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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

          Friday, April 12, 2024, Vol. 25, No. 75

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Hails 'Impressive' Progress Under Milei
TELECOM ARGENTINA: Moody's Affirms 'Caa3' CFR, Outlook Stable


B R A Z I L

GOL LINHAS AEREAS: Management Withdraws 2024 Guidance


C H I L E

LATAM AIRLINES: To Start Process of Re-Listing Shares on NYSE


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Allocates 600MM++ in Subsidies for Gasoline
DOMINICAN REPUBLIC: Faces Challenges due to Haitian Immigration


P A N A M A

LA HIPOTECARIA: Fitch Cuts Rating on Series 2019-2 Certs. to 'BB+'


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Gov't. Pushes for Economic Diversification
TRINIDAD CEMENT: Profits Amid Price Hikes


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Shell Seeks LT License Prior to Investment

                           - - - - -


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

ARGENTINA: IMF Hails 'Impressive' Progress Under Milei
------------------------------------------------------
Buenos Aires Times reports that the the International Monetary Fund
has hailed the "impressive" progress made by President Javier Milei
since taking office, despite Argentina's ongoing economic woes.

The remark, delivered by an IMF spokesperson at a press briefing,
underlines the strong support from the Washington-based lender for
Milei administration, according to Buenos Aires Times.

The progress made to date is "impressive" but "the road to
stabilization is never easy," said IMF Communications Director
Julie Kozack, the report notes.

The financial organization has firmly backed Milei since he took
office last December, the report relays.  The La Libertad Avanza
leader has vowed to achieve zero deficit this year, though his plan
comes at the cost of a sweeping "chainsaw" plan to cut government
spending, the report says.
                     
The report discloses that "Both in January and February a fiscal
surplus has been registered for the first time in over a decade,
international reserves are being rebuilt, inflation is falling
faster than forecast and market indicators like the exchange rate
gap and sovereign spread keep improving," said Kozack.

Sovereign spread is a country's cost of incurring foreign debt, the
report says.

Authorities in Argentina are implementing "an ambitious plan of
[macro-economic] stabilization" centred on "a strong fiscal anchor"
which eliminates any government financing on the part of the
Central Bank and policies aimed at reducing inflation and
rebuilding reserves but "the road to economic stabilisation is
never easy and requires a firm implementation of policies," the
spokesperson said from Washington, the report notes.

She said the IMF believes it is important "to keep improving the
quality of fiscal austerity" and to adapt monetary policy during
the "transition," the report says.

Acknowledging Argentina's runaway inflation exceeding 250 percent
per annum and the fact that more than 41 percent of the population
lives below the poverty line, the financial organization said it
applauded "the recent efforts of the authorities to broaden social
assistance via the emblematic program of child benefits with a
correct focus and to protect the real value of pensions," the
report relays.

The reforms need "social and political support to guarantee their
durability and efficiency," affirmed the spokesperson, the report
says.

The report notes that public-sector employee unions took to the
streets in protest against the dismissal of almost 15,000 state
workers.

                            'Premature'

The report relays that Milei has refloated a credit program of
US$44 billion with the IMF, leading to  "active discussions,"
according to Kozack, who denied that a new plan was being
negotiated.

"At this moment, it would be premature to discuss the modalities of
a possible future program," she declared, the report notes.

"We continue our support for establishing the bases for growth but
it is premature to discuss the modalities for a potential programme
in the future," pointed out Kozack during her Washington press
conference, the report says.

IMF Western Hemisphere Department director Rodrigo Valdes had said
much the same during a visit to Buenos Aires, the report
discloses.

These statements will condition the participation of Economy
Minister Luis Caputo at the Annual General Meeting of the IMF and
the World Bank, the report says.

The IMF has also requested more pragmatism from the Milei
government when negotiating the changes in legislation needed to
put through the economic program, observing with interest the
social impact of the measures taken and approving the newly decreed
mechanism for updating pensions, the report notes.

                         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 March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.

S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.

Fitch Ratings 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.

TELECOM ARGENTINA: Moody's Affirms 'Caa3' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Ratings has affirmed Telecom Argentina S.A.'s Caa3
corporate family rating. The outlook remains stable.

