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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, September 19, 2023, Vol. 24, No. 188

                           Headlines



A R G E N T I N A

ARGENTINA: Massa Blames IMF Imposed Devaluation for Inflation


B R A Z I L

BRAZIL: Inflation Increases to 0.23% in August
FORESEA HOLDING: Moody's Assigns First Time B2 Corp. Family Rating
FORESEA HOLDING: S&P Assigns 'B' ICR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Demand for Manufactured Products Decreases
PUNTA CATALINA: Plant Still Operational Despite Challenges, VP Says


J A M A I C A

NATIONAL COMMERCIAL BANK JAMAICA: S&P Hikes LongTerm ICR to 'BB-'
QUICK AND EASY CASH: Flagged for Operating Without Licence
TRANSJAMAICAN HIGHWAY: S&P Raises ICR to 'BB-', Outlook Stable


M E X I C O

MEXICO: Eyes Return to G77+China Group


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: US$560 Million Bond Oversubscribed


U R U G U A Y

URUGUAY: Bank Chief Says Rate Cut Likely in Oct as Inflation Cools

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Massa Blames IMF Imposed Devaluation for Inflation
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Buenos Aires Times reports that Argentina's Economy Minister Sergio
Massa blamed the International Monetary Fund (IMF) for the sharp
12.4 percent hike in inflation suffered by the country last month.


The remarks, which came after the government's statistics bureau
published the figure and as Massa announced a host of measures to
boost workers' pockets, refer to one of the leading causes of
August figure: the government's mid-month devaluation of the peso
in the wake of turbulent results in the PASO primaries, according
to Buenos Aires Times.

"August has been one of the worst months in the economic process of
the last 30 years, as a result of an imposition by the
International Monetary Fund that in some way has hit our economy
enormously, which is the imposition of the devaluation, plus the
PAIS tax, as a guarantee mechanism that the Fund intends to use for
its collection," said the minister, who is also a presidential
candidate for the ruling coalition, the report notes.

In addition, Massa said that strengthening the peso "is the best
way to defeat inflation and also allows us to have the autonomy and
sovereignty to pay the Fund and get it out of Argentina because
throughout its history, its programs and recipes end up being
inflationary and contractionary," the report relays.

The remark allowed the Union por la Patria candidate to not only
criticise the multilateral organization loaning Argentina billions
of dollars but also, without directly mentioning him, to slam his
leading opponent in the elections, La Libertad Avanza candidate
Javier Milei, who calls for the dollarisation of Argentina's
economy, the report 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.




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B R A Z I L
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BRAZIL: Inflation Increases to 0.23% in August
----------------------------------------------
Richard Mann at Rio Times Online report that in August 2023,
Brazil's inflation rate rose to 0.23%. This data comes from the
Brazilian Institute of Geography and Statistics (IBGE).

In July, the rate was 0.12%. The IPCA measures Brazil's official
inflation, according to Rio Times Online.

From January to August, inflation was 3.23%. Over the past 12
months, it's 4.61%. July's annualized rate was 3.99%, the report
notes.

Market experts expect September's rate to be higher, the report
relays.  They predict a rise in year-over-year inflation next
month, 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).


FORESEA HOLDING: Moody's Assigns First Time B2 Corp. Family Rating
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Moody's Investors Service has assigned a first-time B2 Corporate
Family Rating to FORESEA Holding S.A. and a B2 rating to the $300
million Senior Secured Notes due 2030 issued by Foresea in June
2023. The outlook is stable.

Assignments:

Issuer: FORESEA Holding S.A.

Corporate Family Rating, Assigned B2

Backed Senior Secured Global Notes, Assigned B2

Outlook Actions:

Issuer: FORESEA Holding S.A.

Outlook, Assigned Stable

RATINGS RATIONALE

Foresea's B2 rating is supported by its strong market position in
Brazil, long term relationship with customers and firm backlog of
contracts that provides cash flow visibility through 2026. The
company has about 16% of market share in Brazil, and a track record
that includes over 390 wells interventions and 604 thousand meters
drilled as of the second quarter of 2023. The company currently has
a firm backlog of $1.3 billion, mostly concentrated in contracts
with Petroleo Brasileiro S.A. - PETROBRAS (Ba1 stable, 95%), Libra
Consortium (4%) and Petro Rio S.A. (Ba3 stable, 1%). The positive
fundamentals for the offshore drilling industry, a result of tight
supply and high daily rates, and Foresea's good credit metrics and
adequate liquidity after its out-of-court reorganization also
support the rating.

