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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, December 5, 2023, Vol. 24, No. 243

                           Headlines



A R G E N T I N A

ARGENTINA: Should Assess 'Effectiveness of Social Spending'


B R A Z I L

BRAZIL: Household Consumption on the Rise
COMPANHIA SIDERURGICA: Fitch Rates New Sr. Unsec Notes 'BB'
[*] BRAZIL: Records Historic Trade Surplus in November


C H I L E

WOM SA: S&P Places 'B' ICR on Watch Negative on Poor Liquidity


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Exports to Haiti Fell 13.68% Between Jan & Sept
DOMINICAN REPUBLIC: Tropical Disturbance Damages More Than RD$8BB


P U E R T O   R I C O

BED BATH & BEYOND: Says Mediterranean Shipping Owes $315 Million
GOLDEN INDUSTRIAL: Taps Jacqueline Rivera Gonzalez as Accountant


V E N E Z U E L A

VENEZUELA: Hits Rock Bottom in Global Rule of Law Index

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Should Assess 'Effectiveness of Social Spending'
-----------------------------------------------------------
Buenos Aires Times reports that Argentina's next government should
assess the "effectiveness of social spending and other reforms" in
order to boost economic growth, the Organization for Economic
Cooperation and Development (OECD) recommended.

The assessment, published in a new report by the OECD issued less
than two weeks before libertarian president-elect Javier Milei
takes office, also foresees that inflation will reach 124 percent
this year before soaring to 157.1 percent in 2024, according to
Buenos Aires Times.

The Paris-based international organization, which Argentina has
applied to join, said that consumer prices would not fall
substantially until 2025, predicting an annual rate of 62.4
percent, the report notes.

The OECD, which slightly downgraded its annual 2023 global growth
forecast to 2.9 percent, said that Argentina's economy would
contract by 1.8 percent this year, by 1.3 percent in 2024 and would
bounce back to growth of 1.9 percent only the following year, the
report relays.

"The Argentine economy is facing extreme challenges at the moment,"
OECD chief economist Clare Lombardelli said at a press conference,
highlighting runaway inflation and "high" poverty rates, the report
discloses.

Asked about Milei's plans for the economy, among them
dollarisation, Lombardelli assured that the "priority" of the new
government must be "to reduce inflation and increase macroeconomic
stability," the report relays.

"We expect them to focus on macroeconomic stability, on fiscal
consolidation to rebalance the economy and to think about the
efficiency of social spending and other reforms they can make to
increase growth," she added.

The report notes that "increasing social protection through more
effective social spending could help reduce poverty and
inequality," Buenos Aires Times relays.  But it also warns that
"the need to reduce public spending relatively quickly amid growing
social pressures could lead to political instability," the report
notes.

The OECD also advocates greater participation of women in the world
of work to reduce poverty and boost economic expansion, 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 will be succeeded by Javier Milei who won the
presidential election on November 19, 2023. Milei is scheduled to
be sworn in as President of Argentina on December 10, 2023.

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.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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: Household Consumption on the Rise
-----------------------------------------
Richard Mann at Rio Times Online reports that Brazilian households
saw a 2.89% increase in consumption in October compared to the
previous month, as reported by the Brazilian Association of
Supermarkets (Abras).

This growth also shows a 0.61% rise from October of the previous
year, accumulating a 2.64% increase for the year, according to Rio
Times Online.

The data encompasses various retail formats, including cash and
carry, conventional supermarkets, and e-commerce, the report
notes.

All figures are adjusted for inflation using the National Consumer
Price Index (IPCA) from 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).

COMPANHIA SIDERURGICA: Fitch Rates New Sr. Unsec Notes 'BB'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB'/'RR4' rating to Companhia
Siderurgica Nacional's (CSN) proposed senior unsecured notes of
USD500 million due 2030 to be issued by its subsidiary CSN
Resources S.A. The proceeds of the notes will be used to
concurrently refinance any/or all tender offer its 2026 notes and
for general corporate purposes. Fitch currently rates CSN 's
Foreign Currency (FC) and Local Currency (LC) Issuer Default
Ratings (IDRs) 'BB'/Outlook Positive.

