---

       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, March 7, 2024, Vol. 25, No. 49

                           Headlines



A R G E N T I N A

ARGENTINA: Economy Shrank in December by Most Since Pandemic
ARGENTINA: Milei to Lay Out Plans to Lawmakers in Nation Address


B E R M U D A

FLY LEASING: Moody's Ups CFR to B3 & Senior Unsecured Debt to Caa1


B R A Z I L

COSAN LUBRIFICANTES: S&P Withdraws 'BB' Issuer Credit Rating
IOCHPE-MAXION SA: S&P Raises ICR to 'BB', Outlook Stable
LIGHT SA: Releases New Recovery Plan, BRL1.5BB Capital Increase
[*] BRAZIL: Champions Controlled Inflation at G20


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Reports 4.7% Cut in Monetary Poverty in 2023


M E X I C O

INSIGNIA LIFE: A.M. Best Puts 'B' Fin.  Strength Rating on Review


T R I N I D A D   A N D   T O B A G O

TELECOMMUNICATIONS SERVICES: Workers Protest Over Job Security


X X X X X X X X

LATAM: Caricom Leaders Concerned at CDB Situation
LATAM: IDB and Brazil Join Forces to Boost Green Investments

                           - - - - -


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

ARGENTINA: Economy Shrank in December by Most Since Pandemic
------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that
Argentina's economy contracted in December by the most since the
peak of the Covid-19 pandemic as newly elected President Javier
Milei put in motion shock austerity measures that slammed the
brakes on consumption.

Economic activity in December fell 3.1% from November, according to
government data published, a drop not seen since April 2020,
according to globalinsolvency.com.

From the same month a year earlier, activity fell 4.5%, more than
the 3.2% decline forecast by economists surveyed by Bloomberg, the
report notes.

The contraction was driven by declines in the financial sector,
manufacturing and commerce, the report notes.  Since taking office
Dec. 10, Milei sharply devalued the official exchange rate, froze
public works and cut public sector jobs to close the yawning
deficit at the root of annual inflation running above 250%, the
report says.

Milei's government achieved the first monthly budget surplus in
over a decade in January by allowing inflation to eat away at
pension payouts and slashing generous energy subsidies, 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: Milei to Lay Out Plans to Lawmakers in Nation Address
----------------------------------------------------------------
Buenos Aires Times reports that Argentina's self-styled
anarcho-capitalist President Javier Milei will make his first
policy speech to Congress, facing lawmakers he has described as
"rats" and "traitors" for stalling his project of deregulation and
budget cuts.

Since taking office in December, Milei has clashed with a Congress
dominated by the opposition over his mega-reform 'omnibus bill'
designed to introduce sweeping changes to the crisis-riddled
economy, according to Buenos Aires Times.

Many of his planned reforms are being challenged in court, with
more than 60 lawsuits under way by labour unions, business chambers
and NGOs, while Argentina has seen massive protests by citizens who
fear Milei's plans will leave them poorer, the report notes.

Faced with parliamentary reticence, the La Libertad Avanza leader
first scrapped almost half of the initial 664 articles in his bill,
then withdrew it altogether, the report relays.

But the president has vowed to return his bill to Congress, in a
form he will likely announce soon. He has threatened to pass his
reforms by presidential decree if lawmakers do not fall in line,
the report notes.

Buenos Aires Times discloses that Argentina is grappling with
severe economic struggles after decades of mismanagement that has
driven poverty levels to nearly 60 percent and pushed inflation to
an annual rate over 200 percent.

Milei, a 53-year-old political outsider, won a resounding election
victory last year on a wave of fury over a financial crisis marked
by rampant money printing and fiscal deficit, the report recalls.

He began his term by almost immediately devaluing the peso more
than 50 percent, slashing state subsidies for fuel and transport,
cutting tens of thousands of public service jobs, and scrapping
hundreds of rules in his bid to deregulate the economy, the report
notes.

Congress was not consulted on any of these measures, most of which
passed by decree.

