---

       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, January 12, 2026, Vol. 27, No. 8

                           Headlines



B R A Z I L

AZUL SA: To Canvas Market For $1.2BB in Ch. 11 Exit Funding


C A Y M A N   I S L A N D S

SEE HOLDING: Fitch Gives BB-(EXP) Rating to Upcoming Green Sukuk


J A M A I C A

JAMAICA: BOJ Pumps US$40 Million Into Forex Market


P U E R T O   R I C O

ACADIA HEALTHCARE: S&P Alters Outlook to Neg., Affirms 'BB-' ICR


V E N E Z U E L A

CITGO PETROLEUM: Venezuela Says Company Auction Marred By Conflicts
VENEZUELA: Oil Execs Urged to Return to Country to Recover Debts
VENEZUELA: Trump's Plan to Take Venezuelan Oil Pushes Prices Down

                           - - - - -


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

AZUL SA: To Canvas Market For $1.2BB in Ch. 11 Exit Funding
-----------------------------------------------------------
Alex Wittenberg at law360.com reports that Brazilian airline Azul
SA secured a New York bankruptcy judge's approval to hire
investment banks to help search for alternatives to $1.2 billion in
exit financing offered by its Chapter 11 lenders, about one month
after the judge confirmed Azul's bankruptcy plan.

                    About Azul

Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil
by number of flight departures and cities served, offers 900 daily
flights to over 150 destinations. With an operating fleet of over
200 aircrafts and more than 15,000 Crewmembers, the Company has a
network of 300 non-stop routes. Azul was named by Cirium (leading
aviation data analysis company) as the most on-time airline in the
world in 2023. In 2020, Azul was awarded best airline in the world
by TripAdvisor, the first time a Brazilian flag carrier earned the
number one ranking in the Traveler's Choice Awards. On the Web:
@ www.voeazul.com.br/imprensa             

On May 28, 2025, Azul S.A. and 19 affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176).
The cases are pending before Judge Sean H. Lane.

The Company is supported by Davis Polk & Wardwell LLP, White &
Case
LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting
as financial advisor; Guggenheim Securities, LLC as investment
banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting,
C Street Advisory Group, and MassMedia as strategic communications
advisors. Stretto is the claims agent.

The Participating Lenders are supported by Cleary Gottlieb Steen &
Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as
investment banker.

United Airlines is supported by Hughes Hubbard & Reed LLP and
Sidley Austin LLP as legal counsel and Barclays Investment Bank as
investment banker.

American Airlines is supported by Latham & Watkins LLP as legal
counsel.

AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as
legal
counsel.

The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases. The
Committee retained Willkie Farr & Gallagher LLP as its counsel,
Alvarez & Marsal North America, LLC, as its financial advisor,
Houlihan Lokey Capital, Inc., as its investment banker.

The Backstop Commitment Parties are represented by Cleary Gottlieb
Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e
Quiroga Advogados.  The Subscription Agent is Stretto.







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

SEE HOLDING: Fitch Gives BB-(EXP) Rating to Upcoming Green Sukuk
----------------------------------------------------------------
Fitch Ratings has assigned SEE Holding Ltd's (B+/Stable) upcoming
sukuk issue an expected rating of 'BB-(EXP)', with a Recovery
Rating of 'RR3'. The sukuk will be issued by SEE Holding Sukuk
Limited, who will also be the trustee. The rating is in line with
SEE Holding's senior unsecured rating of 'BB-(EXP)'.

SEE Holding Sukuk Limited is incorporated under the laws of the
Cayman Islands, for the sole purpose of issuing the trust
certificates.

Citibank N.A., London Branch will act as delegate. The Sustainable
City Limited (or its affiliated entities) will act as seller, and
will also be the obligor, lessee and servicing agent. The payment
obligations of the obligor under the transaction documents are
unconditionally and irrevocably jointly and severally, guaranteed
by SEE Holding Ltd and Diamond Developers Co. Limited.

Proceeds will be used for general corporate purposes, partial
repayment of existing secured banking facilities at SEE Holding,
release of liens on secured assets and land acquisitions for
developing eligible projects. The assignment of a final rating is
contingent on the receipt of final documents materially conforming
to information already reviewed. If these conditions are not met,
or if the instrument is not put into place, Fitch will review the
rating.

