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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, July 18, 2024, Vol. 25, No. 144

                           Headlines



A R G E N T I N A

ARGENTINA: Residents Still Skeptical Despite Cooling Inflation


B A H A M A S

FTX GROUP: Ex-Execs Who Testified v. Bank-Fried to be Sentenced


B R A Z I L

AMERICANAS SA: Spanish Police Releases Ex-CEO Amid Fraud Probe
ANDRADE GUTIERREZ: Fitch Lowers LongTerm IDR to 'CC'
BRAZIL: Shows Remarkable Resilience as Inflation Declined, IMF Says


J A M A I C A

JAMAICA: UWJ Launches $20-Million Lifeline for Farmers


P U E R T O   R I C O

PUERTO RICO: PREPA Creditors Extend Broad Repayment Fight
PUERTO RICO: PREPA Loses Support of Insurer on Debt-Cutting Plan

                           - - - - -


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

ARGENTINA: Residents Still Skeptical Despite Cooling Inflation
--------------------------------------------------------------
Reuters reports that Argentines said they are yet to feel the
benefits of cooling inflation, as a five-month streak of slowing
prices ended when official data on Friday, July 12, showed
inflation in June was higher than in May.

Since President Javier Milei took power late last year, inflation
has slowed dramatically in Argentina, decelerating from 25.5% in
December to 4.2% in May, according to the report.  

June's figure was 4.6%. The sharp fall has been attributed to a
suite of cost-cutting and austerity measures that have put a lid on
consumer demand, as well as measures to reduce money printing, the
report notes.

Reuters relates that for many Argentines, the slowdown has not been
enough to fend off the pain of high utility, transport and food
prices in a country where the monthly minimum wage of 234,315 pesos
($260) has failed to keep up with annual inflation of nearly 300%.

The minimum bus fare in Buenos Aires has soared by over 400% since
Milei took office, as he ended the previous Peronist government's
price freeze on numerous public services and says that tough fiscal
medicine is necessary to revive the economy, recounts the report.

Argentina's government has touted its success taming inflation and
the boost to the state's finances by Milei's spending cuts, Reuters
relays. But inflation is still among the highest in the world,
while a recession continues to hit consumers hard and poverty is
nearing 60%, adds the report.

                      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.



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B A H A M A S
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FTX GROUP: Ex-Execs Who Testified v. Bank-Fried to be Sentenced
----------------------------------------------------------------
Luc Cohen at Reuters reports that sentencing hearings have been
scheduled for two former executives of bankrupt cryptocurrency
exchange FTX who testified against founder Sam Bankman-Fried, court
records showed on Tuesday, July 9.

Nishad Singh will be sentenced on Oct. 30 and Gary Wang will be
sentenced on Nov. 20 in Manhattan federal court, according to
Reuters. Each pleaded guilty to fraud.

Bankman-Fried in March was sentenced to 25 years in prison after
being convicted last year of stealing $8 billion from FTX
customers, in what prosecutors called one of the largest financial
frauds in U.S. history, recalls the report.

Prosecutors are expected to ask U.S. District Judge Lewis Kaplan to
take Singh's and Wang's cooperation into account when determining
their punishments, the report adds.

                        About FTX Group

FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations. Bankman-Fried agreed
to
step aside, and restructuring vet John J. Ray III was quickly
Named new CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  

According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.



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B R A Z I L
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AMERICANAS SA: Spanish Police Releases Ex-CEO Amid Fraud Probe
--------------------------------------------------------------
Leda Alvim of Bloomberg News reports that Americanas SA's ex-CEO
was released by Spanish Police amid fraud probe.

Miguel Gutierrez, the former chief executive officer of Americanas
SA, was released by Spanish police in Madrid after being detained
as part of an investigation over his role in the multi-billion
dollar accounting fraud at the Brazilian retailer, notes the
report.

The report relates that Gutierrez, who holds dual Spanish and
Brazilian citizenship, was detained in Madrid to testify to the
police and jurisdictional authorities.