The government claims some of Milei's changes were already bearing
fruit: in January, Argentina reported its first monthly budget
surplus in 12 years while boosting foreign currency reserves from
US$21 billion to US$27 billion. Most of the savings came from a
refusal to update pensions in line with inflation, the report
relays.

But as consumer price hikes continued to bite, the poor have been
hit hard - Milei has ripped away generous transport and energy
subsidies and frozen aid to 38,000 soup kitchens pending an audit,
the report notes.

Milei insists Argentina has to swallow a bitter pill to rescue the
economy, and has warned the population to brace themselves for
things getting worse before they get better, the report discloses.

Breaking with tradition, the president will address Congress at 9pm
local time, rather than noon, to "allow as many Argentines as
possible" to tune in after work, according to the Presidency, the
report notes.

Labour unions, left-wing groups and social organisations have
called for street protests outside the National Congress building
at the same time, 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.




=============
B E R M U D A
=============

FLY LEASING: Moody's Ups CFR to B3 & Senior Unsecured Debt to Caa1
------------------------------------------------------------------
Moody's Investors Service has upgraded Fly Leasing Limited's (FLY)
corporate family rating to B3 from Caa1 and its senior unsecured
debt rating to Caa1 from Caa3. Moody's also upgraded the first lien
backed senior secured term loan rating of Fly Funding II S.a.r.l.
to B2 from B3. Moody's has maintained stable outlooks on both
companies.

RATINGS RATIONALE

The upgrade of FLY's ratings reflects the company's improved
liquidity position and lower leverage, assisted by capital support
from FLY's sponsor Carlyle Aviation Partners LLC (Carlyle
Aviation), in addition to the increased collateral values of FLY's
aircraft. Together, these improvements have resulted in better
asset coverage and lower expected losses on FLY's bonds. The
ratings upgrade also incorporates governance considerations given
Moody's expectation that as the FLY platform winds down, the
sponsor will continue to help minimize losses for FLY's creditors.

Carlyle Aviation has demonstrated support of FLY by providing a
7.75% unsecured intercompany note due in June 2024, prior to the
maturity of the remaining unsecured notes due in October 2024, and
additional capital to repurchase notes in the secondary market.
Notably, the intercompany note served as a temporary financing
vehicle for Fly Aladdin Acquisition facility, which FLY was unable
to refinance at its maturity in June 2023.

FLY has repurchased approximately $150 million in senior unsecured
bonds in the secondary market since the beginning of 2023. After
the latest repurchase in February 2024, the company has $150
million of bonds outstanding due October 15, 2024. The company has
limited cash ($29.4 million as of September 30, 2023), but its
sponsor, Carlyle Aviation, has been using capital from its SASOF
International Master V Fund L.P. to provide additional liquidity to
the company and to repurchase a portion of the outstanding bonds.

Moody's also anticipates that FLY's Moody's-adjusted debt-to-EBITDA
leverage (8.3x for the last 12 months through September 2023) will
remain elevated but will moderately improve due to debt repayments
through required amortization and active repurchases in the
secondary market. As a result of these actions, FLY's
debt-to-equity capital has improved to 3.2x as of September 30,
2023 from 3.9x as of December 31, 2022. Notably, the majority of
FLY's fleet is comprised of modern narrow-body aircraft used
primarily in domestic and regional travel, which has better
prospects for improved volumes as global air travel demand
stabilizes.

FLY's stable outlook reflects Moody's expectation that, despite the
company's weak operating performance, the value of its aircraft,
given expectations of sustained air travel demand over time, will
provide repayment capacity for its existing creditors and that the
wind down of the remaining assets will be carefully conducted.

The B2 senior secured term loan rating is one notch above FLY's B3
CFR, reflecting the loans' security interest in aircraft as well as
the loss-absorbing benefit that accrues to the loans from FLY's
senior unsecured notes. FLY's Caa1 senior unsecured debt rating is
one notch below FLY's CFR, reflecting the notes' position in the
company's capitals structure.

