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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

          Tuesday, December 10, 2024, Vol. 25, No. 247

                           Headlines



A R G E N T I N A

ARGENTINA: Javier Milei Seeks US$50BB With Long-Term Incentives
BUENOS AIRES: S&P Assigns 'CCC' Rating to $600M Sr. Unsecured Notes
GAUCHO GROUP: Reports 185% Increase in Wine Sales for 2024
GENNEIA SA: S&P Assigns 'CCC' Issuer Credit Rating, Outlook Stable


B A H A M A S

TRUENORTH PROJECTS: Secured Party Sets Dec. 17 Auction


B R A Z I L

COMPANHIA SIDERURGICA: S&P Downgrades ICR to 'BB-', Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Unjustified Price Hikes Criticized


J A M A I C A

JAMAICA: BOJ Treasury Bills Oversubscribed


T R I N I D A D   A N D   T O B A G O

CL FIN'L: St Vincent Economy Lost Millions From Collapse

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Javier Milei Seeks US$50BB With Long-Term Incentives
---------------------------------------------------------------
Buenos Aires Times reports that Argentina would seem to have it all
- abundant natural resources, legions of well-educated workers. But
it struggles to attract investors because its politicians have a
habit of changing the rules on a whim, favouring the state over
private enterprise.

President Javier Milei is on a crusade to resolve that persistent
grievance by offering big companies a way to bulletproof their
capital commitments, according to Buenos Aires Times.  There are
signs it could work.

Energy and mining companies with potential to supercharge growth in
the nation, which has endured six recessions in the past decade
alone, are starting to file applications to be granted sweeping
tax, currency and customs benefits enshrined in law for 30 years,
the report notes.

Milei - a libertarian who stormed to power a year ago - says
companies will pledge more than US$50 billion under the incentives
package, known by its Spanish acronym 'RIGI.' So far, six proposals
have been submitted for roughly 15 percent of that, the report
discloses.

For the trickle to become a flood, overseas investors are desperate
for Milei to remove Argentina's notorious currency controls, which
would unify dual exchange rates, the report says.  That's because
RIGI largely requires them to turn dollar capital into pesos at a
government-controlled rate, which is stronger than one they can get
on financial markets and so provides them fewer local funds, the
report notes.

Much of the stage has therefore been left to national companies.
"Extinguishing the exchange-rate gap is a prerequisite to RIGI
gathering steam," said Sergio Caveggia, a partner at the Buenos
Aires offices of international tax consultancy Ernst & Young LLP,
who is working on RIGI applications, the report discloses.

The incentives package was implemented at the end of August after
emerging as a marquee section of Milei's signature legislation to
deregulate Argentina's economy, the report relays.  And by
extending its terms until far into the future, the president is
trying to guarantee that his free-market vision for business
withstands any move by voters to usher back in statist policies,
notes the report.

                        'Rules of Play'

According to Buenos Aires Times, it's a ticket, in theory at least,
to the consistent "rules of play" that company executives so often
plead for.  Critics, however, warn that RIGI risks writing a new
chapter of Latin America's so-called resource curse - where nations
have allowed their natural riches to be exploited by corporations,
only to see few of the profits trickle down, the report says.

"Even astronomical returns can't combat the risk perception in
Argentina; RIGI has arrived on the scene to resolve that," said
Juan Procaccini, a lead consultant at the local branch of
PriceWaterhouseCoopers LLP, who spearheaded Argentina's last major
attempt to attract foreign investment almost a decade ago under
then-president Mauricio Macri, the report relays.

Procaccini was speaking at a recent gathering of lawyers and
consultants in downtown Buenos Aires to discuss RIGI, as they race
to compile paperwork for clients seeking inclusion in the program,
the report discloses.  "The level of interest has wowed us," Andrea
Oteiza, head of deal advisory at KPMG Argentina, said during a
panel at the event, the report notes.

Under the framework's rules, companies have until August 2026 to
apply and must disburse at least 40 percent of the capital
expenditure - the floor for any single project is US$200 million -
within two years of getting the green light, the report says.

