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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

          Wednesday, September 6, 2023, Vol. 24, No. 179

                           Headlines



A R G E N T I N A

ARGENTINA: Central Bank Sees Monthly Inflation Going Over 10%


B R A Z I L

BRAZIL: Saw Decrease in Unemployment for Fourth Month in a Row


C H I L E

CHILE: Bank VP Says Policy Outlook is Unaltered by Currency Drop


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: BCRD Cuts Monetary Policy Rate by 25 Points
DOMINICAN REPUBLIC: Experts Debate Over True State of Economy


J A M A I C A

JAMAICA: Gov't. Implementing Policies to Upskill More Locals
JAMAICA: Will Meet Oct. Deadline for Removal From FATF Grey List


T R I N I D A D   A N D   T O B A G O

UNIT TRUST: Total Income Falls by 37% in 6 Mos. Ended June 30

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Central Bank Sees Monthly Inflation Going Over 10%
-------------------------------------------------------------
Bloomberg News reports that Argentina's central bank expects
monthly inflation in August to have accelerated to almost double
the pace of July after the government devalued the peso, two
officials said in another sign the economy is quickly
deteriorating.

The central bank estimates consumer prices will increase at least
10.6% from July, the fastest monthly rate since Argentina was
coming out of hyperinflation more than three decades ago, the
officials said, asking not to be named citing preliminary internal
high frequency data and private online researchers like PriceStats,
according to the report.

Beef, fresh produce and medicine prices are seen as the biggest
contributors to the acceleration, the report notes.

The August data, to be released by the country's statistics agency
on Sept. 14, would dwarf the 6.3% monthly inflation that Argentina
posted in July, confirming the significant impact on prices from an
18% peso devaluation announced by the government earlier in August,
the report discloses.

Still, the projection by the BCRA, as Argentina's central bank is
known, stands below forecasts by private economists, the report
discloses.  Buenos Aires-based consultancy firms EcoLatina, EcoGo
and Consultora Ledesma estimate the monthly inflation to be between
10.8% and 13%, the report adds.

"We're seeing a very elevated pass-through because this devaluation
occurred in the context of high uncertainty, little government
credibility and very few reserves," Santiago Manoukian, research
chief at EcoLatina, said, Bloomberg News notes.

A central bank spokesperson said the bank does not calculate its
own inflation index nor confirm private estimates, relates the
report.

Devaluation Aftermath

According to Bloomberg News, the administration of President
Alberto Fernandez devalued the peso's official exchange rate on
Aug. 14 after suffering a bruising defeat in the country's primary
election. The measure, agreed with the International Monetary Fund
as part of a troubled $44 billion loan program, was designed to
help cash-strapped Argentina rebuild reserves by bringing the
artificially stronger rate closer to those seen in the parallel
market.

The report notes that the central bank boosted its key interest
rate by 21 percentage points to 118% following the devaluation. As
part of the IMF agreement, Argentina has also agreed to maintain
the key rate above inflation "to continue to support demand for
peso assets," according to an IMF statement by managing director
Kristalina Georgieva.

In the four years leading up to the primary, Fernandez tightened
capital restrictions strongly to cope with dwindling dollar
reserves in an attempt to prevent a devaluation that would
accelerate inflation and be unpopular with voters, says the report.
Yet the strategy ended up creating a system of multiple exchange
rates and ultimately didn't avoid the sharp decline in the value of
the peso, it adds.

In parallel markets on August 29, the Argentine currency dropped to
a record-low 800 pesos per dollar, compared to the 350 pesos per
dollar of the official rate, the report notes. Economy Minister
Sergio Massa on August 27 announced measures to boost public
employee wages, pension payments and other subsidies to compensate
for the impact of the devaluation but at the risk of accelerating
inflation expectations further.

The country will vote in a general election on Oct. 22, adds 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.



