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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, February 28, 2024, Vol. 25, No. 43

                           Headlines



A R G E N T I N A

ARGENTINA: Economic Activity Fell 1.6% in 2023, Reveals INDEC
ARGENTINA: Gets Order to Pay Large Deposit in UK Hedge Funds Case


B R A Z I L

AMERICANAS SA: S&P Withdraws 'D' Issuer Credit Ratings
BRAZIL: Economic Growth Might Fall Short of Expectations in 2023
UNIGEL PARTICIPACOES: Gets Creditors Approval on Debt Restructuring


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Refidomsa Finds Hydrocarbon Potential
DOMINICAN REPUBLIC: Sends Economic Aid to Nagua Producers


J A M A I C A

JAMAICA: JUTC Fare Reduction Less Likely to Offset Inflation


P U E R T O   R I C O

BBB FOOD: Hires Gilbert Cardona Hernandez as Accountant

                           - - - - -


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

ARGENTINA: Economic Activity Fell 1.6% in 2023, Reveals INDEC
-------------------------------------------------------------
Buenos Aires Times reports that economic activity in Argentina
dropped 1.6 percent last year with a 4.5 percent contraction in
December compared to the last month of 2022 and a drop of 3.1
percent when compared to the previous month, the INDEC statistics
bureau informed.

The main bright news came from fisheries (up 8.8 percent
year-on-year) and agriculture (up 8.1 percent), according to Buenos
Aires Times.

The biggest slumps came in the financial sector (down 12.2
percent), manufacturing industry (down 11.9 percent) and wholesale
and retail commerce (down 8.5 percent), the report notes.  These
three sectors contributed 3.6 percentage points to the 4.5 percent
fall, the report relays.

Last year, Argentina was hit by a drought hitting farm exports and
slashing three percent off gross domestic product, according to the
previous government, the report discloses.

Last January 30, the International Monetary Fund (IMF) downgraded
its 2024 forecast for Argentina to negative growth of 2.8 percent,
which should be placed within the context of a major austerity
drive by the new Javier Milei Presidency to restore macro-economic
stability, added the multilateral lender, the report recalls.

The report notes that President Javier Milei was elected on
promises to slash state spending.  Since coming to office in
December, he has devalued the peso by over 50 percent, cut tens of
thousands of public jobs and halved the size of the government, the
report says.

In January, Argentina reported its first monthly budget surplus in
12 years, while boosting the country's meagre foreign currency
reserves from US$21 billion to US$27 billion, the report relays.

Annual inflation has hit 254 percent.

IMF deputy managing director Gita Gopinath held what she termed an
"excellent and substantive meeting" with Milei on "how best to take
the country forward," during a two-day visit to the country, 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.


ARGENTINA: Gets Order to Pay Large Deposit in UK Hedge Funds Case
-----------------------------------------------------------------
Upmanyu Trivedi, Patrick Gillespie & Kevin Simauchi at Bloomberg
News reports that Argentina must pay a large deposit in a case
brought by hedge funds seeking US$1.5 billion in compensation for
losses in the nation's growth-linked securities, London's Court of
Appeal ruled.

The nation must pay down 310 million euros (US$337 million) before
a full appeal is heard, according to Bloomberg News.  Hedge funds,
including Palladian Partners LP, won the case for compensation in a
lower court last year, Bloomberg News notes.

Argentina has until April 5 to deposit the cash in a trustee
account, a judge ruled, Bloomberg News relays.

"Whilst I understand and am sympathetic to the impact any
additional financial burden will have on a distressed economy, I am
unpersuaded by the evidence and argument as to irremediable harm on
the population," Judge Stephen Phillips said in his decision,
Bloomberg News notes.

The ruling comes as Argentina is heading into another recession
this year provoked by President Javier Milei's economic shock
therapy, including a 54 percent currency devaluation and major
austerity measures to tackle a chronic fiscal deficit, Bloomberg
News discloses.  Milei still enjoys high approval ratings and
market praise, but poverty estimated at 57 percent of the
population in January is driving speculation about how long people
will tolerate his approach, Bloomberg News says.

Argentina's Central Bank currently has more liabilities than cash
on hand, known locally as negative net reserves, Bloomberg News
relays.   That reality dims any investor hope that the country can
repay the GDP warrants anytime soon, Bloomberg News discloses.

Seeking the deposit, the lawyers for the hedge funds alleged
Argentina is unlikely to pay up "voluntarily and will obstruct and
delay enforcement," Bloomberg News relates.

At the root of the case is the country's default on US$95 billion
of debt in 2001 amid one of the worst financial crises in its
history, Bloomberg News notes.  GDP-linked bonds that pay out when
the economic expansion reaches a set threshold, were part of a
restructuring program, Bloomberg News relays.