The rating is constrained by Foresea's small scale and
concentration of operations in five drilling units, in the oil and
gas industry, in a single country. Foresea is one of the largest
pure-play operators of ultra-deepwater rigs, focused on chartering
and operations of rigs in the Brazilian offshore oil and gas
industry, but the company has a smaller scale and a narrower
diversification when compared to global peers. Foresea's small
scale and concentration of operations introduces event risk, as the
company's credit metrics and cash generation would be materially
affected in case of operational disruptions in any of its drilling
units. The inherently cyclical nature of the offshore drilling
industry and the high level of volatility in oil and gas prices
also constrain Foresea's credit profile since those entail
significant re-contracting risks. Finally, the lack of track record
in terms of capital allocation after the out-of-court
reorganization also constrains the rating.

Foresea has low debt levels and an adequate liquidity as a result
of the out-of-court reorganization made by Ocyan S.A. The company
reduced its total debt from $2.7 billion to $300 million, mostly
through the conversion of debt into equity. The current debt level
and related debt service can easily be accommodated in Foresea's
cash generation, especially when considering the current high daily
rates. Foresea's EBIT margin has historically hovered around 30-40%
and Moody's expects profitability to recover to these levels in the
future because of higher daily rates in its existing contracts.
Moody's expects Foresea's Moody's adjusted leverage to hover at
around 1x-2x in 2024-25, and interest coverage (measured by
EBITDA/Interest expense) to remain at around 6x-9x. In 2023,
Foresea's credit metrics will be weaker because of maintenance
stoppages in two assets and the corresponding loss in cash flows,
which evidences the company's small size and exposure to
operational stoppages in any of its assets. For 2023, Moody's
expects Foresea's gross leverage to reach around 4x.

LIQUIDITY

Foresea has an adequate liquidity profile with $174 million in cash
and only one debt instrument maturing in 2030. Moody's expects the
company's cash flow from operations to amount to around $200
million per year, which is sufficient to cover investment
requirements in its fleet. Debt incurrence limitations in its bond
indentures limits additional debt issuances and the company has
financial covenants setting a maximum net leverage of 3.5x (2.2x
currently) and a minimum liquidity level of $50 million. Any
additional investments in fleet expansion will be done through
ring-fenced structures that protects existing bondholders. Moody's
expects the company to maintain a disciplined approach to capital
allocation, including dividend distributions, as it starts to
increase its cash from operations.

STRUCTURAL CONSIDERATIONS

The B2 rating of the $300 million senior secured notes due 2030
stands at the same level as the company's corporate family rating.
The notes  represents the totality of Foresea's debt. The notes are
secured by a first priority lien on substantially all of Foresea's
material assets.
     
RATING OUTLOOK

The stable outlook reflects Moody's expectations that Foresea's
credit metrics and liquidity will remain adequate in the next 12-18
months, supported by the terms of the existing charter and service
contracts.

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

Foresea's ratings could be upgraded if the company achieves larger
scale as well as longer duration of contracts in a healthy industry
environment, if the company sustains a track record of strong
profitability and maintains a strong balance sheet with leverage
below 1.5x, positive FCF generation and prudent shareholder
distributions. Further balance sheet strengthening, with a high
cash position or extremely low leverage that mitigates its small
size and narrow product offering could also result in positive
pressure on the rating.

Foresea's ratings could be downgraded if the company's earnings and
backlog deteriorate materially, leading to gross leverage
sustainedly in excess of 3.0x and EBITDA / Interest expense falls
below 3x, if FCF generation turns negative, as a result of weaker
operating performance or more aggressive than currently anticipated
financial policies, including dividend distributions, or if its
liquidity position weakens.

ESG CONSIDERATIONS

Foresea's CIS-4 indicates the rating is lower than it would have
been if ESG risk exposures did not exist. Environmental risks (E-4)
arise from high exposure to carbon transition risk as the company's
earnings are entirely focused on oil & gas customers. Physical
risks for most of the oilfield services companies are moderate as
the OFS assets are movable. Other environmental risks are moderate
for OFS companies as they are largely indemnified by their producer
customers. Social risks (S-4) include demographic & societal trend
risk as Foresea's rig contracts and earnings are dependent on its
producers who face a high risk from societal trends. The company
faces health & safety risk due to the nature of the work involved
in OFS.

