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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, August 29, 2023, Vol. 24, No. 173

                           Headlines



A R G E N T I N A

ARGENTINA: Economic Activity Shrinks for Fourth Month
ARGENTINA: IMF Board Approves US$7.5-Billion Disbursement


B E R M U D A

BERMUDA: Records $309 Million Surplus on Trade in First Quarter


B R A Z I L

ENTREVIAS CONCESSIONARIA: Fitch Alters Outlook on BB Rating to Pos.


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: Cabinet Created to Fight Sargassum


J A M A I C A

JAMAICA: BOJ Says its Intervention Helped Keep Market Stable
JAMAICA: Wage Caution May Have Little Impact on Firms' Decisions
LYNK: Massive Lay-Off Exercise Taking Place

                           - - - - -


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

ARGENTINA: Economic Activity Shrinks for Fourth Month
-----------------------------------------------------
Buenos Aires Times reports that Argentina's economic activity
contracted for the fourth straight month in a fresh sign that one
of South America's largest countries is barreling toward recession
amid fast inflation and heightened political uncertainty.

Economic activity fell 0.2 percent in June from a month earlier,
according to government data published August 23, according to
Buenos Aires Times.  The economy shrank 4.4 percent from a year
prior, more than the 3.7 percent contraction expected by analysts
surveyed by Bloomberg.  May's monthly drop was also revised lower,
to minus 0.6 percent from minus 0.1 percent, Buenos Aires Times
notes.

Argentina's economy is being slammed by annual inflation running
over 100 percent, while agriculture output has been curbed by a
devastating drought, Buenos Aires Times discloses.  Overall exports
plunged by 35.8 percent in June from a year ago, Buenos Aires Times
says.  Complicating matters further, political uncertainty is
running high ahead of October's presidential vote after outsider
Javier Milei finished first in a recent primary, Buenos Aires Times
notes.

Economists surveyed by Argentina's Central Bank expect gross
domestic product to shrink 2.8 percent this year, followed by
another decline in 2024, Buenos Aires Times says.  The estimates
were gathered before the surprising primary election result on
August 13 that was followed by an 18 percent devaluation of the
official currency, Buenos Aires Times adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri 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.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None
of
its rated bond issues are affected.

S&P said the negative outlook  on the long-term ratings is based
on
the risks surrounding pronounced  economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among
the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.

Fitch Ratings also upgraded on June 13, 2023, Argentina's
Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to
'CC' from 'C' and affirmed the Long-Term Local Currency (LC) IDR
at 'CCC-'. Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a
default
event of some sort appears probable in the coming years,
regardless
of the outcome of upcoming elections. The affirmation of the LC
IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.

ARGENTINA: IMF Board Approves US$7.5-Billion Disbursement
---------------------------------------------------------
Buenos Aires Times reports that the International Monetary Fund's
(IMF) executive board of has "approved a disbursement of US$7.5
billion" corresponding to the fifth and sixth reviews of
Argentina's extended fund facility agreement, a spokesman for
Economy Minister Sergio Massa confirmed.

"It was unanimous," a spokesman for the minister and presidential
candidate for the ruling Peronist party said in a message sent to
journalists via WhatsApp, according to Buenos Aires Times.

The IMF has not yet confirmed the development.

Massa is due to meet with IMF Managing Director Kristalina
Georgieva last week for talks that will "review the entire
disbursement procedure," according to the report.

The government is expected to request that additional funds
outlined in the IMF are brought forward by the multilateral lender
in order to shore up the economy, the report discloses.

Under Argentina's credit program with the IMF, the country receives
US$44 billion over a 30-month period in exchange for the increasing
of Central Bank international reserves and a gradual reduction of
the fiscal deficit, the report relays.

Speaking at a press conference, Massa said Argentina is facing
"perhaps the most tragic year in terms of the economy" due to a
devastating drought that has slashed hundreds of millions of
dollars of GDP, the report says.

He also confirmed US$1.3 billion in additional financing via two
loan packages from the World Bank and Inter-American Development
Bank, notes the report.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri 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.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None
of
its rated bond issues are affected.

