/raid1/www/Hosts/bankrupt/TCRLA_Public/240903.mbx        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

          Tuesday, September 3, 2024, Vol. 25, No. 177

                           Headlines



A R G E N T I N A

ARGENTINA: Recession Grinds on as Economy Contracts
YPF S.A.: S&P Rates New Senior Unsecured Notes Due 2031 'CCC'


B R A Z I L

BRAZIL: Plans to Help Mid-Sized Companies Tap Debt, Equity Markets


J A M A I C A

JAMAICA: BOJ Projects Decline in Economy for 2024-25 Fiscal Year
JAMAICA: BOJ to Expand Outreach Islandwide


P E R U

COMPANIA DE MINAS: Moody's Ups CFR to B1, Alters Outlook to Pos.


T R I N I D A D   A N D   T O B A G O

TRINIDAD CEMENT: Parent Eyes Gas Replacement

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Recession Grinds on as Economy Contracts
---------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentina's
economy unexpectedly contracted in June, shrinking for the fourth
time in six months as a deep recession weighs down early signs of
recovery.   

Economic activity dropped 0.3 percent in June from May, compared
with analysts' expectations for 0.4 percent growth, according to
Bloomberg News.  From a year ago, activity fell 3.9 percent,
according to government data, Bloomberg News relays. Almost all
sectors in Argentina's economy posted annual declines except for
farming, fishing and mining, Bloomberg News notes.

Argentina's economy is showing incipient signs of recovery from
recession, a turnaround that would be key for President Javier
Milei's bid to build momentum before next year's midterm elections,
Bloomberg News says.  Wage growth has edged above inflation for
three straight prints on a monthly basis through June. Consumer
spending and the construction sector both posted gains in recent
months, Bloomberg News notes.

Those gains, however, are far overshadowed by the towering losses
Argentina's economy suffered in the months prior as it entered
recession with inflation currently over 263 percent, Bloomberg News
relays.  Wages, retail sales and blue-collar industries are all
still down so far this year. Economists surveyed by Argentina's
Central Bank estimate gross domestic product will contract 3.7
percent in 2024, Bloomberg News discloses.   

                      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 Aug. 8, 2024, affirmed its 'CCC/C' foreign
and local currency sovereign credit ratings on Argentina. S&P also
affirmed its 'raB+' national scale rating on the country. The
outlook on the long-term ratings remains stable. S&P's 'CCC'
transfer and convertibility assessment for Argentina remains
unchanged.

S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and other
uncertainties with recent progress in making fiscal adjustments,
reducing inflation, and undertaking structural reforms to address
long-standing microeconomic weaknesses that have contributed to
poor economic performance for many years.s 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.

YPF S.A.: S&P Rates New Senior Unsecured Notes Due 2031 'CCC'
-------------------------------------------------------------
S&P Global Ratings assigned its 'CCC' issue-level rating to YPF
S.A.'s (CCC/Stable/--) proposed senior unsecured notes due 2031.
YPF will use the proceeds to tender up to $500 million of its
outstanding 8.5% senior unsecured notes due July 2025 and its 6.95%
July 2027 notes, and for other general corporate purposes. With
this transaction, the company would start refinancing its 2025
maturities that total $1.9 billion.

S&P said, "We rate the proposed notes at the same level as the
issuer credit rating because we don't believe the company has
material financial obligations that would rank ahead of its
unsecured debt by way of structural or contractual subordination in
a default scenario.

"Our 'CCC' ratings on YPF are lower than its 'b' stand-alone credit
profile (SACP). We continue to cap our ratings on YPF at our
transfer and convertibility assessment of Argentina. Although the
new administration has gradually eased restrictions on transferring
funds abroad, particularly for debt payments and imports, we
believe Argentina's macroeconomic conditions, and particularly its
external position, remain fragile.

"Our SACP on YPF reflects its competitive position as Argentina's
leading energy company, operating a fully integrated oil and gas
chain with leading market positions across the domestic upstream
and downstream segment. It also reflects the relatively low
leverage, tempered by the company's exposure to the country's
fragile economy and volatile regulatory framework.

"We expect YPF to report adjusted EBITDA of $5.1 billion in 2024
and $5.9 billion in 2025, and leverage of 2.2x and 1.9x,
respectively, includes gross debt, operating leases, and asset
retirement obligations. On the other hand, we forecast negative
free cash flow for the next two years.