Foresea's governance risks (G-4) mainly relate to the recent
out-of-court reorganization and lack of track record of capital
allocation, balanced by its board independence and conservative
post-restructure capital structure. Foresea is a private company
but its shares can be traded in the OTC market. About 92% of the
company's shares are held by previous bondholders, 6.5% are held by
Ocyan and the remaining 1.5% by the management team. The  company's
board of directors consists of 7 members, of which 5 are
independent. The board members were appointed in June 2023 for a 1
year term, except for Roberto Ramos, which was appointed by Ocyan
and has a 3 year term. The company's pre-existing governance
practices will remain unchanged following the spin-off and
restrictive clauses and financial covenants under the bond
indenture will limit additional debt incurrence.

COMPANY PROFILE

Foresea is a Luxembourg-based company created in June 2023 after
the spin-off of Ocyan's drilling assets.The company owns 5 offshore
drilling units (4 drillships and 1 semisubmersible) focused on
chartering and operations of rigs in the Brazilian offshore oil and
gas industry, and provides services to another third-party
semisubmersible. Moody's estimates that in 2023, the company will
generate $360 million in revenue and $70 million in
Moody's-adjusted EBITDA.

The principal methodology used in these ratings was Oilfield
Services published in January 2023.

FORESEA HOLDING: S&P Assigns 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Brazilian offshore drilling company Foresea Holding S.A. S&P also
assigned its 'B+' issue rating to the company's $300 million senior
secured notes due 2030. The '2' recovery rating indicates its
expectation of substantial recovery (rounded estimate: 85%) to
creditors in an event of default.

The stable outlook indicates S&P's expectations for rising cash
flow and gradual leverage reduction as the company concludes
maintenance stoppages.

The company operates a fleet of six offshore drilling rigs (four
drillships and two semisubmersibles with one under management)
exclusively in Brazil and with a significant customer concentration
in Petrobras. Although Foresea has a history of renewing contracts
with Petrobras, in S&P's view, this concentration compares
negatively with the company's main peers, such as Noble, Seadrill,
and Valaris, which, while also operating in Brazil, have greater
geographic footprints with presences in the Gulf of Mexico, Africa,
the U.S., and Europe, in some cases. With operations abroad, these
peers serve a larger number of exploration and production (E&P)
companies, and by operating seventh-generation assets, they can
charge higher day rates than Foresea.

The company's fleet, mostly sixth-generation, is fully contracted
for the next two to three years. Foresea has a history of operating
with high uptime rates, at 97% on average in the past five years,
due to highly experienced employees on board and successful
maintenance programs, and we expect this to continue in the coming
years. As a result, S&P forecasts EBITDA margin will increase to
30%-35% in 2024 and about 45% in 2025, from 20%-25% forecast in
2023, mainly due to higher frequency of stoppages for maintenance
and upgrades between contracts.

The company's main peers operate fleets of over 20 assets, most
seventh-generation, with greater diversification among drillships,
semisubmersibles, and jackups. With larger portfolio spreads in
many countries, these peers usually post lower utilization rates
than Foresea because of longer maintenance periods and high transit
times.

Foresea was recently awarded a new contract from Petrobras for
Norbe VIII with a three-year tenor, adding about $450 million to
its backlog of $1.3 billion as of June 2023. This amount is similar
to the backlogs of midsize peers but lower than those of large
operators such as Noble, with a backlog of $5 billion as of June
2023. S&P assumes the company will be successful in renewing
contracts with Petrobras, given their long-standing relationship
and Petrobras' large capital expenditure (capex) plan for the next
years.

The offshore drilling sector depends heavily on oil and gas
producers' capex, which in turn depends on volatile oil and gas
prices. The industry experienced a prolonged downcycle in
2017-2020, with low prices that led E&P entities to cut capex. As a
result, most contract drilling companies entered some type of debt
restructuring recently. They now have softer capital structures and
relatively low leverage to face high investments amid relatively
heated industry demand, with higher capex on exploration and
production for oil and gas companies.