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

Given FLY's wind-down strategy, an upgrade of the ratings is
unlikely. Should FLY choose to shift its strategy to revitalizing
the current fleet, the ratings could be upgraded if FLY's revenue
and earnings improve on a sustained basis and liquidity is well
managed.

The ratings could be downgraded if Moody's expectations regarding
default probability and or recovery weaken, including through a
pre-emptive restructuring of debt obligations. This could be
precipitated by deterioration in liquidity, or an inability to sell
aircraft on favorable terms, or a decline in capital support from
Carlyle.

Incorporated in Bermuda, Fly Leasing Limited is a lessor of
commercial aircraft and engines managed by an affiliate of Carlyle
Aviation since August 2021. As of September 30, 2023, the company
had 64 aircraft and seven engines on lease and had managed assets
of $1.7 billion. Carlyle Aviation, which owns and manages a fleet
of 379 aircraft, is a multi-strategy aviation investment manager
with assets under management of $12.1 billion as of December 31,
2023.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.




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

COSAN LUBRIFICANTES: S&P Withdraws 'BB' Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings withdrew its 'BB' issuer credit rating on Cosan
Lubrificantes e Especialidades S.A. at issuer's request. At the
time of the withdrawal, the rating reflected the company's status
as a core subsidiary of Cosan S.A. (BB/Stable/--). In addition, the
company had no rated debt.


IOCHPE-MAXION SA: S&P Raises ICR to 'BB', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its global scale issuer credit rating on
Iochpe-Maxion S.A. to 'BB' from 'BB-' and the national scale rating
to 'brAAA' from 'brAA+'. S&P also raised its issue-level ratings on
the company's senior unsecured notes to 'BB' from 'BB-' and on the
senior unsecured debentures to 'brAAA' from 'brAA+'.

The stable outlook reflects S&P's expectation of continued solid
cash flows, low leverage, and comfortable liquidity in the next few
years.

The Brazilian national association for automakers (ANFAVEA)
forecasts the production of heavy vehicles in Brazil will expand
around 30% and sales will increase about 14% in 2024, compared with
2023, mostly driven by stronger trucks volumes.

S&P said, "In our view, the better trucks market post technology
shift supported by the solid agricultural prospects and logistics
demand, along with steady production and sales of light vehicles,
will support stronger results in the Brazilian operations. We
expect an annual increase in revenues of 6%-6.5%% compared with
2023.

"We expect the improvements of the domestic operations to balance
the somewhat uncertain automotive markets abroad due to the
still-elevated interest rates in North America and Europe, and
credit constraints. Such markets should present revenue growth of
about 2% in 2024 versus 2023 mostly from inventory restocking after
good sales volumes last year and from the backlog of electrical and
hybrid vehicles with more developed regulations toward lower carbon
emissions.

"We expect margins to gradually improve over 2024, reaching 10%
versus about 8.3% in 2023, from higher volumes and lower inflation
in Brazil compensating the relatively stable prices."

Pressured profitability in 2023 was caused by lower volumes,
specifically of commercial vehicles in Brazil, and weaker prices
globally because of a reduction in raw material costs directly
affecting sales price.

Additionally, S&P believes Iochpe will continue working on advanced
engineering, digitalization, and innovation, enabling stronger
operating efficiencies.

S&P said, "We forecast solid operating cash flows rising from about
Brazilian real (R$) 1.3 billion in 2024 to about R$1.8 billion in
2026, from volumes recovery and its broad geographic
diversification. The company has been taking some actions to
improve cash generation. It will continue anticipating receivables,
which we forecast at around R$350 million quarterly, and will
decrease working capital needs.

"We expect the company to fund working capital and capital
expenditure (capex) with operating cash flow generation, resulting
in solid FOCF of over R$800 million in 2024, near R$950 million in
2025, and above R$1.1 billion in 2026. Such FOCF should also enable
the company to reduce gross debt in the coming years.

"We believe Iochpe will continue to have good access to debt
markets and maintain strong relationship with banks issuing
long-term debt at lower costs.

