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

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

          Friday, November 1, 2024, Vol. 25, No. 220

                           Headlines



A R G E N T I N A

VICENTIN: Court Ruling Sets Back Bunge's Rescue


B R A Z I L

ATLAS LITHIUM: Antonis Palikrousis Holds 3.25% Stake as of Oct. 3
ULTRAPAR PARTICIPACOES: Moody's Alters Outlook on 'Ba1' CFR to Pos.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Chamber of Deputies OKs $625 Million in Loans


J A M A I C A

JAMAICA: BOJ's Floated Certificate of Deposit Oversubscribed
JAMAICA: Rehabilitate Agriculture to Stabilise Economic Growth


M E X I C O

GRUPO AEROMEXICO: Moody's Ups CFR to Ba3 & Alters Outlook to Stable


P U E R T O   R I C O

FULL HOUSE: Case Summary & One Unsecured Creditor
TOWER BONDING: A.M. Best Hikes Fin. Strength Rating to B(Fair)


T R I N I D A D   A N D   T O B A G O

BRITISH AMERICAN: Policyholders Disagree With CCJ Ruling
TRINIDAD & TOBAGO: No Alarm Over T&T's Debt, Bank Governor Says

                           - - - - -


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A R G E N T I N A
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VICENTIN: Court Ruling Sets Back Bunge's Rescue
-----------------------------------------------
Jonathan Gilbert at Bloomberg News reports that a ruling by a high
court has set back a distressed takeover by Bunge Global SA of
Vicentin SAIC, once the crown jewel of Argentina's massive
soybean-processing industry.

Five of the six judges in the supreme court of Santa Fe Province -
where family-run Vicentin filed for bankruptcy protection nearly
five years ago after a US$1.5-billion default - ruled to take on a
complaint by a hostile creditor, according to Bloomberg News.

The justices will now need more time to analyse the hypothesis of
the complaint: that a decision by a lower court to greenlight a
Vicentin-brokered deal with a majority of its creditors for a
severe restructuring was unconstitutional, Bloomberg News relays.
That deal included a takeover led by Bunge Global SA and Viterra
Inc, Bloomberg News notes.

Should the court end up agreeing with the hostile creditors, led by
a unit of the Grassi brokerage firm, the bankruptcy protection
would likely get pushed wide open into a so-called "cramdown
process" where competing proposals could be lodged, Bloomberg News
says.

The development is a blow for Bunge, which is completing a global
acquisition of Glencore-backed Viterra, Bloomberg News discloses.
Had the judges thrown out the complaint, the rescue plan it
negotiated with Vicentin would have been all but sealed, bringing
the Byzantine case to a close, Bloomberg News says.

At stake is the ownership of Renova SA, a venture between Viterra
and Vicentin that runs the world's biggest soy-crushing plant,
Bloomberg News notes.

A spokesman for Vicentin said the court's decision to take on the
complaint would cause unnecessary delays to resolving the company's
future and that a cramdown isn't a certainty, Bloomberg News
relays.

The hostile creditor group, which has said it's planning a bid for
the company if the case does go to cramdown, said in a statement
that the ruling "is a crucial step to avoid the validation of an
illegal arrangement," Bloomberg News adds.




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B R A Z I L
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ATLAS LITHIUM: Antonis Palikrousis Holds 3.25% Stake as of Oct. 3
-----------------------------------------------------------------
Antonis Palikrousis disclosed in a Schedule 13G/A Report filed with
the U.S. Securities and Exchange Commission that as of October 3,
2024, he beneficially owned 496,223 shares of Atlas Lithium
Corporation's common stock, representing 3.25% of the shares
outstanding.

A full-text copy of Mr. Palikrousis' SEC Report is available at:

                  https://tinyurl.com/tyt7zkwr

                        About Atlas Lithium

Headquartered in Minas Gerais, Brazil, Atlas Lithium Corporation --
http://www.atlas-lithium.com-- is a mineral exploration and
development company with lithium projects and multiple lithium
exploration properties. In addition, the Company owns exploration
properties in other battery minerals, including nickel, copper,
rare earths, graphite, and titanium. Its current focus is the
development from exploration to active mining of its hard-rock
lithium project located in the state of Minas Gerais in Brazil at a
well-known lithium-bearing pegmatitic district, which has been
denominated by the government of Minas Gerais as "Lithium Valley."