S&P said the negative outlook  on the long-term ratings is based
on
the risks surrounding pronounced  economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among
the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.

Fitch Ratings also upgraded on June 13, 2023, Argentina's
Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to
'CC' from 'C' and affirmed the Long-Term Local Currency (LC) IDR
at 'CCC-'. Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a
default
event of some sort appears probable in the coming years,
regardless
of the outcome of upcoming elections. The affirmation of the LC
IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.



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

BERMUDA: Records $309 Million Surplus on Trade in First Quarter
---------------------------------------------------------------
Royal Gazette reports that new government figures show the Bermuda
current account recording a surplus on trade with non-residents of
$309 million in the first quarter of 2023, representing a $45
million decrease year-over-year.

The 2023 Q1 Balance of Payments & International Investment Position
publication was prepared by the Department of Statistics and
released by the Ministry of Economy and Labor, according to Royal
Gazette.

The report notes that outlining contributing factors, Jason
Hayward, the Minister of Economy and Labor, said: "Transactions
related to trade in goods led to a wider deficit on the goods
account, increasing by $2 million to $285 million.

"Higher imports were associated mainly with the miscellaneous,
finished equipment and food, beverages and tobacco commodity
groups.

"Services transactions realized a surplus of $76 million, narrowing
$2 million year-over-year.

"The decrease in the surplus balance reflected decreases in the
accounting, auditing, bookkeeping, and tax consulting services
account balance.

"The surplus on Bermuda's primary income account fell by $43
million to $564 million, due mainly to a decrease in investment
income."

Mr Hayward added: "Bermuda's trade in financial assets and
liabilities with the rest of the world resulted in a net
international investment position of $3.8 billion at the end of the
first quarter of 2023.

"This balance decreased by $554 million over the fourth quarter of
2022 due to decreased assets of portfolio investments, specifically
debt securities which were greater than the decrease in
liabilities.

"Two of the four institutional sectors recorded positive balances
on their net international investment positions at the end of the
first quarter.

"Specifically, financial corporations recorded a balance of $6.4
billion, and non-profit institutions recorded a balance of $26
million.

"In contrast, non-financial corporations recorded a deficit balance
of $2.2 billion, while the government sector recorded a deficit
balance of $458 million due to a decline in other investment
assets," the report adds.



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

ENTREVIAS CONCESSIONARIA: Fitch Alters Outlook on BB Rating to Pos.
-------------------------------------------------------------------
Fitch Ratings has upgraded the National Long-Term (LT) Rating of
Entrevias Concessionaria de Rodovias S.A. (Entrevias) to
'AA+(bra)'/Outlook Positive from 'AA-(bra)'/Outlook Stable. In
addition, Fitch has affirmed Entrevias' BRL 1.0 billion second
debentures issuance due in 2030 at 'BB' and revised the Outlook to
Positive from Stable.

The upgrade of National LT Rating reflects the strong operational
performance in 2022 and 2023. Total traffic surpassed Fitch's Base
Case. Liquidity and credit metrics have improved and increased
transactions' cushion to withstand stresses. The Positive Outlook
reflects Fitch's expectation that the positive traffic trend will
continue in the following years supporting metrics in line with a
higher rating. If the strong traffic performance remains in 2023
and 2024 and investments are performed according to issuer's
expectation allowing for additional tariff readjustment, Entrevias'
debt rating could be upgraded.

RATING RATIONALE

The ratings reflect the operational profile of the concessionaire
with heavy vehicles representing approximately 60% of the paying
axles. The North Section of the toll road, which crosses Ribeirão
Preto in State of São Paulo, has a proven traffic base, present
moderate volatility and corresponds to approximately 70% of total
traffic. The South Section, a more recent stretch, is crucial for
the region's agricultural production flow.

The works for duplication of lanes between Marília and Echaporã
are expected to be concluded by the end of August 2023. After the
conclusion of this investment, the concessionaire has the right to
charge additional tariff in Florinea and Echaporã toll plazas. The
concession agreement provides for annual tariff increases that
track inflation and has an extensive capex plan up to 2025.

