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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

          Thursday, February 22, 2024, Vol. 25, No. 39

                           Headlines



A R G E N T I N A

ARGENTINA: 85% Chance of Being Able to Dollarize, Milei Says
GAUCHO GROUP: Asset Liquidation Expected to Yield US$10-11 Million


B R A Z I L

BRAZIL: B3 Sees Further Drop in Trading Volume in January
GOL LINHAS: Wins Court OK to Probe Alleged Latam Plane Poaching


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Aviation Board Negotiates Air Services Deal
DOMINICAN REPUBLIC: Minerd Marks Over 50% Surge in Spending


G U Y A N A

GUYANA: CDB Supports Food Security Thrust and Agri-Trade


J A M A I C A

CARIBBEAN CEMENT: Looking to Increase Exports to Turks & Caicos


P A R A G U A Y

BIOCEANICO SOVEREIGN: S&P Raises 2019-1 Certs Rating to 'BB+'


P E R U

ALICORP SAA: Moody's Assigns Ba1 CFR & Cuts Unsec. Notes to Ba1


V E N E Z U E L A

VENEZUELA: How Wall Street Won a Battle Over Sanctions

                           - - - - -


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

ARGENTINA: 85% Chance of Being Able to Dollarize, Milei Says
------------------------------------------------------------
Buenos Aires Times reports that President Javier Milei anticipates
that he is near materializing his idea of long-held aim of
dollarisation, claiming that Argentina has an "85.7 percent chance"
of being able to finalize the process.

However, the La Libertad Avanza leader said that his government
still needs to "clean up" the balance of the Central Bank and
encourage financial reform prior to the adoption of the greenback
as Argentina's official currency, according to Buenos Aires Times.

"We have an 85.7 percent chance of being able to dollarise.  If we
finish cleaning up financial assets and complete the instant reform
of the financial system instantly, we could already dollarise but
because it's not instant we cannot," insisted the head of state in
a radio interview, the report notes.

He revealed that, the government estimates that it will clean up
the balance of the Central Bank by midyear, the report adds.

"Dollarisation is always at a market rate. When you dollarise,
you're left without a monetary policy, that's why you have to adapt
the financial system because ultimately you have no lender," he
underlined, the report notes.

In another section of the interview, the president suggested that
high inflationary levels respond to money-printing, the report
says.

"The effect on prices takes 18 months and back then Kirchnerism was
around.  This loss of purchasing-power is not my fault, I'm just
here to correct it," he said in his defence, the report adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.

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.


GAUCHO GROUP: Asset Liquidation Expected to Yield US$10-11 Million
------------------------------------------------------------------
Gaucho Group Holdings, Inc. announced significant developments in
its fight against market malpractices affecting its stock price.

Management believes that certain market participants have
intentionally driven the price of its shares down.  This deliberate
action aims to create an artificially low stock price, which not
only harms Gaucho Holdings' stockholders but also provides a
gateway for these bad actors to potentially gain significant
control over the Company and/or cover any naked short positions.

The Company also believes that because of the current valuation,
other parties may also be seeking to take majority control of
Company shares.

Scott Mathis, CEO and Founder of Gaucho Group Holdings, stated, "We
are currently witnessing our stock trading at roughly 10% of the
liquidation value of our assets, a clear indication of the
disparity between our value and current market perception.  This
undervaluation is a direct result of manipulative tactics by
certain entities looking to exploit our assets in Argentina.
However, we remain resolute, bolstered by the steadfast support of
our stockholders, to fend off these predatory practices."

The Company recognizes that the evolving political and economic
landscape in Argentina is transitioning from being a headwind to
potentially creating tailwinds for asset values in the region.  In
line with this, Gaucho Holdings is committed in 2024 to liquidate
significant real estate assets, including Algodon Mansion and two
other nonessential properties.   This strategic move is expected to
generate approximately USD 10 to 11 million, providing the Company
with opportunities for non-dilutive cash growth and potential
shareholder dividends or a share buyback.