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B R A Z I L
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BRAZIL: Saw Decrease in Unemployment for Fourth Month in a Row
--------------------------------------------------------------
Richard Mann at Rio Times Online reports that in July, Brazil saw a
decrease in unemployment for the fourth month in a row, despite
facing economic difficulties.

The unemployment rate dropped to 7.9%, which most analysts
expected, according to Rio Times Online.

This meant that around 8.5 million people were unemployed, the
lowest number for a July-ending quarter since 2014, the report
notes.  Last year, in the same period, the rate was 9.1%, adds the
report.

This information was released by the Brazilian Institute of
Geography and Statistics (IBGE), the report adds.

                          About Brazil
 
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
 
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
 
Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.
 
DBRS Inc., on  August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable.(March 2018).



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C H I L E
=========

CHILE: Bank VP Says Policy Outlook is Unaltered by Currency Drop
----------------------------------------------------------------
Bloomberg News reports that Chile's central bank sees its policy
outlook largely unchanged by a drop in the peso and the potential
inflation impact from recent devastating floods, the institution's
vice president said in an interview.

Chile's monetary easing, combined with doubts over the Chinese
economy that's a key buyer of the country's commodities and
hawkishness of the Federal Reserve have weighed on the currency,
Pablo Garcia said from Jackson Hole, where central bankers gathered
for a global symposium hosted by the Fed, according to Bloomberg
News.

Still, no development has been big enough to alter policymakers'
plan to lower rates to 7.75%-8% at year's end from the current
level of 10.25%, he said, the report notes.

"So far, the news that we've had, both on the international
scenario and domestic data, inflation, gyrations of the exchange
rate, they don't seem to paint a picture dramatically different
from what we had in mind when we started the cuts in July," Garcia,
53, said, the report discloses. The bank's next rate decision is on
Sept. 5.

Chile is spearheading Latin America's pivot toward rate cuts at a
time when others including the Fed and European Central Bank are
still weighing tightening, the report says.

Policymakers lowered borrowing costs 100 basis points in July and
financial markets are pricing in at least 5 percentage points of
additional easing over the coming year, the report notes.  Still,
some analysts are warning that headwinds including a weaker peso
may hamper the inflation slowdown to the 3% target, the report
adds.

According to the report, the peso dropped more than 8% between
early July and in late August before paring losses when the Finance
Ministry said it will increase dollar sales. A weaker currency fans
inflationary pressure by making imports costlier, and Chile is
vulnerable given it buys crucial goods -- including nearly all its
fuel -- from abroad, the report says.

Chile's central bank is also in the middle of a push to boost its
foreign currency reserves by 25%, adding $10 billion to its coffers
through daily purchases of $40 million which have weighed on the
currency, notes Bloomberg News.

The accumulation of reserves is "a structural measure" aimed to
establish "an extra layer of safety in terms of our buffers in
external liquidity that is very helpful if shocks happen," the
report quoted Garcia as saying. "It's appropriate that we continue
this process."

Floods

In August, heavy rains brought flooding to areas of Chile known for
fruit and vegetable output, recall the report. President Gabriel
Boric's administration declared a state of catastrophe as downpours
inundated crops and destroyed infrastructure.

The central bank is monitoring the impact that the floods may have
on agriculture prices, though Garcia said any inflationary pressure
will likely be transitory, notes Bloomberg News. The downpours
"might have an impact on inflation in the short run, but it's
unlikely that they will have a more persistent impact on the
disinflation process that might imply a change in policy strategy,"
he said.

Chile's annual inflation has eased sharply from a peak over 14% in
2022, hitting 6.5% in July, according to the report. A gauge of
core prices that's closely-watched by the central bank has slowed
more gradually, rising 8.5% from a year prior.

An economist trained at Massachusetts Institute of Technology,
Garcia has been a member of the central bank board since 2014,
Bloomberg News relays. He cast a dissenting vote at policymakers'
June meeting, backing a rate cut while the majority voted in favor
of keeping borrowing costs at an over two-decade high of 11.25%.