CSN's ratings reflect its scale and the cost competitiveness of its
vertically integrated iron ore and flat steel operations in Brazil,
and its growing presence in cement and energy sectors. CSN remains
with the task of effectively reducing debt while optimizing
shareholder returns. The Positive Outlook reflects the improvement
in CSN's business risk profile with recent acquisitions supporting
cash flow diversification, which along with alternative measures to
enhance capital structure should strengthen CSN's credit risk
profile within the 'BB' rating category. CSN's failure to moderate
its growth strategy while navigating the challenging scenario for
steel in Brazil could also trigger a revision of the Outlook to
Stable.

KEY RATING DRIVERS

Diversifying Business Position: CSN's business position as a
low-cost integrated steelmaker remains solid, underpinned by
captive access to raw materials (iron ore/energy), high value-added
portfolio of products and an important share in the flat steel
industry in Brazil. The company has a diversified portfolio of
assets with operations in the mining, steel, energy, cement and
interests in railways and ports operations. Fitch forecasts that
the mining and steel making businesses contribution to EBITDA
generation will decrease to 77% in 2023 and 64% in 2024 from 86% in
2022 as the participation of the cement and energy divisions grows
and diversifies CSN's cash flow generation.

Capital Allocation to Drive FCF Trend: The weakening of iron ore
and steel operating cash flows is expected to be partially
mitigated by the increasing business diversification, and CSN's
decisions on investment plans and dividend distribution will be key
for FCF trends. Fitch projects CSN will generate BRL10.8 billion of
EBITDA and -BRL2.2 billion of FCF during 2023 after spending BRL4.4
billion on capex and BRL3.9 billion in dividends. CSN obtained
BRL13.9 billion of EBITDA and FCF of -BRL5.1 billion in 2022. CSN's
track record of opportunistic acquisitions could affect capital
allocation in the short term.

Leverage Burden: Fitch forecasts CSN will end 2023 with a gross and
net debt/EBITDA ratio of 4.2x and 3.0x, which compares with 3.1x
and 2.2x during 2022 and average of 2.7x and 1.9x during the last
three years. These ratios are expected to improve slightly to about
3.8x for gross, and 2.9x for net leverage in the rating horizon as
lower iron ore prices will meet new mining production coming from
the Itabirito plant projects, and stronger results from CSN's
steel, cement and energy divisions. Partial sales of CSN Cimentos
or the energy business in an IPO or in a transaction with a
strategic partner would be alternatives to further enhance capital
structure.

Higher Iron Ore Activity: The Chinese reopening caused iron prices
to hover around USD116/ton in 9M23. However, lower than expected
shipments and expected steel production cuts in China and fewer
weather-related supply disruptions in Brazil and Australia reduced
prices. Fitch expects prices to fall in 2023 for a yearly
USD110/ton average, and follow a multiyear downtrend through 2026
to USD70/ton. Fitch forecasts 42 million tons of iron ore to be
sold in 2023 as the Central Plant enters full operation. These
volumes are 23% higher than in 2022, when heavy rain affected
output.

Difficult Steel Environment: Higher imports may continue to
dominate slowly improving demand exerting pressure on prices. Flat
steel imports are up 60% YTD led by a Chinese steel surge of more
than double. The Brazilian steel institute is asking the government
to raise import tariffs to 25% on anti-dumping grounds. Price
expectations continue to be subdued for 2024. Steel margins
weakened to single digits in 3Q23 and current pricing dynamics
might jeopardize the expected recovery in 2024 but anticipation of
lower Chinese exports in 2024 offer a glimmer of hope. Fitch
expects CSN's EBITDA/ton of nearly USD95 in 2023.

Consolidated Approach: Fitch applies its Parent and Subsidiary
Rating Linkage Criteria to CSN Cimentos, CSN Mineracao and their
parent, CSN. The parent is stronger than the subsidiary and legal
incentives for support are assessed as medium, as the presence of
cross acceleration clauses in CSN Cimentos and CSN Mineracao
mitigate the absence of corporate guarantees from CSN.

Fitch deems strategic incentives for support as high, as the
integration into iron ore bolsters CSN's steel business cost
advantage, and because Fitch expects the cement business
contribution to CSN's EBITDA to increase to 13% from about 9% in
the near term. CSN's LafargeHolcim's 10.3 million tons of cement
capacity acquisition made CSN Cimentos the third largest cement
producer in Brazil. The integration of these assets and any likely
corporate restructuring of the cement operations are already
incorporated in the analysis. Synergies exist between the iron ore,
steel and cement businesses, and management and strategies are
fully integrated, with both companies closely sharing reputational
risks.