That would mean a lot of fresh money in Argentina, where
investments in recent times have been merely enough to amortise
existing assets, according to Fausto Spotorno, director of economic
research at Buenos Aires consulting firm Orlando J. Ferreres y
Asociados. But he advised caution over Milei's US$50-billion
headline figure: "Those pledges and how real investments pan out
can be like apples and oranges," Spotorno said, the report notes.

Milei has appointed ex-Merrill Lynch investment banking veteran
Daniel González as his RIGI czar, responsible for deciding with a
committee of advisers whether a project makes the cut, the report
relays.  González has plenty of experience in the energy space
that's at the front of the line, having served for years as an
executive at Argentina's biggest oil producer, state-run YPF SA,
the report notes.

                     Stumbling Blocks

Several energy and mining companies have already applied, and a
handful of other industries - tech, forestry, steel and tourism -
are eligible, the report discloses.

YPF led a proposal by drillers for a US$2.5-billion pipeline and
port to export shale oil, the report relays.  Pan American Energy
Group and a global partner, Golar LNG Ltd, have also sought RIGI
benefits for an even costlier venture to liquefy and ship natural
gas. Meanwhile, TGS SA and Pampa Energia SA are weighing projects
to pipe Argentina's vast deposits of the transition fuel and
process it into other commodities, the report notes.

In mining, the promise of foreign investment without the helping
hand of local associates is clearer, with South Korea's Posco
Holdings Inc and an Australian junior filing proposals to develop
lithium, the report relays.  Canada's McEwen Copper Inc is also
preparing a submission.

The upsides of the incentive program are unmistakable in a
troublesome investor jurisdiction like Argentina, the report notes.
"RIGI is an attempt to create a bubble of normalcy in a context
where there are still stumbling blocks," said Marcelo García,
Americas director at New York-based consultancy Horizon Engage.

Provisions to circumvent many of Argentina's foreign-exchange
regulations are perhaps the biggest lure, the report says.  After
just a few years, companies can use hard-currency revenue from
exports as they wish, instead of having to swap it for pesos at the
Central Bank, the report discloses.

Lower taxation is another plus.  Tariffs will be scrapped on
materials that companies import to build plants and - addressing a
major gripe in the Argentine business world - they will be allowed
to export tariff-free, the report notes.  There's also a loophole
for value-added tax that will slash costs, the report relays.

Lastly, RIGI establishes rights for companies to short-circuit the
Argentine legal system and go straight to international arbitration
courts should any future government renege on the contracts, the
report says.

To be sure, Argentina has been here before. Long-standing tax
breaks for miners have had only patchy success, the report notes.
And previous administrations peppered the oil industry with
incentives, only for drillers to find them tough to collect on, the
report discloses.

The Rohatyn Group, a New York-based asset management firm that's
planning a new Argentine infrastructure fund, said it all comes
back to a blanket removal of currency controls, the report says.

"I hope they get lifted sooner rather than later," Roberto Chute,
who heads Rohatyn's private equity investments in Latin America,
said on a panel. "It's a tough bet to bring US$200 million into
Argentina when there are still doubts over the macro," the report
adds.

                          About Argentina

Argentina is a country located mostly in the southern half of
South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

In March 2022, the International Monetary Fund (IMF) approved a
new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota).  The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.

Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of
monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.

In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina.  The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.

On Nov. 15, 2024,  Fitch Ratings has upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC'
from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from
'CCC-'.  Argentina's upgrade to 'CCC' from 'CC' reflects
developments that have improved Fitch's  confidence in the
authorities' ability to make upcoming  foreign-currency bond
payments without seeking relief of some  sort.

S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national
scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating.  The S&P ratings have
been affirmed as of August 2024.  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 that it would likely consider to be distressed.

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.

BUENOS AIRES: S&P Assigns 'CCC' Rating to $600M Sr. Unsecured Notes
-------------------------------------------------------------------
On Dec. 6, 2024, S&P Global Ratings affirmed its 'CCC' foreign and
local currency long-term issuer credit ratings on the City of
Buenos Aires. The outlook remains stable.

S&P also assigned a 'CCC' issue rating to the planned series 13
$600 million international debt issuance.