Key Rating Drivers

The sukuk rating is derived from SEE Holding's Long-Term Issuer
Default Rating (IDR) and in line with its senior unsecured rating.
This reflects Fitch's view that a default of the senior unsecured
obligations would reflect a default of the obligor and guarantors,
in accordance with Fitch's rating definitions. Fitch has given no
consideration to any underlying assets or collateral, as Fitch
believe the trustee's ability to satisfy payments due on the trust
certificates ultimately depends on the obligor and guarantors
satisfying unsecured payment obligations to the trustee under the
transaction documents.

SEE Holding would be required to ensure full and timely repayment
of the trustee's obligations, encompassing obligor and guarantors'
various roles and obligations especially, but not limited to, the
below features:

- Sustainable City shall pay rentals and the wakala portfolio
revenues. Such amounts are intended to fund the periodic
distribution amounts payable by the trustee under the trust
certificates.

- On any dissolution event (including specified SEE Holding
events), the aggregate amounts of the deferred sale price then
outstanding will become immediately due and payable by Sustainable
City; the trustee and the delegate will have the right to require
the obligor to purchase all of its rights, title, interests,
benefits and entitlements present and future, in, to and under the
relevant wakala assets of an amount equal to the exercise price.

- The exercise price payable by Sustainable City (in its capacity
as purchaser) to the trustee (in its capacity as seller), together
with the aggregate amounts of the deferred sale price then
outstanding, if any, are intended to fund the dissolution amount
payable by the trustee under the trust certificates. This amount
should equal the outstanding face amount of the trust certificates
and any accrued but unpaid periodic distributions amounts.

- In circumstances where a periodic distribution date falls on a
day after the occurrence of a total loss event but before the date
on which the replacement wakala assets are acquired by the trustee,
certificate holders will receive only part of the periodic
distribution amounts that would have otherwise been due to them for
a maximum of 60 days. However, this amount of profit that would
have accrued will be paid in the next periodical distribution
date.

- The lessee covenants and undertakes that it shall use the lease
assets for solely sharia-compliant activities. If the lessee failed
to comply, it would constitute a dissolution event.

- In the event that Sustainable City fails to purchase the wakala
assets and as a result does not pay the exercise price, and the
trustee is unable to make a claim under the indemnity because
Sustainable City is not in actual or constructive possession,
custody or control of all of the wakala assets, then Sustainable
City, SEE Holding and Sustainable City Real Estate Assets Holding
Ltd will each irrevocably and unconditionally authorise the trustee
as soon as practicable to register the title to the wakala assets
in the name of trustee, of its nominee, agent, delegate or assignee
at the Dubai Real Estate Registration Department. This is provided
that at that time a total loss event has not occurred and is
continuing and it is possible to do so under all applicable laws.

- Fitch does not believe this clause is sufficient for it to treat
the debt as secured or higher ranking than existing indebtedness,
due to uncertainties and complexities related to legal framework
and regulations, SEE Holding's or any of its subsidiaries'
willingness and ability to register, and a lack of precedents.

- Fitch's assessment of the effect of future asset-registration
clauses will be case by case, and Fitch is monitoring developments
in this evolving area. Fitch could reassess the above assumption in
respect of SEE Holding's ratings and debt ranking, if warranted by
developments.

- Sustainable City will pay the loss shortfall amount in a total
loss event or partial loss event (unless the relevant wakala assets
have been replaced by Sustainable City), or if there is a shortfall
from the insurance proceeds. As the servicing agent, Sustainable
City will irrevocably ensure that the insured amount relating to
each loss event will, at all times, be at least equal to the
applicable full reinstatement value. If within 60 days of the issue
date, the servicing agent is not in compliance with the obligation
to insure the assets against total and partial loss event, it will
immediately deliver a written notice to the trustee of the
non-compliance and this will constitute a dissolution event.

- The lessee (Sustainable City) will permit the lessor and any
person authorised by the lessor at all reasonable times to inspect
and examine the condition of the lease assets subject to the lessor
having given 15 days' notice in writing. If the lessee failed to
comply, this would constitute a dissolution event.

- In addition, if the lessee fails to keep and maintain the
security or optimum condition (other than fair wear and tear) of
the lease assets, the lessor shall be entitled, but not obliged, on
giving 15 business days' notice for the purpose of taking all such
necessary measures or actions (at the cost and expense of the
lessee) to ensure that the lease asset(s) are in suitable condition
for their current or intended use.

