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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

          Tuesday, April 15, 2025, Vol. 26, No. 75

                           Headlines



A R G E N T I N A

ARGENTINA: Brushes Off General Strike as Workers Walk Off Job
ARGENTINA: Mercado Libre to Invest US$2.6 Billion This Year
ARGENTINA: Milei Faces Third General Strike with IMF Deal Pending
RCI BANQUE: Moody's Upgrades Issuer Rating to B3, Outlook Stable


B R A Z I L

BRASKEM SA: Moody's Lowers CFR to Ba3, Alters Outlook to Stable
GOL LINHAS: Gets OK For Amended Boeing Plane Deal


J A M A I C A

STOCKS & SECURITIES: Losses Stand at $4 Billion, Trustee Reports
STOCKS & SECURITIES: To Make First Payments in May

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Brushes Off General Strike as Workers Walk Off Job
-------------------------------------------------------------
Buenos Aires Times reports that labour leaders snarled traffic
across the nation as union-aligned workers staged the third strike
of President Javier MIilei's Presidency, in protest at his fierce
austerity campaign, economic unrest and job losses.

Though Milei administration officials brushed off the strike,
declaring "today, we work," there was high compliance among public
sector workers, though many shops remained open and parts of the
public transport system were still operating, according to Buenos
Aires Times.

Train and underground Subte stations were deserted in the early
hours, and over 250 flights were cancelled during the third strike
organised by the Confederacion General del Trabajo (CGT),
Argentina's largest umbrella union grouping, since Milei took
office in December 2023, the report recalls.

The 36-hour "union action" began with a protest outside Congress,
coinciding with a weekly march made by pensioners - the group most
affected by Milei's cuts - and social organizations. The
mobilisation was followed with the 24-hour strike, which was lifted
at midnight, the report notes.

"Compliance among public-sector workers is massive; all offices are
closed," said Rodolfo Aguiar, secretary general of the ATE state
workers association, in an interview with the La Red radio station,
the report discloses.

"This is the most widely supported industrial action in rejection
of the national government's policies," he claimed, though images
of workers making their way to their workplaces on bus lines
testified otherwise, the report says.

Even the National Congress building in Buenos Aires was affected,
with one union leader saying that "there are sectors that are
closed" and "very few people in the Chamber of Deputies and
Senate," the report relays.

Due to staffing issues, the lower house's official channel was
unable to broadcast live, said Norberto Di Prospero, head of the
Asociacion del Personal Legislativo labour group, the report
notes.

Andres Rodriguez, deputy secretary of the CGT, described the strike
as "significant" and reported "very high absenteeism" across most
of the affiliated unions, the report discloses.

"People are going through a hard time," Rodriguez told Radio
Rivadavia, the report relates. "There's growing discontent because
many can't make ends meet. Consumption has dropped in 2025, and
wages across all sectors have deteriorated."

State-owned airline Aerolineas Argentinas, the country's leading
aviation company, announced that 20,000 passengers had been
affected by the cancellation of 258 flights, 17 of which were
international, the report notes.  The company estimated a financial
loss of US$3 million, the report says.

Buenos Aires Times relates that the Milei government remains on
alert following announcement by the International Monetary Fund
(IMF) that a technical stand-by agreement with Argentina for US$20
billion is ready to be reviewed by the multilateral body's board of
directors "in the coming days," the report relays.

Unlike the strikes held in January and May last year, compliance on
the streets of Buenos Aires appeared mixed, largely due to the main
bus drivers' union choosing not to join the strike, thereby
enabling many people to get to work, the report notes.  Its leaders
have been legally obliged to continue wage negotiations with the
government, the report discloses.

While the strike's compliance varied, some sectors reported high
absenteeism, while others operated at a reduced capacity,
reflecting a mixed national response, the report says.

Many businesses opened as usual, although classes were suspended at
state schools, the report says.

"Today, we're working. A strike has never brought any benefit to
society as a whole," said ruling party Lower House Speaker Martin
Menem on the X social network, as he criticized the action, the
report relays.

For the most part, President Milei remained unfazed by the
widespread strike, says the report.  He convened Cabinet meeting,
with his team briefing that the government was continuing its push
for economic reforms regardless of the unions' opposition, the
report says.

The strike reflects a deterioration in the social climate after
tens of thousands of job losses and 15 consecutive months of
declining consumption during Milei's Presidency, the report notes.

Rodriguez also criticized punitive actions by some employers,
calling it "regrettable" that striking workers might have their pay
docked, the report relays.  "There is a legal right that protects
them," he added.

He argued that the strike was "necessary to force a change in
policy" and said that, despite occasional invitations to dialogue,
the government "has not responded to any of the CGT's concerns,"
the report notes.