"The rating on the bond is subject to our review of the final
issuance documentation."





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B R A Z I L
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BRAZIL: Plans to Help Mid-Sized Companies Tap Debt, Equity Markets
------------------------------------------------------------------
Bloomberg News reports that Brazil is sketching out a plan to
provide mid-sized companies with better access to the country's
capital markets, part of an effort by President Luiz Inacio Lula da
Silva to bolster growth.

The goal is to make it easier for companies to tap debt or equity
markets, according to Marcos Pinto, secretary for economic reforms,
the report notes.  The ideas, which are still being hashed out,
include lowering fees associated with issuances and simplifying
audit requirements, he said in an interview, according to the
report.

                          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
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JAMAICA: BOJ Projects Decline in Economy for 2024-25 Fiscal Year
----------------------------------------------------------------
RJR News reports that the Bank of Jamaica is projecting that the
economy could decline by the end of the 2024/2025 fiscal year.

BOJ Governor Richard Byles says this fallout, for the period which
runs from April this year to March 2025, would be linked to the
fallout from Hurricane Beryl in July, according to RJR News.

It is also underpinned by contractions in agriculture, forestry,
fishing and construction, the report notes.

"The bank projects that real economic activity will be in the range
of minus 1.5% to 0.5%, while real GDP in the financial year 2025-26
is projected to grow by 1.5% to 3.5% . . . .  The outlook for
financial year 25-26 reflects a partial rebound in economic
activity following the declines of financial year 24-25," said Mr.
Byles, the report relays.

                         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: BOJ to Expand Outreach Islandwide
------------------------------------------
Karena Bennett at Jamaica Observer reports that Bank of Jamaica
(BOJ) has recommitted its efforts at incorporating countrywide
perspectives into its policymaking, with Montego Bay serving as the
first stop in an expanded outreach programme.

The move, marking BOJ's return to the city for the first time since
2017, underscores the central bank's recognition of the critical
role that economic hubs outside Kingston play in the national
economy, according to Jamaica Observer.

Speaking at BOJ's quarterly monetary policy press conference,
Governor Richard Byles outlined the rationale for the bank's
decision to engage more directly with stakeholders from various
industries across the island, the report notes.

"The Bank of Jamaica recognises that its policies and operations
affect different stakeholders in different ways.  We are therefore
committed to maintaining an outreach program that gives voice to a
wide cross section of stakeholders," Byles said, the report
relays.

He added that BOJ's presence in the second city is part of a
broader strategy to ensure that its policies are responsive to the
needs of diverse sectors, including tourism, business process
outsourcing (BPO), and commerce, the report notes.

The decision to host the press conference in Montego Bay -
Jamaica's tourism capital - rather than at BOJ's Kingston
headquarters follows recent reports from major tourism players of
weaker half-year results, with the decline in sales and bookings
largely attributed to the US State Department's issuance of a Level
3 advisory against travel to Jamaica due to safety concerns.
Hurricane Beryl, a Category 5 storm that battered the western side
of the island in July, exacerbated the challenges, the report
discloses.

The forecast is that year-end tourism numbers will be down,
compared to 2023, but still in line with pre-pandemic levels, the
report says.

"The travel advisory that came out in January was highly
publicised, and it really put a damper on tourism," said Robin
Russell, president of Jamaica Hotel and Tourism Association (JHTA),
during the press conference, the report notes.

However, he expressed confidence that the sector would still
outperform pre-pandemic benchmarks. "Beryl did not help, and we
lost an important week because it was the July 4th holiday, but we
have recovered - not to 2023 levels, which was an exceptional year,
but we are back to our benchmark year of 2019," Russell explained,
the report relays.

The central bank's visit to Montego Bay also opened doors for
meetings with a wide cross section of stakeholders, including
representatives from the social sector, civil society, and
political figures from across the north-western region, the
report.

"Montego Bay has a very large constituency, an important
constituency of players in the economy, and I think it is just
appropriate that we come here, not just to speak as we are doing
now but to hear from them what is their experience . . . . So it's
[presence in Montego Bay] in recognition of the need for the BOJ to
listen as well as we speak," Byles said, the report discloses.

The governor also highlighted that this outreach is part of a
broader strategy to decentralise BOJ's operations, reflecting the
significance of parishes outside Kingston, the report says.

"We have been to Mandeville before, and we intend to take some of
these events out into the rest of the country in the near future.
Montego Bay is the first step in that direction . . . Kingston is
not Jamaica," 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.




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P E R U
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COMPANIA DE MINAS: Moody's Ups CFR to B1, Alters Outlook to Pos.
----------------------------------------------------------------
Moody's Ratings upgraded Compania de Minas Buenaventura S.A.A.'s
(Buenaventura) Corporate Family Rating and Senior Unsecured Notes
to B1 from B2. The outlook changed to positive from stable.

RATINGS RATIONALE

The upgrade reflects Buenaventura's operating improvement based on
increased production from new infrastructure and mine plan
improvements in El Brocal, Yumpag and Uchucchacua mines, which
together will contribute 59% of the company's cash flows, on
average in 2025. Consolidated EBITDA generation and cost position
will improve further, once San Gabriel mine is fully operational,
in the second half of 2025 leading to self-sustained direct
operations and reducing the company's dependency on dividends from
its 19.58% stake in Sociedad Minera Cerro Verde SAA (Cerro Verde).

Buenaventura has good liquidity supported by $172 million in cash
as of June 2024. Other sources of liquidity include the company's
$200 million in committed credit facilities, $170 million in net
asset sales after tax (sale price was $210 million) executed in
August 2024 and around $120 million in dividends from Cerro Verde.
These cash sources will be sufficient to address Buenaventura's
debt maturities of $31 million per year and $40 million in interest
servicing needs. However, capex associated with the construction of
San Gabriel (estimated at $150 million in 2023, $280 million in
2024 and $200 million in 2025) will drive negative free cash flow
to $160 million on average in the 2024-2026 period.

Moody's expect the company to maintain enough liquidity sources
including cash flow from direct operations and committed
facilities, to fund its expansion plan.

Buenaventura has $550 million in senior unsecured notes maturing in
July 2026, Moody's expect the company to refinance those at least
12 months in advance.

The company's long-term strategy is focused on the production
precious metals and copper, metals with positive fundamentals. El
Brocal, Yumpag and San Gabriel will generate the bulk of the
company's direct operations cash flows. Buenaventura expects San
Gabriel (gold copper project) to ramp up in the second half of 2025
contributing with 130 thousand ounces of gold and 69 thousand
ounces of silver, on average for the first three years, or around
30% of the company's cash flows. At the same time, the company
expects San Gabriel to have a competitive cost position at around
All-in sustaining costs (AISC) $900 per ounce.

Buenaventura's CFR of B1 incorporates Moody's expectation that the
company will continue improving the cost position of its direct
operations and that the company's liquidity will remain adequate,
supported by improved cost position, copper and precious metal
prices, dividends from Cerro Verde and the company's track record
of conservative liquidity management.

Buenaventura's B1 rating also considers its geographic
concentration in Peru; its relatively modest operating scale
compared with that of its global peers; somewhat offset by its
portfolio of quality assets in precious metals and copper; and the
company's track record of prudent financial policies and adequate
corporate governance practices.

The positive outlook reflects Moody's expectation that
Buenaventura's cost position, production and cash flow generation
from direct operations and affiliates will continue improving and
that liquidity will remain adequate.

The upgrade also reflects governance and social considerations as
key drivers of the rating action. The company's overall exposure to
social risks (Issuer Profile Score or "IPS") was changed to 4 from
5 (S-4) reflecting that the exposure to the communities in which
the company operates for the workforce and continuity of operations
is aligned with that of the industry. The company's overall
exposure to governance risks (Issuer Profile Score or "IPS")
remains at 4 (G-4) reflecting the company's ongoing operating
improvements and track record. Buenaventura's Credit Impact Score
remains at 4 (CIS-4), since ESG considerations are a constraint for
the rating.

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

An upgrade would require Buenaventura to reduce risks during the
expansion phase of San Gabriel, maintaining enough liquidity
sources to fund this project while continue recording an
improvement in its cost position from direct operations,
maintaining an EBIT margin above 10%, with leverage below 2.5x. A
positive action  is also dependent upon a clear understanding of
the planning and execution of the refinancing of the company's
senior notes due in July 2026.

Buenaventura's outlook could be stabilized if the company
experiences higher costs  in its direct operations or if there is
any liquidity deterioration due to higher than anticipated capex in
San Gabriel or lower than expected dividends distribution from
Cerro Verde. Lack of progress in the refinancing of its 2026 senior
unsecured notes or material delays in the ramp up of San Gabriel
could lead to a downgrade. Quantitatively, leverage
(Moody's-adjusted debt/EBITDA) consistently above 4x or EBIT margin
below 7% could also result in a downgrade.

The principal methodology used in these ratings was Mining
published in October 2021.

Headquartered in Lima, Peru, Buenaventura is a mining company
engaged in the exploration, mining and processing of gold, copper
silver, zinc and lead in Peru. In addition to five wholly owned and
one majority-owned mine, the company also has a 19.58% stake in
Cerro Verde, one of the world's largest copper mines; and a 40.1%
stake in Coimolache. Buenaventura is controlled by the Benavides
family and Antofagasta PLC, who together hold 34% of the voting
stock. The company is listed on the New York Stock Exchange and the
Lima Stock Exchange. For the 12 months that ended June 2024, the
company generated $989 million in revenue with a Moody's adjusted
leverage of 1.5x.



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T R I N I D A D   A N D   T O B A G O
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TRINIDAD CEMENT: Parent Eyes Gas Replacement
--------------------------------------------
Peter Christopher at guardian.co.tt reports that Cemex, the parent
company of Trinidad Cement Limited, has announced plans to reduce
usage of natural gas at its operations in Trinidad and Tobago.

Gonzalo Rueda Castillo, general manager of Cemex/TCL, stressed the
company, in its bid to reduce its CO2 emissions and become a
net-zero company by 2050, was looking at sustainable strategies,
according to  guardian.co.tt.

"We are incorporating the use of waste oil, not only to reduce the
consumption of natural gas, which is important, because there's no
not that much natural gas in the country.  So, whatever effort that
we can do to reduce the consumption of natural gas, it is important
and it counts because not only are we reducing the natural gas
consumption, we are actually using the waste oil that otherwise
will probably end up in the ocean and that's something that we
would be very happy to be able to accomplish.  That's probably one
of our main projects that we will be working on sustainability,"
said Castillo at a breakfast business brunch hosted by the cement
company at the Trinidad Hilton, the report relays.

He also announced the company partnered with Unicomer Trinidad to
announce ConstruCredit, the report discloses.

The partnership would provide a new financing option for potential
home owners or those hoping to renovate their houses through the
initiative, the report relates.

"We all know that at some point we might have some financial needs
for projects that we have, like, building a new house, or somebody
else wants to refurbish to the kitchen or remodel the house. And
sometimes it's not aligned with our financial resources at the
moment. So that's when ConstruCredit comes into picture," said Mr.
Castillo, the report notes.

"It's a scheme so that people can have the financial resources that
they need through our ally Unicomer that will be enable them to
finish your project on time with the resources that you need," said
Mr. Castillo, the report discloses.

Sharon Maharaj, director of consumer finance, Unicomer Trinidad Ltd
said the initiative would help both companies achieve
sustainability goals, the report relays.

"ConstruCredit marks a significant milestone for both TCL and
Unicomer, as we embark on this exciting journey . . . . We
understand that true progress means meeting the needs of our
customers while also fulfilling our responsibilities to the
communities we serve the environment and future generations," said
Maharaj, the report relays.

"This offering allows customers to purchase from participating
hardware stores on credit, which will directly boost your sales and
promote sustainable financing, enhance customer well-being and
foster economic growth within the communities," said Maharaj, the
report adds.

                    About Trinidad Cement Ltd

As reported by the Troubled Company Reporter-Latin America in
March 2023, Trinidad Express noted that President-General of the
Oilfields Workers' Trade Union (OWTU) Ancel Roget is calling for
workers at the Trinidad Cement Ltd (TCL) to be paid outstanding
monies in relation to collective agreements dated back to 2015.
Should this continue to be unpaid, the workers will continue to
protest and strike action is also not off the cards, according to
Trinidad Express.  Speaking outside the TCL compound in Claxton Bay
during protest action by retirees and present employees, Roget said
that the outstanding monies include the Cost of Living Allowance
(COLA) and profit sharing over three collective bargaining periods
from 2015 to 2024, the report noted.



                           *********


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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