- The lessor agrees that the lessee may sublease the lease asset to
a third party, provided that: (i) any such sub-lease does not in
any way affect, impair or reduce the obligations of the lessee; and
(ii) the use of the lease assets under such sublease does not and
will not contravene the principles of sharia. If the lessee failed
to comply, it would constitute a dissolution event.

- Sustainable City's payment obligations under the service agency
agreement, purchase undertaking and the murabaha agreement will be
direct, unconditional, unsubordinated and (subject to limitation on
liens provisions) unsecured obligations and at all times rank at
least equally with all its other present and future unsecured and
unsubordinated obligations from time to time outstanding.

- Additionally, the guarantors will unconditionally, irrevocably
and jointly and severally guarantee, in favour of the trustee, the
delegate and the agents, the due and punctual performance of the
obligor payment of obligations under the transaction documents to
which it is a party.

- The obligations of each guarantor under the guarantee will be
direct, unconditional, unsubordinated and unsecured obligations of
such guarantor which, in the event of the bankruptcy, insolvency,
winding up or dissolution of such guarantor (save for such
exceptions as may be provided by applicable law and subject to the
limitation of liens) at all times rank at least equally with all
other present and future unsecured and unsubordinated obligations
of the guarantor from time to time outstanding.

- The transaction documents have a required tangible asset ratio,
defined as the ratio of the value of the wakala asset to the
aggregate of the value of the wakala asset and the aggregate of
each outstanding deferred sale price at the relevant time, of more
than 50%. If the ratio falls to or below 50%, but above 33%, the
servicing agent will take the steps (in consultation with the
sharia advisor) required to restore it to more than 50%. If the
ratio falls below 33% (a tangibility event), the trust certificates
will be delisted and each certificate holder shall have the right
to require the redemption of all or any of its trust certificates.

Fitch expects Sustainable City to maintain the tangible asset ratio
above 50% through the life of any trust certificates issued. The
obligor and guarantor have a small asset base of tangible assets
that will be unencumbered after the issue of the sukuk, mainly
comprising land plots in Dubai, and mixed use commercial and
residential assets held by SEE Holding and its subsidiary, which
will be initially earmarked for the upcoming sukuk. Other assets
may also be considered eligible later, if necessary. Sustainable
City's asset base is sufficient to support the upcoming issue.

- The transaction documents include a negative pledge,
cross-default and cross-acceleration provisions, indemnity and
restrictive covenants, group covenants including limitation on
liens and incurrence of indebtedness and interest coverage. Some of
the transaction documents will be governed by English law and
others by the laws of Dubai and, to the extent applicable in Dubai,
the federal laws of the UAE.

- Fitch does not express an opinion on whether the relevant
transaction documents are enforceable under any applicable law.
However, the rating on the trust certificates reflects Fitch's
belief that Sustainable City (obligor) and guarantors would stand
behind their obligations. Fitch does not express an opinion on the
trust certificates' compliance with sharia principles when
assigning ratings to the certificates to be issued.

RATING SENSITIVITIES

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

The sukuk's rating could be downgraded following a similar action
on SEE Holding's Long-Term IDR.

Adverse changes to the roles and obligations of Sustainable City
and its guarantors under the sukuk's structure and documents would
be negative for the rating.

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

The sukuk rating would not be upgraded if SEE Holding's Long-Term
IDR were upgraded to 'BB-'.

Liquidity and Debt Structure

SEE Holding's liquidity at end-June 2025 was adequate. Its
outstanding debt was AED228 million and mainly comprised secured
loans due in the next four-to-seven years. Its reported available
cash at the same date was AED118 million (end-2024: AED109
million).

Issuer Profile

SEE Holding is a Dubai-based master developer specialising in
sustainable communities.




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

JAMAICA: BOJ Pumps US$40 Million Into Forex Market
--------------------------------------------------
RJR News reports that the Bank of Jamaica injected US$40 million
into the foreign exchange market as part of efforts
to stabilise the local currency and keep inflation within its four
to six per cent target range.

More than half of the funds were taken up by NCB Financial Group,
JMMB Bank, JMMB Securities and Sagicor Bank Jamaica, according to
RJR News.  

The central bank says this move marks the first in a series of
planned, timely and transparent foreign exchange market
interventions aimed at reducing uncertainty and improving
stability, the report notes.

The Bank of Jamaica has also announced a further intervention of
US$30 million scheduled last Friday, Jan. 9, the report relays.

It says participating institutions will be required to sell the
foreign currency to end users at prices no more than J$0.20 above
their purchase cost, the report discloses.