"In September 2023, it issued debentures of R$700 million due in
2028 and by the end of the year signed R$400 million with the
Brazilian development bank (BNDES)--already addressing part of its
2024 short-term needs, which we estimate at about R$1.6 billion.

"We expect the company to maintain a smooth debt maturity profile
with weighted average maturity of debt above four years and a
comfortable liquidity position. Additionally, the company has a
revolving credit facility of R$500 million due in April 2025,
enabling greater liquidity cushion to support future investments."


LIGHT SA: Releases New Recovery Plan, BRL1.5BB Capital Increase
---------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Light SA,
a Brazilian utility that filed for bankruptcy protection last year,
released a new version of its judicial recovery plan outlining
capital increase of 1.5 billion reais amid ongoing negotiations
with creditors to restructure its debt.

The troubled Rio utility said in a filing that 1 billion reais will
come from key shareholders, including Nelson Tanure, Ronaldo Cezar
Coelho and Carlos Alberto Da Veiga Sicupira, who own 50% of the
company, according to globalinsolvency.com.

The company also announced the conversion of debt securities into
new shares and the expansion of the group of creditors who will
receive full payment, the report relays.

The conversion price will be based on the 60-day average of the
quotations prior to presentation of the new plan, with the warrant
of 2 shares for every 1, according to the filing, the report notes.


The new plan expands the number of creditors by 3,000 to 28,000,
which is equivalent to 60% of investors. All creditors who hold up
to 30,000 reais in debt would be paid in full in 90 days after the
plan's approval, the report discloses.

In addition, the new plan also converts up to 40% of credits into
company shares via convertible debentures, though it's limited to
2.2 billion reais, the report relays.

The remainder will be remunerated by IPCA plus 4% per year, with an
eight year amortization, the report notes.

Light filed for bankruptcy protection in May, after warning that
government regulators weren't authorizing it to charge customers
enough to pay its obligations, the report says.  The company faced
a series of obstacles, including the fact that more than
one-quarter of the power it was sending out on the grid was being
lost to theft, costing the company around $200 million a year, the
report notes.

The 120-year-old utility had also said it was struggling from high
interest rates, customers that were delinquent on their bills,
lower revenue from big clients and money set aside to pay for a
court decision that forced it to return tax credits to consumers,
the report adds.

As reported in Troubled Company Reporter-Latin America in April
2019, Fitch Ratings has affirmed the ratings for Light S.A. and its
wholly owned subsidiaries Light Servicos de Eletricidade S.A. and
Light Energia S.A., including the companies' Foreign Currency and
Local Currency Long-Term Issuer Default Ratings at 'BB-' and
National Scale Ratings at 'A+(bra)'. The Rating Outlook for the
corporate ratings was revised to Negative from Stable.


[*] BRAZIL: Champions Controlled Inflation at G20
-------------------------------------------------
Rio Times Online reports that Roberto Campos Neto, leading Brazil's
Central Bank, underscored the need for low, stable, and predictable
inflation at the G20 meeting in São Paulo.

He argued that such inflation is key to boosting economic growth
and enhancing living standards, according to Rio Times Online.

His remarks came as G20 leaders prepare for a major summit in Rio
de Janeiro, with Brazil setting the presidency's agenda on energy,
inequality, and fair taxation, the report notes.

                          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).




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

DOMINICAN REPUBLIC: Reports 4.7% Cut in Monetary Poverty in 2023
----------------------------------------------------------------
Dominican Today reports that the Ministry of Economy, Planning, and
Development (MEPyD) reported that monetary poverty in the Dominican
Republic decreased by 4.7 percentage points in 2023.

"In 2023, national monetary poverty significantly decreased from
27.7% in 2022 to 23.0% in 2023, indicating positive progress in
improving the general economic conditions of the population"
compared to 2022, according to the 2023 Bulletin of Official
Monetary Poverty Statistics in the Dominican Republic, the report
notes.

The bulletin specifies that extreme poverty also decreased, from
3.8% in 2022 to 3.2% in 2023, for a reduction of 0.6 percentage
points, according to Dominican Today.