He was released and has returned to his residence in Madrid,
his lawyers said, says Bloomberg News.

                About Americanas SA

Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail. It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.

The retailer nosedived in January 2023 after becoming mired in an
accounting scandal. The firm filed for bankruptcy at a court in Rio
de Janeiro on Jan. 19, 2023.

Americanas sought protection under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25, 2023. White &
Case LLP, led by John K. Cunningham, is the U.S. counsel.

ANDRADE GUTIERREZ: Fitch Lowers LongTerm IDR to 'CC'
----------------------------------------------------
Fitch Ratings has downgraded Andrade Gutierrez Engenharia S.A.'s
(AGE) Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) to 'CC' from 'CCC-' and the National Long-Term Rating to
'CC(bra)' from 'CCC-(bra)'. Fitch has also downgraded Andrade
Gutierrez International S.A.'s (AGI) senior secured notes due 2029
to 'CC'/'RR4' from 'CCC-/'RR4' and affirmed the senior secured
notes due 2040 at 'C'/'RR6'. Both issuances are irrevocably
guaranteed by AGE.

The downgrade reflects AGE's very high level of credit risk
following the company's momentary entrance in the cure period due
to missing an interest payment on June 28, 2024 for its USD413
million senior secured notes. The coupon payment of BRL105 million
(USD19 million) occurred two business days later after AGE managed
to collect receivables and raise additional funding and current
ratings reflect that event. Fitch recognizes the substantial
backlog improvements in 2024, but AGE's ability to convert these
contracts in cash flow from operations (CFO) in a profitable and
timely manner needs to be tested.

KEY RATING DRIVERS

Missed Coupon Payment: On June 28th, AGE missed AGI's BRL105
million (USD19 million) semi-annual interest payment on its USD413
million 9.00% senior secured notes due December 2029. The company
failed to accumulate enough cash in time to service this coupon.
Two business days later, on July 2nd, the company made the coupon
payments during the grace period, which under Fitch's rating
definitions is commensurate with a very high level of credit risk.

Backlog Recovery: AGE has managed to increase firm backlog during
the 1H2024 and has the challenge to execute these new contracts in
a profitable and timely manner to improve overall credit quality.
AGE closed March 2024 with a backlog of approximately BRL13
billion, which favorably compares to2023's BRL11 billion mark.
Fitch estimates backlog will end 2024 at BRL19 billion, aided by
the robust pipeline of bids in Brazil and abroad.

Slightly Positive FCF: AGE's operational cash flow is expected to
gradually recover as the company accelerates the execution pace of
its recently won contracts and manages to dilute fixed costs. Fitch
projects an EBITDA of approximately BRL370 million and CFO of
BRL170 million in 2024, increasing to BRL725 million and BRL340
million in 2025, respectively. FCF is estimated to reach a positive
BRL60 million in 2024 and BRL190 million in 2025, after investments
of BRL100 million and BRL150 million, respectively.

Weak Capital Structure: AGE is likely to maintain a highly levered
capital structure over the next two years, with net leverage around
8.0x in 2024, reducing to 4.0x in 2025. Fitch forecasts net debt
around BRL3.2 billion in December 2024 and BRL3.0 billion in 2025,
including the 2029 and 2040 notes, as well as the intra group
debenture.

Reducing Foreign Exchange Exposure: AGE is expected to reduce its
foreign exchange exposure as of 2025, as the company starts to
execute contracts abroad. In the first quarter of 2024, about 70%
of total debt, including AGI's bonds, were denominated in foreign
currency, while hard currency revenue averaged 30%. Foreign
activities are expected to increase to 50% of revenue in by 2025 as
the pace of the execution of projects abroad increases. AGI's bonds
and coupons are not hedged.

AGE's 'CC' Long-Term IDR reflects its very high credit risk after
the company momentarily entered into the cure period of the bond
interest.