End users are defined as producers of goods and services who
require foreign exchange to pay for essential imports and services,
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.

In December 2025, Moody's Ratings upgraded the Government of
Jamaica's long-term issuer and senior unsecured ratings to Ba3
from B1, and the senior unsecured shelf rating to (P)Ba3 from
(P)B1.
The outlook has been changed to stable from positive.

Also in December 2025, S&P revised its outlook on Jamaica to
stable from positive. At the same time, S&P affirmed its 'BB'
long-term
and 'B' short-term foreign and local currency sovereign credit
ratings on Jamaica. S&P's transfer and convertibility assessment
remains 'BB+'.

Fitch Ratings in November 2025, affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised
its Outlook to Stable from Positive.




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

ACADIA HEALTHCARE: S&P Alters Outlook to Neg., Affirms 'BB-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Acadia Healthcare Co.
Inc. to negative from stable.

S&P also affirmed its existing 'BB-' issuer credit rating, 'BB+'
issue-level rating on its senior secured notes, and 'B+'
issue-level rating on its senior unsecured notes.

The negative outlook reflects last-twelve-month leverage of 4.6x,
which is high for the 'BB-' rating and risks to S&P's base-case
that Acadia will bring leverage below 4x in 2026. It also reflects
uncertainty on the size and duration of litigation and
government-investigation expenses in 2026 and beyond.

Acadia lowered its 2025 earnings guidance as it expects higher
professional and general liability (PLGL) expenses and need for a
larger reserve due primarily to patient-related litigation.

In addition, the company settled a securities class action lawsuit
for $179 million and incurred government-investigation-related
costs in 2025, raising concerns that litigation, regulatory, and
compliance costs could persistently burden the company's cash flow
and earnings.

To help offset these pressures, the company announced changes in
its capital allocation strategy that will improve its free cash
flow in 2026 by reducing growth capital expenditure (capex) for
2026 and 2027.

Acadia's heightened PLGL costs could sustain leverage higher than
originally expected. S&P said, "Major costs in 2025 included
government investigations, shareholder litigation settlements, and
PLGL expenses. Combined with startup losses and some reimbursement
challenges, we expect 2025 leverage of about 4.7x, above our 4x
threshold for the rating. We expect both investigation and startup
costs to decline in 2026 and beyond, but we still expect PLGL
costs
to remain somewhat elevated at about $100 million to $110 million
annually, pressuring EBITDA and bringing leverage toward the
higher
end of the 3x-4x range we view as consistent with the 'BB-'
rating."

In addition to the recently announced $179 million securities
class
action settlement, Acadia's history of legal settlements over the
last three years includes a $400 million settlement in October
2023
to resolve three civil cases related to patient abuse allegations
in New Mexico, a $19.85 million settlement in September 2024 with
the Department of Justice and Florida, Georgia, Michigan, and
Nevada regarding allegations relating to medically unnecessary
inpatient behavioral health services.

The company has been investing to improve oversight of its
facilities to better protect patients and reduce legal exposure.
The company expects legal, investigation, and settlement-related
costs to decline over the next few years.

However, with Acadia's position as the largest stand-alone
behavioral health company in the U.S., its presence in 40 states
and Puerto Rico, and its recent history of reaching legal
settlements, S&P believes the company could face continued
litigation and require major resources to defend itself. The
negative outlook reflects, in part, risks that further upward
revisions in legal costs could pressure credit metrics.

S&P said, "Despite elevated PLGL costs in 2026, we expect Acadia's
free cash flow will be significantly higher than our in previous
forecast as the company plans to rollback growth capex over the
next two years. Acadia recently lowered its annual capital
spending
guidance for 2026 and 2027 by at least $300 million from 2025
levels. The improved free cash flow should bring the company's
ratio of free cash flow to debt to a level more supportive of our
'BB-' rating on it. We expect Acadia will also realize cash tax
savings from its shareholder legal settlement in 2026.

"We view Acadia as well positioned to benefit from strong demand
and payor coverage for behavioral health services. Broad tailwinds
including rising demand and payor support for its services have
led
the company to invest heavily in organic growth with total capex
of
about $1.3 billion over 2024 and 2025. This results in annual
revenue growth of about 7.7% and 4.5% in 2024 and 2025,
respectively. While the company is reducing capex significantly in
2026 and 2027, we expect it will continue to grow helped by
industry tailwinds and past investments, albeit at a more modest
pace. We also expect reductions in start-up costs and closures of
underperforming centers will contribute to EBITDA margin
expansion."