Atlas Lithium reported a net loss of $42.63 million for the 12
months ended Dec. 31, 2023, compared to a net loss of $5.66 million
for the 12 months ended Dec. 31, 2022. As of March 31, 2024, the
Company had $37.70 million in total assets, $35.10 million in total
liabilities, and $2.60 million in total stockholders' equity.

Atlas Lithium has historically incurred net operating losses and
has not yet generated material revenues from the sale of products
or services, according to the Company's Quarterly Report for the
three months ended June 30, 2024. As a result, the Company's
primary sources of liquidity have been derived through proceeds
from the (i) sales of its equity and the equity of one of its
subsidiaries, and (ii) issuance of convertible debt. As of June 30,
2024, the Company had cash and cash equivalents of $32,267,730 and
working capital of $27,303,255, compared to cash and cash
equivalents of $29,549,927 and a working capital of $24,044,931 as
of December 31, 2023. The Company believes its cash and cash
equivalents will be sufficient to meet its working capital and
capital expenditure requirements for a period of at least 12 months
from the date of these financial statements. However, the Company's
future short- and long-term capital requirements will depend on
several factors. To the extent its current resources are
insufficient to satisfy its cash requirements, the Company may need
to seek additional equity or debt financing. If the needed
financing is not available, or if the terms of financing are less
desirable than it expects, the Company may be forced to scale back
its existing operations and growth plans, which could have an
adverse impact on its business and financial prospects and could
raise substantial doubt about its ability to continue as a going
concern.


ULTRAPAR PARTICIPACOES: Moody's Alters Outlook on 'Ba1' CFR to Pos.
-------------------------------------------------------------------
Moody's Ratings has affirmed Ultrapar Participacoes S.A.
("Ultrapar")'s Ba1 Corporate Family Rating and the Ba1 rating of
the Backed Senior Unsecured Notes issued by Ultrapar International
S.A., guaranteed by Ipiranga Produtos de Petroleo S.A. (Ipiranga)
and Ultrapar. The outlook was changed to positive from stable.

The change in outlook to positive reflects the strengthening of
Ultrapar's credit metrics and a gradual increase in fuel volumes
sold in Brazil which Moody's expect to continue in 2025. It also
reflects certain steps towards increasing diversification
represented by the acquisition of a relevant stake in Hidrovias do
Brasil S.A. (B1 stable). The contribution in terms of cash
generation will still be limited in the short-term, but the
acquisition will not have a meaningful impact to Ultrapar's
leverage.

RATINGS RATIONALE

Ultrapar's Ba1 ratings reflect the company's stable cash flow and
leading positions in different product segments in Brazil
(Government of Brazil, Ba1 positive) — fuel and liquefied
petroleum gas (LPG) distribution and storage services for liquid
bulk. Since 2022, the company has improved considerably its capital
structure by reducing debt and leverage through divesting certain
non-core businesses. In 2023, Ultrapar's margins benefited from
management's efforts to improve efficiency and profitability,
specially at Ipiranga, fuel distribution arm; improved pricing
dynamics in the fuel segment; and a sustained contribution from
Ultracargo Logistica S.A. (Ultracargo), liquid bulk, and Ultragas
Participacoes S.A. (Ultragaz), LPG. The ratings also incorporate
Moody's expectation that Ultrapar will sustain its operating margin
at 2.7%-3.0% over the next three years.

Ultrapar's ratings are constrained by its revenue concentration in
the core fuel distribution segment. The company also has a history
of growth via M&A, which could strain credit metrics periodically
and entail execution risks. Following its divestment program in
2022 and better profitability at Ipiranga in 2024, Moody's expect
the company to keep an adequate gross leverage even with higher
capital spending and acquisitions in 2024. As the fuel distribution
business in Brazil evolves with a greater participation of electric
vehicles (100% electric, hybrid, and plug-in hybrid)
diversification will become more important for the credit quality
of the company. Presently, given the strong biofuel infrastructure
and ethanol participation in the Brazilian fuel matrix Moody's
believe the flex-fuel (vehicles that run on gasoline, ethanol or a
blend of both) fleet in Brazil will continue to grow in the next
decade, even as electric vehicles increase their participation.