Before becoming a board member, Garcia served as Executive Director
for the Southern Cone at the International Monetary Fund. He has
also held other positions at the Chilean central bank, including
Director of Research, adds the report.



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

DOMINICAN REPUBLIC: BCRD Cuts Monetary Policy Rate by 25 Points
---------------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic (BCRD) has taken steps to reduce its monetary policy
interest rate (TPM) by 25 basis points, lowering it from 8.00% to
7.75% annually during its June 2023 monetary policy meeting.  This
decision also affects other interest rates within the financial
system, according to Dominican Today.  The rate for the permanent
liquidity expansion facility (1-day Repos) is reduced from 8.50% to
8.25% per year, while the rate of remunerated deposits (Overnight)
is lowered from 7.50% to 6.75% per year, the report notes.

These actions have been taken with the aim of decreasing the
financing costs of financial institutions and subsequently leading
to lower interest rates throughout the financial system, the report
discloses.  The decision was influenced by several factors,
including the reduction of domestic inflation, which has remained
within its target range of 4.0% +/- 1.0%, the report relays.  This
has been achieved through monetary and fiscal policies, as well as
reduced internal demand and lower global prices for raw materials,
the report notes.

The statement from the Central Bank notes that the monthly
variation of the consumer price index (CPI) was -0.20% in May,
contributing to a significant drop in year-on-year inflation from
9.64% in April 2022 to 4.43% in May 2023, the report says.  Core
inflation, which excludes volatile components of the CPI basket,
also decreased from 7.29% to 5.51% during the same period, the
report discloses.

As a result of this successful inflation control and its
convergence to the target range sooner than anticipated, the
Central Bank initiated the normalization of its monetary policy
stance, the report relays.  The combined 75 basis point reduction
in the TPM over May and June, along with additional liquidity
provision measures, are intended to facilitate favorable financing
conditions for both households and the productive sector, promoting
economic growth while keeping inflation within the target range,
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.

DOMINICAN REPUBLIC: Experts Debate Over True State of Economy
-------------------------------------------------------------
Dominican Today reports that Economists Arturo Martinez Moya and
Antonio Ciriaco Cruz have offered contrasting views on the current
state of the Dominican economy.  

Martinez Moya asserts that the economy displays remarkably positive
indicators compared to previous years, citing robust improvements
in international reserves, job creation, and inflation control,
according to Dominican Today.  He emphasizes that these indicators
must be evaluated in relation to past performance to accurately
gauge economic progress, the report notes.  Moreover, he highlights
that the Dominican Republic stands out in the region for
successfully managing inflation, the report relays.

On the other hand, Antonio Ciriaco Cruz, the economist and dean of
the Faculty of Economic and Social Sciences at UASD, expresses that
the Dominican economy is undergoing a slowdown process, the report
discloses.  He notes that during the first half of the year, the
economy grew at an average rate of 1.2%, and there's evidence that
the unemployment rate has increased from 4.8% to 5.2% during the
same period, the report says.

Ciriaco Cruz explains that if this trend continues, the open
unemployment rate could reach 6.0% by the end of 2023, the report
relays.  He points out that achieving this year's growth target of
4.0% would necessitate an economic growth rate of around 6.7% for
the remaining months, presenting a significant challenge for
economic authorities, the report discloses.  He reiterates that the
national economy is currently decelerating, with a growth rate
substantially below its potential rate of 5.0%, the report says.

These differing viewpoints reflect ongoing debates about the true
health and trajectory of the Dominican economy, 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.



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

JAMAICA: Gov't. Implementing Policies to Upskill More Locals
------------------------------------------------------------
RJR News reports that Finance Minister Dr. Nigel Clarke says the
government continues to deploy strategies to upskill more
Jamaicans.

The response comes amid concerns from a number of private sector
groups about the availability of skilled labor in the workforce,
which could affect the country's growth targets, according to RJR
News.