Reimbursement exposure remains a key long-term risk. The company
remains susceptible to reimbursement pressures in specific
geographies and the supplemental payments it receives from some
states are subject to political actions. While S&P views it as
unlikely that these supplemental payments will be withheld, their
timing and growth are less predictable than traditional government
reimbursement.

S&P said, "We view ongoing pressure on reimbursement rates as a
key
risk, particularly the company's exposure to government payers.
The
company derives approximately 56% of its revenues from Medicaid,
14% from Medicare, 26% from commercial, and 3% from self-pay and
others. However, Acadia's good geographic diversity within the
U.S.
somewhat mitigates the risk from Medicaid, determined on a
state-by-state basis. We do not currently expect any rate cuts
from
government payers in the near future.

"The negative outlook reflects leverage that is high for the 'BB-'
rating and risks to our base-case that Acadia will bring leverage
below 4x in 2026. It also reflects uncertainty on the size and
duration of litigation and government-investigation expenses in
2026 and beyond."

S&P could lower the rating on Acadia if it sustains S&P Global
Ratings-adjusted debt to EBITDA leverage above 4x. This could
occur
if:

-- litigation and government-investigation expenses remain
elevated, potentially indicating greater volatility of earnings;

-- Volume trends unexpectedly turn unfavorable or if adverse
reimbursement or regulatory events lead to a decline in EBITDA
margins; or

-- The company adopts more aggressive financial policies for
debt-financed acquisitions or shareholder returns that increase
its
S&P Global Ratings-adjusted leverage above 4x.

S&P could revise its outlook to stable if:

-- The company reduces leverage below 4x, and S&P expects it will
sustain that; and

-- S&P expects litigation and government investigation-related
expenses will decline from current levels.




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

CITGO PETROLEUM: Venezuela Says Company Auction Marred By Conflicts
-------------------------------------------------------------------
Caroline Simson at law360.com reports that Venezuela pressed the
Third Circuit to overturn an order greenlighting the nearly $6
billion sale of Citgo to satisfy billions of dollars of the
country's debt, arguing that the underlying attachment orders are
void and that the proceeding was marred by "obvious" conflicts of
interest.

                    About CITGO

Citgo Petroleum Corporation is a United States-based refiner,
transporter and marketer of transportation fuels, lubricants,
petrochemicals and other industrial products.  Based in Houston,
Texas, Citgo is majority-owned by PDVSA, a state-owned company of
the Venezuelan government (although due to U.S. sanctions, in
2019, they no longer economically benefit from Citgo.)

As reported in the Troubled Company Reporter-Latin America on
September 2025, Fitch Ratings affirmed the Long-Term Issuer
Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at
'B' with
a Stable Outlook and CITGO Holding, Inc. (Holdco) at 'CCC+'. Fitch
also affirmed Opco's existing senior secured notes and industrial
revenue bonds at 'BB' with a Recovery Rating of 'RR1'.


VENEZUELA: Oil Execs Urged to Return to Country to Recover Debts
----------------------------------------------------------------
Reuters, reports that White House and State Department officials
have told U.S. oil executives in recent weeks that they would need
to return to Venezuela quickly and invest significant capital in
the country to revive the damaged oil industry if they wanted
compensation for assets expropriated by Venezuela two decades ago.


In the 2000s, Venezuela expropriated the assets of some
international oil companies that declined to give state-run oil
company Petroleos de Venezuela, S.A. increased operational control,
as demanded by late Venezuelan President Hugo Chavez. U.S,
according to the report.

                    About Venezuela

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

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

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

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

VENEZUELA: Trump's Plan to Take Venezuelan Oil Pushes Prices Down
-----------------------------------------------------------------
Radio Jamaica News reports that oil prices retreated on Wednesday,
January 7, after US President Donald Trump struck a deal to allow
imports of up to US$2 billion worth of Venezuelan crude, a move
that weighed on energy markets and rippled across global assets.

US crude fell US$1.14 to settle at US$55.99 a barrel, while Brent
dropped $0.74 to US$59.96, according to the report.

The decline came as investors digested the geopolitical
implications of Washington's renewed involvement in Venezuela's oil
trade, which has so far had its strongest impact on commodities,
the report adds.

                    About Venezuela

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

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

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

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



                           *********


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

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

Copyright 2026.  All rights reserved.  ISSN 1529-2746.

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

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

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


                  * * * End of Transmission * * *