A dispute arose after Argentina changed the base year for
calculating growth in 2013, Bloomberg News relays.  The four funds,
including HBK Master Fund LP, Hirsh Group LLC and Virtual Emerald
International Ltd. had petitioned the UK court in 2019 alleging
Argentina avoided payments on the bonds by making the change,
Bloomberg News discloses.

The changes were necessary to avoid the returns on the warrants to
be guided by outdated measures of growth until 2035, lawyers for
Argentina had argued, Bloomberg News relays.

Lawyers for Argentina and a spokesperson for the Economy Ministry
did not immediately respond to emails seeking comment.

Aidan O'Rourke, a lawyer representing the four funds said in a
statement he was "gratified" by the court's ruling and is confident
that the final court of appeals hearing will uphold the 2023
judgment requiring Argentina to pay the money owed on its GDP
warrants, Bloomberg News 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.




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

AMERICANAS SA: S&P Withdraws 'D' Issuer Credit Ratings
------------------------------------------------------
S&P Global Ratings withdrew its 'D' global scale and national scale
issuer credit ratings and its 'D' issue-level ratings on
Brazil-based retailer Americanas S.A. at the company's request.

A judge ratified the company's judicial reorganization plan. But
S&P will not reassess its ratings on Americanas in light of the
company's request that S&P withdraws the ratings.


BRAZIL: Economic Growth Might Fall Short of Expectations in 2023
----------------------------------------------------------------
Rio Times Online reports that in 2023, Brazil's economy expanded by
a modest 2.45%, according to preliminary data from the Central
Bank.

Experts and officials eagerly await the full report from the
Brazilian Institute of Geography IBGE and Statistics, due on March
1, according to Rio Times Online.

Market pundits expected the growth might reach 2.92%, the report
relays.  The Ministry of Finance and the Central Bank even said it
could hit 3%, the report relays.

                          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).


UNIGEL PARTICIPACOES: Gets Creditors Approval on Debt Restructuring
-------------------------------------------------------------------
globalinsolvency.com, citing ICIS.com, reports that Unigel
Participacoes SA has agreed a Brazilian reais (R)3.9 billion
(US$791 million) debt restructuring with its creditors, which has
saved the beleaguered styrenics, acrylics and fertilizer producer
from filing for bankruptcy for the time being.

The agreement includes raising a new $100 million credit line that
will mature in 2027, and give its shareholders "economic benefits
corresponding" to 50% of the company, it said, according to
globalinsolvency.com.

An intention to improve the company's governance structure is also
included, although Unigel did not disclose further details.

The report notes that the restructuring will consist of the
issuance of new debt securities and participatory securities in
exchange for the cancellation of current debts.  One-third of
Unigel's creditors, those with earlier maturities, have agreed to
the deal and will apply for 90-day protection to finalize it, which
has been made possible under Brazil's financial laws, the report
relays.

"The plan will allow the improvement of the company's capital
structure, with an increase in its liquidity and a significant
reduction in leverage, in order to guarantee the continuity of the
business plan that was severely impacted by the crisis in the
global petrochemical industry," said Unigel's CEO, Roberto Noronha,
the report relays.  CFO André Gaia said the new funds will be
partly directed to finalizing projects such as Unigel's sulphuric
acid plant at Camacari in the state of Bahia, the report says.
Construction has been on hold since 2023 when the company's
financial position deteriorated, the report adds.

As earlier reported by the Troubled Company Reporter-Latin America,
globalinsolvency.com, citing Bloomberg News, relayed that Unigel
Participacoes SA is pitching a last-minute deal to avoid filing for
bankruptcy protection as a temporary order shielding it from
creditors expires.  The company is trying to sell bondholders led
by Pacific Investment Management Co. on a plan that would include
an injection of $100 million in new money, and allow it to
restructure debt out of court, said the people, asking not to be
identified because the discussions are private, according to
globalinsolvency.com.




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

DOMINICAN REPUBLIC: Refidomsa Finds Hydrocarbon Potential
---------------------------------------------------------
Dominican Today reports that Refidomsa, the Dominican Petroleum
Refinery, just dropped a bombshell: a new scientific study
suggesting that several basins within the country's borders hold
the potential for significant oil and gas deposits.

At a recent press conference, Refidomsa's president, Dr. Leonardo
Aguilera, alongside technicians from the Oil and Gas Research and
Exploration Unit who conducted the study in the Azua, San Juan,
Enriquillo, and Cibao basins, unveiled the groundbreaking findings,
according to Dominican Today.

"This study," Aguilera emphasized, "will completely reshape our
approach to finding major oil and gas reserves.  By analyzing the
unique geological and geophysical features of our land, we've
identified promising areas for exploration," the report notes.

He further explained that this "first-of-its-kind" study fills a
critical gap in understanding the Dominican Republic's potential
for large-scale oil and gas production, the report relays.  Prior
efforts, he noted, lacked the systematic approach needed to yield
concrete results, the report discloses.