RATINGS RATIONALE

Telecom Argentina's Caa3 rating is supported by the company's
market position as the largest integrated telecom operator in
Argentina; its solid market share of around 37% in pay-TV, 45% in
broadband, 45% in fixed telephony and 32% in mobile services
despite intense competition. Telecom Argentina is also the second
largest mobile player in Paraguay and Pay TV player in Uruguay. The
company's robust financial indicators, underscored by a strong cash
flow, conservative financial strategy, and sufficient liquidity,
further support the rating.

Telecom Argentina's rating is mainly constrained by a tight
regulatory oversight of Argentina's telecom industry, which poses
operating risks; its concentration of operations in Argentina
(Government of Argentina, Ca stable); and foreign-currency risk,
because the company generates most of its revenue in Argentine
pesos.

Moody's Ratings expects the financial profile of Telecom Argentina
will remain robust during 2024, bolstered by its low leverage and
robust cash generation prior to capital expenditure. Despite the
sluggish economic environment, the demand for telecom and pay-TV
services for the company is expected to stay relatively steady
through 2024, aided by Telecom Argentina's sound business model and
convergent telecom services, as well as consumers' efforts to
maintain their living standards. However, the economic stagnation
in Argentina will likely hinder the company's ability to fully
align their pricing with inflation in 2024, despite being permitted
to do so by Argentine courts. Nevertheless, Moody's Ratings
anticipates that Telecom Argentina's EBITDA margin, adjusted for
inflation, will be around 27.0%-28.0% in 2024, a slight decrease
from 28.1% in 2023. It's important to note that the substantial
depreciation of Argentina's currency, especially in December 2023,
when it depreciated by 120%, diminished the value of metrics
measured in US dollars for fiscal year ended in December 2023.
However, Moody's Ratings anticipates that inflation in Argentina
will outpace the devaluation of the Argentinean peso in 2024, which
will facilitate revenue recovery measured in foreign currency. This
is primarily because Telecom Argentina's services largely adjust
their prices monthly based on inflation, and only around 18% of
revenue is tied to the US dollar.

As a result, the leverage metrics as measured by gross debt to
EBITDA are expected to be in the 2.5x-3.0x range in 2024, including
Moody's standard adjustments, compared with a debt/EBITDA ratio of
2.9x in 2023. Also, Moody's Ratings expects the company will
continue generating positive free cash flow and finance around $350
million in capital spending in 2024 through its internal cash
flow.

Telecom Argentina has adequate liquidity and a good track record of
access to funding. As of December 31, 2023, the company had AR$284
billion in cash and marketable securities ($344 million), and the
company will generate sufficient operating cash flow over the next
12 months to cover capital spending and dividends. Telecom
Argentina's local and international bank credit access and notes
program allow it to finance short-term obligations and its
investment plan, in addition to its operative cash flow. Only in
2023 the company secured $230 million from multilateral and export
credit agencies—including $120 million from the Inter-American
Development Bank (IDB) to partially fund a 5G spectrum acquisition
in October 2023—and $480 million through domestic notes
issuances—at nominal value with average YTM of -6.5%, mainly
dollar linked and inflation adjusted securities.

The company faces $553 million in debt maturities in 2024,
including $128 million in maturity of cross-border notes which
Telecom Argentina will likely roll over through the local and/or
international capital markets. The remaining balance of 2024
maturities correspond to liabilities related to vendors,
multilateral and export credit agencies (51%) and local debt
(25%).

Roughly 65% of Telecom Argentina's financial debt was cross border
as of December 31, 2023, and most of the company's revenue is
generated in local currency. The company generates foreign currency
revenue mainly through its operations in Paraguay, which accounted
for 8% of revenue in 2023, and the company also provides certain
data services with tariffs linked to the US dollar, which typically
account for another 10% approximately.

The stable rating outlook reflects the stable outlook on
Argentina's sovereign rating. The company´s creditworthiness
cannot be completely de-linked from the credit quality of
Argentina, where it generates the bulk of its revenue, and thus its
ratings and outlook also incorporate the risks that it shares with
the sovereign.