As part of the extrajudicial plan, the company reduced debt to $300
million from $2.7 billion with a debt-to-equity swap. Main
creditors exchanged debt for pure equity and became shareholders
with a stake of 62.5%, while others opted for a mandatory
convertible senior note amounting to $412 million, due 2043. The
$300 million debt remaining in the company's capital structure is a
senior secured note, of which $197 million is new money to support
investments, $28 million is backstop premium from main
shareholders, and $75 million is debt exchange. S&P doesn't
forecast additional debt in the next three years, given the company
will be fully contracted and generating rising cash flow.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Demand for Manufactured Products Decreases
--------------------------------------------------------------
Dominican Today reports that data from the Dominican Republic's
Ministry of Economy, Planning, and Development (Mepyd) reveals that
the real value of demand for manufactured products in July was
107,473.5 million pesos, marking a 3.9% year-on-year reduction.
For the year as a whole, this indicator has reached 770,802.3
million pesos, a decrease of 1.5% compared to the same period in
the previous year, according to Dominican Today.

The July performance is primarily influenced by local manufacturing
operations and local manufacturing exports, which saw reductions of
5.0% and 25.2% in real terms, respectively, the report notes.

In contrast, real exports from free zones experienced a 6.4%
increase in that month, the report relays.  However, the overall
performance of manufacturing exports from free zones for the
January-July period saw a reduction of 3.4% compared to the
previous year, the report notes.  This was attributed to decreased
exports in jewelry items and cigars, the report discloses.

Local manufacturing exports also had a significant impact, with a
cumulative reduction of 12.3%, driven by decreased exports of iron
or steel rods and plastic tableware, the report says.

Additionally, the producer price index (PPI) for goods, which
measures the average percentage change in the prices of
manufactured goods characteristic of national production, reached a
value of 159.9 in July, the report relays.  It accumulated a growth
of 1.9%, which was lower by 6.7 percentage points compared to the
same period in the previous year, the report notes.  The growth of
the PPI was influenced by various sectors, including food products,
textiles, non-metallic mineral products, clothing, electrical
equipment, and chemical products, contributing jointly to a
significant portion of the growth, 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.

As reported in the Troubled Company Reporter – Latin America on
Sept. 15, 2023, S&P Global Ratings assigned its 'BB' issue rating
to the Dominican Republic's 11.25% Dominican peso (DOP) linked bond
for DOP71 billion (equivalent to US$1.25 billion) maturing in 2035.
The rating on the bond is the same as the long-term local currency
sovereign credit rating on the Dominican Republic (BB/Stable/B).
The country used about 57% of the DOP-linked bond to roll over a
peso-denominated bond maturing in 2026, and will use the rest of
the proceeds for general budgetary purposes.

TCRLA reported in April 2019 that the Dominican To related 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.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.


PUNTA CATALINA: Plant Still Operational Despite Challenges, VP Says
-------------------------------------------------------------------
Dominican Today reports that the Executive Vice President of the
Punta Catalina Electric Generation Company (EGEPC), Celso
Marranzini, recently addressed concerns about the Punta Catalina
power plant during an interview on the program "El Día" broadcast
by Telesistema.  He discussed the accusations the plant has faced
from the climate change committee, according to Dominican Today.

Marranzini mentioned that when he took over, he found the plant
facing challenges, including a lack of spare parts, low coal
inventory levels, and demotivated staff due to a lack of necessary
contact from management, the report notes.  However, he emphasized
that the plant was still operational, the report relays.  The
issues were swiftly addressed through coal and lime tenders and
inventory management, the report discloses.

Regarding previous disagreements about spare parts, Marranzini
stated that the previous administrator had a dispute over whether
the consortium owed him spare parts or if he had to purchase them,
the report says.

He responded to concerns raised by Enrique de Leon of the climate
change committee, who suggested there could be dangerous issues at
Punta Catalina, the report notes.  Marranzini called this assertion
irresponsible and based on a technical audit from six months ago,
which he felt had been circulated repeatedly without being acted
upon, the report relays.

Marranzini asserted that Punta Catalina currently poses no danger
and is responsible for generating 30% of the Dominican Republic's
electricity. He criticized the harm caused by false accusations and
referred to it as ecoterrorism, emphasizing the negative impact on
tourism and exports, the report says.

The climate change committee has proposed the immediate closure of
the Punta Catalina Power Plant based on their independent
investigation's findings on its environmental impact, the report
discloses.  They argue that the plant's construction using mineral
coal was a mistake from the beginning and should be shut down due
to potential health and environmental risks, the report relays.

Their report suggests that in the worst-case scenario, the
pollution from the plant could result in premature deaths, sick
leave, lost years of life, and disabilities in the Peravia
province, Dominican Today adds.