Dr. Clarke says a multi-pronged approach is being taken.

"We need the appropriate levels of skill to fuel the economic
growth over the next period.  The Prime Minister, for that reason,
took HEART under his umbrella and has announced a number of policy
initiatives, including providing financial support to students who
are accessing the PATH program so that we can accelerate the
skilling up of the population," the report notes.

In addition, he cited the Global Skills Project being done through
the World Bank, which focuses on higher skilled areas of the
business process outsourcing industry, the report says.

Dr. Clarke said the appointment of a full minister with
responsibility for the area of skills is also reflective of the
government's move to increase the number of skilled Jamaicans, 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.

JAMAICA: Will Meet Oct. Deadline for Removal From FATF Grey List
----------------------------------------------------------------
RJR News reports that Finance Minister Dr. Nigel Clarke said while
Jamaica has made significant progress, there are three remaining
areas needed to meet the Financial Action Task Force (FATF)
requirements for removal from the grey list.

Earlier this year, Dr. Clarke said the three outstanding matters
are to operationalise risk-based supervision of beneficial
ownership by the Companies Act, of lawyers by the General Legal
Counsel, and of trust and corporate service providers by the
Financial Services Commission, according to RJR News.

In an interview with Radio Jamaica's Business Reporter Javaughn
Keyes, Dr. Clarke said he is confident the October deadline will be
met, the report notes.

He said the ball is now in the court of the entities with
operational responsibility as they are "fully aware that the only
thing that stands between us exiting the grey list and where we are
now is demonstrating the effectiveness" of the country's Anti-Money
Laundering (AML) and Counter Financing of Terrorism (CFT) regime,
the report discloses.

Once the three remaining targets are demonstrated, Dr. Clarke said
Jamaica will apply for removal from the FATF grey list, the report
notes.

"We are hoping to be in a position to apply an October plenary. And
if that is successful, then FATF will schedule an on-site
examination to Jamaica to verify that our AML framework is
effective. And if that is successful, then we will exit the grey
listing by the Financial Action Task Force," he declared, the
report says.

The IMF said Jamaica continues to make progress in enhancing
fiscal, financial and anti-money laundering and counter-terrorism
financing policies, 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.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

UNIT TRUST: Total Income Falls by 37% in 6 Mos. Ended June 30
-------------------------------------------------------------
Trinidad Express reports that Unit Trust Corporation (UTC) has
reported a total comprehensive income of $24.6 million for the six
months ending on June 30.

This represents a decrease of more than 37 percent compared to the
$39.6 million in total comprehensive income that UTC recorded for
the same six-month period last year, according to Trinidad
Express.

"The lower reported result was partially due to the largely
negative returns on the local equity market -- the All T&T Index
fell by 6.9 per cent to June 30 -- which led to an unfavourable
fair value impact of $7 million in the corporation's proprietary
investment portfolio," UTC chairman Jo-Anne Julien stated, the
report notes.

"In addition, the group's expenses increased $6 million
year-over-year, substantially due to business development
initiatives," she said, the report discloses.

Julien said despite the reported decline, UTC's gross income, which
comprising mainly interest and dividends, increased by 12 per cent
or $45 million year-over-year principally from higher portfolio
yields in the Income Funds and increased dividend income in its
Balanced Funds, the report relays.

"We maintained our focus on paying distributions to our investors,
which amounted to $136 million in 2023, an increase of $21 million
or 18 per cent," Julien said, the report notes.

"Our regional expansion activities which started in Jamaica have
now extended to the Eastern Caribbean via the launch of the UTC
Global Balanced Fund in St Lucia.  We are excited to bring this
innovation to the Eastern Caribbean market and will keep you
updated about its progress," she added, says the report.

UTC's total assets for the six months ended June 30 were recorded
as $24.5 million, the report relays.


                           *********


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
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Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN 1529-2746.

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