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

An upgrade of Telecom Argentina would depend on an upgrade of the
Government of Argentina's rating, currently at Ca with a stable
outlook. However, for an upgrade to be considered, the company
would have to maintain its leading market position while expanding
its internal cash flow generation and sustaining its prudent
financial policies and healthy credit metrics.

The ratings could be downgraded (1) if the government of
Argentina's Ca rating is downgraded; (2) if its operating margin or
market position weakens; (3) an excessive increase in leverage or a
deterioration in liquidity could also trigger a rating downgrade.

The principal methodology used in this rating was
Telecommunications Service Providers published in November 2023.

Telecom Argentina S.A., a leading telecommunications service
provider based in Buenos Aires, Argentina, provides a comprehensive
range of services including mobile, broadband, fixed line, and
pay-TV. These services cater to a wide customer base spanning
residential, corporate, and government sectors, making it one of
Argentina's largest private companies. As of December 2023, the
company's annual revenue stood at $2.5 billion. As of December
2023, Telecom Argentina boasted a substantial subscriber base, with
21.0 million mobile clients in Argentina and 2.3 million in
Paraguay; 4.1 million broadband clients, and 3.4 million Pay TV
users across Argentina, Paraguay, and Uruguay.



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

GOL LINHAS AEREAS: Management Withdraws 2024 Guidance
-----------------------------------------------------
Leonardo Lara of Bloomberg News reports that management has opted
to withdraw the disclosures of guidance for the year 2024 due to
"the current scenario of the Company" which, on January 25, 2024,
announced that it had voluntarily filed for Chapter 11 in the
United States, Gol says in filing.

                About GOL Linhas Aereas

GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircrafts and components in Brazil and
internationally.  The company offers Smiles, a frequent-flyer
programs 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 S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.

GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.

Judge Martin Glenn oversees the case.

The Debtors tapped MILBANK LLP as counsel; SEABURY SECURITIES LLC
as restructuring advisor, financial advisor and investment banker;
ALIXPARTNERS, LLP, as financial advisor; and HUGHES HUBBARD & REED
LLP as aviation related counsel.  KROLL RESTRUCTURING
ADMINISTRATION LLC is the claims agent.

Dechert LLP serves as primary counsel for certain DIP Noteholders.
Padis Mattar Advogados acts as Brazilian local counsel for certain
DIP Noteholders.

Akin Gump Strauss Hauer & Feld LLP serves as counsel to Elliott
Investment Management, L.P. and its affiliates.




=========
C H I L E
=========

LATAM AIRLINES: To Start Process of Re-Listing Shares on NYSE
-------------------------------------------------------------
Reuters reports that LATAM Airlines said its board gave approval to
begin the process of re-listing American Depositary Receipts (ADRs)
on the New York Stock Exchange.

In a filing to Chile's stock exchange, the company said the process
involves meeting various requirements from the NYSE and the U.S.
Securities and Exchange Commission and could take up to six months,
according to Reuters.

The Santiago-based carrier traded ADRs, which foreign companies use
to list their shares on U.S. stock exchanges, on the NYSE before
declaring bankruptcy in 2020, the report notes.  The company
emerged from bankruptcy proceedings with an $8 billion
reorganization plan in late 2022. Re-listing will require consent
from the principal creditors that supported the company's chapter
11 reorganization plan, "without whom the company would not have
emerged from the reorganization process," the filing said, the
report adds.

As reported in the Troubled Company Reporter-Latin America on March
5, 2024, S&P Global Ratings raised its issuer credit rating on
Latam Airlines Group S.A. by one notch to 'B+' from 'B'. At the
same time, S&P raised its issue-level rating on the company's
secured debt to 'BB' from 'BB-', stemming from higher issuer credit
rating. S&P kept the '1' recovery rating unchanged.




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

DOMINICAN REPUBLIC: Allocates 600MM++ in Subsidies for Gasoline
---------------------------------------------------------------
Dominican Today reports that the Ministry of Industry, Commerce and
Mipymes (MICM) informed that in response to the recent increases in
crude oil prices worldwide, the government has decided to continue
subsidizing gasoline during the week of March 30 to April 5, 2024.

The fuel prices, that were subsidized during this period, were as
follows: regular diesel 34 pesos per gallon, optimum diesel more
than 25 pesos per gallon, regular gasoline 32 pesos per gallon and
premium gasoline almost 30 pesos per gallon, while LPG (liquefied
petroleum gas) will be 11 pesos per gallon, according to Dominican
Today.