The senior debt is also indexed to inflation and includes a six
months reserve account. There is a large amount of investments to
be executed until 2025. The existent restrictions on cash
distribution up to 2024 provide adequate liquidity leading to a
minimum loan life coverage ratio (LLCR) of 1.6x in 2023, in Fitch's
rating case. After that period, the minimum debt service coverage
ratio (DSCR) is 1.2x and average DSCR is 1.4x, which is considered
strong for the assigned rating, according to Fitch's Applicable
Criteria.

KEY RATING DRIVERS

Volume Strongly Linked to Economy (Volume Risk - High Midrange)

Entrevias' concession is divided into the North and South sections,
both in the State of São Paulo. The North Section is located in a
wealthy region and crosses Ribeirão Preto as well as has a long
track record of operations. The right to collect tolls was granted
to Entrevias in May 2018, after the maturity of the prior
concession. The South Section, which crosses Marília, connects the
states of São Paulo and Paraná, and is crucial for agricultural
production flow, such as horticulture, sugar, sugar cane and
temporary crops. This stretch started collecting tolls for the
first time in October 2018. The Brazilian logistics network narrows
competition between toll roads, therefore, price elasticity is
moderate.

Tariffs Adjusted by Inflation (Price Risk - Midrange)

The concession falls under the state of São Paulo jurisdiction and
is regulated by Agência de Transporte do Estado de São Paulo
(ARTESP). The concession contract stipulates annual tariffs
readjustments based on accumulated inflation. Historically, the
grantor has either granted the tariffs adjustments or compensated
the lack of full pass-through in accordance with the financial
rebalancing mechanisms defined in the concession contract. The
framework is considered robust, and projection considers an annual
tariff increase. Besides that, the concessionaire has the right to
receive extra readjustments as long as the duplication of the South
Section stretches is completed.

Extensive Capex Plan in the Next Years (Infrastructure
Development/Renewal - Midrange)

Entrevias is expected to undertake a heavy capex plan in order to
comply with the concession agreement, and to accommodate
medium-term traffic forecasts in the South Section of the road, in
the region of Marília. Although the company has an adequate
infrastructure and renewal plan, it does not have an Engineering,
Procurement and Construction (EPC) agreement with a major
construction company. However, the construction works are standard,
making it easier to replace the contractor if necessary. Entrevias
forecasts that expansion capex should be concluded by 2025 and no
additional funding will be required.

Cash Trap Mechanism up to 2024 (Debt Structure - Midrange)

The debentures are senior and indexed to inflation, which is also
used to readjust tariffs, providing a natural hedge to the debt.
The amortization profile is fully amortizing, back-loaded and the
debt structure benefits from a six-month debt service reserve
account (DSRA). The debt includes limitation related to additional
indebtedness, restrictions on cash distribution up to 2024 and
dividend lock-up triggers after 2025.

Financial Profile

Entrevias' needs to perform considerable amount of investments
until 2025. The debt structure restricts distributions until end of
2024 to secure liquidity to support the investments. Up to 2024,
the minimum LLCR under the rating case is 1.6x in 2023. From 2025
onwards, the minimum and average DSCR are 1.2x and 1.4x. The
minimum DSCR occurs in 2028 and is due to the backloaded
amortization profile of the debt. Entrevias presents strong
breakevens and could withstand a 42% traffic drop in 2028 and still
meets debt service in this year.

PEER GROUP

In International scale, the closest peer of Entrevias in the region
are Red de Carreteras de Occidente, S.A.B de CV (RCO,
BBB/AAA(mex)/Stable) and Autopista del Sol, S.A. (AdS,
B/A(cri)/Stable). RCO's Volume is assessed as strong while AdS' is
weak.