"We're not sitting idle," he added. "In previous administrations we
had more chances to negotiate. Now we have none. If the government
genuinely wants to move toward something constructive, it should be
seeking dialogue. That would be the logical thing to do."

Through stringent cuts in public spending, the President managed to
bring inflation down from 211 percent in 2023 to 118 percent last
year, which helped to reduce poverty to 38 percent - the same level
as in 2023 - after it had spiked to 52.9 percent in the first half
of his term, the report says.

Unions say the positive macroeconomic figures belie the average
Argentine's loss of purchasing power, the report relays.  

Milei will face the first true electoral test of his administration
in provincial elections in Santa Fe that are seen as gauge of
support for the president's policies, the report discloses.

Santa Fe is the third-biggest electoral district in Argentina with
about eight percent of the national electoral roll, 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.


ARGENTINA: Mercado Libre to Invest US$2.6 Billion This Year
-----------------------------------------------------------
Buenos Aires Times reports that Mercado Libre has announced a
US$2.6-billion investment in Argentina for 2025, reinforcing its
long-term commitment to the region as the e-commerce and fintech
giant continues its expansion across Latin America.

In a statement released on Wednesday, April 9, the company said the
funds will be used to strengthen its logistics network, enhance
technological capabilities for both e-commerce and financial
services, ramp up marketing efforts, and secure key service
contracts, according to Buenos Aires Times.

The announcement was made by Juan Martin de la Serna, president of
Mercado Libre Argentina, during a company event held at Costa
Salguero in Buenos Aires, the report notes.  The company is led
regionally by its founder and CEO, Marcos Galperin, the report
discloses.

De la Serna attributed the move, in part, to recent macroeconomic
adjustments by the government, which he said have improved consumer
conditions - particularly through increased access to credit, the
report says.  "There's a growing use of credit on Mercado Libre,
which is crucial for consumption," he noted, the report discloses.

The Argentina-based firm also revealed plans to hire 2,000 new
employees in the country this year, bringing its national workforce
to 14,000 by the end of 2025, the report relays.  Further details
about the new positions are expected to be released in the coming
weeks, the report says.

The announcement follows a flurry of recent investment commitments
across the region, the report relays.  In the past month alone,
Mercado Libre has pledged US$5.8 billion for Brazil, US$3.4 billion
for Mexico, US$470 million for Colombia, and US$550 million for
Chile, the report notes.

These investments are set to significantly boost employment figures
in several markets, the report discloses.  In Brazil, the company
plans to take on 14,000 new staff, pushing its headcount to 50,000,
the report says.  In Mexico, 10,000 new hires are expected to bring
the total workforce to around 35,000, the report says.  In Chile,
900 new roles will be added to the 2,600 already employed, the
report discloses.

In Colombia, the investment is projected to lift the overall
workforce to 6,300, though the company did not specify how many new
positions would be created, the report relays.

Mercado Libre also announced it will soon add pharmaceutical sales
to its platform, the report notes.  This will complement its food
delivery service, which is already available in select areas of the
country, the report relays.

The company became Latin America's most valuable firm in 2024, when
its market capitalisation surpassed US$90 billion, the report
discloses.

Mercado Libre began as an online marketplace for buying and selling
goods, before branching into financial services with the launch of
Mercado Pago, its virtual wallet - now widely used in Argentina and
Uruguay, 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.

ARGENTINA: Milei Faces Third General Strike with IMF Deal Pending
-----------------------------------------------------------------
Buenos Aires Times reports that President Javier Milei faced the
third general strike of his 16-month-old presidency on as
opposition grows to his fiscal austerity measures and he awaits
confirmation of a new US$20-billion loan agreement with the
International Monetary Fund (IMF).

Labor walkout was called by unions to protest his brand of
"chainsaw" austerity, according to Buenos Aires Times.  

The country's three main trade union federations, grouped together
under the CGT umbrella union, mobilized from midday in front of
Congress, joining a weekly demonstration by social organizations
and pensioners who are demanding demand a change in the
government's economic policies, the report notes.

The demo serves as a prelude to a 24-hour nationwide work stoppage
beginning at midnight, backed by dozens of unions, the report
relays.

"In the face of intolerable social inequality and a government that
ignores calls for better wages and a dignified standard of living
for all, the workers are going on strike," CGT organisers said in a
statement obtained by the news agency.

"The cost [of austerity] for vulnerable sectors is infinitely
higher than is suggested by the monthly inflation index," said CGT
secretary general Héctor Daer, speaking ahead of the strike, the
report discloses.