The study, a collaborative effort with the Pedro Henriquez Urena
University (UNPHU) and the University of Santander in Colombia,
boasts the backing of renowned laboratories and research centers,
the report discloses.  Led by Ramon Cruz and Gregorio Rosario,
Director and Deputy Director of Refidomsa's Oil and Gas Research
and Exploration Unit, the research was conducted with "meticulous
scientific and technological rigor," Aguilera stressed, the report
says.

This study, he added, serves as a springboard for further
exploration and development.  "Our next steps involve quantifying
potential reserves and production rates, paving the way for
potential extraction," he explained, the report relays.

Recognizing the strategic value of this information for the
Dominican Republic, Aguilera emphasized their commitment to
transparency, ther eport notes.  "The details of this study will be
used to attract potential national and foreign investors interested
in joining this exciting venture," he stated.

He concluded by inviting investors to leverage this valuable tool,
complete with geolocated data pinpointing areas with high potential
for oil and gas deposits, supported by evidence of favorable
geological conditions, 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: Sends Economic Aid to Nagua Producers
---------------------------------------------------------
Dominican Today reports that the Minister of Agriculture, Limber
Cruz, delivered checks to 215 small agricultural producers for more
than nine million pesos in compensation for the damages suffered
during the atmospheric disturbance of last November.

The aid provided by the President of the Republic, Luis Abinader,
totaled 9,987,550.00 pesos destined to recover productive
activities as soon as possible, which constitutes a significant
relief for the productive class of the area, according to Dominican
Today.

"I always remember a word that President Luis Abinader tells me . .
.  Limber, you can tell the farmers that they are not alone, they
have a President who will not allow production in the Dominican
Republic to collapse," said Cruz, the report notes.

He also announced the repair of 60 kilometers of country roads, for
which the Northeast Regional Directorate will start the yellow
tractors and equipment as soon as possible, the report relays.

The provincial governor of María Trinidad Sanchez, Gregoria
Correa, thanked the President and the Minister of Agriculture for
the prompt assistance to the productive sectors of María Trinidad
Sanchez, the report discloses.

According to a note sent by the Department of Communication of the
aforementioned ministry headed by journalist Erick Montilla, the
event was also attended by the Vice Minister of Agriculture
Production, Eulalio Ramirez; the regional director of Indrhi,
Aurelio Gomez; other authorities of the agricultural sector and
hundreds of producers of different crops, 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.




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

JAMAICA: JUTC Fare Reduction Less Likely to Offset Inflation
------------------------------------------------------------
RJR News reports the Bank of Jamaica says the reduction in fares
charged by the Jamaica Urban Transit Company is less likely to have
any major effect on inflation in the local economy.

BOJ Governor Richard Byles says while there was some positive
impact earlier this year, inflation is projected to be tempered
less than a percentage point by the move going forward, according
to RJR News.

"Upon review, the bank now recognises that it had overestimated the
impact of the reduction in JUTC fares.  The two-phase reduction is
now estimated to have an offsetting impact of only 0.2 per cent on
annual inflation, with the first reduction already evident in the
CPI data for January 2024," he noted, the report notes.

Following the anouncement by Finance Minister Dr. Nigel Clarke of
the temporary two-step reduction in JUTC fares, the BOJ had
projected that inflation would generally remain within the 4 to 6
per cent target range except for December 2023 and a few months in
2024, the report relays.

But the BOJ now says it expects inflation will remain outside the
target range until June 2025, the report adds.     

                         About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction.  The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.

S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'.  The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.  

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




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

BBB FOOD: Hires Gilbert Cardona Hernandez as Accountant
-------------------------------------------------------
BBB Food Corp. seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ Gilbert Cardona Hernandez as
accountant.

The firm will provide these services:

a. Close out Debtor's books as of the date of the filing of this
   case, and to open new books as of the next day thereafter;

b. Establish a new bookkeeping system to replace the system
   heretofore used by the Debtor;

c. Prepare the periodic statements of the Debtor in Possession's
   operation as required by the rules of this court;

d. Prepare and file Debtor's state and federal tax return for
   the fiscal year which ended in the semester prior to the date
   of this filing case;

e. Prepare General Ledger and Disbursements Register;

f. Reconcile the account;

g. Prepare Certified Interim, Financial Statements as needed;

h. Prepare annual Financial Statements and Returns;

i. Tax and management counselling; and

j. Represent in taxes investigations.

The firm will be paid at $1,000 per month.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Gilbert Cardona Hernandez, disclosed in a court filing that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

      Gilbert Cardona Hernandez
      Urb. El Paraiso
      1539 Calle Tamesis
      San Juan Puerto Rico 00926
      Telephone: (787) 452-3678

              About BBB Food Corp

BBB Food Corp sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 24-00152) on Jan. 19, 2024,
listing $500,001 to $1 million in assets and liabilities.

Juan C Bigas Valedon, Esq. at Juan C Bigas Law Office represents
the Debtor as counsel.



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