                About Punta Catalina Plant

The Punta Catalina Thermoelectric Power Plant is a 770-megawatt
coal-fired power plant in Punta Catalina-Hatillo, Dominican
Republic.  The construction of the plant is under the charge of the
Odebrecht-Tecnimont-Estrella consortium (a contractor group
composed of Italian company Maire Tecnimont SpA, Brazilian
contractor Construtora Norberto Odebrecht S.A, and Chile-based
Ingenieria Estrella SRL). Groundbreaking for the project, estimated
to cost US$2 billion, was held in late 2013.  Unit 1 of the Power
Plant became operational on Feb. 27, 2019, with an initial 36.5
megawatts to the national grid (SENI).

The Project has had its shares of financing delays and funding
scandal.  In February 2017, a U.S. court discovered that main
contractor Odebrecht had paid $92 million in bribes to Dominican
officials between 2001 and 2014, as a means of securing a number of
contracts, including the contract to build the Punta Catalina
plant. The project's staff have pleaded with politicians to stand
behind continued construction work on the plant, despite the
corruption allegations. Some environmental groups also opposed the
plant construction, citing harmful impact on the Caribbean coasts
and climate in general.

The plant's parent company and sponsor is the Dominican Republic's
state electric utility, Corporacion Dominicana de Empresas
Electricas Estatales (CDEEE).




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J A M A I C A
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NATIONAL COMMERCIAL BANK JAMAICA: S&P Hikes LongTerm ICR to 'BB-'
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit ratings on
domestic lender National Commercial Bank Jamaica Ltd. (NCBJ) to
'BB-' from 'B+'. The outlook is stable. S&P also affirmed its 'B'
short-term issuer credit ratings.

The rating action on NCBJ follows the same action on the sovereign
ratings on Jamaica, the country where the bank focuses its
operations. After this rating action, the issuer credit ratings on
the bank are at the same level as its stand-alone credit profile
(SACP) of 'bb-' and the sovereign ratings on Jamaica.

On Sept. 13, 2023, S&P Global Ratings raised its long-term
sovereign credit ratings on Jamaica to 'BB-' from 'B+', reflecting
improved finances.

Jamaica remained committed to meeting its ambitious debt reduction
targets during the pandemic and related contraction, and S&P
believes the government remains committed to debt reduction and
prudent public finances. After eroding in 2020, the country's
debt-to-GDP balance is trending down to new historical lows,
supported by a return of fiscal surpluses and growing economy.

S&P said, "We expect the government will report a small surplus in
the current fiscal year (ending March 31, 2024), of 0.3% of GDP,
similar to the surplus in the previous fiscal year. We expect the
average annual change in net government debt will be 0.8% over the
next three-four years, reflecting future surpluses as well as the
negative effect of a likely depreciating Jamaican dollar on the
value of the country's large external debt.

"Jamaica's net debt to GDP is falling and reached a historical low
of 64% in 2022. We believe this ratio will continue to decline, to
just below 60% by the end of 2024. The government's interest burden
remains high but is also decreasing. We expect it will fall
modestly to 17.5% of government revenues in fiscal 2024 and to less
than 15% by 2026."

The bank has a strong market position in the domestic financial
system, diversified revenue, and effective management direction,
all of which result in stable income. NCBJ has a capitalization
level that is neutral to the rating, with a projected risk-adjusted
capital (RAC) ratio of about 6.6% for 2023-2024. It also has
satisfactory funding and liquidity profiles, as seen in its stable
funding ratio of 115%-125% and broad liquid assets to total
short-term wholesale funding ratio of 1.3x in 2022.

Asset quality has recovered thanks to the rebound of the country's
essential economic sectors. S&P said, "Although the Jamaican
economy continues growing at a healthy pace, we believe pressures
on the U.S. economy could ratchet up credit risks on the bank and
the local banking system during 2023-2024 given its lending
exposure to overseas residents and Jamaicans' high reliance on
remittances. We expect NCBJ's nonperforming assets to reach
pre-pandemic levels of about 2.5% by 2024."

S&P said, "NCBJ is a subsidiary of NCBFG. However, we believe the
bank's financial performance and funding prospects don't depend on
the group's other companies. Also, the group's corporate structure
and local regulations allow for some ring-fencing that would
prevent NCBJ from supporting the group to the extent that it would
hurt the bank's stand-alone creditworthiness. Moreover, we think
that the group's sizable equity allocation in its Jamaica-based
subsidiary, and the preservation of NCBJ's brand reputation, are
significant incentives to maintain the bank's creditworthiness."