DERIVATION SUMMARY

CSN's more integrated business profile and diversified portfolio of
assets compare well with Usinas Siderurgicas de Minas Gerais S.A.'s
(BB/Stable). Both issuers are highly exposed to the local steel
industry in Brazil. CSN and Usiminas show weaker business positions
than Brazilian steel producer Gerdau S.A (BBB/Stable), which has a
diversified footprint of operations with important operating cash
flow generated from its assets abroad, mainly in the U.S., and
flexible business model (mini-mills) that allow it to better
withstand economic and commodities cycles.

Among the three business steel producers, Gerdau has consistently
maintained the strongest balance sheet, most manageable debt
amortization schedule, and has consistently made efforts to improve
its capital structure through assets sales or equity issuances.
Gross debt levels at CSN remain high relative to Gerdau and
Usiminas. CSN also has a more challenging debt amortization
schedule than either Usiminas or Gerdau.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within The Rating Case for the Issuer:

- Benchmark iron ore prices average USD110/ton in 2023, USD85/ton
in 2024 and USD75/ton in 2025;

- Iron ore volumes expand by 23% in 2023 to 42 million tons, remain
flat in 2024 and grow 5% in 2025;

- Iron ore EBITDA/ton at USD30 in 2023, USD22 in 2024, and USD17 in
2025;

- Steel volumes decrease 6% to 4.1 million tons in 2023 and stay
flat in 2024 and 2025;

- Steel EBITDA/ton at USD94 in 2023, USD126 in 2024 and USD160 in
2025;

- Cement volumes grow 73% to 12.5 million tons in 2023 and grow 12%
in 2024 and 7% in 2025;

- Cement EBITDA/ton at BRL84 in 2023, BRL112 in 2024 and BRL115 in
2025;

- Capex reaches BRL4.4 billion in 2023, BRL5 billion in 2024 and
BRL5.5 billion in 2025;

- An exchange rate of BRL5.10/USD1.00 at YE 2023, BRL5.20 in 2024
and BRL5.25 in 2025.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Additional asset sales in order to support gross debt reduction;

- Improved debt amortization schedule;

- Sustained adjusted total debt/EBITDA ratio below 3.5x and/or
adjusted net debt/EBITDA ratio below 2.5x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Large debt funded acquisitions;

- Increased pressure from main shareholder's on dividend payments;

- Sustained adjusted total debt/EBITDA ratio above 4.5x and/or
adjusted net debt/EBITDA ratio above 3.5x;

- Adverse regulatory changes in Brazil's mining industry.

LIQUIDITY AND DEBT STRUCTURE

Continued Refinancing: CSN had BRL51.1 billion (USD10.2 billion) of
Fitch adjusted total debt as of Sept. 30, 2023. Fitch's debt figure
includes BRL7.4 billion of advances received from Glencore for a 33
million tons iron ore supply contract and excludes lease related
debt from its adjustments. Bonds represent 29% of the Fitch
adjusted debt total, local debentures amount 21%, while banks
account for 35% of debt, the Glencore advance represents about
14%.

CSN holds a track record of keeping robust cash balances but
remains challenged by optimizing exposure risks to local banks and
capital markets. Fitch estimates that CSN has about BRL8.9 billion
to be refinanced before 2025.

Including the Glencore debt, approximately 60% of the company's
debt is denominated in U.S. dollars or euros. CSN has about BRL1.9
billion of debt due during 2023 and an average of BRL5.4 billion in
2024-2026. About 70% of these maturities are comprised of bank
debt.

Readily available cash and marketable securities reached BRL15.3
billion (USD3.1 billion) as of Sept. 30, 2023. CSN holds
approximately 55 million Usiminas preferred shares and 107 million
ordinary shares not included in the readily available cash measure
because Fitch excludes equity holdings from marketable securities.

ISSUER PROFILE

CSN is an integrated high value-added steelmaker with a large
market share in the Brazilian flat steels market and presence in
Germany, the U.S. and Portugal. CSN is the second largest iron ore
exporter of Brazil.