Outlook

The stable outlook balances the city's solid budgetary performance
and strong cash reserves, with risks from Argentina's substantial
economic vulnerabilities and ongoing challenges to tackle those.
While President Javier Milei's administration has undertaken
comprehensive reforms designed to stabilize the economy,
Argentina's economic fundamentals remain fragile.

Downside scenario

S&P could lower the long-term ratings on Buenos Aires in the next
12 months if the central government tightens access to foreign
currency, which could impair the city's' ability to service foreign
currency debt. While the city has been streghtnening its liquidity
buffers, it depends on the availability of foreign currency to
service its international debt.

Upside scenario

S&P said, "Because Argentine local governments do not meet the
conditions to be rated above the sovereign, we could upgrade the
City of Buenos Aires during the next 12 months only if we revised
up our transfer and convertibility (T&C) assessment of Argentina."

The upgrade of Argentina would depend on successful execution of
policies that reduce its major macroeconomic imbalances and
vulnerabilities, setting the stage for sustainable fiscal outcomes,
lower inflation, and continued economic recovery. In such a
scenario, the government would have better access to voluntary
capital market funding, which would also augur well for local and
regional governments.

Rationale

The 'CCC' rating on the new series 13 is at the same level as the
foreign currency issuer rating on the City of Buenos Aires. The
issuer rating reflects the cap imposed on all Argentine local
government ratings by Argentina's 'CCC' T&C assessment and the
sovereign ratings.

That said, the city's individual characteristics point to a
stand-alone credit profile of 'bb-', which is multiple notches
above the rating and the SACP of local peers.

Buenos Aires has a financial and economic profile that's
significantly stronger than its peers. By the end of 2024, the city
will have generated surplus after capital expenditure for three
consecutive years.

Stronger fiscal performance reflects more cautious infrastructure
execution amid high economic and political uncertainty, but also
the successful implementation of fiscal policies to adapt to
changing circumstances, including the changes to transfers. As a
result, the debt burden dropped to $1.6 billion as of September
2024 (25% of operating revenues) from $2.8 billion (58% of
operating revenues) in 2020.

The tango bond series 12 that the city is offering to purchase for
cash represents 55% of the total debt stock and amortizes in three
annual payments starting June 2025. S&P considers the proposed
transaction as active debt management. The tender is conducted
several quarters before maturity of the bond, there is no discount
to par, and the city's accumulated cash buffers are sufficient to
finance the buyback without the need to tap the markets.

The proposed notes will be the city's first international issuance
after the tango 12 series issued in 2016. Since 2017, the city's
borrowing strategy was focused on improving the debt currency
profile, while financing needs diminished over the last two years.

The proposed amortizing notes are positive for the city's debt
profile because they will extend the debt's average maturity.
However, the debt profile will remain exposed to exchange rate
risk.

The City of Buenos Aires' proposed notes will be the first
Argentine local government issuance since global financial markets
closed for Argentine entities in 2018.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  New Rating

  Buenos Aires (City of)

    Senior Unsecured          CCC

  Ratings Affirmed

  Buenos Aires (City of)

    Issuer Credit Rating      CCC/Stable/--

  Buenos Aires (City of)

   Senior Unsecured           CCC


GAUCHO GROUP: Reports 185% Increase in Wine Sales for 2024
----------------------------------------------------------
Gaucho Group Holdings, Inc. announced on November 7, 2024, a
significant milestone in its wine sales performance. For the year
to date in 2024, the Company's sales have increased by 185%
compared to the same period in 2023, coupled with an impressive
40% increase in the average sales price per bottle.

This growth in both volume and pricing is the result of strategic
initiatives by the Company's wine brand, Algodon Fine Wines, aimed
at refining its distribution tactics and enhancing brand
positioning within the market. The increased average sales price
reflects the successful enhancement of the perceived value of
Algodon's wine products, driven by quality improvements and
premium branding efforts.

These results mark the infancy stages of a new strategic push in
the Company's ecommerce direct-to-consumer (DTC) channels in
Argentina, and supported by traditional importer, distribution
networks, and retail models in the United States. This phase comes
after substantial investments in production capacity and the
expansion of the Company's winery in San Rafeal, Mendoza,
Argentina. Recent enhancements include new French oak barrels,
additional stainless-steel tanks, and a state-of-the-art bottling
and labeling machine. These upgrades are critical to Algodon's
strategy to manage increased production while maintaining the
high-quality standards for which its wines are known.