The publication states that the decrease in general poverty in the
country was mainly female and rural. Poverty in rural areas
decreased from 30.9% to 24.6%. Meanwhile, poverty in urban areas
decreased from 27.0% in 2022 to 22.7% in 2023, the report relays.

In turn, it details that, at the level of territorial divisions,
the Ozama, Norte or Cibao, and Sur macro-regions experienced
year-on-year poverty reductions of 5.5, 5.1, and 4.9 percentage
points, respectively, the report notes.

The East macro-region reduced monetary poverty to a lesser extent,
from 24.5% in 2022 to 23.6% in 2023, a reduction of 0.9 percentage
points, the report says.

Likewise, the disaggregations by sex also show decreases for both
men and women, with the latter being the most benefited from this
reduction, the report discloses.

In this regard, it is noteworthy that the percentage of women in
monetary poverty decreased from 29.4% in 2022 to 24.1% in 2023, for
a year-on-year reduction of 5.3 percentage points; this reduction
for men was 4.0 percentage points, from 25.8% in 2022 to 21.8% in
2023, the report notes.

The poverty gap between men and women decreased from 3.6 percentage
points in 2022 to 2.3 percentage points, narrowing by 1.3
percentage points, 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.




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

INSIGNIA LIFE: A.M. Best Puts 'B' Fin.  Strength Rating on Review
-----------------------------------------------------------------
AM Best has revised the implications of the under review status to
positive from developing for the Financial Strength Rating of B
(Fair), the Long-Term Issuer Credit Rating of "bb" (Fair) and the
Mexico National Scale Rating of "a.MX" (Excellent) of Insignia Life
S.A. de C.V. (Insignia) (Mexico). This Credit Rating (rating)
action follows an advancement in its acquisition process by Grupo
MAPFRE.

These ratings reflect Insignia's balance sheet strength, which AM
Best assesses as strong, as well as its adequate operating
performance, neutral business profile and appropriate enterprise
risk management.

The acquisition has the potential to alleviate AM Best's concerns
regarding the financial situation of Insignia's parent company,
Proyecto Insignia, S.A.P.I de C.V., and its effects on the
financial strength of Insignia. The under review with positive
implications status reflects the advancement in this transaction,
which has received authorization from the market practices
supervising entity, Comision Federal de Competencia Economica
(COFECE). Regulatory approval from Mexico's insurance regulator,
Comision Nacional De Seguros y Fianzas (CNSF), is still pending.
The ratings will remain under review until AM Best can fully assess
the financial and operational impacts of the acquisition.




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

TELECOMMUNICATIONS SERVICES: Workers Protest Over Job Security
--------------------------------------------------------------
Trinidad Express reports that members of the Communication Workers'
Union protested outside the Telecommunications Services of Trinidad
and Tobago (TSTT) head office on Edward Street in Port of Spain to
air their concerns about the security of their jobs.

The union's president, Joanne Ogeer, said that employees are
concerned that the company seemed stagnant with no new business
incoming or foresight from its leadership to take the company in a
positive direction which will benefit employees, according to
Trinidad Express.

She said, "Workers are agitated and they are studying where is
their job security. Will there be another retrenchment next six
months? Will there be another retrenchment next three months?
Because we are not seeing anything coming from the top
(management)," the report notes.

Commenting on the status of the outstanding negotiations with TSTT,
she said, "The negotiations right now zero, zero, zero, no
consolidation of COLA (Cost of Living Allowance), the report
discloses.  They (TSTT) are blaming everything on Covid (but) we
know for a fact that data was increased, broadband services and
data services were increased in the period of Covid, yet they are
using Covid," the report says.

She said, contrary to such explanations given by the company, it
had recently declared its profits, the report notes.

However, it was her belief that profits were being misallocated to
the benefit of upper management, the report notes.

                          Pension Plans

"We (the employees) are demoralised, we are dejected.  We can't get
uniforms, four years now we waiting on uniforms, corporate
uniforms.  We waiting on PPE (Personal Protective Equipment), we
waiting on training.  Workers have been redeployed since July 2022,
no training.  The morale is at its lowest," she emphasised, the
report discloses.