RCO's higher rating is explained by its stronger metrics (the
minimum and average DSCR are 1.3x and 1.8x) coupled with the Strong
Volume assessment due to resilient traffic profile and strategic
location in Mexico. On the other side, despite AdS' strategic
location in Costa Rica, it has a tight financial profile expected
for the coming years with DSCR close to 1x until 2025, and also the
minimum and average DSCR are 0.9x (in 2023) and 1.2x, respectively,
which justify the lower level of rating in comparison with
Entrevias.

In National scale, Entrevias' closest peers are Concessionária
Rodovia dos Tamoios S.A (Tamoios, second debentures issuances
National LT rating AA(bra)/Positive) and Concessionária Ponte
Rio-Niteroi S.A. (Ecoponte, first debentures issuance's National LT
rating AA(bra)/Stable). While Tamoios has midrange assessment for
volume given the traffic volatility, Entrevias and Ecoponte have
high-midrange assessment for volume.

Tamoios presents a strong minimum LLCR of 3.0x, nonetheless its
rating is constrained by the strong reliance on finishing the main
contour works and exposure to cost overruns during this phase.
Tamoios' rating has a positive outlook indicating that after 2024
and conclusion of the works it is expected to present strong
liquidity and metrics commensurate with higher rating.

Ecoponte presents weaker metrics (minimum and average DSCRs of 0.7x
and 1.2x) which explains the lower national scale rating.

RATING SENSITIVITIES

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

- Traffic performance consistently below Fitch's Base Case
assumptions;

- Subsequent delays in concluding the Florinea and Echaporã
investments which will trigger extraordinary tariff adjustments;

- Capex and Cost overruns which can lead to reduced liquidity and
DSCRs to be below 1.2x.

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

- Sustained traffic growth in 2023 and 2024, in line with Fitch's
Base Case assumptions.

TRANSACTION SUMMARY

Entrevias Concessionaria de Rodovias S.A. is an SPV that owns the
concession rights to explore, invest and maintain 570km of roads in
the State of Sao Paulo, divided in seven highways and two stretches
that connect the north of the state of Parana and the southeast of
the state of Minas Gerais. The concession was granted by the State
Government of Sao Paulo, intermediated by ARTESP, in 2017 for a
period of 30 years (maturity in June 2047).

CREDIT UPDATE

In 2022, traffic levels were 5% above Fitch's base case and 10%
higher than 2021. Up to June 2023, traffic grew 7% when compared to
same period of 2022. As with many other assets in São Paulo State,
the economic recovery boosted the performance of traffic for light
and heavy categories.

The concessionaire is allowed to charge a higher amount of tariff
for the duplicated section of the road when it concludes the
investments. According to management, the duplication between
Marília and Echaporã is in conclusion and the concessionaire has
a contractual right to increase the tariff in Florinea and
Echaporã above inflation. Entrevias presented an EBITDA of BRL 106
million in the first quarter of 2023 and as of end of March 2022 it
had a total cash balance (including DSRA) of BRL 273,5 million.

FINANCIAL ANALYSIS

The main assumptions of Fitch's Base Case include:

- Brazilian Inflation: 5.2% in 2023, 4.0% from 2024 onwards;

- Brazilian GDP growth: 2.3% in 2023, 1.3% in 2024, 2.1% in 2025
and 2.0% from 2026 onwards;

- For 2023, traffic growth of 5.0% when compared to 2022. After
that, annual traffic growth of 1.2x the GDP growth;

- Investments of BRL1.1 billion between 2023 and 2025, according to
management case;

- Opex assumptions according to management case.

The same assumptions were used in the rating case, except for the
following:

- For 2023, traffic growth of 5.0% when compared to 2022. After
that, annual traffic growth of 1.0x the GDP growth;

- 5% stress over Base Case's Opex and investments assumptions.

In Fitch's base case and rating cases, minimum LLCR is 1.7x and
1.6x, respectively. The average DSCR under base and rating cases is
1.5x and 1.4, respectively. DSCRs mentioned on this rating action
commentary are calculated according to Fitch's criteria and,
therefore, does not include cash balance.

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
   -----------                   ------                 -----
Entrevias
Concessionaria
de Rodovias S.A.