This initiative is carried out in order to avoid transferring the
impact of international increases in fuel prices to Dominican
consumers and represents a significant effort on the part of the
State, with an estimated fiscal sacrifice of approximately RD$632.2
million for the aforementioned, the report notes.

The report discloses that for the week of March 30 to April 5,
2024, the Ministry of Industry, Commerce and MiPymes had decided
that fuels were to be marketed at the following prices:

Premium Gasoline to be sold at RD$290.10 per gallon maintains its
price.

Regular Gasoline RD$272.50 per gallon maintains its price.

Regular Gasoil RD$221.60 per gallon maintains its price.

Gasoil Óptimo RD$239.10 per gallon maintains its price.

Avtur RD$211.76 per gallon down RD$5.64.

Kerosene RD$243.00 per gallon down RD$6.40.

Fuel Oil #6 RD$163.10 per gallon down RD$3.11.

Fuel Oil 1%S RD$181.09 per gallon down RD$1.44.

Liquefied Petroleum Gas (LPG) RD$132.60 per gallon maintains its
price.

Natural Gas RD$43.97 per m3 maintains its price.

The weekly average exchange rate is RD$59.22 according to the
Central Bank's daily publications, 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: Faces Challenges due to Haitian Immigration
---------------------------------------------------------------
Dominican Today reports that leaders of union centers and
politicians in the Dominican Republic have underscored the economic
challenge posed by the influx of Haitian nationals into Dominican
territory.  They argue that the social and financial burden
associated with Haitian immigration has become increasingly
unsustainable for the country, according to Dominican Today.

While Haitian labor is often cheaper, it disrupts the informal
labor system and undermines the wages of Dominican workers, the
report notes.  Gabriel del Rio Done, president of the Autonomous
Class Trade Union Confederation of the Dominican Republic,
emphasized the detrimental effects of relying on Haitian workers
for menial tasks, the report relays.  He highlighted how this
practice hampers competitiveness, suppresses wages, and hinders
efforts to improve living conditions, the report says.

Moreover, the influx of Haitian workers displaces local laborers,
exacerbating poverty levels in the Dominican Republic, the report
notes.  Del Rio Done noted that Haitian nationals are often
exploited due to their economic vulnerability, accepting low wages
that undercut formal salary structures and destabilize the economy,
the report discloses.

Senator Antonio Marte of Santiago Rodriguez proposed a humanitarian
approach to address the issue, suggesting that the Dominican
Republic accept Haitian immigrants but collaborate with the United
States to establish shelter centers, the report relays.  Marte
proposed facilitating the transit of Haitian migrants through the
Dominican Republic en route to the United States, with the
Dominican Republic covering transportation costs, the report says.

Amidst heightened violence in Haiti, concerns have risen about a
potential surge in Haitian arrivals, prompting discussions on how
best to manage the situation, the report adds.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

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

In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3.  Moody's said the key drivers
for the outlook change to positive  are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.

The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.




===========
P A N A M A
===========

LA HIPOTECARIA: Fitch Cuts Rating on Series 2019-2 Certs. to 'BB+'
------------------------------------------------------------------
Fitch Ratings has downgraded all series A notes issued by Twelfth
Mortgage-Backed Notes Trust (Trust 12), Fourteenth Mortgage-Backed
Notes Trust (Trust 14) and Sixteenth Mortgage-Backed Notes Trust
(Trust 16) to 'BB+sf' from 'BBB-sf' following the downgrade of the
Panamanian sovereign's Long-Term Issuer Default Rating (IDR) 'BB+'
from 'BBB-'; Outlook Stable. Fitch has also downgraded Tenth
Mortgage-Backed Notes Trust series A & interest-only notes (Trust
10) to 'A-sf' from 'Asf' for the same reason.

Consequently, Fitch also downgraded La Hipotecaria Mortgage Trust
2019-2, La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2
certificates and La Hipotecaria Panamanian Mortgage Trust 2021-1
certificates to 'BB+' from 'BBB-sf'. In addition, Fitch has
downgraded La Hipotecaria Panamanian Mortgage Trust 2010-1 series A
unenhanced rating (2010-1) to 'A-sf' from 'Asf'. These are
Credit-Linked Notes (CLN) that are backed by the RMBS issuances
mentioned above.