Scott Mathis, CEO and Founder of Gaucho Group Holdings, Inc.,
commented on the achievements, stating, "The exceptional growth in
both sales volume and pricing is a testament to our team's hard
work and the strategic direction we have implemented. Our ability
to significantly increase our average sales price while
simultaneously growing sales volume demonstrates the strength of
our brand and the success of our premiumization strategy. We
remain
committed to leveraging our core business pillars to further
enhance our operational success and market footprint."

Gaucho Holdings is confident that its ongoing strategic efforts,
combined with the recent operational upgrades to its winery, will
continue to drive growth and improve the Company's overall
valuation.

                    About Gaucho Group Holdings

Gaucho Group Holdings, Inc. is a Delaware holding company
headquartered in Miami, Fla., which owns certain subsidiaries
including operating companies that own a winery, boutique hotel
and real property in Argentina.

Gaucho filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.
24-21852) on November 12, 2024, with $10 million to $50 million in
both assets and liabilities.

Nathan G. Mancuso, Esq., at Mancuso Law, P.A. is the Debtor's legal
counsel.

GENNEIA SA: S&P Assigns 'CCC' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned a 'CCC' long-term issuer credit rating
to Argentina-based renewable generator Genneia S.A., capped at the
level of its assessment of Argentina's transfer and convertibility
(T&C). S&P also assigned the stand-alone credit profile (SACP) of
'b+'.

The outlook on Genneia is stable, mirroring that on Argentina. The
outlook also captures our expectation of financial discipline
during the construction of Anchoris and Malargüe I (formerly Los
Molles), resulting in debt to EBITDA of around or below 3x, funds
from operations (FFO) debt above 30%, and coverage metrics above
6x.

S&P said, "Our rating on Genneia S.A. reflects the risky
jurisdiction in which it operates and its exposure to Compañía
Administradora del Mercado Mayorista Eléctrico (CAMMESA; the
wholesale system operator), partially compensated by our favorable
view of the company's contracted business model and the steady wind
and sun resources, resulting in stable and predictable cash flows,
further protected by the guarantee from the Fondo Para El
Desarrollo de Energias Renovables (FODER).

"Our rating on Genneia mainly captures our view of the risky
jurisdiction in which it operates, given that 100% of its business
(revenues and assets) is in Argentina. As such, it is heavily
exposed to a high level of country risk and to a discretionary
regulatory framework. Partially offsetting this weakness are the
company's strong market position in the renewable market (detaining
about 20% of the renewable capacity in the country), some level of
technology and geographic diversification, and a highly contracted
base (95% of its capacity is sold through long-term
dollar-denominated power purchase agreements [PPAs]), which
contribute to stable and predictable cash flow generation. We also
view positively from a credit perspective the relatively lower
exposure to CAMMESA than those of peers, as new assets will be
contracted with private parties through bilateral PPAs. Moreover,
in the current PPA structure with CAMMESA, the company benefits
from the FODER guarantee, which works as protection for cash flows
in case of delays in payments."




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TRUENORTH PROJECTS: Secured Party Sets Dec. 17 Auction
------------------------------------------------------
Mayaguana Island Developers Limited, a company formed under the
laws of The Bahamas ("secured party"), will commence a public
auction on Dec. 17, 2024, at 4:00 p.m. CDT, of certain assets of
TrueNorth Projects LLC ("Debtor"), to the highest bidder via
remote communication.

The assets for sale are a 20% membership interest in True North
Services LLC together with all proceeds and substitutions, all
cash, securities and other moneys and property paid thereon, all
rights to subscribe for securities declared or granted in
connection therewith, and all other cash and noncash proceeds of
the foregoing.

Each bidder will be required to provide a refundable deposit of
$25,000 and the winning bidder will be required to pay half of the
bid amount less the deposit by 5:00 p.m. CDT on the first business
day after the auction and the remainder of the bid amount within
10 days after the auction or such later date as the winning bidder

and the secured party may agree.  All payments will be made in
cash or by cashier or certified check payable to the order of the
secured party.