   Entrevias
   Concessionaria
   de Rodovias S.A./
   Debentures/1 LT         LT      BB      Affirmed       BB

   Entrevias
   Concessionaria de
   Rodovias S.A./
   Debentures/1 Natl LT    Natl LT AA+(bra)Upgrade   AA-(bra)



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

[*] DOMINICAN REPUBLIC: Cabinet Created to Fight Sargassum
----------------------------------------------------------
Dominican Today reports that President Luis Abinader has
established the Cabinet to Fight Sargasso as an advisory council
through Decree number 379-23 dated August 21, 2023.  This cabinet
is tasked with proposing and coordinating public policies aimed at
mitigating the impacts of sargassum on the beaches and coasts of
the Dominican Republic, according to Dominican Today.

Comprising key officials, the Cabinet includes the Minister of
Tourism, the Minister of the Environment and Natural Resources, the
Minister of Economy, Planning and Development, the Executive Vice
President of the National Council for Climate Change and Clean
Development Mechanism, the General Commander of the Navy of the
Dominican Republic, a representative from the Ministry of the
Presidency, and a representative from the Association of Hotels and
Tourism (ASONAHORES) to represent the private sector, the report
notes.

This initiative by the Executive Branch is a response to concerns
raised by society and the tourism sector regarding the escalating
influx of sargassum onto the Dominican coasts each year, the report
discloses.  The decree's purpose is to harmonize policies, plans,
and projects to combat sargassum, define responsibilities for
Cabinet members, and foster private sector involvement in
addressing this national issue, the report relays.

Furthermore, the Cabinet may recommend financial backing from the
Executive Branch or international organizations for proposed
solutions, the report notes.  It is also empowered to invite other
governmental bodies or private sector entities related to the
environment and tourism to its sessions, promoting a diverse
dialogue, the report discloses.

President Abinader's decision is a significant stride toward
restoring the Dominican coasts, enabling both local and
international tourists to relish the country's picturesque beaches
once again, the report says.  This endeavor will stimulate economic
gains from the tourism industry and safeguard these natural
resources as part of the national heritage, 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.

TCRLA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

On August 14, 2023, the TCR-LA reported that Moody's Investors
Service has changed the outlook on the Government of Dominican
Republic's ratings to positive from stable and affirmed the
local and foreign-currency long-term issuer and senior unsecured
ratings at Ba3.

Moody's said the key drivers for the outlook change to positive
are: (i) sustained high growth rates have enhanced the scale and
wealthclevels of the economy; and (ii) a material decline in the
government debt burden coupled with improved fiscal policy
effectiveness will support medium-term debt sustainability
The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively
contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which
include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18
months that will likely stabilize the government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.

Fitch Ratings, in December 2022, affirmed the Dominican Republic's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Rating Outlook.



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

JAMAICA: BOJ Says its Intervention Helped Keep Market Stable
------------------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) is reporting that
the foreign exchange rate and market have remained relatively
stable over the last two years due, in part, to intervention
strategies implemented by the institution.

Addressing the Central Bank's quarterly monetary policy media
briefing at the BOJ Auditorium in downtown Kingston recently,
Governor Richard Byles said the entity sold more than US$500
million via its BOJ Exchange Intervention Trading Tool (B-FXITT)
facility in 2023, according to RJR News.

This was done to prevent undue volatility in the FX market, the
report notes.

Mr. Byles said the BOJ projects that reserves will remain adequate
over the medium term, the report relays.

He noted that one of the outcomes of the bank's management of the
foreign exchange market is that it has served to anchor inflation
expectations,  adds the report.

                      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.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.

JAMAICA: Wage Caution May Have Little Impact on Firms' Decisions
----------------------------------------------------------------
Javaughn Keyes at RJR News reports that there are more reactions to
the central bank's caution to private sector firms to temper
massive increases in wages.

Development economist Dr. Nelson "Chris" Stokes says the BOJ's
warning may have little impact on wage decisions for private firms,
according to RJR News.