KEY ASSUMPTIONS

- Backlog of BRL19 billion in 2024 and BRL20 billion 2025;

- Average conversion ratios of backlog into revenues of five years
in 2024 and three years in 2025, leading to net revenue of BRL4
billion and BRL7.8 billion, respectively;

- Capex of BRL106 million in 2024 and BRL156 million in 2025;

- No dividend distribution in the foreseeable future.

Key Recovery Rating Assumptions

The recovery analysis assumes AGE would be reorganized as a going
concern in bankruptcy rather than liquidated. Fitch assumes a 10%
administrative claim.

- AGE's going concern EBITDA is BRL300 million, reflecting
approximately 20% discount to Fitch's 2024 projections. The GC
EBITDA incorporates an improvement compared to previous assumptions
in light of the larger backlog AGE has obtained since the end of
2023;

- Fitch considers no gains from the potential collection of
past-due receivables and legal claims, as they would distort
recurring EBITDA;

- A 5x enterprise value multiple is used to calculate a
post-reorganization valuation, in line with the industry's
historical multiples;

- The approach considers the 2040 notes subordinated to the 2029.

Liquidation Value Approach

Fitch excluded this method because Brazilian bankruptcy law tends
to favor the maintenance of a business to preserve direct and
indirect jobs. Moreover, in extreme cases in which liquidation has
been necessary, asset recovery has been very difficult for
creditors.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade

- Sustainable cash flow generation improvement above Fitch's
expectations.

Factors that could, individually or collectively, lead to negative
rating action/downgrade

- The beginning of a default or default-like process, such as
entering into a cure-period or standstill;

- The announcement of debt restructuring.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: AGE has an estimated BRL140 million in interests to
be serviced in the 2H2024, of which BRL105 million relates to the
2029 coupon payment in December 28. In March 2024, cash position of
BRL197 million represented 44% of the short-term debt of BRL445
million.

AGE's total debt of BRL3.5 billion mainly consists of AGI's USD413
million bond due 2029 and USD63 million bond due 2040 (67% of total
debt), debentures with AGPar due to the sale of CCR (21%), working
capital lines (9%), CONSAG's debt (6%), and permanent asset loans
and others (1%). After the debt restructuring in early 2023, AGPar
remained with its 1st debenture issuance of approximately BRL300
million with final maturity in 2031 that will be serviced by AGE.

Issuer Appeal

The issuer appealed the decision of the original rating committee
In accordance with Fitch Ratings' policies, the issuer's request
was reviewed by an appeal review panel, which determined that an
appeal committee was warranted due to the availability of new
information. Relative to the original rating committee, the appeal
committee updated Fitch's assessment of the following Key Rating
Drivers: Backlog Recovery, Slightly Positive FCF, and Reducing
Foreign Exchange Exposure. The updates were not of sufficient
magnitude to affect the rating outcome of the original committee.
The outcome of the appeal committee, as detailed within this rating
action commentary, was not different to the original rating
committee outcome.

ISSUER PROFILE

Brazilian-based AGE is the engineering & construction unit of the
ultimate parent Andrade Gutierrez S.A. (AGSA), one of the largest
infrastructure groups in Brazil. AGE operates in Latin America,
Europe and Africa and had a backlog of BRL13 billion in March 2024,
considering affiliates Consag's and Inzag's projects.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

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
   -----------                ------                    -----
Andrade Gutierrez
Engenharia S.A.      LT IDR    CC     Downgrade         CCC-
                     LC LT IDR CC     Downgrade         CCC-
                     Natl LT   CC(bra)Downgrade         CCC-(bra)

Andrade Gutierrez
International S.A.

   senior secured    LT        CC     Downgrade   RR4   CCC-

   senior secured    LT        C      Affirmed    RR6   C

BRAZIL: Shows Remarkable Resilience as Inflation Declined, IMF Says
-------------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation with Brazil.

