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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 25, 2024, Vol. 25, No. 149

                           Headlines



B E R M U D A

NABORS INDUSTRIES: Projects $735MM Revenue in Fiscal Q2


B R A Z I L

BRAZIL: May Miss Fiscal Target as Lula Questions Spending Cuts
[*] JBS SA: Invests in Huon Aquaculture


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Mulls Boosting Shopping Tourism w/ Tax Refunds
[*] DOMINICAN REPUBLIC: To Reach US$4,500MM in FDI by Year's End


J A M A I C A

JAMAICA: Inflation in Target Band for Fourth-Straight Month
[*] JAMAICA: 26% of Households Received Remittances up to June 2024


P U E R T O   R I C O

ORENGO AIR: Hires Jaqueline I Rivera Gonzalez as Accountant

                           - - - - -


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B E R M U D A
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NABORS INDUSTRIES: Projects $735MM Revenue in Fiscal Q2
-------------------------------------------------------
Nabors Industries Ltd.'s preliminary results for the second quarter
continued to highlight the ongoing international expansion and
relatively stable activity and pricing in its U.S. markets. Revenue
and EBITDA estimates met the Company's expectations with adjusted
free cash flow somewhat stronger than anticipated. The Company
expects that for the three months ended June 30, 2024:

     (i) operating revenue to be approximately $735 million,

    (ii) income (loss) before income taxes of between ($5) million
and $5 million,

   (iii) adjusted EBITDA of approximately $218 million, and

   (iv) adjusted free cash flow of between $55 million and $60
million.

During the same quarter, Nabors averaged 68.7 rigs operating in
the Lower 48 at an average gross margin of $15,598 per rig day and
averaged 84.4 rigs operating internationally at an average gross
margin of $16,050 per rig day. Nabors will hold its previously
announced earnings conference call on July 24, 2024, at 10:00 a.m.
CT.

Nabors is currently finalizing its financial results for the three
and six months ended June 30, 2024. The financial results discussed
above and below for the three months ended June 30, 2024 are
preliminary, based upon estimates and subject to completion of
financial and operating closing procedures. Such preliminary
operating results do not represent a comprehensive statement of
financial results or operating metrics for this period and actual
results and metrics may differ materially from these estimates
following the completion of Nabors' financial and operating closing
procedures, or as a result of other adjustments or developments
that may arise before the results for this period are finalized. In
addition, even if actual results and metrics are consistent with
these preliminary results, those results or developments may not be
indicative of results or developments in subsequent periods.

Nabors has provided a range for certain of the preliminary results
described above because the financial closing procedures for the
quarter ended June 30, 2024 are not yet complete. As a result,
there is a possibility that Nabors' final results will vary from
these preliminary estimates. Nabors currently expects that its
financial results will be within the ranges described above. It is
possible, however, that final results will not be within the ranges
currently estimated.

                           About Nabors

Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several international markets.  Nabors
also provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.

Nabors Industries reported a net loss of $11.8 million for the year
ended December 31, 2023, a net loss of $307.22 million in 2022, a
net loss $543.69 million in 2021, a net loss of $762.85 million in
2020, a net loss of $680.51 million in 2019, a net loss of $612.73
million in 2018, and a net loss of $540.63 million in 2017. As of
March 31, 2024, the Company had $4.64 billion in total assets,
$3.37 billion in total liabilities, and $522.82 million in total
stockholders' equity.

                            *    *    *

In September 2023, Egan-Jones Ratings Company upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Nabors Industries, Inc. to CCC+ from CCC-.

In March 2024, S&P Global Ratings revised its outlook to stable
from positive and affirmed its 'B-' issuer credit rating on Nabors
Industries Ltd. At the same time, S&P affirmed its 'B-' issue-level
rating on the company's senior priority guaranteed notes with
recovery rating of '3' and 'CCC' issue-level rating on the
company's priority guaranteed notes with recovery rating of '6'.
The stable outlook reflects S&P's expectation for the company's
operating performance, industry fundamentals, near-term debt
maturity profile, and credit metrics to remain appropriate for the
'B-' issuer credit rating. The outlook revision reflects S&P's
expectation of reduced free cash flow generation and lower than
anticipated debt reduction.

In July 2024, S&P Global Ratings assigned its 'CCC' issue-level
rating and '6' recovery rating to Bermuda-based drilling contractor
Nabors Industries Ltd.'s proposed $550 million senior guaranteed
notes due 2031. The company's subsidiary, Nabors Industries Inc.
will issue the notes. The '6' recovery rating indicates its
expectation of negligible (0%-10%; rounded estimate: 0%) recovery
of principal by creditors in the event of a payment default.