Following concerns regarding the erratic performance of Gaucho
Holdings' stock, the Company has been proactive in retaining the
expertise of securities litigation attorney Mark R. Basile, Esq.,
and his firm, The Basile Law Firm P.C.  This strategic move was
aimed at investigating potential illegal naked short selling of the
Company's common shares, a concern that has plagued the stock for
months.

Gaucho Holdings stands firm in its commitment to protect the
interests of its stockholders and to uphold the integrity of its
stock value against illicit market forces.

                          About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. was
incorporated on April 5, 1999.  Effective Oct. 1, 2018, the Company
changed its name from Algodon Wines & Luxury Development, Inc. to
Algodon Group, Inc., and effective March 11, 2019, the Company
changed its name from Algodon Group, Inc. to Gaucho Group Holdings,
Inc.  Through its wholly-owned subsidiaries, GGH invests in,
develops and operates real estate projects in Argentina.  GGH
operates a hotel, golf and tennis resort, vineyard and producing
winery in addition to developing residential lots located near the
resort. In 2016, GGH formed a new subsidiary, Gaucho Group, Inc.
and in 2018, established an e-commerce platform for the manufacture
and sale of high-end fashion and accessories.  In February 2022,
the Company acquired 100% of Hollywood Burger Argentina, S.R.L.,
now Gaucho Development S.R.L ("GD"), through InvestProperty Group,
LLC and Algodon Wine Estates S.R.L., which is an Argentine real
estate holding company. In addition to GD, the activities in
Argentina are conducted through its operating entities:
InvestProperty Group, LLC, Algodon Global Properties, LLC, The
Algodon Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon
Wine Estates S.R.L.  Algodon distributes its wines in Europe under
the name Algodon Wines (Europe). On March 20, 2020, the Company
formed a wholly-owned Delaware subsidiary corporation, Bacchus
Collection, Inc., which was dissolved on March 23, 2021. On June
14, 2021, the Company formed a wholly-owned Delaware limited
liability company subsidiary, Gaucho Ventures I Las Vegas, LLC, for
purposes of holding the Company's interest in LVH Holdings LLC.

Gaucho reported a net loss of $21.83 million for the year ended
Dec. 31, 2022, compared to a net loss of $2.39 million for the year
ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had $18.91
million in total assets, $11.02 million in total liabilities, and
$7.89 million in total stockholders' equity.

New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

"The Company's operating needs include the planned costs to operate
its business, including amounts required to fund working capital
and capital expenditures.  Based upon projected revenues and
expenses, the Company believes that it may not have sufficient
funds to operate for the next twelve months from the date these
financial statements are made available.  Since inception, the
Company's operations have primarily been funded through proceeds
received from equity and debt financings.   The Company believes it
has access to capital resources and continues to evaluate
additional financing opportunities.  There is no assurance that the
Company will be able to obtain funds on commercially acceptable
terms, if at all.  There is also no assurance that the amount of
funds the Company might raise will enable the Company to complete
its development initiatives or attain profitable operations.  The
aforementioned factors raise substantial doubt about the Company's
ability to continue as a going concern for a period of one year
from the issuance of these financial statements," according to the
Company's Quarterly Report for the period ended Sept. 30, 2023.




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B R A Z I L
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BRAZIL: B3 Sees Further Drop in Trading Volume in January
---------------------------------------------------------
Richard Mann at Rio Times Online reports that in January, B3 S.A's
daily trading volume fell by 11.9% from the previous year,
following an 11.1% drop in December.  The company's early reports
highlight this trend, according to Rio Times Online.

B3 S.A. is a stock exchange located in Sao Paulo, Brazil

Accounts decreased to 5,861,974, a 4.1% drop, the report notes.
Investors also went down to 5,031,431, a 3.7% fall, the report
relays.  The number of companies listed on B3 went from 448 to 445,
the report discloses.

Despite these declines, market value grew by 10.9%. Daily trading
in derivatives, like interest and commodities, jumped by 28.2%, 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).