ESG CONSIDERATIONS

Companhia Siderurgica Nacional (CSN) has an ESG Relevance Score of
'4' for Governance Structure due to key person risk and limited
board independence through a single powerful shareholder, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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         Recovery   
   -----------            ------         --------   
CSN Resources S.A.

   senior unsecured   LT BB  New Rating    RR4

[*] BRAZIL: Records Historic Trade Surplus in November
------------------------------------------------------
Richard Mann at Rio Times Online reports that in November 2023,
Brazil achieved a historic trade surplus of $8.8 billion.

This figure represents a significant 41.5% increase from the $6.2
billion surplus recorded in the same month of 2022, according to
Rio Times Online.

The Secretariat of Foreign Trade released these details on December
1, 2023, the report relays.  Brazil's trade surplus occurs when its
exports surpass imports, 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
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WOM SA: S&P Places 'B' ICR on Watch Negative on Poor Liquidity
--------------------------------------------------------------
On Dec. 1, 2023, S&P Global Ratings placed its 'B' issuer credit
rating on Wom S.A., the second-largest mobile telecom operator in
Chile, and its 'B' issue-level rating on senior unsecured notes
issued by the financing vehicle, Kenbourne Invest S.A. (and
guaranteed by Wom) on CreditWatch with negative implications.

S&P said, "The CreditWatch placement reflects our expectation that
we could lower the rating on Wom by one or more notches in the next
three months if it's unable to refinance its senior unsecured notes
due November 2024. The placement also reflects the company's
additional financing needs through 2024 amid large capital
expenditures (capex) and working capital outflows. We could lower
the rating if Wom runs into persistent hurdles in accessing
financing.

"While we understand that Wom is making progress in its refinancing
plan, we believe negotiations have been difficult and there's risk
they might not close the transaction soon. In October 2023, the
company missed the deadline to roll out 5G antennas, raising
concerns regarding the potential execution of performance
guarantees for $50 million. However, Wom obtained a favorable court
ruling that suspended the process for at least the next six months.
During that period, we expect Wom to negotiate with Subtel the
rollout of the missing sites, and that any potential fine should be
well lower than $50 million as Wom has already rolled out over 85%
of the sites.

Moreover, in March 2023, Wom announced its plan to use $100 million
out of the expected proceeds from tower sales to invest in Wom
Colombia. We view the recent announcement to postpone remaining
investments in Colombia, at least until the refinancing is
completed and the company is able to deleverage, as positive.
However we believe these developments, together with the below-par
tender of bonds the company completed last year, point to the
aggressiveness of its financial sponsor and challenges in the
refinancing process."

As of September 2023, the company had only about CLP8 billion of
unrestricted cash on hand. Largely committed capex for CLP186
billion, the expected CLP60 billion in working capital outflows,
and the company's failure to renew its revolving credit facility
have eroded its liquidity. In addition, the failure to raise
sufficient funds to refinance its existing debt well before the
November 2024 maturity will put the company at risk of a material
liquidity shortfall.

S&P said, "Even if Wom refinances the upcoming maturity, we
estimate it will need additional funding in 2024 for capex,
operating leases, and working capital needs. We estimate negative
FOCF in 2023 of about CLP71 billion, narrowing to a CLP14 billion
shortfall in 2024. Furthermore, we expect the potential refinancing
to have materially higher costs and worse conditions than those of
the 6.875% 2024 unsecured notes."

That said, if the company refinance its 2024 notes, it wouldn't
face any meaningful debt maturities until 2028.

As of September 2023, Wom has been the only Chilean operator that
was able to increase average revenue per unit for the second
consecutive quarter without decreasing its subscriber base, and it
has raised handset sales despite low consumption in Chile. These
factors reflect Wom's good brand recognition in a highly
competitive market and adverse macroeconomic conditions. S&P
believes Wom's investment in its network should support consistent
expansion of the postpaid customer base, which coupled with a
cost-efficient structure that mitigates inflationary pressures,
would allow the company to continue expanding its margins to
33%-35% in the next three years. Wom reduced its gross debt to
EBITDA to 5.1x in the rolling 12 months as of September 2023 from
5.8x in December 2022, and S&P expects it will fall close to 4.5x
in 2024.




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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: Exports to Haiti Fell 13.68% Between Jan & Sept
-------------------------------------------------------------------
Dominican Today reports that exports from the Dominican Republic to
Haiti have experienced a significant decline, dropping by 13.68%
between January and September 2023 compared to the same period in
2022.  