"Firms will act in a way that is in their interest.  So if it is in
their interest to pay this guy a 20% wage increase because that is
going to deliver more value to the company, I do not think that
they're going to stop and say, oh, you know, the governor is
suggesting six to seven, maybe we shouldn't do that.  That's just
not the way the free market works and not the way that firms make
decisions," he argued, the report notes.

Dr. Stokes suggested that companies have the upper hand in the
current labor market, the report discloses.  But he acknowledged
that this could change as unemployment rates get lower or where
certain skills become more scarce, the report says.

Financial expert Keisha Bailey urged firms not to use what the
central bank has said as an excuse to not increase salaries, the
report notes.

"The BOJ Governor's sentiment should not be used as an excuse to
not grant wage increases because the comments were not to have
zero, but he had said specifically, it is hoped that there is no
substantial increase.  The keyword being 'substantial' and not
none," the report relays.
    
BOJ Governor Richard Byles said companies should be mindful of high
wage increases, as this may have a negative effect on inflation,
the report notes.

The BOJ advised that increases within the current inflation band
would have less material impact, the report discloses.

Mr. Byles also said if large wage adjustments are accompanied by
increased productivity, the impact on inflation would be
negligible, 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.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.

LYNK: Massive Lay-Off Exercise Taking Place
-------------------------------------------
Javaughn Keyes at RJR News reports that a major lay-off exercise is
taking place at NCB's subsidiary Lynk.

Sources familiar with the matter told Radio Jamaica News that a
little more than 60 per cent of staff employed to TFOB (2021) have
been booted as a part of the company's restructuring.

The member of the NCB Financial Group, which operates the only
digital wallet which accepts Jamaica's central bank digital
currency Jam-Dex, was flagged by the new management as an area were
possible cost saving could be realized, according to RJR News.

Radio Jamaica News was told that a number of Lynk's structures,
including sales, marketing, operations and human resources, will
now be managed by existing teams in the NCB Financial Group.

We can confirm that the Lynk team members have been given notice
that they will be laid off or that their contracts will not be
renewed, the report notes. More than 30 team members are said to be
affected.

Sources say TFOB is expected to now focus on managing the existing
infrastructure, while the other services will be executed by the
Group, the report says.

Radio Jamaica News was also told that the services of a number of
contractors to TFOB have been terminated.

It is understood that some senior posts were affected. However,
Vernon James remains CEO, says the report.

A number of contracts for marketing and other activations to
external firms were also reportedly cut, the report discloses.

It's not clear the total cost to be saved from the measure, but the
move comes as no surprise, the report says.

In early August, interim CEO of the NCB Financial Group, Robert
Almeida, and other members of the management team indicated there
were some changes coming to the digital wallet, as the Group seeks
to reap more profit from the almost two-year-old firm, the report
notes.

The Group said less spending would be done on new rollouts for the
platform, the report relays.

At the press briefing, Mr. Almeida said there would be no "mass
lay-offs", however, there could be some restructuring, relates the
report.

He noted that since the interim leadership appointment a little
more than a month ago, $6-$8 billion in possible cost savings were
identified, the report relays.

                 NCBFG Confirms Staff Changes

The NCB Financial Group has confirmed that Lynk is undergoing staff
changes.

In response to questions posed by Radio Jamaica News, NCBFG said
the "staff adjustment is among other efficiency improvement
initiatives, as part of ongoing efforts to bolster operational
efficiency and improve customer engagement," the report relays.

The company said the move "aligns with NCB Financial Group
Limited's emphasis on efficiency, governance, and customer
experience," the report notes.

The response indicated that less than 2 per cent of the total
workforce across the NCB Financial Group is being affected by the
staff cuts, the report says.

NCBFG said throughout this transition, it seeks to minimize
disruption and support its team members as they navigate the
changes, the report notes.

The company said it is actively seeking opportunities to reallocate
affected employees within the organization where possible, the
report adds.



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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 2023.  All rights reserved.  ISSN 1529-2746.

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