GOL LINHAS: Wins Court OK to Probe Alleged Latam Plane Poaching
---------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Bankrupt
Brazilian airline Gol Linhas Aereas Inteligentes SA won court
permission to investigate whether its rival Latam Airlines Group SA
sought to take unfair advantage of its recent chapter 11 filing by
improperly soliciting major Boeing Co. aircraft suppliers.

Judge Martin Glenn said there is merit in investigating allegations
Latam tried to either poach or interfere with Boeing 737 aircraft
lessors doing business with Gol after the Brazilian budget airline
filed bankruptcy, according to globalinsolvency.com.

Judge Glenn cited a letter Latam sent to aircraft lessors the day
after Gol filed bankruptcy.  A Latam lawyer said the Jan. 26 letter
was the first time in recent years the company had inquired about a
type of narrowbody Boeing 737 aircraft flown by Gol, the report
notes.

Latam has historically flown a fleet of Airbus aircraft, according
to court documents, the report relays.

It would be "preposterous" to assume it was merely a coincidence
Latam sent the letter immediately after Gol filed Chapter 11, Glenn
said, the report discloses.

In the letter, Latam said it was seeking more aircraft, which the
airline said might be of interest to lessors "given the recent
events in the industry," the report relays.

Judge Glenn granted the Sao Paulo-based airline's request to get
documents and conduct depositions of Latam officials in order to
gather evidence, should any exist, substantiating claims that Latam
sought to interfere with Gol's business or violate its chapter 11
stay, which protects companies in bankruptcy, the report notes.

Latam has denied the allegations and argued Gol is seeking such
information to gain an unfair edge on its rival, the report adds.

                      About Gol Linhas

GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally.  The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles.  It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights.  The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.

GOL Linhas Aereas Inteligentes and its affiliates and subsidiaries
voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 24-10118) on Jan. 25, 2024. As of the bankruptcy filing,
the Debtors estimated $1 billion to $10 billion in both assets and
liabilities.

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank, LLP as bankruptcy counsel; Seabury
Securities, LLC as restructuring advisor, financial advisor and
investment banker; Alixpartners, LLP as financial advisor; and
Hughes Hubbard & Reed, LLP as aviation counsel.  Kroll
Restructuring Administration, LLC is the claims agent.

The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.




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

DOMINICAN REPUBLIC: Aviation Board Negotiates Air Services Deal
---------------------------------------------------------------
Dominican Today reports that the Civil Aviation Board in the
Dominican Republic is in negotiations with the Jamaican government
concerning air transport.

The board says the discussions aim to facilitate the introduction
of new air operations to and from the Dominican Republic, according
to Dominican Today.

The organization's president, Jose Ernesto Marte Piantini, conveyed
in a statement that the ongoing talks with the Civil Aviation
Authority of Jamaica would significantly enhance the services
offered by both domestic and international operators, the report
notes.

He also highlighted the positive impact on Dominican travelers, who
would benefit from an expanded array of travel options, 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.


DOMINICAN REPUBLIC: Minerd Marks Over 50% Surge in Spending
-----------------------------------------------------------
Dominican Today reports that the Ministry of Education of the
Dominican Republic (Minerd) has disclosed a noteworthy increase of
over 50 percent in spending on teaching personnel in 2023 compared
to 2019, underscoring its unwavering commitment to the well-being
of teachers over the past four years.

Government initiatives, spearheaded by Minerd, aimed at enhancing
the well-being of teachers manifest in various significant aspects,
with a notable surge in salary investment for educators, according
to Dominican Today.

Minerd outlined the positive changes, revealing that the average
salary of primary teachers rose from 50,600 pesos in 2019 to 63,829
pesos in 2023, representing a substantial 26.14% increase, the
report notes.  Meanwhile, secondary school teachers experienced an
uptick in their average salary from 58,610 to 63,092 pesos,
reflecting a 7.65% increase, the report relays.

In 2023, Minerd implemented a salary increase benefiting 21,464
retired and pensioned teachers, the report says.  Those earning
less than 25,000 pesos saw their salary raised to that amount, and
those earning above 25,000 but less than 30,000 pesos received an
increase to 30,000 pesos, the report notes.