This decrease translates to a reduction of 113 million dollars,
according to Dominican Today.  As per the Haitian Statistical
Monitor analysis conducted by the Haitian Studies Unit of the
Dominican Pontifical Catholic University of Madre y Maestra
(PUCMM), exports from the Dominican Republic to Haiti totaled 713
million dollars during this period, down from 826 million in 2022,
the report notes.

Meanwhile, Haitian imports showed a minimal increase, moving from
0.0224 percent in the January-September period of the previous year
to 0.0555% in 2023, the report relays.  Despite the drop in
exports, the Dominican Republic still maintained a clear trade
surplus, the report says.  According to the General Directorate of
Customs (DGA), the Dominican Republic exported goods worth 713
million dollars and imported goods valued at 12 million dollars,
resulting in a surplus of 701 million dollars, the report notes.

The study attributes this surplus to the large differential of more
than 59 dollars exported by the Dominican Republic for every dollar
imported from Haiti, the report discloses.  However, this surplus
has been affected by various factors, including the Haitian
national and economic-financial crisis, the collapse of public
institutions in Haiti, and the recession of productive and labor
activities in the Dominican Republic, leading to a decline in the
real gross domestic product, the report says.

One of the significant impacts on trade has been the construction
of a canal by Haiti on the Dajabón River (known as the Massacre in
Haiti), which the Dominican Government considers illegal, the
report relays.  This led to several decisions, most notably the
total closure of the borders on September 15, although the
Dominican Republic later made this closure more commercially
flexible, the report notes.  Haiti, however, rejects the resumption
of binational markets, the report adds.

The primary exports from the Dominican Republic to Haiti during
this period were cotton (116 million dollars), knitted clothing (95
million), plastic and its manufactures (86 million), wheat, cotton,
and similar (60 million), and cement, lime, and others (57 million
dollars), the report says.  These items accounted for 58% of the
total exports to Haiti, valuing 414 million dollars, and 4.56% of
the Dominican Republic's global exports, the report notes.

                   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.

TCR-LA 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 December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income.  According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.

In August 2023, Moody's Investors Service 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 wealth levels 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.

DOMINICAN REPUBLIC: Tropical Disturbance Damages More Than RD$8BB
-----------------------------------------------------------------
Dominican Today reports that the recent tropical disturbance that
struck the Dominican Republic on November 18 resulted in not only
30 fatalities but also substantial material damages exceeding RD$8
billion (Dominican pesos), excluding the public works sector, which
was significantly impacted.  

President Luis Abinader disclosed this preliminary estimate during
"LA Semanal con la Prensa," according to Dominican Today.  He
indicated that this figure was derived from a meeting held to
review emergency budgets submitted by various institutions, the
report notes.

President Abinader clarified that while the institutions have
requested RD$8 billion, it does not guarantee they will receive the
full amount, the report relays.  The funds allocated might be
adjusted based on the urgency and nature of the needs. He also
noted that the Ministry of Public Works is expected to submit its
report on the damages soon, the report notes.

The districts of Greater Santo Domingo, Duarte, and San José de
Ocoa were among the hardest hit by the heavy rains, attributed to
climate change, the report discloses.  The government has faced
challenges in accurately quantifying the damages, the report says.

Abinader mentioned that the current State budget is set to expire
in December. Hence, unspent resources will revert to the budget,
and the government is assessing how to address the needs of those
affected within the remaining time of the year, the report notes.

Additionally, the President announced that the Santo Domingo
Aqueduct and Sewer Corporation (Caasd) will present a comprehensive
storm and sanitary drainage program for Greater Santo Domingo
within 15 days, the report relays.  This significant project is
expected to take up to 12 years to complete, the report says.
Caasd is already working on the sanitation of over 40 kilometers of
ravines in Greater Santo Domingo to prevent flooding in vulnerable
areas, the report notes.

Regarding the Christmas bonus, President Abinader confirmed that
the Dominican Government would start disbursing the bonus to
employees and pensioners, the report relays.  This disbursement,
also known as the thirteenth salary, will amount to RD$27 billion,
the report notes.