The action is set to paralyse trains and planes, and shutter
schools and banks, the report says.

National carrier Aerolineas Argentinas, which Milei wants to
privatise, announced the cancellation of 258 flights, affecting
some 20,000 passengers. Bus drivers were not part of the action,
the report relays.

The protest coincides with a surprise trip by President Milei to
Paraguay, where he was scheduled to meet his counterpart, Santiago
Pena, in Asuncion, the report discloses.

The strike comes at a pivotal moment for the government, following
the IMF's announcement that a technical agreement with Argentina
for the US$20-billion loan is ready for review by the board "in the
coming days," the report says.

Argentina is hoping to receive an advance of at least 40 percent of
the loan to ease mounting pressure on the exchange rate, which has
led the Central Bank to sell over US$1.8 billion from its reserves
in recent weeks, the report notes.

All public transport unions have joined the strike, with the
exception of the bus drivers' union - a factor that may lessen the
overall impact of the protest, the report adds.

Police on cordoned off the area around Congress as part of a
broader security operation, while signs supporting the strike lined
the plaza in front of the legislative building, the report relays.

The march is also an expression of solidarity with the weekly
protests held by pensioners outside Congress, who are demanding an
increase in their benefits, the report discloses.

Retirees have been among the hardest hit by the government's
austerity policies, as the administration looks ahead to
legislative elections in October, the report relays.

This marks the third general strike against Milei's government and
reflects growing social unrest in response to sweeping budget cuts,
which have led to tens of thousands of lay-offs and a decline in
consumer spending for 15 consecutive months, the report notes.

Despite the discontent, Milei retains an approval rating of between
40 percent and 45 percent, according to recent polls, the report
says.

His administration has managed to reduce inflation from 211 percent
in 2023 to 118 percent, helping to bring poverty levels back down
to 38 percent - the same figure recorded in 2023 — after they had
surged to 52.9 percent during his first six months in office, the
report notes.

Unions say the positive macroeconomic figures bely the average
Argentine's loss of purchasing power, the report relays.

Milei has sought a new US$20-billion loan from the International
Monetary Fund, adding to an existing US$44 billion it already owes,
the report discloses.

Milei says the money will allow his government to pay off its debts
to the Central Bank and help "exterminate" inflation - a key goal
as the mid-term legislative campaign approaches, with his party
seeking to increase its representation in Congress, the report
says.

The IMF had reached a preliminary loan agreement with Argentina,
which must now be approved by its executive board, the report
relays.

A final decision could come "in the coming days," according to the
lender, 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.


RCI BANQUE: Moody's Upgrades Issuer Rating to B3, Outlook Stable
----------------------------------------------------------------
Moody's Ratings upgraded RCI Banque Sucursal Argentina's local
currency long-term issuer rating to B3 from Caa1. The outlook on
this rating remains stable.

This action follows the raise of the Government of Argentina's
local and foreign currency ceilings to B3 and Caa1, respectively,
on January 08, 2025.


RATINGS RATIONALE

RCI Banque Sucursal Argentina is a branch of RCI Banque (RCI,
Baa1/Baa1 stable, baa3) located in Argentina.

The long-term issuer rating of RCI Banque Sucursal Argentina is
constrained by the B3 local currency bond ceiling of the Government
of Argentina.

The ratings of RCI are unaffected by this rating action.

OUTLOOK

The outlook on RCI Banque Sucursal Argentina's long-term issuer
rating remains stable as it is constrained by the B3 local currency
bond ceiling of the Government of Argentina.

It is likely that the local currency bond ceiling of the Government
of Argentina would remain unchanged at B3 if Argentina's sovereign
rating (Caa3, positive) is upgraded by one notch. Country ceilings
do not move in lockstep with sovereign ratings.

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

RCI Banque Sucursal Argentina's long-term issuer rating could be
upgraded if the country's local currency bond ceiling is raised.

An upgrade of RCI's Baseline Credit Assessment (BCA), Adjusted BCA
or senior unsecured ratings would not result in an upgrade of RCI
Banque Sucursal Argentina's long-term issuer rating. This is
because the branch's rating is constrained by Argentina's local
currency bond ceiling.

Given the positive outlook on Argentina's long-term issuer ratings,
the rating of RCI Banque Succursal Agentina is unlikely to be
downgraded.

However, RCI Banque Sucursal Argentina's long-term issuer rating
could be downgraded if Argentina's local currency bond ceiling is
lowered as a result of a downgrade of the sovereign rating.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in November 2024.