Compared to 2019, Minerd augmented contributions to the National
Institute of Teacher Welfare (INABIMA) by 76.94% to fund pensions
for retired teachers, the report discloses.

Investment in teacher training through the National Institute for
Teacher Training and Training (Inafocam) surged by 77.6%, and
contributions for teachers' health care via ARS SEMMA increased by
136.56%, the report notes.

This salary adjustment for the teaching sector is part of the
historic agreement Minerd signed in 2023 with the Dominican
Association of Teachers (ADP), aiming to secure improved living
conditions for active and retired teachers and their families, 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.




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G U Y A N A
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GUYANA: CDB Supports Food Security Thrust and Agri-Trade
--------------------------------------------------------
RJR News reports that the Barbados-based Caribbean Development Bank
said it is supporting agriculture and rural development as well as
business competitiveness with two new projects in Guyana targeting
national and regional food security.

The region's premier financial institution said the projects are
tools with which it is assisting Guyana, the region's food basket,
to improve not only productivity and market linkages but also
aspects of CARICOM's Twenty-five by 2025 Initiative, according to
RJR News.

The initiative is aimed at reducing extra-regional agri-food
imports by 25 percent by 2025, the report notes.




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

CARIBBEAN CEMENT: Looking to Increase Exports to Turks & Caicos
---------------------------------------------------------------
RJR News reports that Caribbean Cement Company says it is looking
to increase the export of cement to the region.

The company recently sent of a shipment of 3,100 metric tonnes of
cement to the Turks and Caicos Islands, according to RJR News.

This is the third shipment of cement by the company to the country
within the last few months, the report notes.

Last September and November, 3,500 metric tonnes of industrial
cement was exported to the islands on each occasion, the report
relays.

This latest shipment is expected to be used for housing,
commercial, and other infrastructural projects, the report notes.

The Turks and Caicos Islands have experienced a surge in
construction activities, particularly in the real estate sector,
the report adds.

                  About Caribbean Cement

Caribbean Cement Company Limited, together with its subsidiaries,
manufactures and sells cement and clinker in Jamaica and other
Caribbean countries. The company was incorporated in 1947 and is
based in Kingston, Jamaica.  

As reported in the Troubled Company Reporter-Latin America on Aug
10, 2023, Jamaica Observer said that high cost attributed to a
scheduled annual maintenance exercise done during the first quarter
sent operational earnings and six months profit falling for cement
manufacturer Carib Cement at the end of June.  For the reporting
period, net profit, which amounted to $2.4 billion, was
approximately 20 per cent below the $3 billion earned for the
half-year mark in 2022, according to Jamaica Observer. Operating
earnings for the period also fell by about 24 per cent to total
$3.6 billion when compared to the $4.8 billion seen for last
year's period, the report noted.

TCRLA in reported on August 2021, Jamaica Observer relayed that
after enduring years of sluggish results and a mountain of debt,
Caribbean Cement has shrunk its long-term debt from $11.39 billion
in 2018 to $500 million as at June 30, 2021.  At the same time, the
company reported $3.09 billion in net profit over the six months
which ended June 30. Its profit for all of 2020 was $3.2 billion.
The performance is coming off a challenging decade for the cement
producer which included four consecutive years of losses from 2009
to 2013.




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

BIOCEANICO SOVEREIGN: S&P Raises 2019-1 Certs Rating to 'BB+'
-------------------------------------------------------------
S&P Global Ratings raised its ratings on two repackaged
asset-backed securities (ABS) transactions backed by Pagos
Diferidos por Inversion (PDIs) and Certificados de Reconocimiento
de Obligacion de Pago (CROPs), which are obligations of the
Paraguayan government used to finance two infrastructure projects
in Paraguay.

The rating actions follow a similar upgrade to 'BB+' from 'BB' on
S&P's long-term sovereign foreign currency rating on the Republic
of Paraguay.