The positive outlook reflects Moody's expectation that Ultrapar
will increase volumes sold, sustain its strengthened credit
metrics, a robust EBITDA generation and positive free cash flow
generation. Also that gross leverage will remain adequate.

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

A rating upgrade would require the company to maintain good
liquidity and credit metrics, such as gross debt/EBITDA expected to
remain below 3.0x and retained cash flow/net debt above 25%. It
would require a stable cash flow generation aligned with the nature
of the fuel distribution business in Brazil, consistent operating
track record positive and positive free cash flow generation. As
the fuel distribution business in Brazil evolves diversification
will increase its importance for credit quality.

Ultrapar's ratings could be downgraded in case of a deterioration
in its operating performance or credit metrics. Also, a
deterioration in liquidity could prompt a downgrade.
Quantitatively, a rating downgrade would require gross debt/EBITDA
remaining above 3.5x without prospects of reduction and retained
cash flow/net debt below 20% for a prolonged period.

Ultrapar Participacoes S.A., headquartered in Sao Paulo, Brazil,
operates via its subsidiaries — in the segments of fuel
distribution and related businesses through Ipiranga, LPG
distribution through Ultragaz, storage services for liquid bulk
through Ultracargo, and more recently, through its stake in
Hidrovias do Brasil, South America's largest independent provider
of integrated logistics focused on waterway transportation. In the
12 months that ended June 2024, Ultrapar's consolidated net revenue
was BRL128.6 billion ($25.8 billion). Ipiranga's fuel distribution
and convenience stores are the group's largest business segment,
accounting for roughly 90% of its consolidated net revenue and over
60% of EBITDA as of June 2024.

The principal methodology used in these ratings was Retail and
Apparel published in November 2023.




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

DOMINICAN REPUBLIC: Chamber of Deputies OKs $625 Million in Loans
-----------------------------------------------------------------
Dominican Today reports that the Dominican Republic's Chamber of
Deputies approved loans totaling $625 million.  These funds,
requested by the Executive Branch, are aimed at addressing climate
change and improving medium and low voltage networks in the
national electrical system, according to Dominican Today.  Despite
opposition, the ruling Dominican Revolutionary Party (PRM) and its
allied parties used their majority to pass the proposal, the report
notes.

The approved loans include $100 million from the French Development
Agency (AFD) and $300 million from the Inter-American Development
Bank (IDB), the report relays.  Both are intended to support a
climate action program aimed at promoting sustained economic
development, the report says.

Additionally, a $225 million loan from the International Bank for
Reconstruction and Development (IBRD) will be used by
government-owned electricity distribution companies to enhance
their infrastructure, the report notes.  All loan agreements will
now be sent to the Senate for further approval, the report
discloses.

                 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.

Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook.  Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive.  Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.




=============
J A M A I C A
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JAMAICA: BOJ's Floated Certificate of Deposit Oversubscribed
------------------------------------------------------------
RJR News reports that the Bank of Jamaica's 7 per cent per annum
fixed rate 30-day Certificate of Deposit, which it floated, was
oversubscribed.

A total 313 bids were received for $42.73 billion but only 270 bids
were accepted for the $37 billion on offer, according to RJR News.

The average yield for the successfully allocated bids was 6.84 per
cent per annum, while the lowest bid was for $200,000 at a rate of
5 per cent per annum, the report notes.

The highest submitted bid rate was for $400 million at 10 per cent
per annum, the report relays.

Meanwhile, the highest bid rate for full allocation was for $50
million at 7.24 per cent per annum, the report discloses.

The total value of the outstanding BOJ Certificates of Deposit will
be $136 billion or 4.1 per cent of GDP on October 25, which will be
the settlement date for the current issue, the report notes.

                       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.  In September 2023, S&P
Global Ratings raised 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', with a stable outlook.  In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive.  In March 2022, Fitch Ratings affirmed Jamaica's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'.
The Rating Outlook is Stable.