Over the past two years, Brazil's economy has shown remarkable
resilience as inflation has declined to within the target tolerance
interval. Real GDP growth in 2023, at 2.9 percent, was
significantly higher than projected at the start of the year, on
the back of record agricultural and hydrocarbon output, and
resilient services. Consumption was strong, amid a tight labor
market and a sizeable fiscal stimulus. Economic activity in early
2024 remained robust.

Growth is projected to moderate to 2.1 percent in 2024, reflecting
still restrictive monetary policy, a lower fiscal deficit, the
flood calamity in Rio Grande do Sul, and the normalization of
agricultural output. Growth is projected to strengthen to 2.5
percent over the medium term, an upward revision of 0.5 percentage
point since the 2023 Article IV Consultation, supported by
efficiency gains from the VAT reform and growing hydrocarbon
output. Investment in green growth opportunities could further lift
economic potential. Headline inflation is expected to return to the
3 percent target in the first half of 2026.

The balance of risks to the growth outlook has improved since the
2023 Article IV Consultation but remains somewhat tilted to the
downside, while uncertainty remains. Downside risks stem, on the
external front, from possible monetary policy miscalibration in
major economies, commodity price volatility, and global financial
instability. On the domestic front, supply disruptions from the
2024 flood calamity could be more severe than expected. Uncertainty
over fiscal measures could reduce policy credibility, resulting in
higher borrowing costs and increased risks of inflation
expectations de-anchoring. Upside risks stem from
stronger-than-expected household consumption, faster-than-expected
implementation of productivity-enhancing reforms, and investment in
green growth opportunities. A sound financial system, adequate FX
reserves, low reliance on FX debt, large government cash buffers,
and a flexible exchange rate continue to support Brazil's
resilience.

                  Executive Board Assessment

Executive Directors welcomed the Brazilian economy's remarkable
resilience during the disinflation process, as well as the expected
convergence to stronger potential growth over the medium term. They
also commended the authorities' progress in advancing their
ambitious agenda for sustainable and inclusive growth. Looking
ahead, they encouraged the authorities to ensure the continued
convergence of inflation to target, secure fiscal sustainability,
and continue to pursue structural reforms to tackle long-standing
challenges.

Directors commended the authorities' commitment to continue
improving the fiscal position supported by expenditure and revenue
measures. They welcomed the VAT reform, which is expected to boost
productivity, create formal employment, and improve taxation
equity. Many Directors recommended a sustained and more ambitious
fiscal effort that puts public debt on a firmly downward path and
opens space for priority investments. Broadening the tax base,
rationalizing inefficient tax expenditures, tackling budget
rigidities, and enhancing the efficiency of social transfer
programs would support this effort. An enhanced fiscal framework
with a strong medium-term fiscal anchor would reinforce credibility
and sustainability.

Directors welcomed the authorities' decisive efforts to bring down
inflation. They commended the careful pace of monetary policy
easing, which is consistent with the inflation targeting framework,
and stressed that maintaining flexibility on the pace and length of
the easing cycle will remain important. They noted that the Central
Bank of Brazil's (BCB) policies and commitment to the 3-percent
inflation target bode well for the further decline in inflation
expectations. The continued credibility of both fiscal and monetary
policy frameworks will be important in this regard. Directors noted
that the flexible exchange rate regime and adequate FX reserves
remain valuable shock buffers. They positively noted the ongoing
implementation of the plan to gradually reduce the financial
transaction tax on certain foreign exchange transactions to zero,
which would eliminate a multiple currency practice.

Directors concurred that the financial system remains resilient,
systemic risks are contained, and banks are highly liquid and
adequately capitalized. They welcomed steps to strengthen the
oversight of non-bank financial institutions, address households'
debt burden, and lower credit costs. Directors emphasized that
careful management of a bigger role for public banks is warranted
to mitigate potential risks to the fiscal position, monetary policy
transmission, and market efficiency. They welcomed the authorities'
financial innovation agenda, which has promoted financial
inclusion, efficiency, and competition. They concurred that
providing the BCB with flexibility to cover operating expenses
would support continued progress with technological innovations.