For further information regarding the sale, contact:

   Nelson Mullins Riley & Scarborough LLP
   Attn: Matthew Iverson
   One Financial Center, Suite 3500
   Boston, MA 0211
   Email: TrueNorthSale@nelsonmullins.com



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COMPANHIA SIDERURGICA: S&P Downgrades ICR to 'BB-', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings lowered its global scale issuer credit ratings
on Companhia Siderurgica Nacional (CSN) to 'BB-' from 'BB' and its
national scale issuer credit rating to 'brAA+' from 'brAAA'.

At the same time, we lowered the national scale rating on CSN
Mineracao S.A. (CMIN) and on its senior unsecured debentures to
'brAA+' from 'brAAA', mirroring our action on its parent.

The outlook is now stable, reflecting S&P's view that CSN will be
able to reduce leverage after it peaked this year, with debt to
EBITDA at about 4.5x in 2025. However, high capex and interest
rates could constrain FFO and free operating cash flow (FOCF).

CSN's third-quarter results were below expectations, pointing to
weaker EBITDA for 2024. Lower iron prices, which stayed below U$100
for most of August and September, offset the higher volumes and
reduction in production costs in the third quarter, with CSN's
mining margin declining to about 37.6%, from 47.5% in
second-quarter 2024 and 45.4% in third-quarter 2023. At the same
time, although improving on a quarterly basis, margins on steel
have been recovering slower than expected given still-high volumes
of imported steel mainly from China.

S&P expects better overall results in the fourth quarter, with
improving prices in both mining and steel, coupled with continued
strong performance in cement (with margins of about 28%). However,
we now forecast that CSN's consolidated EBITDA will be close to
Brazilian real (R$) 8.7 billion, compared with our August 2024
forecast of R$10 billion and the R$9 billion achieved in 2023.

For 2025, the continued competition in the domestic steel market,
more volatility in iron ore prices amid uncertainties on Chinese
growth, and higher interest rates in Brazil likely pressuring
consumption for cement and steel will be key challenges for an
EBITDA recovery. But S&P still forecasts a pronounced recovery to
close to R$10.5 billion, coming from costs initiatives and
volumes.

Leverage will decline from its peak but nominal debt will remain
high. New issuances and the Brazilian real depreciation raised the
company's nominal debt, which reached R$ 51.6 billion in September
2024--the highest in CSN's history.

At the same time, the company continued to resort to alternative
financing to raise cash, as new iron ore prepayment agreements,
also pressuring its adjusted gross debt, which reached R$ 69.4
billion. S&P's main adjustments are the Transnordestina project's
debt, pension adjustments, iron ore prepayments, leasing
obligations, asset retirement obligations, forfaiting, and tax
installments. These added R$17.8 billion to CSN's debt as of Sept.
30, 2024.

The recent sale of a 11% stake in its subsidiary CSN Mineracao
(amounting to R$4.4 billion) prevented further weakening in
leverage by the end of 2024. S&P said, "We expect leverage above
5.5x--higher than our previous forecast of 4.0x-4.5x but lower than
the 6.4x in the 12 months ended September 2024. For FFO to debt,
our forecast is around 4.0%, which is significantly weaker than our
previous forecast of 10%-12%."

S&P said, "In addition, we see limited room for nominal debt
payment with internal operating cash generation. This is due to our
estimates of the interest burden exceeding R$5.8 billion and
capital expenditure (capex) reaching about R$5 billion in 2025. In
this scenario, CSN's leverage should decline but remain close to
4.5x only in the next few years, while FFO to debt stays below 12%.
The higher leverage, weaker coverage ratios, and less flexibility
to reduce debt are the main drivers of the downgrade.

"Also, our current assessment of CSN considers the volatility in
the industry, which could raise leverage in more distressed
industry conditions, from an already elevated level."

Asset sales and other cash inflows would be key to deleveraging.
Management has been vocal about reducing leverage, and after years
of enumerating potential assets for divestments, it finally sold a
minor stake in CMIN to help reduce leverage. CSN continues to
pursue other asset sales that could contribute to this goal, which
could include the sale of its stake in Usiminas (equivalent to
R$985 million as of September 2024), additional stakes in CMIN,
energy assets, or a potential IPO of the cement division (after the
end of the agreement to study the purchase of Intercement).