The ratings on the repackaged ABS transactions are based on the
Paraguayan government's underlying payment obligation through the
Paraguayan Ministry of Public Works and Communications (MOPC) on
the PDIs and CROPs and its structural features, among other
factors. The upgrades on these ratings reflect S&P's updated
opinion on the credit quality of the underlying assets backing the
transactions.

Rutas 2 and 7 Finance Ltd.'s series 2019-1 is a repackaged security
backed by construction payment obligations (e.g., PDIs) issued by
the MOPC to finance the design and construction of a national
route, PY02, in Paraguay. The PDIs correspond to unconditional and
irrevocable obligations of the government of Paraguay to
periodically reimburse the public-private partnership contractor.

Bioceanico Sovereign Certificate Ltd.'s series 2019-1 is a
repackaged securitization backed by irrevocable payment obligations
(CROPs) issued by the MOPC and signed by the Ministry of Finance to
finance the design and construction of a new road between Loma
Plata and Carmelo Peralta in Paraguay.

S&P will continue monitoring the ratings on these transactions and
revise the ratings as necessary to reflect any changes in the
transactions' underlying credit quality.

  Ratings Raised

  Bioceanico Sovereign Certificate Ltd.

    Series 2019-1 to 'BB+' from 'BB'

  Rutas 2 and 7 Finance Ltd.

    Series 2019-1 to 'BB+' from 'BB'




=======
P E R U
=======

ALICORP SAA: Moody's Assigns Ba1 CFR & Cuts Unsec. Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service has downgraded Alicorp S.A.A.'s Senior
Unsecured Global Notes to Ba1 from Baa3, with a stable outlook.
Previously, the rating was on review for downgrade. At the same
time, Moody's has assigned a Ba1 corporate family rating to
Alicorp.

This rating action concludes the review for downgrade initiated on
November 16, 2023.

RATINGS RATIONALE

The downgrade to Ba1 reflects that although Alicorp's operating
performance in the core business has sequentially improved, the
consolidated business profile remains challenged by the weak
performance and working capital pressure in its Aquafeed and
Crushing businesses; which leads to a degree of volatility in
credit metrics and a business profile that is not reflective of an
investment grade rating.

Moody's expects a modest improvement in profitability with EBITA at
6.8% in 2024 from 6.1% as of December 2023, driven by the company's
changes implemented changes since 2022, exiting some of its
production lines, simplifying its distribution network,
consolidating production centers, and making changes in its supply
chain model to improve productivity and reduce working capital
requirements. The impact of these initiatives in 2023 amounted to
PEN41 million, with PEN20 million only during Q3 2023. The changes
already materialized in an improved EBITDA margin starting in Q4
2023 because the company does not expect additional expenses
related to these initiatives. However, in the international
business, volumes and profitability will remain under pressure as
consumers' purchasing power will remain fragile through 2024.

As of December 2023, Alicorp's leverage declined to 4.4x from its
peak 4.9x in September 2023 driven by debt reduction and Moody's
expects this number to reach 3.4x as of December 2024. While debt
reduction was mostly related to the working capital requirements of
the Crushing business, Moody's expects consolidated leverage to
decline towards the company's internal net leverage target of 2.5x
(around 3x as adjusted by Moody's) driven by the company's own cash
generation. However, Moody's notes that given the Crushing business
working capital cycle, the deleverage will not be linear and will
peak in the 3Q as the business builds up inventory before
collecting cash in 4Q.

Alicorp has a good liquidity which as of December included PEN1,397
million which are further supported by the company's USD120 million
committed facility available until 2025 and Moody's expectation of
positive free cash flow (FCF) in 2024. Moody's assumes that excess
cash flow generated in 2024 will be directed towards debt reduction
and that the company will refrain from paying dividends in 2024, or
as long as the company's reported net leverage remains above its
internal target of 2.5x (around 3x as adjusted by Moody's).

Alicorp's Ba1 ratings are supported by its leading market position
in Peru in key product categories, its extensive and hard to
replicate distribution network. The ratings also reflect its broad
product portfolio, and its experienced management team with a
successful track record of completing acquisitions and product
innovation. The ratings consider the company's relative small size
compared to global industry peers, its limited geographic diversity
given its concentration in Peru and certain Latin American markets
with weak economies, and its exposure to commodity price volatility
as a raw material and through its Crushing business.