Directors welcomed the progress in implementing Brazil's Ecological
Transformation Plan. They commended the authorities on their
commitment to halt illegal deforestation and welcomed the new
carbon market framework and progress in designing instruments to
attract longer-term green financing, and more generally welcomed
Brazil's pioneering role in this area. These initiatives are
expected to facilitate the transition to a low-carbon economy,
encourage investment in sustainable projects, and boost economic
output. Directors also emphasized that continued efforts to advance
trade integration, strengthen the anti-corruption and AML/CFT
frameworks, and facilitate skills upgrading would yield significant
gains in potential growth. Directors welcomed Brazil's leadership
role during their G20 Presidency.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

As reported in the TCR-LA on May 6, 2024, Moody's Ratings affirmed
the Government of Brazil's long-term issuer and senior
unsecured bond ratings at Ba2, senior unsecured shelf rating at
(P)Ba2 and changed the outlook to positive from stable. Moody's
assesses thatBrazil's real GDP growth prospects are more robust
than in the pre-pandemic years, supported by the implementation of
structural reforms over multiple administrations, as well as the
presence of institutional guardrails that reduce uncertainty
around future policy direction. The outlook change to positive is
underpinned by Moody's assessment that more robust growth combined
with continued, albeit gradual, progress towards fiscal
consolidation, may allow Brazil's debt burden to stabilize.
However, there are risks to the government's execution of
continued fiscal consolidation.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."

Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-TermForeign-Currency Issuer Default Rating (IDR) at 'BB' with
a StableOutlook. Fitch said Brazil's ratings are supported by its
large and diverse economy, high per-capita income, and deep
domestic markets and a large cash cushion that support the
sovereign's financing flexibility and its high local-currency debt
share. Strong external finances support resilience to shocks,
underpinned by a flexible exchange rate, robust international
reserves and a sovereign net external creditor position. The
ratings are constrained by weak economic growth potential,
relatively low governance scores, high and rising government
debt/GDP, and budgetary rigidities. A new fiscal framework
introduced this year aims to anchor a gradual consolidation process
and address these fiscal weaknesses, but its effectiveness is
increasingly unclear.

DBRS Inc., on August 15, 2023, upgraded Brazil's Long-TermForeign
and Local Currency - Issuer Ratings to BB from BB (low).At the same
time, DBRS Morningstar confirmed Brazil'sShort-term Foreign and
Local Currency - Issuer Ratings at R-4.The trend on all ratings is
Stable (March 2018).



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

JAMAICA: UWJ Launches $20-Million Lifeline for Farmers
------------------------------------------------------
Jerome Williams at Jamaica Observer reports that in response to the
damage caused by Hurricane Beryl to farmers across Jamaica, United
Way of Jamaica (UWJ) launched a Farmer's Rehabilitation Fund (FRF)
with the aim of raising up to $20 million to provide immediate and
long-term support to affected farming communities.

Board chairman at UWJ, Dr Devon Smith, while speaking during the
launch held at the offices of the Private Sector Organization of
Jamaica, said the entity is aiming to mobilize resources and
provide financial support to affected farmers, specifically in the
parishes of Clarendon, St Elizabeth, and Manchester who were more
severely impacted by Beryl, according to Jamaica Observer.

"The Farmer's Rehabilitation Fund will facilitate access to
critical resources including seeds, equipment, and financial aid to
help farmers restore their livelihood.  This recovery is not about
rebuilding what has been lost, but it is about to strengthen the
infrastructure [and] strengthen the capacity so that we can
withstand the future challenges," said Smith, the report notes.

In an attempt to attract funding from local and international
investors, Smith said the United Way Worldwide launched a micro
site to raise funds for Hurricane Beryl victims right across the
region, with a section dedicated for people to contribute directly
to Jamaica, the report relays.

He added that the UWJ will engage in a number of site visits
between July 16 and 25 and is aiming to start the distribution of
tools and financial resources to farmers by as early as July 30,
the report relays.