Also, the company faces ongoing litigation against Ternium that
could result in R$5 billion of cash inflow-- depending on the
amount Ternium is ordered to pay CSN.

S&P said, "The above factors could lead to lower leverage than our
base-case forecast. We don't include these factors in our base-case
assumptions given significant uncertainties around their timing and
amounts, along with willingness to sell more assets."

In addition, the lack of a track record on adopting countercyclical
measures, such as reducing capex or dividends amid elevated
leverage, can prevent quicker deleveraging amid more favorable
market momentum or raising cash inflows from asset sales. For
dividends, S&P forecasts higher than the minimum levels required by
law, exceeding R$1 billion per year.

S&P said, "For capex, we estimate R$5 billion per year, mainly for
modernizing plants and increasing capacity in mining operations to
close to 68 million tons per year until 2028, from 42.7 million
tons in 2023, while improving the average quality of its iron ore.
Although the expansion projects could pressure leverage and
constrain FOCF, they should continue to benefit the company's
business model and its position as one of the main integrated
steelmakers in Latin America.

"We view CMIN as a core subsidiary of CSN, and, as a result, our
ratings on CMIN mirror those on CSN . Despite the weaker results in
the third quarter, CMIN sustains lower leverage on an isolated
basis, amid low nominal debt and robust cash generation. CMIN and
its mining operations remain the main cash contributor to
CSN--although CSN has reduced its stake in the subsidiary and will
receive somewhat lower dividends going forward, it has the control
and final decision of cash uses."




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Unjustified Price Hikes Criticized
------------------------------------------------------
Dominican Today reports that the Federation of Merchants has raised
concerns over unjustified price hikes for basic family products
just days before December.  Ivan Garcia, president of the Dominican
Federation of Merchants, explained that these increases have been
occurring over the past 60 days, particularly impacting everyday
items like coffee, which has seen price rises for small servings,
according to Dominican Today.

Garcia criticized the hikes as unnecessary, noting that some
products have been marked up without clear justification,
especially as the holiday season approaches, the report notes.  

Despite efforts by government bodies like the Agriculture Ministry
and INESPRE to offer discounted goods, the price increases continue
to burden consumers, particularly employees and housewives, who are
forced to reduce their purchases to make ends meet, 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.

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.



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JAMAICA: BOJ Treasury Bills Oversubscribed
------------------------------------------
RJR News reports that the Bank of Jamaica said both its Treasury
Bills maturing on March 7, 2025 and June 6, 2025 were massively
oversubscribed by liquid investors.

Bids were received for $2.79 billion in 90-day bills while only
$700 million was being offered by the bank, according to RJR News.

The average yield was 6.28% per annum, while the full allotment
yield was between 6% and 6.35% per annum, the report relays.

Meanwhile, bids totalling some $3 billion were obtained for the
$700 million in 182-day Treasury Bills being offered by the central
bank, the report discloses.

The average yield was 6.17%, while the full allotment yield was
between 6% and 6.2% per annum, 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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T R I N I D A D   A N D   T O B A G O
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CL FIN'L: St Vincent Economy Lost Millions From Collapse
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Trinidad and Tobago Guardian reports that St. Vincent and the
Grenadines Minister of Finance Camillo Gonsalves said the country's
economy lost an estimated EC$290.12 million (US$107 million)
following the collapse of the two Trinidad-based insurance
companies in 2009.

In October, the Trinidad-based Caribbean Court of Justice (CCJ)
ruled that the Trinidad and Tobago government was not responsible
for the losses sustained outside that jurisdiction, according to
Trinidad and Tobago Guardian.

The 2009 collapse of British American Insurance Co. Ltd (BAICO) and
Colonial Life Insurance Co. Ltd (Clico) resulted in losses of
EC$800 million to businesses and individuals across the Eastern
Caribbean, BACOL, a group of policyholders from both companies had
claimed in a lawsuit against the government of Trinidad and Tobago,
the report recalls.