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B R A Z I L
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BRASKEM SA: Moody's Lowers CFR to Ba3, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Ratings has downgraded to Ba3 from Ba2 Braskem S.A.
("Braskem")'s Corporate Family Rating and the rating on Braskem
America Finance Company's Backed Senior Unsecured Global Bonds,
fully guaranteed by Braskem S.A. The outlook for both companies was
changed to stable from negative.

RATINGS RATIONALE

The downgrade of Braskem's rating to Ba3 reflects the continued
weaknesses in the company's credit metrics and cash generation due
to the petrochemical downcycle and still subdued operations in
Mexico. At the end of 2024, Braskem's Moody's adjusted leverage
(including Mexico) peaked at 15.3x (11.9x excluding non-recurring
effects), while free cash flow was negative at BRL5.6 billion
reflecting the weak level of operations and the disbursements
related to the provisions in Alagoas. Moody's expects Braskem's
adjusted leverage (including Mexico) to decline to around 6.5-7.5x
in the next 12-18 months as the company's EBITDA improves along
with petrochemical spreads, and Braskem's cost saving initiatives
to lead to a neutral free cash flow generation even with the
remaining disbursements related to Alagoas. However, this leverage
level is still high for the rating category and risks remain on the
current macro environment, and further deceleration in global
economic growth would weigh on demand, extending the downcycle in
the industry and limiting the potential recovery of Braskem's
credit metrics.

Since December 2023, the incident in Alagoas led to an additional
provision of BRL1.3 billion for the closure of salt mines. The
additional provision reduces the visibility over future liabilities
that were not covered in the agreement Braskem ratified with
authorities on December 2020. Total provisions related to this
incident amount to BRL17.7 billion, of which BRL12.7 billion were
disbursed until December 2024. The provisions reduce the company's
cushion to ride through the downcycle.

While Braskem's robust cash position provides a good cushion
against the financial impact of the provision, Braskem needs to
improve operations and reduce cash outflows to achieve free cash
flow neutrality during the downcycle. At the end of December 2024,
Braskem had total cash of BRL16.7 billion, plus a $1 billion
(BRL6.2 billion) committed credit facility, and only BRL5.2 billion
in debt coming due until the end of 2026, including Mexico's debt.
Braskem's credit quality remains mainly supported by its large cash
position, lack of financial covenants that could threaten the
company's short-term liquidity amid a rising leverage, and track
record of positive free cash flow generation under adverse market
conditions. Moreover, the company announced measures to reduce
costs and cash outflows during the downcycle -- namely optimization
of commercial management, working capital and fixed and variable
costs; reduction in capex; and sale of non-core assets. Still, with
the uncertainties related to the macroeconomic environment,
provisions in Alagoas and continued subdued operations in Mexico,
Braskem's cushion to withstand the industry's weakness in the next
few years diminished.

Braskem's Ba3 rating continues to be supported by its size as the
largest petrochemical company in Brazil and in the Americas in
terms of production capacity of resins, with historically
above-industry-average operating margins because of high capacity
utilization rates, long-term client relationships and product
customization. The rating also reflects the company's dominant
market position in Brazil and its geographic diversification, with
operations in the US, Mexico and Europe. Finally, the company's
sizable cash position, track record of positive free cash flow
generation under adverse market conditions and liability management
initiatives support its good liquidity and are additional positive
credit considerations.

The rating is constrained by the sharp deterioration in credit
metrics since late 2022, weak industry conditions globally stemming
from global overcapacity as well as the company's high exposure to
the volatility of petrochemical spreads. The rating also considers
the dependence on Petroleo Brasileiro S.A. - PETROBRAS (PETROBRAS,
Ba1 positive) and Petroleos Mexicanos (PEMEX, B3 negative) for the
supply of naphtha and ethane in Brazil and Mexico, respectively,
although both have been declining over the past years. Additional
credit concerns include the potential additional liabilities
related to Alagoas, still subdued operations in Mexico and
Braskem's shareholders intention to divest the business.

As for the environmental, social and governance (ESG) factors
incorporated into Braskem's ratings, Moody's considered
environmental risks mainly related to the company's exposure to
waste and pollution and social risks related to responsible
production, in the context of the Alagoas geological incident and
its negative consequences to operations and effects on the
population and ecosystem. Braskem's operations have allegedly
caused geological damages in the northeast of Brazil, which has led
the company suspended its salt extraction, chlorine and caustic
soda activities in Alagoas and therefore operate in a nonintegrated
basis in the region, which increased its costs. While the
operational impact is limited, given that the affected segment
represents less than 5% of total EBITDA, the financial strain from
penalties, lawsuits and cash freezes has reduced the company's
available liquidity.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Braskem's
credit metrics will remain weak in the next 12-18 months, but that
the company will continue to prudently manage liquidity to preserve
its credit profile through the downcycle.