"What I am indicating here is that we have an aggressive timeline
and it is therefore important that everyone comes on board to
ensure that they can support this timeline, the report discloses.

"Each passing day that we are not able to respond is each passing
day that we are making it more difficult for the citizens of this
country," said Smith as he urged private and public organisations
to collaborate with the UWJ to strengthen its effort to provide
effective assistance for local farmers through the FRF initiative,
the report discloses.

"We know the overall devastation that Hurricane Beryl has had on
the agriculture sector, leading to crop and infrastructure damage,
life stock losses, soil erosion, and economic challenges for our
farmers. As a country we must be able to rally round to support our
farmers, our brothers and sisters, those citizens who ensure we
have access to food in our families and communities," he explained,
the report says.

When asked about the process farmers will have to take to benefit
from this programme, senior strategist at the Ministry of
Agriculture, Fisheries and Mining Michael Pryce explained that
representatives of the Jamaica Agricultural Society (JAS) and the
Rural Agricultural Development Authority (RADA) have started to do
registration in the communities and are assessing the damage, the
report notes.  Pryce noted that all farmers affected will be able
to benefit from the initiative, the report relays.

"We are not going to be restricting it to only registered farmers,
everybody suffered damage, and we will be there…that's a
policy-level decision that I am making here, but I don't think as a
ministry we would ever decide that we are only doing registered
farmers," he added.

Pryce used the opportunity to encourage all agencies to join the
initiative as they aim to help farmers replace other damages, the
report discloses.

"I have been out there and farmers are there, and yes, they want to
get back to their farming, but there is no roof and that is also of
importance to them. I felt helpless, because as the Ministry of
Agriculture we cannot say anything about rebuilding houses, but we
have to partner with all agencies within Government to ensure the
well-being of the farming population and their relatives is taken
care of," said Pryce, the report relays.

Chairperson at Seprod and Musson Foundations, Melanie Subratie,
while describing the importance of farmers to food distributors
across Jamaica, announced a commitment to donating $2 million to
the rehabilitation fund, the report notes.

"We believe our contribution along with the efforts of United Way
of Jamaica . . . . and other partners here today will make a
significant difference in the lives of those affected and also the
lives of everyone else who is dependent on agriculture all the way
down the supply chain in Jamaica," said Subratie, the report says.

United Way of Jamaica is part of a global network mandated to
mobilising resources for the vulnerable and marginalised groups in
the society, including education, health, and income-generating
activities, the report adds.

                       About Jamaica

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

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

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

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



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

PUERTO RICO: PREPA Creditors Extend Broad Repayment Fight
---------------------------------------------------------
Michelle Kaske of Bloomberg News reports that a group of
bondholders and insurers of Puerto Rico Electric Power
Authority debt extended a cooperation agreement to oppose the
bankrupt utility's proposal to drastically reduce its obligations.

Assured Guaranty, Syncora Guarantee and GoldenTree Asset
Management, along with an ad hoc group of investors including
Invesco Advisers Inc. and MacKay Shields LLC, continued to Sept. 30
a pact to work together in their negotiations with Puerto Rico's
financial oversight board, the manager of the utility's bankruptcy,
according to a court filing.

               About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf                       


On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains the case Website
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.

PUERTO RICO: PREPA Loses Support of Insurer on Debt-Cutting Plan
----------------------------------------------------------------
Michelle Kaske of Bloomberg News reports that potential changes to
Puerto Rico Electric Power Authority's debt-cutting plan have lost
support of National Public Finance Guarantee after an appeals
court
expanded creditors' allowable claims.

Puerto Rico's financial oversight board, which is managing the
utility's bankruptcy, is seeking to amend a debt-cutting plan in
part by reallocating some of National's recoveries to bondholders,
a move the bond insurer rejects, according to a joint status report

filed with the court.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs,
(ii)Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf                       



On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains the case Website
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.



                           *********


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
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Chapman, Editors.

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