Alicorp has a leading market position in Peru in its key product
categories, which include industrial baking flour, industrial oils,
edible oils, laundry detergents, pasta, cookies and crackers,
shortenings and mayonnaise, among others. Despite competing with
large multinational companies and with local enterprises, Alicorp
has been able to maintain its market leadership because of its
broad product portfolio that targets all socioeconomic segments,
product innovation capacity, extensive distribution network and
strong brand recognition.

The stable outlook reflects Moody's view that Alicorp will be able
to recover credit metrics and maintain good liquidity as operating
performance modestly improves in 2024 reflecting productivity
initiatives.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Moody's has changed the subfactor score on Alicorp's governance, on
'financial strategy and risk management' to 3 from 2 – to reflect
the company's tolerance for high leverage and its often aggressive
acquisition and shareholder return strategy. The company's
governance issuer profile score (G-IPS) is unchanged at G-3. The
Credit Impact Score also remains unchanged at CIS-3.

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

A downgrade could be triggered if the company's debt/EBITDA remains
above 3.5x or if its EBIT/interest expense does not recover towards
3.5x. A deterioration in Alicorp's liquidity, further deterioration
in operating performance, increased payouts to shareholders or
large debt-financed acquisitions could lead to a downgrade.

An upgrade of Alicorp's ratings would be conditional on an improved
business profile that results in reduced volatility in credit
metrics and showing sustainable growth in revenue, profitability
and free cash flow, while maintaining good liquidity. Absent
greater stability, Moody's could also upgrade the ratings if the
company manages to reduce and sustain its leverage below
Moody's-adjusted debt/EBITDA 3x and its Moody's-adjusted
EBIT/interest expense is above 3.5x on a sustained basis.

Alicorp S.A.A. is a Peruvian manufacturer and distributor of
consumer goods (food, home & personal care products),
business-to-business (B2B) branded products (bakeries, industrial
products and food service) and aquafeed (shrimp and fish feed). The
company also has a crushing business of soybean and sunflower
beans. Alicorp's revenues come mainly from Peru (56%), followed by
Ecuador, Chile and Bolivia. The company is majority owned by Grupo
Romero (55.79% share). Alicorp reported revenues of PEN13,656
million for the last twelve months ended December 2023.

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.




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V E N E Z U E L A
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VENEZUELA: How Wall Street Won a Battle Over Sanctions
------------------------------------------------------
globalinsolvency.com reports that after the U.S. dropped a broad
array of sanctions against Venezuela in October, it warned that it
could reimpose all of them, except one.

The White House admitted that its ban on buying Venezuelan bonds
was a failure that had potentially benefited enemies of the U.S.,
the Wall Street Journal reported, according to
globalinsolvency.com.

Behind the scenes, a group of powerful Wall Street investors had
been feeding Washington a stream of evidence that showed Venezuelan
bonds were being traded by investors with ties to Russia, the
report notes.

globalinsolvency.com relays that they said Moscow was hoping to
gain influence in the U.S.'s backyard.

The Biden administration said dropping the debt-trading ban "would
have the positive effect of displacing nefarious players in this
market," the report notes.

It was the first time the U.S. publicly acknowledged that banning
U.S. investors from buying debt of a sanctioned country could
backfire, the report discloses.

The investors stood to benefit from the end of the ban, because
prices of Venezuela's bonds were expected to rise, the report
relays.  They did, giving the investors a windfall of hundreds of
millions of dollars, the report notes.  The U.S. has ramped up its
use of sanctions in the past two decades, the report says.  In
response, countries such as Russia, Iran and North Korea have
become increasingly adept at moving cash and goods across their
borders, the report discloses.  Debt-buying bans, which have also
been imposed on Russia and Belarus, are now seen as giving foreign
buyers a chance to profit and potentially influence debt
restructurings while making it harder to track the trades, 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.



                           *********


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