JAMAICA: Rehabilitate Agriculture to Stabilise Economic Growth
--------------------------------------------------------------
RJR News reports that immediate past president of the Jamaica
Agricultural Society (JAS) Lenworth Fulton says the rehabilitation
of the agriculture sector is of paramount importance to the
stabilisation of the dollar and economic growth.

The agriculture sector contributes 8 per cent of GDP and directly
employs 250,000 people, according to RJR News.  When combined with
the manufacturing sector, the contribution is 18 per cent of GDP
and 320,000 jobs, the report notes.

Mr. Fulton, however, stressed that members of the agriculture
sector must have greater access to affordable financing at no
higher than 5 per cent per year, the report relays.  This is in
addition to making the more than 600,000 acres of arable land
available for farming and rehabilitating the rural road network,
the report says.

He said farmers must also receive assistance with marketing and
storage, 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.  In September 2023, S&P
Global Ratings raised 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', with a stable outlook.  In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive.  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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M E X I C O
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GRUPO AEROMEXICO: Moody's Ups CFR to Ba3 & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings has upgraded to Ba3 from B2 GRUPO AEROMEXICO S.A.B.
de C.V.'s (Aeromexico) corporate family rating, and the rating of
the $663 million backed senior secured global notes due in 2027. At
the same time, Moody's have assigned a Ba3 rating to the proposed
backed senior secured global notes to be issued by Aeromexico. The
outlook was changed to stable from positive.

The proposed issuance aligns with Aeromexico's liability management
strategy, with proceeds aimed at refinancing the company's current
senior secured notes maturing in 2027 and for general corporate
purposes, including transaction fees and expenses. This move will
mitigate refinancing risk by extending maturities, but it will also
increase  leverage and the average cost of debt. However, given its
strong operating performance that has been exceeding Moody's
expectations since 2022, Aeromexico will manage the additional
indebtedness with debt protection metrics that are aligned with the
Ba3 rating category.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by us to date and assume that these
agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

The upgrade of Aeromexico's ratings to Ba3 follows the announcement
of the proposed new issuance that will improve its maturity
profile. Despite the incremental debt of around $450 million, the
continued track record of strong operating and financial
performance and continued strong traffic figures sustain Moody's
expectation that the company will maintain a credit profile in line
with the Ba3 rating going forward. Aeromexico's Moody's-adjusted
leverage improved to 2.1x at the end of June 2024 from 2.5x at the
end of 2023, while it generated $833 million of free cash flow in
the twelve months ended as of June 2024. Moody's expect
Aeromexico's leverage to remain within 2.0-2.5x and its cash
position remain above 15% of revenues in the next 2 years, which
provides a cushion to the company's credit quality even under
stress scenarios. The strong operating performance and strengthened
credit metrics reflect sustained improvements in Aeromexico's cost
and capital structures, which provides additional headroom to
withstand potentially weaker market conditions.  

Aeromexico's Ba3 rating also reflects its superior network
connectivity and its status as the only full-service carrier and
airline providing long-haul, wide-body service connecting Mexico
with the rest of the world. The company serves every major city in
Mexico and 42 international cities in 21 countries across the
Americas, Europe and Asia.

Conversely, the Ba3 rating is constrained by Aeromexico's exposure
to the airline industry and rising macroeconomic risks and
increasing costs. Although fuel price has declined since its peak
in 2022, volatility persists, threatening Aeromexico's
profitability despite firm demand and capacity discipline. Through
2025, Aeromexico will face increasing costs as some flexible lease
contracts are due and labor conditions normalize to pre-pandemic
levels.

Aeromexico's operating performance remains strong in 2024.
Moody's-adjusted EBIT margin increased to 18.6% in the twelve
months ended June 2024 compared to 16% in 2023, far exceeding
Moody's original expectations of 8.5% and outperforming  Chile's
LATAM Airlines Group S.A (LATAM) (Ba2 stable) and Colombia's
Avianca Group International Limited (B2 stable). Even under a
weaker consumption environment and increasing costs, EBIT margin
should remain close to 15% through 2026, supported by cost
efficiencies related to the modernization, simplification and
upgauging of its aircraft fleet.