The Rating Outlook for all ratings is Stable.

   Entity/Debt               Rating            Prior
   -----------               ------            -----
La Hipotecaria Mortgage
Trust 2019-2

   Series 2019-2
   Certificates
   US50346XAA37          LT BB+sf  Downgrade   BBB-sf

Tenth Mortgage-Backed
Notes Trust

   Interest Only         LT A-sf   Downgrade   Asf

   Series A
   PAL300026AA2          LT A-sf   Downgrade   Asf

La Hipotecaria
Panamanian Mortgage
Trust 2021-1

   Series 2021-1
   Certificates          LT BB+sf  Downgrade   BBB-sf

La Hipotecaria
Panamanian Mortgage
Trust 2010-1

   2010-1
   Certificates
   50346RAA6             ULT A-sf  Downgrade   Asf    

Fourteenth
Mortgage-Backed
Notes Trust

   A                     LT BB+sf  Downgrade   BBB-sf

Sixteenth
Mortgage-Backed
Notes Trust

   Series A
   US50347JAA34          LT BB+sf  Downgrade   BBB-sf

La Hipotecaria
Panamanian Mortgage
Trust 2014-1

   Class A-2
   50346EAB3             LT BB+sf  Downgrade   BBB-sf

Twelfth
Mortgage-Backed
Notes Trust

   Series A
   PAL3006961A4          LT BB+sf  Downgrade   BBB-sf

KEY RATING DRIVERS

RMBS Transactions

Tenth Mortgage-Backed Notes Trust, Twelfth Mortgage-Backed Notes
Trust, Fourteenth Mortgage-Backed Notes Trust and Sixteenth
Mortgage-Backed Notes Trust:

Country of Assets Determine Maximum Achievable Ratings: On March
28, 2024, Panama's IDR was downgraded to 'BB+' from 'BBB-'; Outlook
Stable. According to Fitch's "Structured Finance and Covered Bonds
Country Risk Rating Criteria" the ratings of Structured Finance
notes are capped at four notches above Panama's sovereign rating.
The Trust 10 has sufficient credit enhancement (CE) to reach the SF
rating cap, while series A from Trust 12, Trust 14 and Trust 16 are
capped at the sovereign IDR, given the high exposure to public
servants, subsidies (for the Trust 12 and Trust 16) and to
liquidity for these series, through Letter of Credit provided by
Banco General (BBB-/Stable). However, this entity as of today does
not constrain the rating. Liquidity is covered through reserve
account for Trust 10.

CLN Transactions

La Hipotecaria Panamanian Mortgage Trust 2010-1, 2014-1 A-2,2021-1
and La Hipotecaria Mortgage Trust 2019-2:

Credit Quality of the Underlying Notes Support Ratings: The 2010-1,
2014-1 A-2, 2019-2, 2021-1 certificates are a repackaging of the
Trust 10, Trust 12 Trust 14 and Trust 16 series A notes,
respectively; therefore, the rating assigned to the certificates
(being the unenhanced long-term rating (ULT) for 2010-1) is
commensurate with the credit rating of the series A notes of each
transaction, rated 'BB+sf'/ Stable for 2014-1 A-2, 2019-2, 2021-1
and 'A-'/Stable for 2010-1. Fitch expects the interest received
from the underlying notes will be sufficient to cover the expenses
and coupon payments due for the certificates.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The ratings of the Trust 10 series A notes and IO notes, Trust 12,
Trust 14 and Trust 16 series A notes are sensitive to changes in
Panamas' credit quality. A downgrade of Panama's ratings would lead
to a downgrade on the notes.

In addition, the ratings of the Trust 12, Trust 14 and Trust 16
series A notes are sensitive to changes in the credit quality of
Banco General as the Letter of Credit provider (in case it is rated
below the sovereign). Finally, severe increases in foreclosure
frequency and reductions in recovery rates could lead to a
downgrade of the notes.

