineering, procurement and construction contract
security package, proceeds from credit enhancements and
insurance/reinsurance, and a pledge of the right to receive the
termination payment under the concession agreement.

Lenders will have the right to step into the contract and replace
the concessionaire upon the occurrence of any of the following
events:

- If the concessionaire breaches its obligations under the
financing documents;

- If an early termination event occurs caused by the concessionaire
or if ANI unilaterally terminates the contract upon the occurrence
of certain events;

- If lenders do not exercise their step-in rights, ANI will have
the right to terminate the concession early.

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              Prior
   -----------                    ------              -----
P.A. Autopista Rio
Magdalena

   P.A. Autopista Rio
   Magdalena/Project
   Revenues - First
   Lien/1 LT               LT      BB      Affirmed   BB

   P.A. Autopista Rio
   Magdalena/Project
   Revenues - First
   Lien/1 Natl LT          Natl LT AA(col) Affirmed   AA(col)



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

DOMINICAN REPUBLIC: 10% US Tariff May Have Lower Relative Impact
----------------------------------------------------------------
Dominican Today reports that the imposition of a 10% tariff on the
Dominican Republic announced by the President of the United States,
Donald Trump, represents significant changes that will have direct
and indirect impacts at global and bilateral levels.

The higher prices may negatively affect demand (exports) in the
United States, said the American Chamber of Commerce of the
Dominican Republic (AmchamDR), according to Dominican Today.

The entity pointed out that the US government's reciprocal tariff
policy for several countries, including the Dominican Republic, is
among the lowest (10%), the report notes.  Therefore, the Dominican
market share seems to have a lower relative impact and could
benefit from Asian products, where significantly higher reciprocal
tariffs have been applied, the report relays.

He noted that the trade relationship with the United States is the
most important bilateral relationship for the country, the report
notes.  It represents 53.5% of Dominican exports, valued at US$6.9
billion in 2024, the report relays.

Meanwhile, imports from the United States were US$11,558.24
million, the report says.  Therefore, says AmchamDR, it is
essential to evaluate carefully the challenges and opportunities
these measures may bring, the report discloses.

"AmchamDR is a bi-national chamber representing 1,600 companies
responsible for 59% of Dominican exports.  We have asked our
Economy, Trade Facilitation and Bilateral Relations committees to
review the announced measures and provide a net assessment that
will be shared with our members and key stakeholders in the
Government," the entity said in a statement, the report adds.

                About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the
island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis
Rodolfo
Abinader Corona is the current president of the nation.

S&P Global Ratings affirmed its 'BB' long-term foreign
and local currency sovereign credit ratings on the
Dominican Republic on December 3, 2024. The outlook remains
stable. S&P also affirmed its 'B' short-term sovereign
credit ratings and kept the transfer and convertibility
(T&C) assessment unchanged at 'BBB-'.

Fitch, on November 26, 2024, affirmed the Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'.
The Rating Outlook is Positive.

Moody's credit rating for Dominican Republic was last set at Ba3
in August 2023 with the outlook changed to positive.  




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

JAMAICA: Focused on Lowering Debt to GDP Ratio to 60% by 2027/2028
------------------------------------------------------------------
RJR News reports that Finance Minister Fayval Williams has stressed
that the Jamaican Government's main focus is still to get the debt
to GDP ratio down to 60 per cent by 2027/2028.

She argues that this is to place the country in investment grade so
that it may borrow money more cheaply, according to RJR News.

This, despite the need to boost exports, agricultural production,
infrastructure spending and energy diversification following the
recent imposition of a 10-per cent tariff on Jamaican exports to
the USA by the Trump administration, the report notes.

                        About Jamaica

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

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2.  The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  

JAMAICA: Yam Exports Being Retarded Despite Increased Demand
------------------------------------------------------------
RJR News reports that a shortage of labour, crop disease and
adverse weather conditions are having a negative effect on Jamaican
yam production and exports, despite growing international demand.

Data released by the United Nations Food & Agriculture Organization
indicated that Jamaica was the top exporter of yam in 2020 when
exports amounted to US$33.4 million, according to RJR News.

The data further indicated that the value of these exports,
particularly of negro and yellow yam, jumped to US$40.8 million in
2023, an increase of 16.5% when compared with what was earned in
2022, the report notes.

Data released by JAMPRO indicates there are currently 28 thousand
yam farmers in Jamaica, the report adds.

                        About Jamaica

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

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2.  The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  



                           *********


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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