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

The rating could be downgraded if Braskem's liquidity profile
deteriorates because of additional material liabilities from
litigations and class actions, weaker than anticipated sales
volumes or petrochemical spreads that results in higher leverage or
cash burn, or more aggressive financial policies, including
dividend payout consistently above the minimum level established by
the law. Furthermore, negative rating pressure could result from
weaker operating results on a sustained basis or persistently high
leverage through the cycle, with total adjusted debt/EBITDA
(including Mexico) of 5.5x or above and interest coverage (measured
by EBITDA/interest expense) below 1.5x (0.7x in 2024) on a
sustained basis.

The rating could be upgraded if the company resolves the current
overhangs related to the geological event in Alagoas, while
improving its liquidity, financial flexibility and credit metrics.
An upgrade could also occur if Braskem shows a continued track
record of a conservative financial policy, maintaining sound
liquidity and positive free cash flow generation. Quantitatively,
an upgrade would also require leverage (as measured by total
adjusted debt/EBITDA including Mexico) sustained below 4.5x through
commodity cycles.

COMPANY PROFILE

Braskem is the largest producer of thermoplastic resins
(polyethylene, polypropylene and polyvinyl chloride) in the
Americas, with an annual production capacity of 9.3 million tons.
Braskem also has a production capacity of 10.8 million tons of
basic petrochemicals such as ethylene, propylene and gasoline,
among others; and about 1.4 million tons of caustic soda, EDC and
chlorine. In 2024, the company reported consolidated net revenue of
BRL77.4 billion ($14.5 billion), with EBITDA margin of 6.1%.

The principal methodology used in these ratings was Chemicals
published in October 2023.

GOL LINHAS: Gets OK For Amended Boeing Plane Deal
-------------------------------------------------
Rick Archer at law360.com reports that bankrupt Brazilian airline
GOL Linhas got permission from a New York bankruptcy judge to amend
the terms of its contract to buy 92 aircraft from Boeing over the
next five years.

Augusto Decker of Bloomberg Law also reported that Gol disclosed in
a filing that the U.S. Bankruptcy Court for the Southern District
of New York authorized a series of agreements involving the company
and its subsidiaries.

The agreements with Boeing are expected to provide "significant
benefits" to Gol, which currently has 91 Boeing 737 MAX aircraft on
order, according to Bloomberg Law.

Combined with a previously reported tax settlement, the agreements
will facilitate a minimum capital distribution of US$235 million to
general unsecured creditors, with the potential for a higher amount
based on continued negotiations with other creditors, the filing
states.

                   About Gol 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.




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

STOCKS & SECURITIES: Losses Stand at $4 Billion, Trustee Reports
----------------------------------------------------------------
RJR News reports that Caydion Campbell, the trustee for Stocks &
Securities Ltd., says the company's losses, amounted to $4 billion,
including $3.2 billion to slightly more than 200 non-proprietary
clients and regular clients, whose funds and investments were held
in their names, separate from the company's accounts.

He adds that the company's liabilities were estimated at $1.03
billion as at May 24, while the realisable or saleable assets were
projected at from $107 million to $254 million, according to RJR
News.

SSL's off balance sheet assets are valued at $345 million, with
$153 million, or 44 per cent to be earmarked for the SSL Victims
Compensation Fund, which will become effective next month, the
report adds.

Founded in 1973, Stocks and Securities Limited (SSL) is the second
oldest brokerage firm in Jamaica with a team of over fifty
professionals.

STOCKS & SECURITIES: To Make First Payments in May
--------------------------------------------------
Jamaica Gleaner reports that victims of the alleged
multibillion-dollar fraud at Stocks and Securities Limited (SSL)
are being promised a partial payout, starting next month. It comes
more than two years after news of the scheme devastated clients,
including Jamaican sprint icon Usain Bolt.

In a notice dated April 3, 2025, trustee Caydion Campbell announced
the establishment of the SSL Victims Compensation Fund, saying it
is intended "to facilitate payouts to victims of the alleged
fraud," the report relates.

Clients must submit proof of claims by April 30, says the Gleaner.

The report says Campbell is leading the court-supervised closure of
the investment firm.

"We are seeking to make a partial distribution to these clients in
May 2025 and invite all affected clients, who have not yet done so,
to submit their POCs . . .," the notice stated, the Gleaner
relates. "Your submission should include any supporting
documentation or other forms of evidence to substantiate actual
losses suffered due to the alleged fraudulent activities."

Founded in 1973, Stocks and Securities Limited (SSL) is the second
oldest brokerage firm in Jamaica with a team of over fifty
professionals.


                           *********


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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