The unenhanced rating of the La Hipotecaria Panamanian Mortgage
Trust 2010-1 is sensitive to changes in the credit quality of the
Tenth Mortgage-Backed Notes Trust series A notes; hence, a negative
rating action of the series A notes would trigger a negative rating
action of the unenhanced rating on the notes in the same
proportion.

The La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2
certificates' ratings are sensitive to changes in the credit
quality of the Twelfth Mortgage-Backed Notes Trust series A notes.
If the Twelfth Mortgage-Backed Notes Trust series A notes are
downgraded, the certificates would be downgraded.

The La Hipotecaria Mortgage Trust 2019-2 certificates' ratings are
sensitive to changes in the credit quality of the Fourteenth
Mortgage-Backed Notes Trust series A notes. If the Fourteenth
Mortgage-Backed Notes Trust series A notes are downgraded, the
certificates would be downgraded.

The La Hipotecaria Panamanian Mortgage Trust 2021-1 certificates'
ratings are sensitive to changes in the credit quality of the
Sixteenth Mortgage-Backed Notes Trust series A notes. If the
Sixteenth Mortgage-Backed Notes Trust Series A notes are
downgraded, the certificates would be downgraded.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The ratings of the Trust 10 series A notes and IO notes, Trust 12,
Trust 14 and Trust 16 series A notes are sensitive to changes in
Panamas' credit quality. An upgrade of Panama's ratings, could lead
to an upgrade on the notes.

The unenhanced rating of the La Hipotecaria Panamanian Mortgage
Trust 2010-1 is sensitive to changes in the credit quality of Tenth
Mortgage-Backed Notes Trust series A notes; hence, a positive
rating action of the series A notes would trigger a positive rating
action of the unenhanced rating on the notes in the same
proportion.

The La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2
certificates' ratings are sensitive to changes in the credit
quality of the Twelfth Mortgage-Backed Notes Trust series A notes.
If the Twelfth Mortgage-Backed Notes Trust series A Notes are
upgraded, the certificates would be upgraded.

The Hipotecaria Trust 2019-2 certificates' ratings are sensitive to
changes in the credit quality of the Fourteenth Mortgage-Backed
Notes Trust series A notes. If Fourteenth Mortgage-Backed Notes
Trust series A notes are upgraded, the certificates would be
upgraded.

The La Hipotecaria Mortgage Trust 2021-1 certificates' ratings are
sensitive to changes in the credit quality of the Sixteenth
Mortgage-Backed Notes Trust series A notes. If the Sixteenth
Mortgage-Backed Notes Trust series A notes are upgraded, the
certificates would be upgraded.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

- The ULT rating of the 2010-1 certificates issued by La
Hipotecaria Panamanian Mortgage Trust 2010-1 is directly linked to
the rating of the Series A Notes issued by Tenth Mortgage-Backed
Notes Trust.

- The rating of the A-2 certificates issued by La Hipotecaria
Panamanian Mortgage Trust 2014-1 is directly linked to the rating
of the series A notes issued by Twelfth Mortgage-Backed Notes
Trust.

- The rating of the 2019-2 certificates issued by La Hipotecaria
Mortgage Trust 2019-2 is directly linked to the rating of the
series A notes issued by Fourteenth Mortgage-Backed Notes Trust.

- The rating of the 2021-1 certificates issued by La Hipotecaria
Panamanian Mortgage Trust 2021-1 is directly linked to the rating
of the series A notes issued by Sixteenth Mortgage-Backed Notes
Trust.

- The ratings of the Tenth Mortgage-Backed Notes Trust series A and
interest-only notes are driven by Panama's credit quality and the
maximum achievable rating at that country for a structured finance
transaction (SF rating cap).

- The ratings of the Twelfth Mortgage-Backed Notes Trust A notes,
Fourteenth Mortgage-Backed Notes Trust A notes and Sixteenth
Mortgage-Backed Notes Trust A notes are driven by both BG's and
Panama's credit quality as measured by their Long-Term Foreign
Currency IDR.

ESG CONSIDERATIONS

The Tenth Mortgage-Backed Notes Trust has an ESG Relevance Score of
'4' [+] for Human Rights, Community Relations, Access &
Affordability due to its exposure to accessibility to affordable
housing, which has a positive impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

The Twelfth Mortgage-Backed Notes Trust has an ESG Relevance Score
of '4' [+] for Human Rights, Community Relations, Access &
Affordability due to its exposure to accessibility to affordable
housing, which has a positive impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

The Fourteenth Mortgage-Backed Notes Trust has an ESG Relevance
Score of '4' [+] for Human Rights, Community Relations, Access &
Affordability due to its exposure to accessibility to affordable
housing, which has a positive impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

The Sixteenth Mortgage-Backed Notes Trust has an ESG Relevance
Score of '4' [+] for Human Rights, Community Relations, Access &
Affordability due to its exposure to accessibility to affordable
housing, which has a positive impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.




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

TRINIDAD & TOBAGO: Gov't. Pushes for Economic Diversification
-------------------------------------------------------------
Vishanna Phagoo at Trinidad Express reports that to push the
diversification of the economy further, the Government is still
"aggressively pursuing market access opportunities for
manufacturers", Minister of Trade and Industry Paula Gopee-Scoon
has said.

As for the services sector, she touched on the progress made within
the Caricom region in terms of the "one-time registration,"
according to Trinidad Express.

"The trade ministers are seeking to enhance the focus on
professional service providers and in that regard, Caricom
developed what is called the 'single registration of professionals
regime' which is intended for registration of professionals in a
one-time act to move around the region.  This means that
professionals, having satisfied the registration requirements of
one participating member state, will automatically be registered to
operate throughout the region," Gopee-Scoon said, the report
notes.

Trinidad Express relays that Gopee-Scoon made the comments as she
delivered the feature address at the Unit Trust Corporation's (UTC)
ScaleUpTT graduation ceremony held at the Hyatt Regency (Trinidad)
Wrightson Road, Port of Spain.

She said that this "one-time registration" regime is something
professionals should anticipate, emphasising the importance of
being prepared and ensuring familiarity with both the region's and
the states' markets, the report notes.

"Professionals will benefit from, of course, a reduction in the
cost of registration and the opportunity to easily trade your
services for the region," she added.

Gopee-Scoon said that the implementation of e-commerce assessment
in T&T will widen opportunities, the report discloses.

"As we develop this e-commerce strategy for T&T, businesses must
position themselves for success in the digital marketplace; and for
smaller businesses, there is assistance through ExporTT to help you
build websites and get on board this digital marketing," she said,
the report notes.

Gopee-Scoon also urged businesses—especially small
businesses—to embrace innovation as it was vital for creating a
stir in the international market, the report discloses.

"This requires local companies to constantly make sure that the
goods and services meet the required standards of the foreign
markets and there are programmes within the ExporTT to this,"
Gopee-Scoon said, the report notes.

She added that the Government is building on the National Quality
Policy's infrastructure, which includes providing support in the
areas of standards, testing, certification, accreditation, and
metrology, the report says.

"It's important that firms utilise the infrastructure to improve
the quality of their products, as meeting the quality expectations
is crucial," she added.

The report relays that Marcela Escobar, executive director of
ScaleUp in Manizales, Colombia, added that the government needs to
be aware of the interests of these businesses and what is needed so
they can take part in the designs and marketing tactics.

Escobar said an innovation ecosystem has to be looked at and
developed as well, the report discloses.

UTC's chief sales and marketing officer Deyson Scott also touched
on the success of the ScaleUpTT program, the report notes.

"To give an indication of the success of the program, a few months
after completion of the first ScaleUp, all participating companies
experienced growth, with one company reporting an 80% growth in
exports.  Collectively, businesses also entered 12 new
markets—all of this over a period of approximately six months
from the start. And it's no different from what we have seen with
second and third cohorts: we have similar growth stories, companies
already having expanded into new regional markets and into new
lines of business," Scott added.

TRINIDAD CEMENT: Profits Amid Price Hikes
-----------------------------------------
Ryan Hamilton-Davis at Trinidad and Tobago Newsday reports that
Trinidad Cement Ltd (TCL's) profits after taxes almost tripled
year-on-year, according to its summary audited financial report for
the year ending December 31, 2023.

The increase in profits comes amid multiple price increases and the
exit of its only competition, Rock Hard Cement, from Trinidad and
Tobago markets in 2021, according to Trinidad and Tobago Newsday.

In its statement on its yearly performance, TCL reported $170.1
million in profits after tax, a $113 million increase in profits
over the same period the year before, when it reported a profit of
$57.8 million, the report notes.  TCL earned revenue of $2.229
billion for 2023, a $168 million increase in revenue from the year
before when it earned $2.061 billion, the report relays.

In the chairman's report, David Inglefield said the group's
adjusted earnings before interest, taxes, depreciation and
amortisation (EBITDA), which reflects its core profitability, was
$514 million, a one per cent decrease compared to the same period
the year before, the report says.

Inglefield said about 85 per cent of the EBITDA performance for the
year comes from operations in Jamaica, the report notes.

"Guyana also continues to improve its profitability with an
increase in EBITDA of over 53 per cent compared to last year due to
higher sales volumes and stronger pricing," the report discloses.

In Trinidad and Tobago, he said, "We continue to work diligently to
improve efficiency and contain increases in input costs to maintain
profitability," the report says.

For the final quarter of 2023, TCL reported $946,000 in profits
after taxes, as compared to a loss of $1.09 billion for the same
period the year before, the report relays.  The group earned
revenue of $527 million, a four per cent increase for the same
period the year before, the report notes.  Its core profitability
remained steady as it reported an EBITDA of $118 million, a one per
cent increase to the same period for the year before, the report
discloses.

"This result signals the impact of higher sales volumes in Trinidad
and Tobago and Guyana and stable sales volumes in Jamaica,"
Inglefield said, the report relays.

Since Rock Hard's departure from the Trinidad and Tobago market in
2021, TCL, the country's only local manufacturer, has increased
prices four times, the report discloses.

Rock Hard Cement cited input costs and high tariffs as some of the
reasons behind its exit from the TT market, the report says.

In a report in Newsday's Business Day, Rock Hard Cement managing
director Ryan Ramhit said the company's cement, classified as
portland cement, was subject to a duty of 15 per cent, the report
relays.  The company challenged the tariffs legally and was
successful, but tariffs on hydraulic cement were increased to 35
per cent, and in some cases went as high as 50 per cent in 2020,
the report notes.  The company was also subject to the 55,000-tonne
importation limit in 2021, the report discloses.

The latest increase from TCL came in February, when TCL issued a
statement to hardware stores announcing an increase in the
ex-factory prices of cement effective February 19, the report
says.

The ex-factory price of a 42.5 kg sack of eco-cement went up from
$49.10 to $52.88, VAT inclusive. Premium plus cement increased from
$53.81 to $57.38 for a 42.5 kg sack, the report notes.

The three other times the prices increased were in December 2021,
August 2022 and March last year, the report relays.

In 2021, through the Ministry of Trade and Industry, the Government
approached the Council for Trade and Economic Development (COTED),
the body responsible for the promotion of trade in Caricom, to
reduce the Common External Tariff on hydraulic and other cement,
from 50 per cent to 20 per cent, the report recalls.

Last December, COTED approved the suspension of the CET to increase
the rate of duty on cement to 20 per cent, the report notes.

In February, Government announced a suspension of the maximum quota
for cement and the registration system for importation, in response
to TCL's price increases, the report says.  This means that there
will be no ceiling on the volume of cement that can be imported. In
2021, the quota was 75,000 tonnes of cement, and in 2022 the
maximum quota was increased to 150,000 tonnes, the report adds.



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

PETROLEOS DE VENEZUELA: Shell Seeks LT License Prior to Investment
------------------------------------------------------------------
RJR News, citing Reuters, reports that the Dutch supermajor Shell
is seeking a long-term licence from Washington before making a
final investment decision on Venezuela's Dragon natural gas
project.

Citing two anonymous sources, Reuters said Shell was seeking a
15-year licence to develop the field before investing one billion
dollars, according to RJR News.

Currently, there is a two-year licence that was issued in January
2023, the report recalls.

Reuters was unable to obtain comment from Shell, the U.S. Treasury
Department, or the Venezuelan partners in the project, state-run
PDVSA and NGC, the state-run gas company of Trinidad & Tobago, the
report adds.

                           About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information.  At the
time of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.



                           *********


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
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