She also noted that a meeting was held between TSTT and the union
on September 1, 2023 to discuss the benefits for retirees, the
report says.

She added that the bilateral talks proposed a signing of a
Memorandum of Agreement (MoA) to merge the TELCO (Trinidad and
Tobago Telephone Company) and the TSTT plans.

On that matter, she said, "We are still cautious as it relates to
that MoA because what we want to do is bring immediate relief to
our pensioners and our retirees. One of the main contentious issues
are to give them a comfortable pension of $3,000," the report
relays.

She added, "We have some of the pensioners getting between $600 and
$900. What could that do for you in 2024? And that is one of the
highlights, there is also a reimbursement of a 1.5 contribution
that is before the Board of Inland Revenue to be approved," the
report notes.

Ogeer also expressed that the union is not satisfied with TSTT's
upper management's handling of the ransomware attack on the company
last year, the report relays.

Noting that the union was only privy to the information in the
public domain, she said, "I have a copy of the Checkpoint report
and I wish to publicly state and contradict the utterances whereby
the administrator, her name has been bandied about in the public
and I want to call upon those who are placing the individual's name
in the public domain. It is not true," the report discloses

Adding that the union was in the process of fact finding, she
warned that the information discovered will be revealed to the
detriment of holders in high office, the report adds.




===============
X X X X X X X X
===============

LATAM: Caricom Leaders Concerned at CDB Situation
-------------------------------------------------
Trinidad and Tobago Guardian reports that Caribbean Community
(Caricom) leaders have expressed their "immense concern" at the
unfolding situation at the Barbados-based Caribbean Development
Bank (CDB), where the president of the regional financial
institution, Dr Hyginus "Gene" Leon, has been on administrative
leave since January.

Speaking at the news conference following the four-day Caricom
summit, Caricom chairman Dr Irfaan Ali, told reporters that this
"was a matter that was dealt with by heads," but would not
elaborate, according to Trinidad and Tobago Guardian.

"This is a regional institution and of course when a regional
institution is going through any trauma or any situation it is of
concern for the heads," said Ali, who is also Guyana's president,
the report notes.

"This is of immense concern for the heads because at the end of the
day our priority is on the institution,ensuring that the
institution remains strong, stable and the credible nature of the
institution is kept intact," he added.

The CDB has remained mum on the circumstances surrounding the
decision to send the St Lucian-born economist on administrative
leave, with the acting president Isaac Solomon, confirming at a
bank news conference in February that "there is an internal
administrative process involving the president, the report relays.

"The bank is extremely focussed on preserving the independence,
confidentiality and integrity of the process and as you can well
appreciate in order for us to maintain the integrity and
confidentiality of the process we are unable to provide any other
details at this time," Solomon said then, Trinidad and Tobago
Guardian discloses.

Ali told reporters that the regional leaders want to be "assured
that in a procedural way that rules and procedures are followed in
what ever we do in the bank," the report relays.

He said whilst the regional leaders would not intervene in the
governance structure or governance mechanisms of the bank, "heads
were of the view that the board of directors and governors have
certain responsibilities and that certain regards must be afforded
to the board of directors and the governors in dealing with issues
of the bank, the report notes.

"I don't want to go deeper because this is an ongoing situation
that we do not want to prejudice or we do not want to impute or we
don't want to be accused of anything . . . . so I would leave that
there, but I want to say that of course this was a matter that was
dealt with by heads," Ali told reporters, the report notes.

Leon is the sixth president of the regional development finance
institution, the report relays.  He was elected at a special
meeting of the CDB Board of Governors held on January 19, 2021, for
a five-year term, and assumed office on May 4, 2021, the report
notes.

Leon heads a team of more than 200 employees headquartered in
Bridgetown, and came to the assignment with 35 years of experience
in economics, financial policy development, and executive
management, more than 20 of which were spent working with the
Washington-based International Monetary Fund (IMF), the report
relays.  He had succeeded the Jamaican-born Dr Warren Smith who
retired in 2021 after serving as president for ten years, the
report discloses.