QUICK AND EASY CASH: Flagged for Operating Without Licence
----------------------------------------------------------
RJR News reports that Quick and Easy Cash Loans has been flagged by
the Bank of Jamaica (BOJ) for operating without the required
licences.

The BOJ is warning the public against using the company's
microcredit services, as it has not applied to the central bank for
a licence to carry out or engage in microcredit services or
business, according to RJR News.

Quick and Easy Cash Loans is therefore in breach of the Microcredit
Act, the report notes.

Section 9(1) of the legislation says a person who provides a
microcredit service without a licence, commits an offence and is
liable to prosecution and the penalties, the report relays.

Persons may be fined up to J$2 million or imprisoned for up to six
months, the report says.

Both a fine and imprisonment may be applied, the report notes.

Currently, only 20 companies have been granted a microcredit
licence, however, entities which were operating before the
legislation was enacted, are allow to continue doing so, once an
application was submitted, the report adds.


TRANSJAMAICAN HIGHWAY: S&P Raises ICR to 'BB-', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings raised the rating on Transjamaican Highway
Ltd.'s (TJH's) notes to 'BB-' from 'B+'.

The stable outlook reflects that on Jamaica. It also incorporates
S&P's expectation that the road's traffic volumes will continue to
increase about 3% for 2023 and around 2% for 2024, allowing the
project to maintain a minimum debt service coverage ratio (DSCR) of
about 2.6x and median DSCR of 3.1x.

On Sept. 13, 2023, S&P Global Ratings raised the long-term ratings
on Jamaica to 'BB-' from 'B+', because the country's economy is
expanding, supporting government finances and lowering the
country's debt burden.

In addition, on Sept. 14, 2023, S&P Global Ratings raised the
long-term ratings on the National Commercial Bank Jamaica Ltd. --
the financial counterpart of Transjamaican Highway Ltd. -- to 'BB-'
from 'B+', mimicking the action on the sovereign.

After eroding in 2020, the country's debt-to-GDP balance has fallen
to historic lows, supported by a return of fiscal surpluses and a
growing economy. As a result, on Sept. 13, S&P upgraded the
sovereign rating on Jamaica to 'BB-' from 'B+'.




===========
M E X I C O
===========

MEXICO: Eyes Return to G77+China Group
--------------------------------------
Iolanda Fonseca at Rio Times Online reports that Mexico aims to
rejoin the G77+China group, the largest coalition of developing
nations within the UN framework, to participate in global
discussions.

Alicia Barcena, the Foreign Minister, made this known at a Global
South summit in Havana, according to Rio Times Online.  The meeting
focused on science, tech, and new ideas, the report notes.

Barcena says Mexico aims to shape a better world. It wants to boost
South-South teamwork to fight climate change and balance global
issues, the report relays.

She stressed the role of the G77+China in finding peaceful
development paths, the report notes.

She also called for more global science sharing and school
partnerships. Barcena strongly opposed the U.S. sanctions on Cuba,
calling them unjust and against global law, the report discloses.

She disagreed with labeling Cuba as a state sponsor of terror. "No
country should face one-sided penalties," she stated, the report
says.

Brazil, Colombia, and Venezuela leaders attended the Havana summit,
along with the UN's top official, Antonio Guterres, the report
notes.

                         Background

The G77+China group has 134 members, a key part of the UN, the
report discloses.  Mexico left the group in 1994 to join the OECD.
It was the only Latin American nation not in the G77+China.

This group is the largest, most diverse body for global talks. It
includes 134 countries and represents 80% of the world's
population, the report says.

The G77 focuses on multilateralism, the report notes.  It sets this
as the main principle, despite member differences, the report
relays.

The presidency rotates annually among regions like Africa, Asia,
and Latin America. Cuba became the president in a New York ceremony
on January 12, 2023, the report notes.

Under Cuba, the G77 aims to build a new global economic system.
It's also strengthening its internal political talks, the report
adds.




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

TRINIDAD & TOBAGO: US$560 Million Bond Oversubscribed
-----------------------------------------------------
Trinidad Express reports that Trinidad and Tobago has made a
successful return to the international debt capital market after
three years, with an oversubscribed US$560 million bond offer, the
Ministry of Finance has announced.

"On September 11, 2023, the Government of the Republic of Trinidad
and Tobago, through the Ministry of Finance, successfully issued
US$560 million Senior Unsecured long 7-year Notes at a coupon of
5.950 per cent on the International Capital Market.  The offer was
oversubscribed by three times the amount required," the release
stated, according to Trinidad Express.

Scotiabank and JP Morgan acted as joint lead managers and
bookrunners for the transaction, the report notes.

"This was in tandem with the Republic of Trinidad and Tobago's
announcement on September 5th, 2023, of the commencement of a Cash
Tender Offer to purchase any and all of the outstanding US$550
million aggregate principal amount of its 4.375 per cent Notes due
2024," it stated, the report relays.

The Finance Ministry stated the marketing strategy for the
transaction consisted of group investor calls beginning on
September 5 in which Finance Minister Colm Imbert met with 36
potential international investors, the report discloses.

"In addition, a virtual roadshow presentation was made available to
investors, garnering participation from 91 different accounts. To
help mitigate recent market volatility, the Republic strategically
monitored developments in the market on a daily basis; targeting
the most opportune day to announce the new issue transaction," it
stated, the report says.

"On the morning of September 11, 2023, after due consideration of
market conditions and following receipt of valuable feedback from
investors; particularly, large high-quality international accounts,
the Republic announced initial price thoughts ("IPTs") at
"T+190-195 bps" for a new USD denominated, senior unsecured Long
7-year bond due 2031," it stated, the report relays.

Investors reacted positively to the pricing strategy and took
advantage of the limited supply and demand, the ministry stated,
the report says.

"Key investors, consisting of mostly asset managers based in North
America, displayed significant appetite for the Republic's offering
and enabled the Republic to place the bond with international
investors based in North America (71 per cent) and Europe, Middle
East, and Africa (27 per cent), as well as Latin America and Asia.
Asset managers purchased 79 per cent of the issue, followed by
pension funds with 15 per cent, insurance companies three per cent,
and banks two per cent, as well as other investors one per cent,"
it stated, the report notes.

"The positive feedback received from investors and solid order book
momentum allowed the Republic to launch and price the transaction
at 5.950 per cent for US$560 million Notes due 2031 at a spread of
170 bps or 1.7 per cent over the current rate of US 7-year Treasury
Bills, which traded at 437 bps or 4.37 per cent, before discount,"
it stated, the report discloses.

"The overall transaction strategy proved successful and highlighted
the Republic's resiliency in the capital markets, despite recent
volatility caused by the unprecedented sharp rise in the interest
rates of US 7-year Treasury Bills, which have increased by 400 bps,
or four per cent, from 0.36 per cent in August 2020 to 4.37 per
cent in September 2023, following the sharp increase in inflation
in the USA after the onset of the Covid-19 pandemic," it stated,
the report relays.

The ministry said the proceeds from the issuance and sale of the
Notes will be used for refinancing the outstanding 4.375 per cent
notes due January 2024, the report notes.

"Comprehensive preparation, good management of the country's fiscal
accounts and rapid but strategic execution have allowed us to
manage refinancing risk in a way that is protective of our public
finances," Finance Minister Colm Imbert said in response to the
transaction, the report adds.




=============
U R U G U A Y
=============

URUGUAY: Bank Chief Says Rate Cut Likely in Oct as Inflation Cools
------------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Uruguay's
central bank is likely to cut its benchmark interest rate again at
its next monetary policy meeting in October as inflation has fallen
to a near two-decade low, governor Diego Labat told Reuters.

The South American country has led the region's pivot to rate
cutting after sharp hikes by central banks around Latin America in
recent years to rein in prices, an aggressive tightening cycle that
helped many get inflation under control, according to
globalinsolvency.com.

"Interest rates are at 10%, probably we can decrease rates in the
next session, though it depends on the inflation path," Labat said
in an interview at Uruguay's central bank in downtown Montevideo.
Uruguay saw annual inflation come down to 4.1% last month, the
lowest level since 2005, which has opened the door for more easing.
The central bank has cut rates three times this year after first
lowering the rate to 11.25% from 11.5% in April, the report notes.


"Inflation is on a good path," Labat said, adding he was optimistic
about prices towards the end of the year, which he said typically
had low inflation.  The bank was on track, he added, to hit its 5%
annual inflation target this year. Uruguay's farm-driven economy is
this year forecast to grow just 1%, down from 4.9% last year due to
a severe drought that wreaked havoc on agricultural exporting
economies across the region at the end of 2022, the report adds.



                           *********


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
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Chapman, Editors.

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