In addition to the bonus, the Government will also reintroduce
Villa Navidad at the Olympic Center and in Santiago, starting
December, the report discloses.  The Government plans to distribute
food rations and implement the "My Best Christmas 2023" program,
the report discloses.  This program, run by the Special Directorate
of Special Projects of the Presidency (Propeep), will reward
neighborhoods in the National District and Santo Domingo province
for the best Christmas decorations. For the first time, similar
Christmas activities will take place in Santiago, near the Gran
Teatro del Cibao, the report says.

Theme parks will be established in several other cities, including
Puerto Plata, San Francisco de Macoris, San Juan, La Vega, Higuey,
San Pedro de Macoris, San Cristobal, and the San Luis municipal
district, the report relays.  The Presidency's Social Plan will
deliver one million food rations, and the Economic Kitchens will
provide 2,500 buffet-style Christmas lunches for 500 people each,
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.

TCR-LA 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 December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income.  According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.

In August 2023, Moody's Investors Service 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 wealth levels 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.



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

BED BATH & BEYOND: Says Mediterranean Shipping Owes $315 Million
----------------------------------------------------------------
Gina Kim of Law360 reports that Bed Bath & Beyond says
Mediterranean Shipping owes it more than $315 million for allegedly
failing to meet service commitments during the COVID-19 pandemic,
forcing the retailer to seek alternative cargo arrangements at high
prices or forgo shipping altogether, according to a suit filed with
the Federal Maritime Commission.

                   About Bed Bath & Beyond

Bed Bath & Beyond Inc., together with its subsidiaries, is an
omnichannel retailer selling a wide assortment of merchandise in
the Home, Baby, Beauty & Wellness markets and operates under the
names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face
Values.  The Company also operates Decorist, an online interior
design platform that provides personalized home design services.

At its peak, Bed Bath & Beyond operated the largest home furnishing
retailer in the United States with over 970 stores across all 50
states, consistently at the forefront of major home and bath
trends. Operating stores spanning the United States, Canada,
Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from
bed linens to cookware to electric appliances, home organization,
baby care, and more.

Bed Bath & Beyond closed over 430 locations across the United
States and Canada before filing Chapter 11 cases, implementing
full-scale wind-downs of their Canadian business and the Harmon
branded stores.

Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed
Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023,
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code to pursue a wind-down of operations.
The cases are pending before the Honorable Vincent F. Papalia and
requested joint administration of the cases under Bankr. D.N.J.
Lead Case No. 23-13359.

Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal
counsel, Lazard Frares & Co. LLC is serving as investment banker,
and AlixPartners LLP is serving as financial advisor.  Bed Bath &
Beyond Inc. has retained Hilco Merchant Resources LLC to assist
with inventory sales. Kroll LLC is the claims agent.


GOLDEN INDUSTRIAL: Taps Jacqueline Rivera Gonzalez as Accountant
----------------------------------------------------------------
Golden Industrial Laundry, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ
Jacqueline I. Rivera Gonzalez, CPA as accountant.

The Debtor requires Jacqueline I. Rivera Gonzalez, CPA to provide
general accounting and financial consulting services in connection
with this bankruptcy petition and file the disclosure statement and
plan of reorganization.

The Debtor will compensate Jacqueline I. Rivera Gonzalez, CPA at
$300 per hour.

Jacqueline I. Rivera Gonzalez, CPA, assured the Court that she is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.

Jacqueline I. Rivera Gonzalez may be reached at:

     Jacqueline I. Rivera Gonzalez, CPA
     Urb. La Rambla 1108 Avila St.
     Ponce, PR 00730
     Telephone: (787) 843-1679

         About Golden Industrial Laundry

Golden Industrial Laundry, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case
No. 23-03509) on Oct. 30, 2023, listing $964,229 in total assets
and $1,874,299 in total liabilities.

Judge Maria De Los Angeles Gonzalez oversees the case.

Landrau Rivera & Assoc., led by Noemi Landrau Rivera, Esq., serves
as the Debtor's legal counsel.





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

VENEZUELA: Hits Rock Bottom in Global Rule of Law Index
-------------------------------------------------------
Juan Martinez at Rio Times Online reports that Venezuela ranks
lowest globally in the Rule of Law Index, which measures how well
nations adhere to legal principles.

The World Justice Project (WJP) reported this in 2023, according to
Rio Times Online.  Their findings show a decline in legal adherence
worldwide, the report notes.

In this global index, 142 countries were assessed, the report
relays.  Venezuela's score was 0.26 out of 1.0, the report adds.

                      About Venezuela

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

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

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

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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