Post-pandemic consolidation has helped rationalize Latin America's
airlines and air travel demand has remained robust in the region.
In 2023, Aeromexico generated a record full year revenue of $4.9
billion, a 29.0% increase as compared to 2022. Total RPKs in 2023
were already 105% of 2019 levels and 14.8% higher than in 2023.
This positive trend continues in 2024, with a 13.2% RPKs growth as
of September, showing Aeromexico's ability to continue growing
capacity while strengthening unit revenues.

LIQUIDITY

Aeromexico has good liquidity with $1.1 billion in cash and $834
million in debt maturing before the end of 2026. The company's cash
balance covers short term financial debt maturities of $463 million
by 2.4x. The company's debt amortization schedule is comfortable,
with most of the upcoming maturities represented by aircraft leases
and the $658 million related to the exit financing notes due 2027.
Following a successful placement of the new proposed notes, market
debt would not mature prior to 2029. In August 2024, Aeromexico's
closed a $200 million revolving committed credit facility due 2027,
expected to be fully undrawn and available to support its liquidity
position for routine operations. Moreover, Aeromexico generated
$833 million of free cash flow in the twelve months ended in June
2024. The company's cash generation benefits from around $387
million in savings by 2025, compared to its 2019 costs, related to
fleet efficiency measures. Even under a more challenging scenario,
Moody's expect that Aeromexico will generate about $900 million in
cash flow from operations annually, which is sufficient to cover
annual capex needs including fleet renewal and expansion.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Aeromexico's
credit metrics and liquidity will remain strong in the next 12-18
months, and that the company will maintain its conservative
approach towards liquidity, costs and capacity management.

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

Aeromexico's ratings could be upgraded if the company strengthens
its balance sheet and liquidity further, such that the company
builds cushion in credit metrics under stress scenarios.
Quantitatively an upgrade would require adjusted leverage (measured
by total debt / EBITDA) sustained below 3.0x and interest coverage
(measured by (FFO + interest expense) / interest expense) above
4.5x on a sustained basis. The maintenance of an adequate liquidity
profile, with positive free cash flow generation even during times
of fleet expansion would also be required for an upgrade.

The rating could be downgraded if credit metrics deteriorate, with
adjusted leverage remaining above 4.0x and interest coverage below
4.0x on a sustained basis. A deterioration in the company's
liquidity profile or negative demand shocks or weaker than
anticipated profitability that lead to cash burn could also result
in a downgrade of the rating.

COMPANY PROFILE

Based in Mexico City, GRUPO AEROMEXICO S.A.B. de C.V. is a leading
airline in the country with more close to 25 million passengers
transported in 2023. The company follows a hub-and-spoke network
model and is based in the Mexico City airport. Aeromexico serves
more than 89 destinations in 22 countries including Mexico, the US,
Europe, Central and South America, Asia and Canada through a fleet
of 146 aircraft. The largest shareholders of the reorganized
company include funds managed by Apollo Global Management, Inc. and
Delta Air Lines, Inc. (Baa3 positive), as well as existing and new
Mexican investors. In 2023, the company generated revenue of $4.9
billion.

The principal methodology used in these ratings was Passenger
Airlines published in August 2024.




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P U E R T O   R I C O
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FULL HOUSE: Case Summary & One Unsecured Creditor
-------------------------------------------------
Debtor: Full House Development, Inc.
        Cond. Golden Triangle
        600 Fernandez Juncos, GC-14
        San Juan, PR 00907

Chapter 11 Petition Date: October 21, 2024

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 24-04515

Judge: Hon. Edward A Godoy

Debtor's Counsel: Alexis Fuentes-Hernandez, Esq.
                  FUENTES LAW OFFICES, LLC
                  P.O. Box 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 722-5215
                  Email: fuenteslaw@icloud.com

Total Assets: $700,000

Total Liabilities: $45,229,691

The petition was signed by David Santiago Martinez as president.

The Debtor listed WM Capital Partnes 53, LLC located at 885 Third
Avenue, Suite 2403, New York, NY 10022 as its sole unsecured
creditor holding a claim of $44,529,691.