Earlier, Antigua and Barbuda Prime Minister Gaston Browne said
concerns had been raised about the method used to send Leon on
administrative leave, the report adds.


LATAM: IDB and Brazil Join Forces to Boost Green Investments
------------------------------------------------------------
IDB President Ilan Goldfajn joined Brazil's Treasury Secretary,
Rogerio Ceron de Oliveira, representing Minister of Finance
Fernando Haddad; Minister of Environment and Climate Change Marina
Silva; and Central Bank President Roberto Campos Neto to sign
letters of intent encouraging external investments in actions to
mitigate and adapt to climate change by protecting these
investments from exchange-rate volatility. The leaders signed the
documents, as finance ministers and central bank presidents from
the G20 countries convened in São Paulo.

Exchange risk is a factor that hinders investments in emerging
markets like Brazil, contributing to the current deficit in
investment in sustainable infrastructure and other large-scale
green projects.  

The efforts announced aim to offer innovative financial solutions
and credit to encourage investments and offer currency protection
to projects that promote ecological transformation and the
transition to sustainable practices and technologies.  

The IDB will support the Foreign Private Capital Mobilization and
Currency Hedging Program under Brazil's National Climate Change
Fund with a $2 billion line of credit and technical support.

With the Central Bank, the IDB will support the development,
liquidity and efficiency of the long-term exchange-rate protection
market in foreign currency. The IDB will offer the Program a limit
of $3.4 billion for exchange-rate coverage; capacity to acquire
derivatives for coverage under better conditions, facilitated by
its AAA rating; and Treasury services.  

This support will allow the Central Bank and financial institutions
to offer investors more access to, and lower costs for,
exchange-rate protections.  

The Program also introduces financial innovations that seek to
offer investors interested in Brazil alternatives to improve the
prospects of their investments, including a long-term liquidity
facility operated by the National Climate Change Fund, which will
be able to use resources from the IDB credit line.  

"The transition to a low-carbon economy is a global need, and for
Brazil, it is also a unique opportunity. We have a clean-energy
matrix and reforestation potential, and we need to take advantage
of this window, while there is a global movement to relocate
production chains. Private capital is critical for economies like
Brazil, which is why we truly celebrate this joint initiative to
facilitate and protect foreign investments in the country," said
Secretary Ceron.  

"The Ministry of Environment and Climate Change operates in the two
strategic axes of sustainable development: confronting crimes
against our country's natural heritage and creating a new cycle of
economic and social prosperity. Today's event with the IDB
represents another concrete step in building a sustainable base
economy that helps combat inequality," said Minister Silva.  

"The environment and climate is a topic of great importance.
Society increasingly demands that the economy be sustainable and
inclusive. This close collaboration between the Federal Government,
Central Bank, the IDB and the private sector is crucial. It ensures
that incentives are targeted effectively, ensuring that
ecological-transition efforts are inclusive and equitable," said
Campos Neto.  

"We need to change the level of financing to face the impacts of
climate change. The financial innovations that the government of
Brazil and the IDB are promoting have the potential to increase the
level of green investments. This program will help Brazil on its
journey to ecological transformation and strengthen a more
resilient, sustainable and prosperous economy," said Goldfajn.  

The government of the United Kingdom will also provide $1 million
to the IDB to support the Program, as part of ongoing collaboration
through the UK Sustainable Infrastructure Programme, which has
invested $50 million in Brazil to mobilize private investment in
the country's climate transition.

                      The IDB and the G20

In 2024, the IDB assumed leadership of the groups of heads of
multilateral development danks (MDBs) and regional development
banks (RDBs), whose agenda coincides in several areas with with
Brazil's concurrent presidency of the G20.

The IDB is working in partnership with the Brazilian government,
with technical teams in several working groups in the finance and
sherpas tracks, as well as in taskforce groups created to reflect
the priorities of the Brazilian government, in addition to a
high-level dialogue regarding several G20 meetings throughout the
year.



                           *********


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 2024.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *