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

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

          Thursday, May 23, 2024, Vol. 25, No. 104

                           Headlines



A R G E N T I N A

ARGENTINA: As Inflation Nears 300%, Climb in Prices Slows a Bit
ARGENTINA: Flock to Banks as Milei Awakens Mortgage Market
ARGENTINA: Milei Wins Support of IMF Staff to Unlock About $800MM
ARGENTINA: Reports Its First Single-Digit Inflation in 6 Months


B R A Z I L

AEGEA SANEAMENTO: Moody's Alters Outlook on 'Ba2' CFR to Negative
ENERGISA SA: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable


C A Y M A N   I S L A N D S

TRIDENT ENERGY: Fitch Rates USD500MM 12.5% Unsec. Notes 'B+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Explores Semiconductor Industry Potential


E C U A D O R

BANCO BOLIVARIANO: Fitch Assigns 'CCC+/C' Issuer Default Ratings


G U Y A N A

GUYANA: Maintains Restrictions Must Not be Used to Stifle Tranport


J A M A I C A

JAMAICA: Rate Cut Expectations Heightened


P A N A M A

NG PACKAGING: Moody's Puts 'Ba1' CFR on Review for Downgrade


T R I N I D A D   A N D   T O B A G O

CARIBBEAN CEMENT: Expansion Project on Track for 2025 Completion

                           - - - - -


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A R G E N T I N A
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ARGENTINA: As Inflation Nears 300%, Climb in Prices Slows a Bit
---------------------------------------------------------------
Buenos Aires Times, citing Reuters, reports that prices in
Argentina are climbing, despite positive signs of a deceleration,
with the embattled South American country's annual inflation rate
set to edge closer to 300% when the government reveals the latest
data.
       
Shopkeepers and consumers said that although monthly inflation
readings have slowed since a peak over 25% in December, the change
has yet to be fully felt on the ground, according to Buenos Aires
Times.
       
The inflation rate is set to edge back under single digits in April
for the first time in six months. "No matter how much the inflation
rate goes down, which is what everyone says, it is not reflected
here because look, there are items that should have gone down but
haven't," said Sandra Boluch, 50, a fruit and vegetable seller in
Buenos Aires, the report notes.
       
She said her store had been forced to raise workers' salaries
because their rents had increased, while input costs of things like
plastic bags had gone up, all feeding back into the sticker price
for carrots and apples, 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.


ARGENTINA: Flock to Banks as Milei Awakens Mortgage Market
----------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that
Argentines are rushing to banks to apply for mortgages as
interest-rate reductions since President Javier Milei took power
begin to wake the home-loan market from a six-year slumber.

"People are very anxious, inquiries overflowed our communication
channels and we are overwhelmed," Daniel Tillard, president of
Banco Nacion, the country's largest state-owned lender, said in an
interview, according to globalinsolvency.com.

The bank announced it will disburse some $4 billion of mortgages
over the next four years to 40,000 potential home owners, the
report notes.  

For years, Argentina's real-estate market has been buffeted by
currency controls and some of the world's highest interest rates,
the report relays.

Home sales with a mortgage, especially in the capital, have
cratered since 2018, according to the Buenos Aires notaries'
association, the report discloses.

"Argentina is the only country in the world where people can buy a
blender in 12 installments without interest and a house with a bag
of cash," said Gaston Rossi, director of Banco Ciudad in Buenos
Aires, the report relays.

Some of the country's largest private and state-owned banks said in
recent weeks they will start offering home loans at interest rates
between 3.5% and 8.5% plus a measure of inflation, which soared to
nearly 288% in March from the year before, the report relays.  The
maximum loan amount offered by a bank is roughly $250,000 for up to
30 years, 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 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.


ARGENTINA: Milei Wins Support of IMF Staff to Unlock About $800MM
-----------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that the
International Monetary Fund's staff signed off on the eighth review
or Argentina's $44 billion program, giving a key endorsement to
President Javier Milei's shock therapy six months into his
government.

The report notes that the deal, if backed by the IMF's executive
board, will give Argentina access to nearly $800 million, according
to an IMF statement.

The cash will allow Milei to honor upcoming debt repayments to the
Washingon-based lender, buying him time to decide whether to
continue with the current program brokered by his predecessor or
negotiate a new one, according to globalinsolvency.com.

The staff-level agreement comes just after officials from
Argentina's economy ministry and central bank held negotiations
with IMF staff in Washington, the report discloses.

Last month, they had received representatives from the Fund in
Buenos Aires, the report notes.

Milei and Economy Minister Luis Caputo also attended the same
conference in Los Angeles as the Fund's Managing Director
Kristalina Georgieva, the report relays.

Caputo said last month that Argentina is starting talks about a new
financing program that could involve fresh funds, adding that
Milei's monetary and foreign exchange plans are part of the
discussion, globalinsolvency.com discloses.  The libertarian leader
has said Argentina would need about $15 million from different
sources to lift a series of capital controls put in place by the
former Peronist government, 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 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.


ARGENTINA: Reports Its First Single-Digit Inflation in 6 Months
---------------------------------------------------------------
globalinsolvency.com, citing the Associated Press, reports that
Argentina's monthly inflation rate eased sharply to a single-digit
rate in April for the first time in half a year, data released
showed, a closely watched indicator that bolsters President Javier
Milei's severe austerity program aimed at fixing the country's
troubled economy.

Prices rose at a rate of 8.8% last month, the Argentine government
statistics agency reported, down from a monthly rate of 11% in
March and well below a peak of 25% last December, when Milei became
president with a mission to combat Argentina's dizzying inflation,
among the highest in the world, according to globalinsolvency.com.


"Inflation is being pulverized," Manuel Adorni, the presidential
spokesperson, posted on social media platform X after the
announcement, the report notes.  "Its death certificate is being
signed," he added.  

Although praised by the International Monetary Fund and cheered by
market watchers, Milei's cost-cutting and deregulation campaign
has, at least in the short term, squeezed families whose money has
plummeted in value while the cost of nearly everything has
skyrocketed, the report ntoes.  Annual inflation, the statistics
agency reported, climbed slightly to 289.4%, the report relates.

                      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.




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

AEGEA SANEAMENTO: Moody's Alters Outlook on 'Ba2' CFR to Negative
-----------------------------------------------------------------
Moody's Ratings has affirmed the Ba2 rating of AEGEA Saneamento e
Participacoes S.A.'s (AEGEA) Corporate Family Rating and Aegea
Finance S.a r.l.'s (Aegea Finance) backed senior unsecured rating
at Ba3. The outlook changed to negative from stable for both
issuers.

RATINGS RATIONALE

The rating action follows the extreme rainfall over the last two
weeks that triggered an emergency situation in the State of Rio
Grande do Sul (RS), disrupting Corsan's operations, a key
subsidiary of AEGEA. Corsan delivers water and sewage services to
6.4 million people across 317 municipalities in RS. Its revenues
constituted 30% of AEGEA's total net revenues and 26.4% of total
EBITDA in first quarter 2024, as reported by the company on a
proforma basis.

Corsan reported water shortages to 906,000 household connections in
64 municipalities at the peak of the floods on May 4, 2024. The
operating difficulties derived from flooded operational systems,
residue blockages on the water system and power outages which have
halted pumps and equipment. Since then, Corsan has taken emergency
measures to quickly reestablish the water service, including hiring
small power generating units, expanding alternate supply with water
trucks, installing temporary reservoirs and deploying a diving team
to unclog its submersed network. The company reported service was
mostly reinstated, but close to two thousand household connections
in 14 cities were still experiencing water shortage through early
this week.

The negative outlook considers that prolonged floods in the state
would raise the risk of Corsan experiencing water rationing,
increased water losses, lower revenues from tariff discounts and
higher operating costs, negatively affecting the pace of execution
of its turnaround business plan, thereby also exerting downward
pressure on AEGEA and Aegea Finance' credit quality. While the
legal framework enables Corsan to eventually seek economic
rebalance for force majeure events, the timing and terms to offset
these losses are uncertain. Potential economic rebalancing could
involve deferred capital expenditure and extended concession terms,
but Moody's believes that a tariff increase is improbable due to
economic impact of the event.

On May 10, 2024, the company voluntarily agreed with the state
government to extend a tariff relief program to all households
impacted by the water shortages. The duration of the discounts
would vary according to the income bucket and the duration of the
interruption with an estimated impact equivalent to 2% of AEGEA
annual consolidated EBITDA. Due to prevailing social and safety
issues, economic compensation for this initiative has not yet been
determined, and Moody's expects Corsan to manage the cash flow
impact with available liquidity.

The ratings affirmation acknowledges Corsan's robust short-term
liquidity, including a solid cash position of BRL1.1 billion in
March 2024 and no meaningful debt amortization payment until 2026.
This liquidity position should help to meet emergency cash needs
without requiring additional financial support from the parent
company or incurring in material additional debt. According to the
management, Corsan's comprehensive insurance coverage of around
BRL230 million is expected to cover all reconstruction costs,
equipment repairs, and profit losses due to water shortages,
further mitigating the negative impact of this event. Nonetheless,
the timing for those compensations could be delayed until the
extent of asset damages are fully assessed, leading to negative
working capital pressures in the next six to twelve months.

Environmental considerations were highly relevant to this rating
action under Moody's ESG framework. The floods in Rio Grande do Sul
exhibit AEGEA's material exposure to physical climate risks.

AEGEA's Ba2 CFR is supported by its diverse, long-term regulated
water and sewage contracts, generating predictable cash flows. It
reflects the favorable business environment in Brazil's water and
sewage sector, with an evolving regulatory framework allowing
satisfactory investment returns. The rating also accounts for the
company's adequate liquidity profile and the execution risks
associated with its rapid growth strategy. This strategy will
require additional financing for new investments on a high interest
costs period which will limit cash flow and slow down leverage
reduction until at least 2025.

Aegea Finance's Senior Unsecured rating of Ba3 is positioned one
notch below AEGEA's CFR to reflect the structural subordination
since AEGEA does not hold any operations and is strictly a vehicle
for controlling stakes on the operating subsidiaries. AEGEA largely
depends on the regular payment of dividends from its operating
subsidiaries to allow the company to meet its debt obligations,
equity investment commitments and potential cash requirements
related to its guarantees.

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

A rating upgrade is unlikely at this time. But rating stabilization
could be triggered by more visibility into the Corsan's cash flow
disruptions and recovery process, such that AEGEA's debt to
capitalization ratio remains around 70% and if funds from
operations (FFO) interest coverage ratio is kept above 1.8x, on a
sustained basis.

The ratings could be downgraded if there is a higher than
anticipated deterioration in Corsan' performance, such that it
hurts cash generation or lead to noncompliance with contractual
targets. Moody's perception of reduced financial flexibility of
AEGEA's operating subsidiaries to support debt service at the
holding company level will imply further notching down of the Notes
because of structural considerations. A downgrade would be
considered if there is further deterioration in the company's
liquidity or leverage metrics. Quantitatively, the ratings could be
downgraded if the adjusted FFO interest coverage ratio stays below
1.8x or if debt/capitalization exceeds 80% on a sustained basis.

COMPANY PROFILE

AEGEA is one of the largest private water and sewage players
operating sanitation assets in Brazil under full or partial
concession contracts and public-private partnerships (PPPs). The
company's is present in more than 500 municipalities located in 14
states, serving a population of more than 31 million people through
concessions with an average contracted life of 31 years. In 2023,
according to Moody's standard adjustments, AEGEA reported net
revenue of BRL8.6 billion and EBITDA of BRL4.9 billion. In
addition, company's FFO interest coverage was 1.8x in the year and
Debt to Capitalization 66%.

AEGEA's shareholders are Equipav (52.8% stake), the Government of
Singapore Investment Corporation (34.3% stake) and Itausa S.A.
(12.9% stake).

The company holds minority stake in Águas do Rio. CEDAE, Rio de
Janeiro's state-owned water utility, tendered Blocks 1 (AdR 1) and
4 (AdR 4) to these entities for water and sewage services in the
metropolitan area of Rio de Janeiro in 2021. In 2023, AdR reported
a net revenue of BRL6.2 billion and EBITDA of BRL1.9 billion.
Although not consolidated into AEGEA's financials, AdR's assets are
accounted for using the equity income method and hold strategic
importance for the company.

LIST OF AFFECTED RATINGS

Issuer: AEGEA Saneamento e Participacoes S.A.

Affirmations:

LT Corporate Family Rating, Affirmed Ba2

Outlook Actions:

Outlook, Changed to Negative From Stable

Issuer: Aegea Finance S.a r.l.

Affirmations:

Backed Senior Unsecured, Affirmed Ba3

Outlook Actions:

Outlook, Changed to Negative From Stable

The principal methodology used in these ratings was Regulated Water
Utilities published in August 2023.


ENERGISA SA: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Energisa S.A.'s (Energisa) Foreign
Currency (FC) and Local Currency (LC) Long-Term Issuer Default
Ratings (IDRs) at 'BB+'. Fitch has also affirmed Energisa's
Long-Term National Scale Rating at 'AAA(bra)' and the senior
unsecured debenture issuances. Fitch has additionally affirmed the
ratings of Energisa's 11 rated subsidiaries. The Rating Outlook is
Stable.

Energisa group's credit profile benefits from its profitable and
diversified portfolio of concessions in the Brazilian power sector.
The group should continue to present robust operational cash
generation and ample financial flexibility to support its expected
negative FCF and rollover its concentrated debt amortization
schedule, while leverage metrics remain at moderate levels.

Fitch considers manageable disbursement for the recent acquisition
of Infra Gás e Energia S.A. (Infra Gas), with neutral impact to
Energisa' financial profile. The equalization of the ratings of
Energisa and its subsidiaries reflects the high legal incentives
that the holding company would have to support them, if necessary.

KEY RATING DRIVERS

Strong Business Profile: Energisa's credit profile benefits from a
diversified portfolio of concessions, mainly in the energy
distribution segment, which dilutes operational and regulatory
risks. The group has concessions in four regions of Brazil, through
nine distributors. Concessionaires can pass on unmanageable costs
to consumer tariffs, though there is some exposure to demand
volatility and periodic tariff review processes.

Energy distribution should remain the group's most important
business, accounting for over 80% of EBITDA by 2026, even with its
increased presence in the transmission segment. Fitch does not
anticipate a major problem with the expiration of three of its
concessions in 2027 (Energisa Mato Grosso EMT), Energisa Mato
Grosso do Sul (EMS) and Energisa Sergipe), which jointly
represented 49% of its energy distributed in 2023, as it considers
renewals for additional 30-year period as very likely.

Business Diversification Benefits Ratings: Energisa owns eight
transmission lines in the operational phase, with Permitted Annual
Revenue (RAP) of BRL663 million (2023/2024 cycle), adjusted
annually for inflation, without exposure to demand risk. Assets in
this segment reduce the group's business risk and increase revenue
predictability. There are also four transmission lines under
construction, which will generate an additional RAP of BRL116
million by 2027, with more BRL113 million in 2030 coming from the
new concession recently obtained through auction. This segment
should represent 8% of consolidated EBITDA from 2024 to 2027.

Entry into the gas distribution segment with the acquisitions of
Companhia de Gás do Estado do Espírito Santo (ES Gás), in July
2023, and Infra Gás, which is expected to be concluded during the
2H24, diversifies Energisa's business profile. The natural gas
distribution sector has a moderate risk profile and strong growth
prospects. However, this segment should continue to be a small
business within the group and represent less than 5% of
consolidated EBITDA.

Positive Operating Performance: Energisa's ratings benefit from the
efficient operational performance of its distributors, with a
history of consumption growth above that recorded in the country.
In the LTM ended in March 2024, the group's billed volume increased
by 8.8%, compared to the national average of 5.6%. During the same
period, the combined EBITDA of the nine distributors was BR6.7
billion, compared with regulatory EBITDA of BRL3.8 billion.

The planned investments should improve operational efficiency and
reduce energy losses, mainly at EMT, Energisa Rondonia and Energisa
Acre, boosting cash generation. The group's combined EBITDA in this
segment should reach BRL6.8 billion in 2024 and 2025, compared to
BRL6.1 billion in 2023.

Manageable Negative FCF: Fitch forecasts Energisa's consolidated
FCF to remain negative in the coming years, considering the group's
significant investment plan of BRL14.1 billion from 2024 to 2026
and a distributions pay-out ratio corresponding to 50% of net
income. For 2024, consolidated EBITDA and cash flow from operations
(CFFO) should reach BRL8.3 billion and BRL4.3 billion,
respectively, with negative FCF of BRL2.0 billion after investments
of BRL4.9 billion and dividend distribution of BRL1.4 billion.
Consolidated FCF should remain negative at around BRL1.9 billion in
2025 and BRL1.1 billion in 2026.

Moderate Leverage: Energisa Group should maintain the adjusted net
debt/EBITDA ratio, according to Fitch's methodology, at the range
of 3.0x-3.5x from 2024 to 2026, despite the Infra Gas acquisition
and expected negative FCF. Efficiency gains in the distribution
concessions and greater contribution of new operating assets in
other segments should support the maintenance of moderate credit
metrics. Energisa group's adjusted net leverage should reach 3.0x
in 2024 and 3.3x in 2025. Adjusted gross leverage and net leverage
ratios were 4.0x and 2.8x, respectively, in the LTM ended in March
2024.

Subsidiaries'Ratings Equalized: Fitch equalizes the IDRs of
Energisa Paraiba, Energisa Sergipe and Energisa Minas Rio and the
National Scale ratings of the 11 rated subsidiaries with Energisa's
ratings. This mainly reflects the high legal incentives that the
holding company would have to support them in a stress scenario.
Energisa consolidates the subsidiaries and guarantees a significant
portion of their debts. In addition, there are cross-default
clauses in some of the group's debt instruments. Fitch also views
the subsidiaries as the core business of Energisa and they are
centrally managed.

DERIVATION SUMMARY

Energisa's financial profile is more aggressive than its peers in
Latin America, such as Enel Americas S.A. (BBB+/Stable), Empresas
Publicas de Medellin E.S.P. (EPM; BB+/Rating Watch Negative), and
Grupo Energia Bogota S.A. E.S.P. (GEB; BBB/Stable). Energisa's IDRs
also reflect its geographic concentration in Brazil, compared with
other countries in the region such as Chile (A-/Stable) and
Colombia (BB+/Stable).

Compared with other Brazilian power companies with operations
predominantly in the distribution segment, Energisa operates in
concession areas with economic growth above the national average
and with a strong agribusiness activity. Energisa's business
profile is worse than that of Companhia Energetica de Minas Gerais
(Cemig; BB/Stable), which has a higher business diversification
with more presence in the energy generation segment.

Nevertheless, Cemig faces uncertainty related to the renewal of its
two largest hydroelectric plants concessions, which expire in 2027
and account for about 50% of the group commercial capacity, or
around 17% of consolidated EBITDA, justifying a rating one-notch
lower than Energisa. Different from the distribution segment,
concessions on the generation segment typically return to the
Federal government after their expiration.

KEY ASSUMPTIONS

- Average growth in energy consumption in Energisa's concession
areas of 1.0% from 2024 to 2027;

- Dividend distributions equivalent to 50% of net income;

- Average annual investments of BRL4.8 billion from 2024 to 2027;

- Transmission lines concluded according to the company's
schedule;

- Closing of Infra Gas acquisition in July 2024 with a BRL890
million payment;

- No asset sales or new acquisitions.

RATING SENSITIVITIES

- An upgrade on the LC IDRs will depend on the group's ability to
bring net leverage to around 2.5x and lengthen its debt maturity
profile;

- An upgrade on the FC IDRs will depend on an upgrade on the LC
IDRs combined with a positive rating action for the sovereign;

- Total debt/EBITDA above 4.0x on a recurring basis;

- Net debt/EBITDA above 3.5x on a recurring basis;

- Deterioration in the liquidity profile at the holding or the
consolidated level;

- New projects or acquisitions involving significant amounts of
debt;

- A downgrade of the sovereign rating would trigger a downgrade on
the FC IDRs.

LIQUIDITY AND DEBT STRUCTURE

High Financial Flexibility: Energisa has proven access to different
funding sources, which is a key credit factor. Despite a sizeable
liquidity position of BRL9.2 billion at the end of March 2024 —
reinforced by BRL3.5 billion in debentures issuances and new credit
facilities during April and May 2024 — the group still has a high
concentration of debt maturing until the end of 2025 (BRL13.2
billion), as well as expected negative FCF and disbursement of
BRL890 million for Infra Gas acquisition.

At the same date, the group had total adjusted debt of BRL31.9
billion and short-term debt of BRL7.2 billion. The total adjusted
debt was mainly composed of debentures (BRL15.3 billion) and debt
related to Resolution 4,131 (BRL6.2 billion). Fitch's methodology
considers 50% of the balance of BRL2.2 billion in preferred shares
issued by the subholding Energisa Participações Minoritárias
(EPM) as debt.

The holding company benefits from receiving dividends from its
operating subsidiaries, which totalled BRL1.7 billion in the LTM
ended in March 2024. Fitch considers an annual average of BRL1.7
billion in dividends to be received from 2024 to 2026. As of March
31, 2024, the holding held BRL3.6 billion in cash and equivalents -
BRL2.7 billion on a proforma view excluding the disbursement for
Infra Gas acquisition - compared to short-term debt of BRL2.1
billion. Energisa issued BRL1.4 billion in debentures during the
second quarter and should also receive BRL3.8 billion from
subsidiaries in the form of debt repayment in the coming years.

ISSUER PROFILE

Energisa S.A. is a non-operating holding company in the electric
energy sector, mainly through nine energy distribution
concessionaires serving around 8.6 million customers. The group is
the fifth largest electric utility in Brazil with additional
operations and investments in the energy transmission and
generation segments and natural gas distribution.

SUMMARY OF FINANCIAL ADJUSTMENTS

Net revenues and EBITDA net of construction revenues and cost.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating               Prior
   -----------             ------               -----
Energisa Acre –
Distribuidora de
Energia S.A.      Natl LT   AAA(bra) Affirmed   AAA(bra)

   senior
   unsecured      Natl LT   AAA(bra) Affirmed   AAA(bra)

Energisa Mato
Grosso –
Distribuidora
de Energia S.A.   Natl LT   AAA(bra) Affirmed   AAA(bra)

   senior
   unsecured      Natl LT   AAA(bra) Affirmed   AAA(bra)

Energisa S.A.     LT IDR    BB+      Affirmed   BB+
                  LC LT IDR BB+      Affirmed   BB+
                  Natl LT   AAA(bra) Affirmed   AAA(bra)

   senior
   unsecured      Natl LT   AAA(bra) Affirmed   AAA(bra)

Energisa Sergipe
- Distribuidora
de Energia S/A    LT IDR    BB+      Affirmed   BB+
                  LC LT IDR BB+      Affirmed   BB+
                  Natl LT   AAA(bra) Affirmed   AAA(bra)

   senior
   unsecured      Natl LT   AAA(bra) Affirmed   AAA(bra)

Energisa Mato
Grosso do Sul –
Distribuidora
de Energia S.A.   Natl LT   AAA(bra) Affirmed   AAA(bra)

   senior
   unsecured      Natl LT   AAA(bra) Affirmed   AAA(bra)

Energisa
Rondonia
Distribuidora de
Energia S.A.      Natl LT   AAA(bra) Affirmed   AAA(bra)

   senior
   unsecured      Natl LT   AAA(bra) Affirmed   AAA(bra)

Energisa Sul
Sudeste –
Distribuidora de
Energia S/A       Natl LT   AAA(bra) Affirmed   AAA(bra)

   senior
   unsecured      Natl LT   AAA(bra) Affirmed   AAA(bra)

Energisa
Tocantins –
Distribuidora de
Energia S/A       Natl LT   AAA(bra) Affirmed   AAA(bra)

   senior
   unsecured      Natl LT   AAA(bra) Affirmed   AAA(bra)

Energisa Paraiba
- Distribuidora
de Energia S/A    LT IDR    BB+      Affirmed   BB+
                  LC LT IDR BB+      Affirmed   BB+
                  Natl LT   AAA(bra) Affirmed   AAA(bra)

   senior
   unsecured      Natl LT   AAA(bra)  Affirmed  AAA(bra)

Energisa
Transmissao de
Energia S.A.      Natl LT   AAA(bra)  Affirmed  AAA(bra)

Alsol Energias
Renovaveis        Natl LT   AAA(bra)  Affirmed  AAA(bra)

   senior
   unsecured      Natl LT   AAA(bra)  Affirmed  AAA(bra)

Energisa Minas
Rio –
Distribuidora de
Energia S.A.      LT IDR    BB+       Affirmed   BB+
                  LC LT IDR BB+       Affirmed   BB+  

   senior
   unsecured      Natl LT    AAA(bra) Affirmed   AAA(bra)




===========================
C A Y M A N   I S L A N D S
===========================

TRIDENT ENERGY: Fitch Rates USD500MM 12.5% Unsec. Notes 'B+'
------------------------------------------------------------
Fitch Ratings has assigned Trident Energy Finance PLC's USD500
million 12.5% senior unsecured notes, which are guaranteed by
Trident Energy, L.P. (Trident; B+/Rating Watch Positive (RWP)), a
final senior unsecured rating of 'B+'. The senior unsecured rating
is on RWP. The Recovery Rating is 'RR4'.

Trident's IDR reflects the group's small scale and concentrated
asset base consisting of a few fields in less favourable operating
environments in Brazil and Equatorial Guinea, as well as high
expenditure. Rating strengths are very low leverage, strong cash
flow generation due to fairly low capex, strong reserve life, and
low-risk production growth.

The RWP reflects the pending acquisition of assets in the Republic
of Congo, which is expected to close in 4Q24 and will significantly
enhance the group's scale, while adding another country of
operation with no material negative impact on the group's leverage
profile. Fitch will resolves the Rating Watch on acquisition close,
which may take more than the six months for a Watch resolution.

KEY RATING DRIVERS

Transformative Acquisition Pending: The assets in Congo are being
acquired from TotalEnergies SE (AA-/Stable), and Chevron
Corporation. The acquisition is set to close in 4Q24, subject to
regulatory approvals, and once completed, will bolster the group's
scale, deepen its geographical diversification, and improve
profitability, while allowing the group to maintain its
conservative financial profile.

Low but Increasing Production: The rating reflects the group's
small, albeit increasing, scale of production. Trident's producing
assets in Equatorial Guinea and Brazil produced volumes of around
33,000boe/d in 2023, but Fitch expects pre-acquisition production
to rise to around 42,000boe/d in 2024 and to around 60,000boe/d on
average in 2026 and thereafter, on the back of low-risk development
projects mainly consisting of well re-connections, infill drilling,
and other forms of production optimisation.

The acquisition of Congo assets represents further upside to the
improving production trajectory, putting Trident on track to reach
over 70,000boe/d total production in 2024, and around 90,000boe/d
on average in the latter years of its forecast, which is in line
with that of 'BB-' peers with similar profiles.

Geographic Concentration: Trident's production is currently highly
concentrated in Brazil, and after the acquisition of assets in
Congo will be significantly exposed to operations in Equatorial
Guinea and Congo, which Fitch views as less favourable operating
environments. While Fitch will continue to apply Brazil's Country
Ceiling of 'BB+', the increasing exposure to less favourable
jurisdictions will be incorporated in the rating.

Favourable Reserve Dynamics: Trident's 1P reserve life of 13 years
and 2P reserve life of 21 years is strong and, while it is likely
to decline as production ramps up, will continue to be supportive
of the rating. Trident also maintains full operatorship of its
asset base, which provides high autonomy around the structure and
timing of development plans and capex. This allows Trident to
optimise its reserve base, as evident in the 47% organic reserve
replacement ratio achieved since it commenced operations, as well
as conserving capital during periods of market stress.

While Fitch assumes the acquisition of Congo assets will dilute
reserve life, reducing pro-forma 2P reserve life to 12 years in
2024, this will still be commensurate with that of peers rated in
the 'BB' category.

Strong Cash Flow Generation: While Trident's assets are higher-cost
with operating expenditure of around USD29/bbl as of 2023, the
business requires lower capex given the lack of greenfield projects
and exploration spending. The payback period of development and
optimisation projects is also fairly short, supporting positive
free cash flow (FCF) generation post-dividends for 2024-2028.
Excluding the Congo acquisition, the business is assumed to
generate on average post-dividend FCF of around USD80 million a
year for 2024-2028, and post-acquisition around USD172 million.

Low Leverage: Fitch expects Trident to maintain low leverage
through the cycle both on an as-is and post-Congo basis, with
EBITDA leverage averaging around 1x and EBITDA net leverage
averaging around 0.5x to 2028. Fitch expect Trident will continue
to fund all capex from internal sources, utilising incremental debt
only for future acquisitions. Fitch further assumes that dividends
will commence in 2025 and will amount to 75% of excess operating
cash flows after capex and debt service requirements, while meeting
the group's minimum cash requirements.

Strong Liquidity Post-Refinancing: Following the refinancing of
Trident's existing debt, liquidity will be strong with no
maturities to 2028 and a proposed USD250 million reserve-based loan
(RBL), providing liquidity to the business. While the pending
acquisition of Congo assets is likely to be funded, in part, by
amortising asset-level debt Fitch assumes the highly
cash-generative nature of the group's assets will be sufficient to
cover debt service and that leverage will remain sufficiently low
to facilitate timely refinancing of the new facility ahead of
amortisation cliffs.

DERIVATION SUMMARY

Fitch rates Trident at the same level as Kosmos Energy Ltd.
(B+/Stable), SierraCol Energy Limited (B+/Stable) and GeoPark
Limited (B+/Negative), and one notch lower than Energean plc
(BB-/Stable).

Trident's through-the-cycle production from existing assets is
close to that of Kosmos (63,000boe/d) and above that of SierraCol
(43,000boe/d) and GeoPark (40,000boe/d). Energean has a
significantly higher production of 123,000boe/d from the successful
ramp-up of a new field in 2023. With the acquisition of Congo
assets and growth from existing Brazil assets, Fitch expects
Trident's production to be closer to Kosmos' pro-forma run-rate of
around 90,000boe/d after its offshore gas project comes online.

Trident also exhibits lower risk in meeting its production volume
targets, as it does not rely on large-ticket, highly complex
projects but rather just using infill drilling and other production
optimisation measures. Its assets also have decades of production
record. In contrast, Kosmos has experienced multiple delays around
its LNG project in Mauritania and Senegal, most recently causing
one year of foreseeable delay to first gas, and Kosmos' Ghanaian
assets have recently seen production under-performance. Energean,
while much larger in scale, also experienced a delayed ramp-up and
initial production difficulties with its gas assets in the
Mediterranean both due to geological developments and geopolitical
events.

Trident's current and post-acquisition 2P reserves base of 247mmboe
and 344mmboe, respectively, is smaller than Energean's (1,115mmboe)
and Kosmos' (520mmboe) as of end-2023. However, this is still
larger than SierraCol's 118mmboe and GeoPark's 115mmboe. Kosmos is
better diversified geographically than Trident's post-acquisition
business profile, but Trident will be better diversified than
SierraCol, GeoPark, and Energean.

Fitch expects Trident to maintain conservative EBITDA leverage at
around 1x in 2025-2028 after increasing to almost 1.5x in 2024 due
to the acquisition. This compares well with GeoPark's 1x and
SierraCol's 1.1x. In 2023 Kosmos had higher EBITDA leverage of 2.0x
but Fitch expects this to decrease to 1.5x by 2026.

KEY ASSUMPTIONS

- Brent crude oil prices to 2028 in line with its base case price
deck

- Congo acquisition to close in 4Q24

- Deferred consideration for the Congo assets acquisition treated
as debt

- Production averaging 85,000boe/d to 2028 including Congo assets

- Capex averaging around USD300 million a year to 2028

- Earn-out payments averaging around USD72 million per year to
2028

- Refinancing of the Congo RBL in 2026 with a facility with similar
characteristics

- Dividend payments commencing in 2025

RECOVERY ANALYSIS

Fitch's Key Assumptions for Recovery Analysis:

- Its recovery analysis assumes that Trident would be reorganised
as a going-concern (GC) in bankruptcy rather than liquidated

- Trident's GC EBITDA reflects its view on EBITDA generation from
the group's existing assets in Brazil and Equatorial Guinea,
assuming a sustained period of low Brent prices. This is followed
by moderate recovery of Brent prices yielding a GC EBITDA of around
USD225 million

- Fitch only considers GC EBITDA and liquidation value attributable
to the relevant collateral pool backing the rated instrument.
Therefore, Fitch will exclude the Congo RBL and GC EBITDA and
liquidation value attributable to the Congo assets from recovery
calculation

- Fitch has applied an enterprise value (EV)/EBITDA multiple of
3.5x to calculate a GC EV, reflecting the risks associated with the
group's small size and assets located in less favourable
jurisdictions

- The USD500 million senior unsecured notes rank subordinated to
the proposed USD250 million corporate RBL. The notes are guaranteed
on a senior basis by Trident, and on a senior subordinated basis by
several restricted subsidiaries owning the assets in Brazil and
Equatorial Guinea. These are also the guarantors of the USD250
million RBL. Once the acquisition is closed, the Congo subsidiaries
will provide guarantee to the notes on a senior subordinated basis,
but will primarily be backstopping the Congo RBL and are therefore
considered a separate creditor group

- After deducting 10% for administrative claims and taking into
account its Country-Specific Treatment of Recovery Ratings
Criteria, its analysis generated a waterfall-generated recovery
computation (WGRC) in the 'RR4' band, indicating a 'B+' instrument
rating. The WGRC output percentage on current metrics and
assumptions is 50%.

RATING SENSITIVITIES

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

- Closing of the Congo acquisition under the terms outlined would
likely result in a one-notch upgrade

- If the Congo acquisition does not proceed, production increasing
above 75,000boe/d on a sustained basis would be positive for the
rating

- EBITDA gross leverage below 1.5x or EBITDA net leverage below 1x
on a sustained basis

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

- The ratings are on RWP, making negative rating action unlikely.
Fitch would however consider removing the RWP, affirming the
ratings and assigning a Stable Outlook if the Congo acquisition
fails to proceed as planned

- If the Congo acquisition fails to proceed, EBITDA gross leverage
above 2x or EBITDA net leverage above 1.5x on a sustained basis
would be negative for the rating

- Failure to achieve production above 50,000boe/d on a sustained
basis

- Aggressive shareholder distributions or deteriorating liquidity

- EBITDA from Brazil failing to cover gross interest expenses

LIQUIDITY AND DEBT STRUCTURE

Good Liquidity: As of end-2023, Trident had unrestricted cash and
cash equivalents of USD119 million. Its existing RBL, which matures
in 2027, has started amortising in 2023. The USD500 million notes
issue are to fully repay the RBL and extend Trident's maturity
profile to 2029 while Trident will receive a new USD250 million RBL
as an additional liquidity source for the group. Trident has strong
FCF generation and Fitch projects that capex will be funded with
internal cash flow. However, it will require external funding for
the acquisition.

ISSUER PROFILE

Trident is a small oil and gas company operating in Brazil and
Equatorial Guinea.

ESG CONSIDERATIONS

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

   Entity/Debt           Rating         Recovery   Prior
   -----------           ------         --------   -----
Trident Energy
Finance PLC

   senior unsecured   LT B+  New Rating   RR4      B+(EXP)




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

DOMINICAN REPUBLIC: Explores Semiconductor Industry Potential
-------------------------------------------------------------
Dominican Today reports that World Bank President Ajay Banga
discussed with President Luis Abinader the Dominican Republic's
potential for developing semiconductor assembly industries within
its borders.

Following their meeting, President Abinader expressed optimism
about the possibility of semiconductor companies establishing
operations in the country within the next four years, according to
Dominican Today.

According to Abinader, Banga emphasized that the Dominican Republic
possesses all the necessary characteristics and conditions for
semiconductor development, similar to other countries in the region
like Costa Rica, the report notes.

Banga provided valuable insights into the semiconductor industry
and offered recommendations on key areas where the Dominican
Republic should focus its development efforts, the report relays.

President Abinader pledged to facilitate the establishment of
semiconductor companies in the country, aiming to retain young
talent and provide opportunities for them to apply their
technological expertise locally, thereby improving earning
potentials, the report discloses.

To support this initiative, technical computer assembly courses
have been initiated at institutions like the Technological
Institute of the Americas (ITLA) and the National Institute of
Professional Technical Training (Infotep), the report relates.  The
Ministry of Education is also encouraging universities to offer
master's programs focused on the semiconductor industry, the report
says.

Abinader's discussions with Banga were part of his 24-hour agenda
in Washington, where he attended the 54th Conference on the
Americas and received the Chairman's Award for Leadership in the
Americas, the report notes.

At the conference, Abinader highlighted the Haitian crisis as one
of the Dominican Republic's significant challenges, draining
resources necessary for its development, 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.




=============
E C U A D O R
=============

BANCO BOLIVARIANO: Fitch Assigns 'CCC+/C' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has assigned Banco Bolivariano C.A.'s (Bolivariano)
Long-Term Issuer Default Rating (IDR) and Short-Term IDR 'CCC+' and
'C', respectively. Fitch has also assigned Bolivariano's Viability
Rating (VR) at 'ccc+'. Fitch typically does not assign Rating
Outlooks to ratings in the 'CCC+' or below categories.

KEY RATING DRIVERS

Operating Environment with High Influence: Bolivariano's IDRs are
driven by its intrinsic creditworthiness reflected in its VR of
'ccc+'. Bolivariano's ratings are capped by Fitch's assessment of
the operating environment (OE) score of 'ccc+', given that
Ecuador's sovereign rating and broader OE considerations highly
influence the bank's credit profile. The heightened sovereign
political, fiscal, and financing risks, as well as the potential
for renewed social unrest could negatively result in rising
non-performing loans (NPL), and limit the bank's profitability and
internal capital generation capacity.

Consistent Business Profile: Bolivariano's business profile is
underpinned by its consistent business model, focused on lower risk
segments, with commercial loans accounting 70.6% of total loans as
of 1Q24, that have allowed the bank to be resilient through credit
cycles. Also, its moderate market position in Ecuador, but with
enduring customer relationships allow the bank to generate
consistent total operating income. As of 1Q24, Bolivariano held the
fifth position in terms of assets (8.2%), sixth position in terms
of loans (7.8%) and in deposits (8.3%).

Good Risk Profile: Fitch considers the banks' risks are adequately
handled, supported by its lower risk appetite compared to its peers
and appropriate risk management. Although the bank exhibits high
concentration by borrower and geography, its consistent focus on
lower risk borrowers and segments, together with sound underwriting
standards have being proved and have resulted in adequate and
stable financial metrics.

Good Asset Quality: Fitch believes that Bolivariano's asset quality
ratios will remain in adequate levels, given its conservative
business model and conservative risk appetite, and Fitch does not
expect the 30 days past due loans (PDL) to be above 2%. However,
Fitch's asset quality assessment is pressured by high credit
concentrations.

As of 1Q24, the top 20 borrowers accounted 1.5 times the bank's
equity. At the same date, 30-days PDL ratio increased to 1.6%,
above the average of the last four years of 1.1%, reflecting the
unwinding of regulatory flexibility that classified loans as PDL
after 60 days, instead of 15 days-30 days; nonetheless, it remains
low in comparison with the average of the Ecuadorian financial
system of 3.6%. For 2024 Fitch expects a slight deterioration on
the bank´s asset quality metrics, driven by a more challenging
operating environment, mainly due to political uncertainty, which
could impact economic and credit growth, resulting in a lower
payment capacity, mainly of its retail clients.

Stable Profitability Ratios: Bolivariano's profitability is
consistent, and is supported by an effective management of the net
interest margin and good loan portfolio quality. At 1Q24, the
operating income to risk weighted assets (RWA) ratio was 1.6%,
higher than the average of the last four years of 1.5%, and
slightly below the average of the Ecuadorian financial system of
1.8%. The improvement in the ratio is mainly explained by the
increase in fees and investment income, as well as controlled
operating expenses.

Bolivariano's profitability is expected to come under slight
pressure by YE24, due to the persistent high funding costs, an
increase in technological transformation expenses, and the payment
of the temporary contribution over 2023's net income, in accordance
with the organic law to face the internal armed conflict and the
social and economic crisis.

Adequate Capitalization Levels: Bolivariano's capitalization is
considered adequate given its business model, and has remained
stable due to internal capital generation, coupled with an
historical earnings retention rate of approximately 70%. As of
1Q24, FCC to RWA ratio stood at 10.4%, reflecting stability through
economic cycles (four-year average 10.6%). Capitalization ratios
have benefited from the new regulation that reduced the weightings
for some types of assets. Fitch does not expect material
deterioration in capitalization levels, since loan growth is
expected to be moderate and no significant deterioration in asset
quality is expected.

Stable Funding and Ample Liquidity: Bolivariano's funding structure
is adequate and stable; loans to customer deposit ratio of 92.3% as
of 1Q24 compares adequately among its peers and the system's
average (94.2%). About 41.4% of the bank's liquid assets are
invested abroad, which are more liquid than domestically issued
instruments.

The bank also has access to capital debt markets and wholesale
funding. In line with its business profile, Bolivariano exhibits a
high deposits' concentration, with the 20 largest depositors
accounting 18.5% of total deposits. Nonetheless, the bank mitigates
this risk through an adequate level of liquid assets; cash and
securities covering 42.2% of total customer deposits. In order to
complement its liquidity levels, the bank maintains credit lines
with local and foreign financial institutions. As of 1Q24 the bank
had USD238.5 million available in credit lines.

Government Support Rating (GSR): The GSR of 'ns' (no support)
reflects that despite Bolivariano's moderate local market share,
Fitch believes that there is no reasonable assumption of support
being forthcoming from the sovereign due to Ecuador's limited
financial flexibility and the lack of a lender of last resort.

RATING SENSITIVITIES

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

IDRs and VR

- The IDRs are sensitive to changes in the sovereign rating or to
further deterioration within the local operating environment;

- The IDRs and VR could be downgraded if there is significant
deterioration in the banks' business and financial profiles,
although downside potential is somewhat limited, given the low VR
level imposed by the sovereign constraint.

GSR

The GSR has no downgrade potential, as it is at the lowest possible
level.

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

IDRs and VR

Bolivariano's upside potential is limited. In the long term, a
rating upgrade would require improved prospects for the operating
environment and a meaningful and sustained improvement in the
bank's core profitability, along with improvement in the bank's
capital ratios.

GSR

Ecuador's propensity or ability to provide timely support to
Bolivariano is not likely to change given the sovereign's low
sub-investment-grade IDR. As such, the GSR has no upgrade
potential.

VR ADJUSTMENTS

The Viability Rating has been assigned below the implied Viability
Rating due to the following adjustment reason(s): Operating
Environment / Sovereign Rating Constraint (negative).

The Operating Environment score has been assigned below the implied
score due to the following adjustment reason(s): Sovereign Rating
(negative).

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Recovery   
   -----------             ------           --------   
Banco Bolivariano C.A.   LT IDR             CCC+ New Rating
                         ST IDR             C    New Rating
                         Viability          ccc+ New Rating
                         Government Support ns   New Rating




===========
G U Y A N A
===========

GUYANA: Maintains Restrictions Must Not be Used to Stifle Tranport
------------------------------------------------------------------
RJR News reports that Vice President Bharrat Jagdeo says Guyana
will not get into a tit for tat with Trinidad & Tobago but
maintains Georgetown's longstanding position that phytosanitary
restrictions must not be used to stifle the transport of goods.

Phytosanitary relates to the health of plants, especially with
respect to the requirements of international trade, according to
RJR News.

Mr. Jagdeo says the government wants to ensure that Guyana's
exports are treated fairly in Trinidad and Tobago's market, the
report notes.

Earlier, Trinidad and Tobago re-assured Guyanese exporters that
their products would be welcomed into the twin island republic once
they undergo a risk analysis, the report notes.

Demerara Distillers Limited's said its packaged milk and containers
of bottled flavoured water had been placed under heavy scrutiny by
Port of Spain in moves that are of grave concern to it, the report
adds.




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

JAMAICA: Rate Cut Expectations Heightened
-----------------------------------------
Jamaica Observer reports that the expectation that rate cuts could
start in the second half of the year has been boosted after data
showed inflation had fallen slightly to 5.3 per cent in April. That
is down from 5.6 per cent in March and keeps inflation within the 4
per cent to 6 per cent range the Bank of Jamaica (BOJ) is mandated
to target for a third-straight month, according to Jamaica
Observer.

"If it continues along that trajectory, we hope that rates will
start to trend down," Damian Whylie, general manager for asset
management at Mayberry Investments Limited, a brokerage, told the
Jamaica Observer in an interview about the bonds its Mayberry
Jamaican Equities subsidiary now has in the market seeking to raise
between $2.2 billion to $3 billion, the report notes.

Whylie pointed to the recent indication from the governor of the
BOJ about the possibility of rate cuts later this year, the report
relays.  Inflation in Jamaica has been in the target range of 4 per
cent to 6 per cent for five of the last 12 months, including the
last two months, the report notes.  In April, a reduction in prices
for food, electricity, bus fares, and water and sewage rates was
enough to outweigh increases in the prices of alcoholic beverages,
household cleaning products, furniture, health care and personal
care products such as shampoos, conditioners, haircuts, wigs and
hair extensions, the report discloses.

"This downward movement in the Consumer Price Index (CPI) for April
was due mainly to a 2.3 per cent decline in the index for the
'Housing, Water, Electricity, Gas and Other Fuels' division as a
result of lower electricity, water and sewage rates, the report
relays.  Also contributing to the fall in the inflation rate was a
0.6 per cent fall in the index for the division 'Food and
Non-Alcoholic Beverages'," Statin, in its latest CPI bulletin,
said, the report notes.

"The index for the 'Food' group declined by 0.7 per cent, while the
index for the 'Non-Alcoholic Beverages' group rose by 0.4 per cent.
The fall in the index for the 'Food' group was mainly influenced
by a 3.7 per cent decline in the index for the class 'Vegetables,
tubers, plantains, cooking bananas and pulses' due to lower prices
for agricultural produce such as carrot, tomato, Irish potato,
sweet potato and yellow yam.  Average prices were also lower for
some items in the classes 'Ready-made food and other food products
n.e.c' (1.1 per cent) and 'Fruits and nuts' (0.6 per cent)," it
continued, the report relays.

President of the Jamaica Agricultural Society (JAS) Lenworth Fulton
recently said that in light of the improved rainfall patterns, he
is expecting to see a further fall in the price of vegetables as
local drought conditions eases and farmers increase their yields,
the report ntoes.

The central bank after the March inflation released a statement
saying it welcomed it as a "positive development" due to the rate
being lower than anticipated, the report discloses.

Economist and University of the West Indies lecturer Dr Andre
Haughton, in an interview with Caribbean Business Report about the
inflation out-turn, said he believes prices will generally continue
to fall over the foreseeable future, the report relays.

"The lower inflation we are seeing now is a good thing and comes as
a result of much of what we are seeing globally as energy prices
come down and more factories reopen, ushering in a normalisation of
manufacturing in the COVID-19 aftermath.  We have already been
through the 'up' time so now it's time for us to go through the
'down' time. What we must however do now is to use this downtime to
capitalise on this lower inflation position to provide more
stabilisation where the domestic economy is concerned," he stated,
the report notes.

Haughton, however, cautioned that there are risks still lingering
that could reverse the trend, the report relays.

"Jamaica is a small island developing state that is susceptible to
any external shock and with global volatilities not yet appeased
owing to war and other geopolitical occurrences, we are not yet
through the woods and we still have to be weary of what is
happening in the global market," he added.

                       About Jamaica

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

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

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

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




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

NG PACKAGING: Moody's Puts 'Ba1' CFR on Review for Downgrade
------------------------------------------------------------
Moody's Ratings placed NG Packaging & Recycling Corporation
Holdings ("SMI Group")'s Ba1 long-term Corporate Family Ratings, NG
PET R&P Latin America, S.A. ("NG Latin America")'s Ba1 rating and
San Miguel Industrias PET S.A. ("SMI")'s $380 million backed senior
unsecured notes on review for downgrade. Previously, the outlooks
were stable.

The review for downgrade reflects the increased risk arising from
weaker than expected liquidity and liability management. As of
December 2023, the group had $30 million in cash and equivalents,
and a fully available short-term committed revolving credit
facility totaling $135 million. The current cash position is not
enough to cover the group's short-term debt and maturities through
2025, requiring rigorous liability management efforts. SMI Group's
main sources of liquidity are short-term bank lines and revolving
uncommitted credit bank facilities. The current availability under
uncommitted lines is close to $786 million. Moreover, Moody's
projects that the group's leverage will continue to be high
relative to peers rated at the same level. The company faces
foreign exchange risk as the bulk of its debt is denominated in
dollars but it has a natural hedge considering more than 80% of its
cash is generated in dollars. As of December 2023, Moody's adjusted
gross debt/EBITDA was 4.3x, reflecting the group's total
consolidated debt of $658 million. Total gross debt excluding
leases amounts to $638 million, of which $244 million matures
between 2024 and 2025.

Moody's review for downgrade will concentrate on the group's
liability management plans as well as its strategy to lower
consolidated leverage. The review will also consider the plans to
boost liquidity and profitability.

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

An upgrade is unlikely at this point given the ongoing review for
downgrade. A ratings upgrade would require a commitment to an
investment grade financial profile and capital structure. An
upgrade would also be dependent upon a sustainable improvement in
the size and scale, cash position resulting in good liquidity,
credit metrics and continued stability in the competitive
environment. Additionally, the ratings could be upgraded if
adjusted debt to LTM EBITDA is below 2.5x, adjusted EBITDA margin
is above 20.0%, and free cash flow to debt is above 15.0% on a
sustained basis.

A rating downgrade could be triggered if the company's credit
metrics were to deteriorate materially because of liquidity
pressure, operating difficulties or a deterioration in its leading
market positions. Specifically, the ratings could be downgraded if
adjusted debt to LTM EBITDA is above 4.0x, adjusted EBITDA margin
is below 17.0%, and free cash flow to debt is below 10.0%.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.




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

CARIBBEAN CEMENT: Expansion Project on Track for 2025 Completion
----------------------------------------------------------------
Javaughn Keyes at RJR News reports that local cement manufacturer,
Carib Cement, says its US$40 million expansion project is on
track.

Speaking at a factory tour, led by the Jamaica Manufacturers and
Exporters Association (JMEA), Managing Director Jorge Martinez said
the project should be done by the first quarter of 2025, according
to RJR News.

He said the project will increase cement production by 30 per cent,
the report notes.

                           Training

Meanwhile, Mr. Martinez said the company is investing in more
training for its workforce, the report relays.

Three weeks ago, what's dubbed the "CEMEX Campus" was launched to
bring in more university students into the company, and offer hands
on training, the report discloses.

Upskilling for the existing workforce is also being done, the
report says.

"We have some professionals in the development program here. It's a
good example of how we are investing in the future of the people.
That is the good way of continuing this greater growing of Jamaica.
We are nurturing with this a pool of talent poised to drive
innovation and excellence across our organization," said Mr.
Martinez, the report relays.

                    About Caribbean Cement

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

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

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



                           *********


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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of the same firm for the term of the initial subscription or
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