A full-text copy of the petition is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/23BQSKY/FULL_HOUSE_DEVELOPMENT_INC__prbke-24-04515__0001.0.pdf?mcid=tGE4TAMA


TOWER BONDING: A.M. Best Hikes Fin. Strength Rating to B(Fair)
--------------------------------------------------------------
AM Best has upgraded the Financial Strength Rating to B (Fair) from
B- (Fair) and the Long-Term Issuer Credit Rating to "bb" (Fair)
from "bb-" (Fair) of Tower Bonding and Surety Company (Tower
Bonding) (San Juan, PR). The outlook of these Credit Ratings
(ratings) has been revised to stable from positive.

The ratings reflect Tower Bonding's balance sheet strength, which
AM Best assesses as adequate, as well as its adequate operating
performance, limited business profile and marginal enterprise risk
management (ERM).

The rating upgrades reflect a sustained improvement in Tower
Bonding's operating profitability over the most recent five-year
period and through June 2024. Results have varied somewhat but
remain in line with peers assessed as adequate. The combined and
operating ratios are elevated in comparison with the AM Best
composite average; however, the composite is skewed by large
national surety writers. The company's elevated expense ratio is
driven by a high commission and its other expense structure, which
follows the high expense ratio structure of other carriers in
Puerto Rico.

Tower Bonding's balance sheet strength metrics are stable as the
result of improved profitability, which has driven policyholder
surplus growth over the past five years. The business profile
assessment is driven by a geographic concentration of risk and
limited product diversification, since Tower Bonding only writes
bail bonds in Puerto Rico; however, it is a market leader with
minimal competition. The ERM assessment is driven by limited
capabilities relative to its risk profile.




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

BRITISH AMERICAN: Policyholders Disagree With CCJ Ruling
--------------------------------------------------------
Trinidad and Tobago Guardian reports that the British American
Insurance Co. Ltd and Colonial Life Insurance Co. Ltd. Policy
Holders Group (BACOL) has thanked policyholders for "their patience
and their support" as it disagreed with the ruling by the Caribbean
Court of Justice (CCJ) to dismiss its lawsuit brought against the
Trinidad and Tobago government.

"We deeply, but respectfully, disagree with the result," said BACOL
in a statement signed by the chairman of its board of directors,
Dr. Patrick Antoine, according to Trinidad and Tobago Guardian.

"While the judgment represents a significant setback, we shall not
relent in the quest for economic justice for BAICO and Clico
policyholders.  In the coming weeks and months, the judgment will
be subjected to keen analysis so as to assess whether it leaves any
further avenue open for judicial redress.," he added, the report
notes.

The Trinidad-based Caribbean CCJ dismissed the lawsuit brought
against the Trinidad and Tobago government over the 2009 collapse
of the British American Insurance Co. Ltd and Colonial Life
Insurance Co. Ltd insurance giants, the report discloses.

"The claim is dismissed and the parties were ordered to bear their
own costs," CCJ President, Justice Adrian Saunders said in the
summary of the judgement, the report notes.

BACOL brought the lawsuit, claiming that after 15 years of
perseverance, it has "significantly advanced the pursuit of
financial justice" for policyholders in Antigua and Barbuda,
Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia and
St. Vincent and the Grenadines who have "suffered extreme financial
loss and hardship" after the collapse of the British American
Insurance Co. Ltd. (BAICO), the report relays.

BACOL said the collapse resulted in losses of over EC$800,000,000
(One EC dollar=US$0.37 cents) to businesses and individuals, the
report notes.

In April, the matter of Ellis Richards and others versus Trinidad
and Tobago was heard by the CCJ, with the lawyers for the
policyholders arguing that the Trinidad and Tobago government
breached the Revised Treaty of Chaguaramas (RTC), which established
the Caribbean Single Market and Economy (CSME), by bailing out
certain local CL Financial (CLF) subsidiaries such as CLICO and
British American Trinidad (BAT) and not regional subsidiaries such
as BAICO, the report discloses.

The lawyers, including former St. Lucia prime minister, Dr. Kenny
Anthony, said that while local policyholders were protected and
essentially guaranteed their full investments, the Eastern
Caribbean policyholders were only able to recoup approximately 14
per cent of their investments through the liquidation of the
regional subsidiary, the report says.