However, the CCJ ruled that if BACOL's arguments were correct, "it
would mean that the defendant would have been responsible for
bailing out all BAICO policyholders in other Caribbean
territories," the report notes.

Gonsalves told Parliament that with BAICO, EC$192.2 million was due
to St. Vincent and the Grenadines policyholders at the beginning of
the judicial management, the report discloses.

"We've recovered EC$33.2 million. So, the amount outstanding as of
today is EC$158.99 million," he said in response to a question from
opposition lawmaker, St. Clair Leacock, the report relays.

As regards Clico, Gonsalves said the "liability for executive
premium annuities is EC$79.1 million while traditional business
accounts are EC$52 million," the report discloses.

There were 1,899 executive premium annuities worth EC$79 million,
made up of a principal of EC$58 million and interest of EC$21
million, the report relays.  To corporations in St. Vincent and the
Grenadines, there are 39 policies totalling EC$22 million in
principal and EC$11.6 million in interest, the report discloses.

Gonsalves said for individuals, there were 149 policies with an
accumulated balance of EC$45 million, the report says.

"It's worthwhile to note that all policyholders of EC$30,000 or
less have been fully settled," he added.

In his question, Leacock said that in the recent court decision,
"it was held that the Trinidad and Tobago government has no legal
responsibility for non-Trinidadians on what some call the
Clico/BAICO Fiasco in which many lost their life
savings/investments," the report relays.

He asked Gonsalves to state the extent of the loss to public
institutions such as the National Insurance Services and the St.
Vincent Electricity Services Limited (VINLEC), and for the
financial sector, commercial banks, credit unions, insurance
companies as well, the report notes.

Leacock also asked Gonsalves to state the loss to private
individuals over one million dollars and the loss to other
investors, the report relays.  In addition, he wanted to know the
accumulated loss to the Vincentian economy and whether there was
any culpability by the Vincentian government, the report notes.

The Finance Minister said that the extent of credit unions'
exposure to Clico was EC$7.5 million and EC$14.95 million to BAICO,
for a total of EC$22.5 million, the report discloses.

Commercial banks had invested EC$900,000 in Clico and zero in
BAICO. Non-governmental financial institutions lost five million EC
dollars to CLICO and EC$23.5 million to BAICO, the report notes.

Government and quasi-government institutions lost EC$36.26 million
to Clico and EC$17 million to BAICO, while other local
policyholders and investors lost EC$70.5 million to Clico and
EC$109.4 million to BAICO, the report relays.

"That's inclusive of interest," Gonsalves said.

Meanwhile, private individuals have invested in Clico one flexible
premium annuity of EC$1.9 million and six executive flexible
premium annuities totalling nine million EC dollars, the report
says.

In BAICO, there were 20 individual policyholders above EC$1
million, for a total of EC$26.07 million, the report discloses.

"So, in the individual segment, that would be $36.97 million,"
Gonsalves said, telling legislators that other investors held
EC$179.5 million - EC$70.5 million in CLICO and EC$109.4 million in
BAICO, the report adds.

                      About CL Financial/CLICO

CL Financial was one of the largest privately held conglomerate in
Trinidad and Tobago. It was originally founded as an insurance
company and has since expanded to be the holding company for a
diverse group of companies and subsidiaries.

CL Financial is the parent company of Colonial Life Insurance
Company (Trinidad) Limited (Clico).  CLICO is now the Company's
insurance division.

CL Financial however experienced a liquidity crisis in 2009 that
resulted in a "bail out" agreement by which the government of
Trinidad and Tobago loaned the company funds ($7.3 billion as of
December 2010) to maintain its ability to operate, and obtained a
majority of seats on the company's board of directors.

The companies to be bailed out were: CL Financial Ltd (CLF);
Colonial Life Insurance Company Ltd (CLICO); Caribbean Money Market
Brokers Ltd (CMMB); Clico Investment Bank (CIB) and British
American Insurance Company (Trinidad) Ltd (BAICO).

As reported in the Troubled Company Reporter-Latin America in July
2017, CL Financial Limited shareholders vowed to pay back a TT$15
billion (US$2.2 billion) debt to the Trinidad Government.


                           *********


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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