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B R A Z I L
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BRAZIL: May Miss Fiscal Target as Lula Questions Spending Cuts
--------------------------------------------------------------
Reuters reports that Brazilian President Luiz Inacio Lula da Silva
said he needs convincing on the need for his government to cut
spending, and did not rule out the possibility of Brazil not
complying with its fiscal target, according to extracts of an
interview to be published on Tuesday, July 16.

"It's a matter of vision," Lula said in the interview with local
broadcaster Record TV, after being asked about the fiscal target,
notes the report. "You are not obligated to set a goal and achieve
it if you have more important things to do."

Lula said, however, that Brazil will do "whatever is needed" to
meet its fiscal target, which aims to eliminate the primary
deficit, with a tolerance band of 0.25 percentage point of GDP in
either direction, adds the report. He also said it would "not be a
problem" for Brazil to post primary deficits of 0.1% or 0.2% of
GDP.

                          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).

[*] JBS SA: Invests in Huon Aquaculture
---------------------------------------
just-food.com reports that meat processor JBS is channeling
investment into its Huon Aquaculture salmon-farming business in
Australia.

The Brazil-headquartered company said it will plough A$110m
($73.6m) into Huon's land-based Whale Point farm in Tasmania,
according to just-food.com.

JBS said the funds will used to build a salmon hatchery capable of
rearing seven million fish. Work is expected to begin next year
with a target completion date sometime in 2027, the report notes.

Huon was acquired by JBS in 2021, marking the meat giant's entry
into seafood, the report relays.  The company, headquartered in
Hobart, Tasmania, is the second-largest salmon farming business in
Australia, the report discloses.

JBS added the Whale Point project will enable Huon to farm salmon
for longer in tanks, giving the fish more time to mature before
being released into sea-based pens, the report says.  The site, the
company's first hatchery, was opened in 2019, the report notes.

Henrique Batista, the CEO of Huon, said in a statement 150 jobs
will be created during the construction phase, the report relays.
The business employs 1,000 staff in Australia.

"Salmon will spend most of its production cycle on land thanks to
the strengthening of our installed capacity," Batista said. "The
investment also increases the water reuse rate at the unit, which
now reaches 99%," he added.

The project has been in the pipeline since May, when Huon said
eight permanent jobs would be created, as well as the construction
phase positions, the report discloses.

Batista added that waste from the Whale Point site is also
processed and treated and then used as fertiliser by local cherry
farmers and also in pet food, the report relays.

Founded in 1986, Huon farmed salmon are processed for sale in
retail, with an assortment such as fresh Atlantic salmon, smoked
salmon, caviar and pate, the report recalls.

When JBS completed the deal in 2021 after a drawn out process with
Australia's Foreign Investment Review Board, local courts and
Huon's shareholders, the company was operating 13 production sites
and three product processing facilities in Australia, the report
notes.

During the deal process, JBS said Huon had invested more than
A$350m over a five-year period in infrastructure and sustainable
practices in the salmon production cycle, "positioning the company
for sustainable growth," the report says.

In the 2023 fiscal year, JBS generated $73bn in revenue, an
increase of 0.4% on the prior 12 months. Adjusted EBITDA fell 49%
to $3.5bn, while the group delivered a $199m loss versus a $3bn
profit a year earlier, the report relays.

For the Australia division, which also includes beef and pork
processing, revenue dropped 1.8% to $6.2 billion, with adjusted
EBITDA up 2.4% at $454.7m. A net figure was not provided, the
report adds.

                         About JBS SA

As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook
on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A.
(JBS USA) to positive from stable and affirmed its 'BB+' issuer
credit rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.



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

DOMINICAN REPUBLIC: Mulls Boosting Shopping Tourism w/ Tax Refunds
------------------------------------------------------------------
Dominican Today reports that the Association of Hotels and Tourism
of the Dominican Republic (Asonahores) is advocating for a new
initiative aimed at promoting shopping tourism in the country. This
proposal suggests implementing regulations that would enable
tourists to receive a refund of the Value Added Tax (ITBIS) on
industrialized goods and services purchased during their stay,
according to Dominican Today.

Aguie Lendor, the executive vice president of Asonahores,
highlighted that the lack of tax incentives is a major obstacle
hindering increased tourist spending in the Dominican Republic, the
report notes.  Drawing parallels with Spain, where tourists can
claim a tax refund on purchases made, Lendor emphasized the
potential benefits for local businesses including hotels,
restaurants, taxi services, and tour operators, the report relays.

The suggested system mirrors Spain's approach, allowing tourists to
recover 18% of the ITBIS on purchases above a specified minimum
expenditure threshold, Dominican Today notes.  This, according to
Lendor, would make the Dominican Republic more appealing to
high-spending tourists who not only patronize luxury stores but
also contribute significantly to local services and cultural
experiences, the report says.

Lendor argued that such a regulation would bolster the local
economy without adversely affecting tax revenues, as tourists
typically export purchased goods back to their home countries, akin
to exporting products, the report discloses.

In 2023, the Dominican Republic welcomed approximately ten million
visitors, with a substantial portion arriving by air and staying in
local accommodations, thereby driving consumer spending, the report
relays.  However, questions remain about the economic impact of
cruise passengers, the report notes.

Despite reaching significant tourism revenue totaling over
US$9,751.0 million last year, slightly below government
projections, Asonahores and the Ministry of Tourism (Mitur) remain
optimistic about the potential to surpass the US$10,000 million
mark with enhanced incentives for tourist spending, the report
relays.

The proposal aims to stimulate economic activity by aligning with
global practices in tourism and consumer tax policies, potentially
making the Dominican Republic a more competitive destination in the
international tourism market, the report adds.

                 About Dominican Republic

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

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

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

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

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

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

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

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

[*] DOMINICAN REPUBLIC: To Reach US$4,500MM in FDI by Year's End
----------------------------------------------------------------
Dominican Today reports that President Luis Abinader disclosed an
ambitious vision to transform the Dominican Republic into a fully
developed nation by 2036, aiming to double its real gross domestic
product (GDP).  This vision includes an average annual economic
growth of 6%, creating 1.7 million new jobs, tripling the average
salary, achieving investment grade, and becoming the most
prosperous economy in Latin America, according to Dominican Today.

Highlighting the growth of foreign direct investment (FDI),
President Abinader projected that the Dominican Republic will reach
$ 4,500 million in FDI by the end of this year, a milestone he
described as "unprecedented in the economic history of the
country," the report notes.

He also cited the World Bank's economic growth projections for the
Dominican Republic, predicting a 5% growth rate for 2024 and 2025,
the report relays.  This rate is consistent with the average growth
over the past 50 years and is the highest in Latin America, the
report says.  President Abinader emphasized that the Dominican
Republic's growth rates are double the global and regional
averages, driven by structural reforms aimed at attracting and
expanding FDI, the report discloses.

The President reiterated that the country's recent economic
stability has been crucial in creating a favorable business
environment, the report relays.  "In the last four years, we have
strengthened our foundation of resilience and social dynamism,
demonstrating that we are a nation capable of prospering even amid
global uncertainty," he stated, 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.




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J A M A I C A
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JAMAICA: Inflation in Target Band for Fourth-Straight Month
-----------------------------------------------------------
Dashan Hendricks at Jamaica Observer reports that inflation in
Jamaica continued in the target band for a fourth-straight month in
June, a sign that the worst price spike in the country in more than
decade is steadily fading and may soon usher in interest rate cuts
by the Bank of Jamaica (BOJ).

Data released by the Statistical Institute of Jamaica (Statin)
showed prices, measured from one year earlier, were up 5.4 per
cent, a slightly faster pace of increase than May's 5.2 per cent,
but still within the 4 per cent to 6 per cent band targeted by the
central bank, according to Jamaica Observer.  The one-year price
increase has been within the band over the four months March to
June. This is the first time in three years in which inflation has
stayed within the target band for four straight months, the report
notes.  The last time this happened was from April 2021 to July
2021, before price increases pushed the BOJ to start hiking its
policy rate before pausing it at 7 per cent in November 2022, the
report relays.

Yet, two out of three players in the financial sector responding to
a Jamaica Observer survey said they still do not expect to see the
central bank starting to cut rates when its monetary policy
committee (MPC) meets next on August 20, the report discloses.  The
others say some easing may start then, while the biggest bet is
that rate cuts will start in September, if the current trajectory
with inflation holds, the report says.  It is too early to assess
the impact Hurricane Beryl will have on prices, the report notes.

Adrian Stokes, a financial economist and chief executive officer of
Quantas Financial Group, an alternative investments management
business, said that while the hurricane could impact agricultural
prices, "this is expected to be transient and really shouldn't
impact monetary policy," the report relays.

He argued the overall trajectory of price increases over the last
four months show "the global inflation impulses that drove price
rises in Jamaica have now fully abated", telling
BusinessWeek, "this means we will continue to see the price level
growing at a fairly modest pace," the report notes.

Yet for him, the biggest issue is the "real risk" the country faces
from a "material slowdown in economic growth" emanating from the
prolonged period of high interest rates, the report relays.

Unemployment was last measured at 5.4 per cent, though it's hard to
ascertain if it is higher than the near historic low it was a year
earlier, since the way in the which the data are measured was
changed, the report discloses.  But the economy is showing visible
signs of slowing with growth measured at 1.4 per cent in the first
quarter of the year, compared to 4.2 per cent a year earlier, the
report relays.

But even as inflation continued to slow, the cost of food,
transport and electricity remains higher than they were before the
pandemic, the report notes.

Food prices rose 4 per cent in the last year while rising rent and
electricity costs meant household expenses were up 5.4 per cent,
the report says.  Health-care costs were 4.4 per cent higher while
the cost of education went up 15.6 per cent, the report relays.
Transportation costs on the other hand went up 11.1 per cent, in
the last year due mainly to the lingering impact of fare increases,
the report notes.

Still, inflation is now far below the peak of 11.9 per cent
recorded in April 2022, the report recalls.

Over in the United States, analysts are expecting the Federal
Reserve to start cutting rates in September, with prices pressures
seemingly abating, though inflation still hovers above the 2 per
cent mark, the report discloses.  By the Feds preferred gauge,
inflation is running at 2.6 per cent, the report says.

Here in Jamaica, the central bank has already signalled rate cuts
could happen this year, depending on the data, but has already
started to ease pressure in the market by cutting back on how much
money it absorbs from the market, the report notes.  Increasing
money supply should, in theory, result in banks reducing interest
rates to get people to borrow, 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.

[*] JAMAICA: 26% of Households Received Remittances up to June 2024
-------------------------------------------------------------------
RJR News reports that twenty-six per cent of local households say
they were in receipt of remittances up to the end of the second
quarter this year.

Following the latest Consumer Confidence Survey, Executive Chairman
of Market Research Services Don Anderson, said the number of
households receiving funds from overseas, has not returned to
pre-pandemic levels, according to RJR News.

It was 29 per cent in 2021 and 26 per cent in 2022, during the
height of COVID-19. Up to the end of the second quarter of 2023, it
was 27 per cent of households that said they received remittances,
the report notes.

"The real factor of course is that the significant bulk of our
remittances come from the developed markets, the United States, UK
and Canada, in that order.  And obviously, those countries have
been affected by COVID, and that's the result of that falloff
between 2020 and 2024 in the incidence of persons across the
country that receive remittances.  It hasn't picked up.  It bumped
up a little bit in 2023, back down to 26 per cent in 2024, up to
date, year-to-date first quarter and second quarter," Mr. Anderson
disclosed, the report relays.

In the Jamaica Chamber of Commerce commissioned survey, 30 per cent
of the respondents who were getting money from overseas, were
getting more money than three years ago, the report discloses.

Thirty-five per cent said they were getting less funds than they
did three years ago, the report says.

Thirty-one per cent received the same amount of money, while five
per cent said they have not been receiving money from overseas for
that long, the report relays.

The Consumer Confidence Survey started tracking remittances in
2011, 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
=====================

ORENGO AIR: Hires Jaqueline I Rivera Gonzalez as Accountant
-----------------------------------------------------------
Orengo Air Corporation seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Jaqueline I Rivera
Gonzalez as its accountant.

The accountant will render these services:

     a. review of accounting records for preparation of month and
year end accounting and financial reports;

     b. prepare monthly reconciliations of all bank accounts;

     c. accumulate payroll transactions to produce quarterly and
annual payroll tax returns; and

     d. prepare liquidation analysis, financial projections, claim
reconciliation and related financial documents as support for a
Plan of Reorganization.

Ms. Gonzalez will charge a fee of $500 monthly.

Ms. Gonzalez assured the court that she is a disinterested party
within the provisions of 11 USC sec. 101(14).

The accountant can be reached through:

     Jaqueline I Rivera Gonzalez
     P.O. Box 9074
     Ponce, PR 00732
     Tel: (787) 843-1679

        About Orengo Air Corporation

Orengo Air Corporation filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
24-01434) on April 9, 2024, listing $2,366,403 in assets and
$5,312,448 in liabilities. The petition was signed by Luis D.
Torres Orengo as president. Jose M Prieto Carballo, Esq. at JPC LAW
OFFICES represents the Debtor as counsel.



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