"It is with profound disappointment that we inform the
policyholders of British American Insurance Company (BAICO) who
lost hundreds of millions of dollars when the CL Financial Group
(CLF) collapsed, that the Caribbean Court of Justice (CCJ) has
dismissed the claims brought on their behalf against Trinidad &
Tobago," Antoine wrote in the statement, the report adds.

                        About BAICO

British American Insurance Company is a Nassau, Bahamas-based
insurance and financial services company.  BAIC is owned by
Trinidad-based parent CL Financial.  BAIC listed debt of $500
million to $1 billion and assets of more than $100 million in its
Chapter 15 petition (Bankr. S.D. Fla. Case No. 09-3588).

By order entered Aug. 4, 2009, the Eastern Caribbean Supreme Court
in the High Court of Justice Saint Vincent and the Grenadines
appointed Brian Glasgow as Judicial Manager for BAICO under
Section 52 of the Insurance Act, No. 45 of 2003 of the Laws of
Saint Vincent and the Grenadines.


TRINIDAD & TOBAGO: No Alarm Over T&T's Debt, Bank Governor Says
---------------------------------------------------------------
Trinidad and Tobago Newsday reports that Central Bank Governor Dr.
Alvin Hilaire says Trinidad and Tobago is well placed to avert the
problem of rising debt levels, even as that issued was redflagged
as a global concern at the International Monetary Fund (IMF)
meetings in Washington DC.

"Trinidad and Tobago, Of course, we do have a burgeoning global
debt problem. Because many countries have increased their debt in
the wake of the pandemic, to deal with vaccines, to deal with
public health issues, to deal with social support.  So their debt
has gone up and in a context where interest rates were very high.
So good news all over. But I think with the geopolitics that we
have in the Middle East, with Ukraine, with all elections, we have
to be very, very careful and vigilant," said Hilaire in an
interview with Guardian Media at the IMF Headquarters, according to
Trinidad and Tobago Newsday.

Director of the Fiscal Affairs Department, Vitor Gaspar, warned
that global debt to GDP ratios could top 100 per cent by the end of
the decade as he presented the analysis of the IMF Fiscal Monitor
report at a press briefing, the report notes.

Hilaire is part of T&T's contingent at the IMF's annual meeting,
the report relays.  He confirmed that he took part in several
meetings, including the G24 meeting which took place in Washington,
the report notes.

He said while Gaspar had valid concerns about global debt, alarm
bells should not be sounded for T&T just yet, the report
discloses.

"I think Trinidad and Tobago is in the fortunate position in that
when we entered the pandemic, we had some important buffers. One,
we have good reserves. Two, we had a strong Heritage and
Stabilisation Fund. And three, we had fairly low debt, so that the
Government and the Central Bank were able to provide fiscal
support, monetary support, without an increase in in debt too much,
because we were able to draw down on those buffers," the report
says.

According to the 2024 Review of the Economy, which was one of the
2025 budget documents, T&T's government debt totalled $100.23
billion as at September 30, 2019, the end of the 2019 financial
year, the report notes.

T&T's debt to GDP ratio in 2019 was 61.9 per cent, the report
discloses.

The provisional estimate of the T&T Government debt at the end of
the 2024 financial year $140.58 billion, according to the 2024
Review of the Economy, the report relays.  That was an increase of
40 per cent in the six-year period, the report says.

However, the provisional estimate of T&T's debt to GDP at the end
of the 2024 financial year was 75.6 per cent, the report notes.

T&T's domestic debt increased from $72.91 billion in 2019 to an
estimated $103.84 billion at the end of the 2024 financial year on
September 30, an increase of 42.4 per cent, the report discloses.

The country's foreign debt (in TT dollars) increased from $$27.32
billion in 2019 to an estimated $36.73 billion in 2024. That's an
increase of 34.4 per cent, the report relays.

The estimated debt of $140.58 billion in as at September 30, 2024
comprised central government domestic debt of $73.99 billion,
central government external debt of $36.73 billion and non-self
serviced government guaranteed debt of $29.84 billion, the report
notes.

Hilaire stressed that the government would have to be careful with
its economic policy to avoid sinking into problematic debt, the
report discloses.

"So again, I think we are in a fairly decent place, but vigilance
is the key, because if you don't have important reforms, then
things could go out the window," said the Central Bank Governor,
the report adds.



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